VNG GROUP JSC

VNG CORPORATION (CÔNG TY CỔ PHẦN VNG), business registration number 0303490096, is widely recognized as a tech trailblazer in Vietnam. Founded in 2004 and headquartered in District 7, Ho Chi Minh City, VNG has spent more than two decades building a diversified digital empire—stretching across games, social media (Zalo), fintech, and cloud-based digital services. With over 3,300 employees, a publicly traded status (stock symbol: VNZ on UPCOM), and global ambitions, VNG has become a flagship name in Vietnam’s tech ecosystem.

Yet while the company continues to grow its digital footprint, its financial story is complex. In 2024, VNG posted revenue of USD 390.49 million, a 25.18% increase year-over-year—driven by its expanding user base and continued monetization efforts. However, that topline success masks some troubling trends. The company reported a net loss of USD 41.82 million, following even larger losses in the two previous years. While this represents an improvement compared to the USD 95 million loss in 2023, it still highlights an ongoing struggle to achieve sustainable profitability.

Equity has also taken a hit, falling more than 54% in 2024 to USD 52.18 million, while total assets contracted slightly to USD 388.64 million. The company’s working capital stands at negative USD 59.44 million, a red flag for liquidity and operational flexibility. Despite strong sales performance, the widening equity gap and recurring losses point to either heavy reinvestment in R&D or ongoing inefficiencies in cost management.

Leadership at VNG remains under the guidance of Chairman Le Hong Minh, with support from senior executives including Vice Presidents Vuong Quang Khai (Vietnamese) and Kelly Yin Hon Wong (Canadian). Ownership is split between international and local players—VNG Limited (Cayman Islands) holding 49% and BIGV Technology Corporation (Vietnam) holding over 21%. This structure underscores the company's global outlook and venture capital roots, but also introduces governance and compliance challenges typical of cross-border ownership.

In industries moving as fast as tech and digital entertainment, access to verified, up-to-date corporate intelligence is essential—especially for investors, partners, or clients looking to navigate financial volatility and ownership complexity. This is where VANGUARD BUSINESS INFORMATION LLC (VBI) plays a vital role. As a leading provider of business verification and corporate credit reports, VBI helps global and domestic stakeholders assess companies like VNG CORPORATION with accuracy and confidence. Through detailed risk analysis, equity structure evaluations, and financial health checks, VBI empowers users to make informed decisions in high-growth but high-risk sectors.

Despite its financial challenges, VNG CORPORATION remains one of the most innovative digital firms in Southeast Asia. Its ability to capture users across multiple platforms and maintain market leadership in online gaming and messaging gives it an undeniable strategic advantage. But for VNG to fulfill its long-term potential—especially with IPO ambitions and global partnerships in play—it must tighten operational discipline and reverse its prolonged losses.

In today’s information-driven economy, even the brightest tech stars must be measured with clarity and caution. Thanks to independent intelligence providers like VBI, that clarity is now within reach.