In this paper, a flexible, high computation speed and cost effective field programmable gate array (FPGA)-based speed controller for an induction motor with field-oriented control, (FOC) is presented. All the control functions including the space vector modulation based PWM waveform generation, field-oriented control algorithm and rotor flux position estimation have been realized using FPGA to reduce the total part count of the hardware prototype and hence provide a low cost solution. The constructed FOC IC consists of 6844 logic elements and is realized using Cyclone, EPIC12q240C8 from Altera Inc. The sampling rate can be programmed up to 100MHz. Experimental result is included in this paper to illustrate the performance of the designed IC, FOCIC and the feasibility of integrating of SVM and FOC on single chip.