Tech unicorn VNG suffers $3.8 mln loss in Q1

Vietnamese tech giant VNG Corporation reported a loss of VND90 billion ($3.84 million) in the first quarter of this year, while in the same period last year it lost VND130 billion ($5.54 million).

VNG's net revenue reached VND1.85 trillion ($78.93 million), up 11% year-on-year, according to the company's consolidated Q1 financial statement.

As of March 31, 2023, VNG's total assets stood at VND8.98 trillion ($382.48 million), up 0.8% compared to the beginning of the year, of which liabilities increased by 4% to VND3.95 trillion ($168.46 million).

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 its new chairman, replacing Le Hong Minh. Minh remains as general director of VNG.

According to its information disclosure, as of November 28, 2022, VNG had three major shareholders: VNG Limited, headquartered in the Cayman Islands, holding 49% of charter capital or 61.1% of outstanding shares; BigV Technology Corporation with a 4.6% stake and accounting for 5.7% of outstanding shares; and Le Hong Minh, who owns a 9.8% stake and 12.3% of outstanding shares.

VNG Corporation reported a loss of more than VND1.32 trillion ($56 million) in 2022, a record since its business indices went public for the first time and breaking its loss target of VND993 billion ($42.35 million). Its net revenue reached VND7.8 trillion ($332.63 million), up 2% year-on-year, according to the company's consolidated financial statement last year.

VNZ shares closed the trading session last Friday at VND828,900 ($35.32).