FPT released preliminary 9M 2020 revenue of VND21.2tn (USD912mn; +8% YoY) and NPAT-MI of VND2.6tn (USD110mn; +7% YoY), which were primarily driven by FPT’s three core businesses: Software Outsourcing (SO), Telecom Services and Education. These results imply a growth deceleration vs H1 2020’s 15% YoY NPAT-MI growth in Q3 2020, which we attribute partly to Q3 2019’s high comparable base amid COVID-19. That said, new SO contract value — a key growth outlook indicator — jumped 34% YoY in Q3 2020.