Software giant FPT has announced a revenue target for 2010 of nearly VND23 trillion (US$1.2 billion) in 2010, an increase of 23 per cent over 2009 totals, as well as a profit target of VND2.1 trillion ($110 million), representing an increase of 25 per cent.

"This year, the company will seek high profits in its core lines of business, including information technology services and telecommunications," said chairman Truong Gia Binh.

Binh also announced that an FPT subsidiary, HCM City-based FPT Information System Company (FIS), last week signed three major contracts worth a combined $13 million to provide technology services to several banking and financial institutions.

He also said that FPT Telecom would open seven new branches this month, aiming to increase its coverage to 42 provinces and cities nationwide this year.

By the end of February, FPT's profit reached VND222 billion ($11.6 million), an increase of over 48 per cent from the same two-month period last year.

In 2009, the software group's total revenue grew by 11.5 per cent to over VND18.7 trillion ($979 million), while its net profit totalled VND1.4 trillion ($73.3 million), an increase of 33.8 per cent on the year.

FPT shareholders have approved a 58.3-per-cent dividend on 2009 profits, of which a 25-per-cent cash dividend has already been paid. The remainder would be paid in shares before June 30 this year.

The group also has plans to offer bonus shares this year at a ratio of 4:1, as well as pay a dividend on this year's profits of at least 15 per cent.