Tech unicorn VNG reports $2.1 mln Q2 profit after prolonged losses
Vietnamese tech giant VNG Corporation reported after-tax profit of VND50.2 billion ($2.1 million) in the second quarter of this year, its first profit since the fourth quarter of 2021.
VNG's net revenue reached nearly VND2.25 trillion ($94.6 million), up 12.4% year-on-year, according to the company's consolidated Q2 financial statement.
VNG's office in Dong Da district, Hanoi. Photo courtesy of the company.
The company's profit from joint ventures and associates continued to record a loss of VND22.14 billion ($932,600), while in the same period last year it made a loss of VND47.34 billion ($1.99 million).
In the first six months of the year, VNG, registered on the unlisted public company market UPCoM as VNZ, posted net revenue of VND4.1 trillion ($172.6 million), up 11.9%, and after-tax profit of VND39.9 billion ($1.68 million).
As of June 30, 2023, the company had recorded accumulated losses at its joint ventures and associates of VND751.3 billion ($31.6 million), mainly from Tiki Global with a loss of VND510.1 billion ($21.5 million).
As of June 30, VNG's total assets stood at VND9.57 trillion ($403 million), up 7.5% compared to the beginning of the year. Of which, cash and cash equivalents were VND3.46 trillion ($145.5 million), up 31%, and fixed-assets hit VND2.27 trillion ($95.7 million), up 89%.
VNG has targeted revenue of VND9.28 trillion ($394.5 million) and a loss of VND572 billion ($24.3 million) in 2023.
VNG's management said that this year, it will continue to invest in key business segments such as video games, advertising, e-wallets and especially products that use artificial intelligence. Therefore, it has proposed not to pay dividends from the accumulated profit of more than VND5 trillion ($212.5 million) it held as of the end of last year.
Founded in 2004 by Vietnamese businessman Le Hong Minh, 45 now, VNG is a leading technology services provider in Vietnam. It was officially valued at $1 billion in the World Startup Report, becoming the first unicorn in Vietnam.
The corporation in January named Vo Sy Nhan as its new chairman, replacing Le Hong Minh. Minh remains as general director of VNG.
On the UpCOM, VNZ shares closed Wednesday's session at VND700,000 ($29.5).
- Related News
- Read More
Vietnam food giant Kido’s stock plunges to 6-year low amid profit warning, market pressure
KDC shares of Kido Group, a leading food company in Vietnam, on Tuesday fell sharply to its lowest level in six years, at around VND41,600 ($1.58) apiece, from roughly VND50,000 earlier this month.
Companies - Wed, April 29, 2026 | 8:17 am GMT+7
Central Vietnam province Gia Lai to have 600MW pumped storage hydropower plant
Gia Lai province is accelerating procedures to begin construction of the 600-megawatt Vinh Thanh pumped storage hydropower project, with a total investment of nearly VND11 trillion ($417.49 million).
Energy - Tue, April 28, 2026 | 10:07 pm GMT+7
Construction major Coteccons's profit doubles on strong revenue growth, backlog hits record high
Coteccons (HoSE: CTD), Vietnam's leading construction firm, reported a sharp rise in profit for the third quarter of its 2025-2026 fiscal year, driven by strong construction revenue, even as borrowing costs and operating expenses climbed.
Companies - Tue, April 28, 2026 | 7:03 pm GMT+7
Vietnam aims to become one of world’s top 30 economies by 2030
The National Assembly, Vietnam's legislature, has approved the socio-economic development plan for the 2026-2030 period, targeting an average GDP growth rate of at least 10% per year and per capita income reaching around $8,500 by 2030.
Economy - Tue, April 28, 2026 | 6:41 pm GMT+7
Eximbank posts Q1 profit of $13 mln, down 60% year-on-year
Vietnamese private lender Eximbank reported Q1 pre-tax profit of VND338 billion ($12.83 million), down 60% from a year earlier.
