IT stocks: A wide growth runway expected in 2026

At the close of trading on 8 December, the IT group advanced: FPT ended at VND 96,900 per share with trading volume reaching 10 million units; CMG closed in positive territory; and Viettel-affiliated stocks such as CTR and VTP also rallied, with liquidity improving notably. What, then, is the outlook for this sector in 2026?

Assessing the sector’s prospects, Gartner forecasts global IT spending to rise 9.8% in 2026 to nearly USD 6.1 trillion, driven by demand for IT services, cloud infrastructure, artificial intelligence (AI), and the expansion of the digital economy. Gartner also notes that CEOs are raising technology budgets to prepare for a new growth cycle and to boost productivity following the AI wave.

IT services are expected to account for the largest share of spending growth, supported by AI services, consulting, cloud management, and the increasing need for digital transformation (DX). Data centers (DCs) are seeing an investment boom in AI infrastructure, GPUs and related hardware. Cloud services are also expanding on the back of nationwide DX initiatives spanning public administration to private enterprises. According to McKinsey & Company, global data-center demand is projected to grow at a compound annual rate of 19%–22% through 2030, with around 70% of processing workload related to AI.

After a slowdown caused by the economic downturn, 2025 has marked a more dynamic phase with several new projects coming online. These include FPT’s Fornix HCM02, now the largest data center in Vietnam, and the company’s AI factory equipped with high-standard infrastructure. In Q3 2025, major new projects were also launched, such as Viettel’s groundbreaking of the 140MW An Khanh mega data center and the approval of the 100MW CMC Hyperscale Data Center jointly developed by CMG and Samsung C&T.

Additionally, the Data Law, effective 1 July 2025, paves the way for foreign investors to establish data centers in Vietnam. As a result, MBS Securities expects an even stronger wave of foreign investment into data-center infrastructure going forward.

MBS identifies FPT, CMG, and CTR as Vietnam’s most prominent IT firms serving global clients, all positioned to benefit from the broader global recovery. In fact, tracking the deal pipelines of FPT and other technology companies, MBS observes a clear improvement in newly signed contracts, signalling a more positive business outlook following the challenging period.

With valuations still low after deep discounts, IT stocks bear limited downside risk while their operating performance is visibly recovering. In 2026, sector-representative stocks are trading at P/E levels close to the three-year bottom. For FPT, MBS expects meaningful upside given its superior growth rate and nearly 20% compound annual growth, compared with sub-10% profit growth at major Indian competitors.

Viettel, as Vietnam’s flagship telecom–technology conglomerate, is set to participate directly in national programs on digital transformation, AI, and Big Data. CTR, its infrastructure subsidiary, is expected to benefit significantly from rising demand for digital-infrastructure expansion.

According to MBS, CTR is projected to maintain sustainable net-profit growth of nearly 14% annually through 2030, driven primarily by infrastructure leasing. The company is also expanding beyond Viettel through civil construction, development of a smart-home ecosystem, distribution of smart-home devices, and mechanical–electrical services, supporting revenue diversification. MBS notes that with the rollout of 5G and CTR’s central role in Vietnam’s digital infrastructure, the stock is well suited for long-term accumulation in 2026.