Since the 1980s, India's IT outsourcing (ITO) industry has been a well-known miracle growth story among developing countries. Following the opening of its economy, Vietnam chartered its own ITO story in the late 1990s. After two decades, ITO is now one of the fastest-growing sectors in Vietnam. In this thought piece, we look at the industry’s outlook, challenges and competitive landscape. In terms of listed investment opportunities, FPT (BUY, TP VND58,400/share) — via its wholly-owned subsidiary