Banking - Tue, April 28, 2026 | 3:19 pm GMT+7
GE Vernova says in talks with customers amid LNG-to-renewables shift considerations
U.S. energy giant GE Vernova has been in discussion with customers following reports that at least one partner in Vietnam is reassessing plans to shift from LNG-fired power to renewable energy.
Energy - Tue, April 28, 2026 | 2:17 pm GMT+7
Vinhomes unveils mega urban area project near northern Vietnam’s world heritage bay
Vinhomes, the real estate arm of Vietnam’s conglomerate Vingroup, has debuted its 6,200-hectare urban area project located by the side of the UNESCO-recognized world natural heritage site of Ha Long Bay in Quang Ninh province.
Infrastructure - Tue, April 28, 2026 | 11:47 am GMT+7
Central Vietnam hub Danang deepens cooperation with Maersk on Lien Chieu port, logistics
Danang is stepping up cooperation with A.P. Moller-Maersk to accelerate the development of its Lien Chieu port and expand logistics capabilities, as the central Vietnam city seeks to strengthen its role in regional supply chains.
Infrastructure - Tue, April 28, 2026 | 8:00 am GMT+7
Sun Group starts work on Phan Thiet airport project in central Vietnam
Vietnamese private conglomerate Sun Group on Monday broke ground on the civil aviation component of Phan Thiet Airport in Lam Dong, marking an infrastructure boost for the central province.
Infrastructure - Mon, April 27, 2026 | 11:53 pm GMT+7
HCMC okays projects totalling $1.23 bln at flagship hi-tech park
Ho Chi Minh City authorities have granted investment registration certificates for four high-tech projects worth a combined $1.23 billion at the city's flagship innovation hub, reinforcing its position as a leading destination for digital and green economy investments.
Industries - Mon, April 27, 2026 | 5:47 pm GMT+7
Amkor eyes further expansion in Bac Ninh province as Vietnam's semiconductor push gathers pace
Amkor Technology is looking to further invest in its major production base in Vietnam's northern province of Bac Ninh, underscoring growing confidence in the country’s role in the semiconductor supply chain.
Industries - Mon, April 27, 2026 | 5:40 pm GMT+7
Vietnam banks chase record profits despite tighter credit caps squeezing growth
Vietnam’s 2026 annual general meeting (AGM) season for banks is closing with a clear paradox: lenders are targeting record profits worth tens of trillions of dong (VND10 trillion = $379.38 million), while the key growth driver – credit expansion – is being tightened.
Banking - Mon, April 27, 2026 | 1:23 pm GMT+7
Goertek Vina injects extra $20 mln into northern Vietnam plant
Goertek Technology Vina Company Limited, a subsidiary of Chinese electronics giant Goertek, plans to pour an additional over VND527 billion ($20 million) into its project in Vietnam's northern province of Bac Ninh.
Industries - Mon, April 27, 2026 | 1:04 pm GMT+7
SK Group eyes AI data center tied to $2 bln LNG power project in central Vietnam
South Korea’s SK Group is stepping up its presence in Vietnam with plans to develop an AI data center linked to the Quynh Lap LNG-to-power project in Nghe An province, as it pushes its “AI full-stack” strategy overseas.
Industries - Mon, April 27, 2026 | 9:45 am GMT+7
State divestment from Viglacera to be delayed
The Ministry of Construction will postpone plans to divest state capital from Viglacera (HoSE: VGC) - Vietnam's leading construction material producer and industrial real estate developer, citing valuation challenges and the need to safeguard state assets, a senior official said.
Companies - Mon, April 27, 2026 | 8:05 am GMT+7
Many Vietnamese firms post surging Q1 profits, some up dozens of times year-on-year
First-quarter 2026 earnings at many Vietnamese companies rose sharply despite market volatility, with some firms reporting profits dozens of times higher than a year earlier.
Companies - Mon, April 27, 2026 | 8:00 am GMT+7
