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VNG has carved its path as a leading tech juggernaut in Vietnam, earning acclaim for its innovations in online gaming, communications & media, fintech, and digital business. What brings us here today is an exciting moment in VNG‘s history – the company’s recent filing for an Initial Public Offering (IPO). This article peels back the layers of VNG‘s journey, shedding light on the implications of this IPO for both the company and the broader Vietnamese tech landscape. Join us as we navigate through the past, present, and future of VNG, uncovering the transformative potential of this IPO for one of Vietnam’s foremost tech giants, and its resonance with recent developments such as VinFast‘s foray into the electric vehicle market.
VNG’s Journey to Prominence
The story of VNG’s ascent to prominence in Vietnam’s tech industry is a compelling narrative backed by a series of milestones and strategic moves. Founded in 2004 and headquartered in Ho Chi Minh City, VNG quickly positioned itself as a tech leader. With its extensive business portfolio, VNG’s diversified approach has contributed significantly to its status as Vietnam’s first unicorn – a startup valued at 1 billion USD or more.

Revolutionizing the Gaming Landscape
A pivotal aspect of VNG’s trajectory has been its innovative strides in the realm of online gaming. From its inception, the company astutely identified the burgeoning interest in gaming within Vietnam and ventured into this arena with the groundbreaking success of “Swordsman Online,” a game that swiftly propelled VNG to the forefront of the industry. Fast forward to 2023, and VNG has set an ambitious revenue target of US$393.3 million for this year, reflecting a substantial 19% surge compared to its 2022 earnings. Furthermore, VNG’s influence extends beyond borders, with nine game studios strategically positioned in key locations such as Thailand, Singapore, Malaysia, Taipei, and China, reaffirming its unwavering commitment to delivering captivating gaming experiences to a global audience.
The Triumph of Zalo and ZingMP3
Another standout achievement was the development and launch of Zalo, a messaging application that took Vietnam by storm. With more than 75 million monthly active users, Zalo became a dominant force in the Vietnamese tech scene, rivaling international giants. VNG’s foresight in recognizing the potential for such a platform among Vietnamese users paid off handsomely.

In the fintech realm, VNG made strides with ZaloPay – an e-wallet that has exhibited rapid growth in Vietnam’s digital payments landscape. As online transactions surged, VNG capitalized on the trend by providing users with a secure and convenient payment solution.
Meanwhile, VNG’s ZingMP3 emerged as a leading online music platform in Vietnam, boasting more than 28 million monthly active users. The platform not only served as a source of entertainment but also showcased VNG’s commitment to diversifying its offerings.
These achievements underscore VNG’s remarkable journey to prominence in Vietnam’s tech sector. Its ability to navigate changing trends and pioneer innovative solutions has not only set it apart but also positioned it as a key player in the dynamic tech landscape of Vietnam. This journey lays the foundation for a deeper exploration of VNG’s recent milestone – a recently filed IPO that holds the potential to redefine the company’s trajectory and influence in the tech industry.
VNG’s IPO – A Game Changer
VNG’s recently filed IPO marks a pivotal moment in the company’s history, underlining its commitment to growth and innovation. This transformative step has been carefully planned, reflecting VNG’s strategic vision and its significance within the tech industry.
A Bold Step onto the Global Stage
In 2017, VNG set its sights on the global stage, signing a preliminary agreement with Nasdaq to explore the possibility of listing in the United States. Fast forward to August 23, 2023, when VNG submitted an IPO application in New York through ListCo VNG Limited, which is listed on the NASDAQ Global Select market under the trading code VNZ. This bold move demonstrates VNG’s readiness to embrace international financial markets and capitalize on new opportunities.
The IPO process entails offering more than 21,687,082 Class A shares to the public. Notably, investors acquiring Class A shares through the IPO will enjoy 15.8% of economic benefits at ListCo VNG Limited and 7.7% of voting rights at ListCo VNG Limited. This structure reflects VNG’s commitment to inclusivity and engaging a wide spectrum of stakeholders in its journey.
VNG’s IPO is expected to be a resounding success, potentially valuing ListCo VNG Limited at an impressive 2-3 billion USD and mobilizing around 300 million USD. While the IPO price has not been determined, the offering holds great promise for both VNG and its investors.

