The journey of VMO Holdings started in 2012 with only three founding members. The company now has up to 1,200 employees, and it has set firm a foothold in leading technology markets in the world.
For Jamie and Viet, it is their fate to be part of a team with the identical vision, which is to leverage domestic technology and place Vietnamese brands on the global technology map.
Recalling the journey, Mr. Hoang Tuan Hai, CEO of VMO Holdings, described his companions as “unyielding fighters.”
Even though she graduated from Banking Academy of Vietnam as her parents wished, Jamie decided to make a career shift by entering the software industry that had remained her passion since she was in school. She then won a scholarship for a Master of Business Administration (MBA) in Japan.
She joined VMO Holdings in 2019, after accumulating experience as an English-speaking business development specialist, by which time the company decided to step out of its comfort zone for global access.
“Talking with Mr. Hai and other founders of VMO, I can sense their ambition, enthusiasm, and endeavor of youth. Not only do they plan to operate a small and medium company, but they are also eager to do something big, which is to contribute to Vietnam’s IT industry,” Jamie said.
At that time, the Vietnamese outsourcing industry was popular in Japan. VMO thus embarked on contracts from the US. Tapping this niche market, Jamie, with the acumen of an English-speaking market business development specialist, helped VMO to become a prominent player with rapid development momentum.
“By constantly moving forward, we know we are not growing too fast. We always encourage each other that if we keep trying, we can do it,” Jamie said.
In mid-2020, they obtained their first million-dollar contract.
Like Jamie, Viet also saw an opportunity right from the first discussion with the VMO Board of Directors.
“We share the same vision and aspiration in building a corporation with global standing that can contribute to society and the country,” he said.
Covid-19 was the toughest challenge for both VMO and Viet at the time he entered the company. The pandemic had not only made it difficult to approach customers, but also changed their business behaviors. They preferred homegrown solutions or domestic companies instead of foreign ones.
The VMO Board of Directors was put under pressure to ensure jobs for 1,200 employees.
While operations in Vietnam were facing difficulties due to social distancing, VMO Holdings decided to expand into the Japanese market. In late 2019, VMO established its representative office in Japan.
VMO Japan has grown from a few employees to 300 in just over two years of the pandemic. The company’s revenue grew by an average 250% per year. A total 80% of VMO Japan’s revenue comes from Japanese technology and consulting groups, including large telecommunications firms.
The above achievements come from several factors.
Firstly, Covid-19 pushed Japanese companies to adopt a remote-working model and utilize human resources in Vietnam, rather than being concerned about security and infrastructure issues as they had before.
Secondly, changes in the working model were made to adapt to the new situation, saving costs and leveraging labor productivity.
Thirdly, VMO’s existing solutions with a team of IT engineers in Vietnam offered customers solutions to reduce costs.
Lastly, there were still profitable businesses and services like pharmacy, insurance… with a large customer potential.
Besides the Japanese market, VMO has also obtained achievements in other markets.
“Our team now has 29 members. In the last period, we reached a revenue of $13 million. Some markets posted revenue exceeding $2 million,” Jamie shared.
Currently, VMO Global has two core markets, including the US and Asia. “Previously, people were familiar with Indian outsourcing companies, but now, the position of Vietnamese software companies is gradually improving on the global technology map,” Jamie said.
VMO sets the short-term goal of growing to 1,000 employees in 2024, and being named among the top three Vietnamese software companies in the Japanese market.
“VMO will create a ‘healthy’ working environment where employees are encouraged to show their full potential. We will promote consulting projects in revenue structure, international recruitments, and R&D activities,” Viet said.
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