Vietnamese Internet start-up VNG wants to establish itself more permanently abroad

Co-founder Le Hong Minh said in a recent interview broadcast by Bloomberg that he wants to increase the expansion of the Vietnamese technology company (VNG) internationally. Among its services, it offers Vietnamese startup games, messages, videos and musicwho has the potential to compete Tencent according to the president and director of the company. To achieve its goals, VNG will support video game development so than the expansion of the artificial intelligence and cloud computing industry.

VNG is progressing slowly but surely

Vietnamese launch is on the way, having satisfactory results in its national market, which counts about 100 million inhabitantsagainst global giants such as Facebook. This communist country, best known for its textile industry and agriculture, big bet in foreign countries. If success is present, this would be a crucial step for all of Vietnam.

co did not directly discuss its intention to list in the United States but he said ” we want to be a global technology company […] So we have to play on the same playing field and access the best and arguably the most sought after investor base in the world. “, which seems to go in this direction. An introduction to Sotck exchange in the United States may allow VNG, which has become one of the most scrutinized startups in the country, to become the first Vietnamese technology company listed in America.

The company’s gaming arm, called VNGGames, is ” the key to its international expansion said Le Hong Minh, CEO of the startup. In fact, VNG made its debut in 2004 as a game publisher. Since then, it has published and developed its own titles as well as local versions of international hits.

Soon after, it began expanding its “range of services” such as music sharing, video streaming or messaging. vs.his last name is Zalo, has seen rapid success surpassing Facebook Messenger, as early as 2020, in Vietnam, according to Le Hong Minh. The local Ministry of Information and Communication published figures in February 2022, comparing the number of users of the two messengers, Zalo had 74.7 million monthly active users compared to 67.8 million for Messenger.

The co-founder of VNG is hopeful for the future of his startup

in 2020, the video game industry will generate close to $139.9 billionand companies have realized this. The global market is already dominated from world leaders such as Tencent, Sony or Microsoft. they have large development and marketing budgets that VNG may struggle to match. Alec Tseung, partner at KT Capital Group, an investment firm based in Hong Kong, reported on BloombergVNG should deserve more attention from investors due to its striking similarity to Tencent’s, with businesses in online gaming, social messaging, fintech, e-commerce “.

This does not seem to scare the co-founder of the company who remains confident about the future of VGN in the foreign market and who indicated ” in the future, Vietnam will not only be known for coffee and produce […] We can build skills and people and provide services to the global technology industry “. Today VNG has users in over 130 countries and the co-founder hopes ” has 320 million customers worldwide in 2023 “.

To achieve the desired results, Le Hong Minh is inspired by what is done in California and he adopted the “Silicon Valley” look for the company’s offices. So, three years ago VNG moved to a new building which contains: plants, coffee, a gym and “beanbags” in which employees can work. According to the founder, his company helped spark a new movement to democratize startup development. Proof: Vietnam is attracting more and more investors.

Leave a Comment