Navigating the Complexity of Growth
However, the road to IPO success comes with its intricacies. The underwriters for this monumental IPO include Citigroup, Morgan Stanley, UBS, and Bank of America, underscoring the global interest in VNG’s growth story.
One of the distinctive aspects of VNG’s IPO journey is its commitment to balance economic interests and voting rights. Initial foreign investors, including Tencent, GIC, Seletar Investment Pte Ltd, and Ant Group, will collectively hold 84.2% of economic interests in ListCo VNG Limited and 41.3% of voting rights. This measured approach ensures that VNG maintains its strategic direction while benefiting from international expertise and resources.
Furthermore, ListCo VNG Limited will issue an additional 7.5 million shares to Tencent following the IPO’s successful completion. Consequently, Tencent and Ant Group will own nearly 73 million Class A shares, equivalent to 53.1% of ListCo VNG Limited’s economic interests. Despite this substantial economic stake, Tencent and Ant Group will hold 26% of voting rights. With a voting share of 51%, VNG’s founders, Le Hong Minh and Vuong Quang Khai, continue to be the key voices in shaping the company’s future and pivotal decisions.
VNG’s Future Outlook
With a recent filing for its Initial Public Offering (IPO), VNG is standing on the cusp of a future brimming with unprecedented growth and innovation. The IPO serves as a strategic maneuver that strategically places the company for expansion while unlocking a realm of fresh opportunities.
Unveiling New Geographical Frontiers
One paramount facet of VNG’s post-IPO outlook revolves around its potential for geographical expansion. Bolstered by augmented financial resources, the company is primed to venture into new markets and regions, solidifying its global footprint. This expansion entails the introduction of VNG’s diverse range of products and services to a wider audience, diversifying its revenue streams and mitigating the risks associated with market concentration.
Furthermore, the infusion of capital stemming from the IPO empowers VNG to spearhead innovation and foster cutting-edge technologies. In an ever-evolving technological landscape, VNG’s investments in research and development can yield groundbreaking solutions and platforms, tailor-made to meet evolving consumer demands. This commitment to innovation not only enhances VNG’s competitive edge but also contributes to the broader tech ecosystem’s advancement.
VNG’s Role in Elevating the Tech Ecosystem
Beyond its individual growth, VNG’s post-IPO journey plays a pivotal role in the ongoing development of Vietnam’s tech ecosystem. As a trailblazing tech firm, VNG sets the benchmark for innovation and entrepreneurship within the country. Its resounding success stands as a beacon of inspiration for startups and emerging tech entities, nurturing a culture of innovation and ambition throughout Vietnam.
Looking ahead, VNG is strategically poised to continue shaping the tech industry in Vietnam and beyond. Its trajectory is characterized by ceaseless growth, relentless innovation, and substantial contributions to the development of the tech ecosystem within its home country. As VNG embarks on its next chapter, the tech world watches with eager anticipation, ready to witness the unfolding of the next remarkable chapter in this extraordinary success story.
Final Thoughts
VNG‘s Initial Public Offering (IPO) marks a watershed moment in Vietnam’s tech industry. With a rich history and a diverse portfolio of online games, communications, fintech, and digital business ventures, VNG has solidified its position as a tech giant in Vietnam. The IPO signifies not only a significant financial milestone but also a testament to VNG‘s pivotal role in shaping the tech landscape of the nation.
As VNG embarks on its journey post-IPO, the possibilities are endless. With the backing of investors and newfound resources, the company is poised for remarkable growth and innovation, paving the way for a brighter future.
For those looking to explore the investment opportunities arising from VNG’s IPO and navigate the dynamic Vietnamese tech sector, Viettonkin stands as a trusted partner with expertise and insights. Connect with us for guidance and support in seizing the exciting prospects offered by VNG and the broader tech landscape in Vietnam. Your journey towards tech investment success starts here.