Vietnam’s unicorn VNG halves net loss in 2024 amid AI push
VNG Corporation, Vietnam’s first tech unicorn, halved its net loss in 2024 following extensive cost-cutting and AI push efforts.
Last year, VNG (UpCoM: VNZ) reported a net loss of VND1.18 trillion ($45.73 million), down from VND2.31 trillion ($89.79 million) in 2023, marking the third consecutive year the company posted a loss exceeding VND1 trillion.
The VNG campus. Photo courtesy of the firm.
VNZ recorded VND9.27 trillion ($359.35 million) in revenue in 2024, a 22% increase from the previous year, according to its audited consolidated earnings report.
Excluding the cost of goods sold, the company earned VND3.42 trillion ($132.76 million) in gross profit, an increase of more than VND1.2 trillion compared to 2023.
The tech firm contributed VND1.11 trillion ($43.17 million) to the state budget in 2024, marking the third straight year its contributions surpassed the VND1 trillion mark.
Commenting on the company’s 2024 performance, VNG chairman Le Hong Minh said that despite a challenging year, the company overcame difficulties by focusing on its core values and investing in AI, which generated hundreds of billions of dong in revenue (VND100 billion = $3.88 million).
In 2024, VNG expanded its investment in AI infrastructure, launching a large-scale AI Cloud facility in Bangkok in cooperation with Nvidia last June. The center, one of Southeast Asia’s first AI-ready hyperscale data centers, is operated by VNG’s AI subsidiary GreenNode.
“VNG is well-positioned to become an ' AI-First' business in the next five years,” Minh said.
Regarding its social networking platform Zalo, Minh noted that by the end of 2024, over 20% of users had used AI features on the app. The company aims to double that figure by the end of this year.
Early this year, VNG ended its affiliate relationship with Tiki Global after entirely suffering losses from its VND510 billion ($20 million) investment in the Singapore-based company, which owns more than a 90% stake in e-commerce giant Tiki.
The tech firm still holds a 14.61% stake in Tiki Global as a long-term investment, but has incurred losses from this deal since 2019.
- Related News
- Read More
Masan chairman drops off Vietnam’s billionaire list as US tariff tumult rocks market
Vietnam now has four billionaires with a combined net worth of $13.8 billion, after Nguyen Dang Quang, chairman and founder of conglomerate Masan Group (HoSE: MSN) dropped off Forbes’ real-time billionaires list as of Friday as the U.S. tariffs have sent the market reeling.
Economy - Sun, April 6, 2025 | 8:00 am GMT+7
Vietnam carrier Vietjet’s contracts with US estimated at $2.2 bln this year
Vietnam’s budget airline Vietjet is expected to receive 10 aircraft from Boeing worth a total of $1.8 billion this year, raising the combined value of its contracts with the U.S. in 2025 to about $2.2 billion.
Companies - Sat, April 5, 2025 | 10:26 pm GMT+7
Vietnam proposes 3-month US tariff enforcement delay for negotiations
The Vietnamese government has suggested that the U.S. delay the imposition of 46% reciprocal tariffs on Vietnamese exports for one to three months, in order to facilitate negotiations to seek fairness and mutual benefit for both sides.
Economy - Sat, April 5, 2025 | 10:07 pm GMT+7
Association proposes cutting import duties on US seafood to zero
The Vietnam Association of Seafood Exporters and Producers (VASEP) has expressed its hope that Vietnam will slash its import tariffs on U.S. seafood to zero from the current 3-10%.
Economy - Sat, April 5, 2025 | 9:46 pm GMT+7
US imposes preliminary anti-dumping duties of 40-88% on Vietnam's coated steel
Vietnamese companies' galvanized steel products face preliminary anti-dumping duties ranging from nearly 40% to over 88%, according to a decision announced by the U.S. Department of Commerce (DOC) on Friday.
Economy - Sat, April 5, 2025 | 9:39 pm GMT+7
LG Display proposes extension of tax incentives in Vietnam
LG Display Vietnam Hai Phong, under LG Display - a subsidiary of South Korean chaebol LG, has called on the Vietnamese government to extend tax incentives for the company for its long-term investment.
Economy - Sat, April 5, 2025 | 2:31 pm GMT+7
Vietnam's leading brewer Sabeco targets 8% growth in 2025 net profit amid tough competition
Ho Chi Minh City-based brewer Sabeco, controlled by Thai Beverage, aims to achieve a net profit of VND4.83 trillion ($187.37 million) this year, an 8% increase year-on-year, despite intense competition in Vietnam’s beer market.
Companies - Sat, April 5, 2025 | 11:31 am GMT+7
Vietnam records $10.98 bln in Q1 registered FDI, $4.96 bln in disbursement
Registered foreign direct investment (FDI) in Vietnam hit $10.98 billion in the first quarter of the year, while disbursed capital reached $4.96 billion, up 34.7% and 7.2% year-on-year, respectively.
Economy - Sat, April 5, 2025 | 11:22 am GMT+7
US tariffs putting pressure on both US and ASEAN: expert
The new tariff policy announced by U.S. President Donald Trump on April 2 aims to exert pressure on ASEAN economies, but it risks triggering inflationary pressures in the US and beyond, said Prof. Phar Kim Beng of ASEAN Studies at the International Islamic University of Malaysia (IIUM).
Southeast Asia - Sat, April 5, 2025 | 9:11 am GMT+7
Ho Chi Minh City's Q1 growth hits five-year high, but below expectations
HCMC’s gross regional domestic product (GRDP) expanded 7.51% in the first quarter compared to the same period last year, the fastest pace for Q1 since 2020, heard a recent meeting held by the municipal People's Committee.
Southeast Asia - Sat, April 5, 2025 | 9:04 am GMT+7
New US tariffs to hurt Singapore companies: survey
Nearly half, or 45%, of companies polled in Singapore plan to pass on increased costs from new U.S. tariffs to their customers, according to a flash survey by the American Chamber of Commerce (AmCham) in Singapore.
Southeast Asia - Sat, April 5, 2025 | 8:55 am GMT+7
Vietnam willing to slash tariffs on US goods to zero: top leader
Vietnam is willing to negotiate with the United States to cut import tariffs on U.S. goods down to zero, Party chief To Lam said during a phone call with President Donald Trump on Friday.
Economy - Fri, April 4, 2025 | 11:54 pm GMT+7
AmCham Vietnam voices concerns over President Trump's massive tariffs
The 46% reciprocal tariffs announced by President Donald Trump have created significant uncertainty and potential disruption for companies operating in Vietnam, said the American Chamber of Commerce.
Economy - Fri, April 4, 2025 | 9:51 pm GMT+7
Vietnam’s tariffs much lower than those calculated by US: official
Vietnam's tariffs on imports from the U.S. are much lower than the 90% or 46% calculated by this country, said Truong Ba Tuan, deputy director of the Ministry of Finance's tax policy department.
Economy - Fri, April 4, 2025 | 9:23 pm GMT+7
US's hefty 46% tariff worries Vietnamese exporters
Vietnamese exporters have voiced concern that if the 46% tariff rate announced by President Donald Trump Wednesday is imposed, they will face massive difficulties.
Economy - Fri, April 4, 2025 | 4:52 pm GMT+7
'Pepper king' Phuc Sinh receives $15 mln capital injection from Dutch bank FMO
Phuc Sinh JSC, a leading pepper and coffee exporter in Vietnam, has received $15 million from Dutch Business Development Bank (FMO) to build a coffee factory in the Central Highlands province of Dak Nong.
Companies - Fri, April 4, 2025 | 4:14 pm GMT+7
