Vietnam Gaming Outlook 2025: From IAA to IAP Growth Shift

VIETNAM GAMING
20
25 OUTLOOK
Building Sustainable Growth
for Vietnam game studios

Contents
The Shift: From IAA to IAP as the New
Engine of Growth
Vietnam Gaming Outlook 2026 –
Predictions and Oppotunities
1
2
The Limitations of IAA: From Rapid Reach to a
Profitability Ceiling
Why IAP and hybrid casual are rising (global view):
control, depth, predictability
2026: The true era of hybrid-casual games
UA strategies driven by bolder, more
experimental creatives
Monetization in 2026: What’s next for game studios?
1.1.
2.1.
07
19
1.2.
2.2.
2.3.
14
21
24
2
Vietnam Gaming Outlook 2025

Best Practices and Solution
Thank You
3
From IAA to IAP: Data, Metrics, and Tools Powering
Mobile Game Growth
The IAP Monetization System: Pricing, Packaging,
Checkout, Build-to-Scale Blueprint with Airwallex
TikTok + Creative Trends for Hybrid Casual
Closing Thoughts: Building a Thriving Future for Vietnamese
Mobile Gaming
3.1. 27
77
3.2.
3.3.
32
45
IAA to IAP: Building Sustainable Growth for Vietnam game studios
3

Vietnam Gaming Outlook
As we close out 2025,
the mobile gaming landscape has never been more dynamic, or more full of opportunities, for Vietnamese
studios. Your teams have already proven the world-class ability to ship addictive games at lightning speed,
dominate global download charts, and master user acquisition in ways that larger markets envy. Vietnam’s
#1 ranking in Google Play downloads is a testament to that relentless execution and creativity.
Yet the industry is at
an inflection point.
The pure ad-driven (IAA) model that fueled hyper-
casual’s explosive growth can hit hard limits: Rising
UA costs, privacy-driven signal loss, shrinking
eCPMs, and an unforgiving attention ceiling that
caps ARPU and threatens retention. Meanwhile,
hybrid casual and IAP-first titles are pulling away,
delivering deeper engagement, predictable revenue,
and the financial resilience needed to build lasting
IPs and global brands.
4
Vietnam Gaming Outlook 2025

Vietnam Gaming Outlook
We’ve had the
privilege of
partnering with
many of the fastest
-growing gaming
companies,
and partners in the ecosystem across APAC
and beyond. This special feature dives deep into
the strategic shift underway: why IAA alone is
no longer enough, how hybrid and IAP models
restore control and unlock higher LTV, and, most
importantly, a practical, battle-tested blueprint
for building a world-class IAP system from the
ground up. Whether you’re still validating your first
hybrid title or preparing to take an established
game into new high-value markets, the pillars
outlined here will give you a clear path forward.
We’re proud to share
these insights,
drawn from thousands of gaming transactions
processed on our platforms and the real-world
lessons of studios who’ve already made the leap.
The future belongs to teams that combine Vietnam’s
signature speed and data-driven iteration with
disciplined, player-first monetisation. We’re excited
to help you get there.
IAA to IAP: Building Sustainable Growth for Vietnam game studios
5

The Shift:
New Engine of Growth
6
Vietnam Gaming Outlook 2025

Vietnam’s mobile gaming scene is a powerhouse in user
growth, ranking #1 globally for Google Play downloads
with 6.1 billion in 2024 alone, and projections hitting over
10.3 billion for 2025.
That’s massive market share, especially for studios going
global, where the first goal is often flooding the funnel
with installs before chasing cash.
The Limitations of IAA:
From Rapid Reach to a
Profitability Ceiling
The Wake-Up Call for
Ad-Driven Gaming
While downloads soar, revenue doesn’t keep up. Vietnam
sits in the top 4-5 for global downloads, yet its gaming
market revenue is expected to just top $430 million in
2025, a fraction of leaders like the US or China.
This gap highlights IAA’s core flaw: it excels at rapid
reach but hits a wall on sustainable profits, pushing
Vietnamese studios toward IAP hybrids for better
financial stability.
BUT HERE’S THE CATCH:
Number of Mobile Game Downloads
on Google Play in Vietnam
6.1B
10.3B
IAA to IAP: Building Sustainable Growth for Vietnam game studios
7
2024
2025
Downloads

The UA
Cost Crunch:
A Battlefield
of Bids
1
User acquisition is getting brutal, CPIs climbing in mature markets
like the US, Japan, Korea, and EU as everyone chases the same high-
value players. AI-fueled ad saturation on platforms like Meta shortens
creative lifespans, forcing faster refreshes and bigger spends with wild
ROAS swings.
Data from Q1-Q3 2025 shows downloads up 7.4% to 38.9 billion,
but revenue skewed heavily to IAP at 67.8% of $82.5 billion, leaving
ad-dependent titles with eroding economics. Often, studios bail after
Day-7 ROAS checks, as UA costs eclipse ad returns, especially when
IAA offers few fixes beyond cramming more impressions, which risks
user burnout.
Sources: PocketGamer.biz UA Report 2025
Top 7 Mobile Game Genres by Downloads
Q1-03 2025, excl. Mainland China
Hyper Casual
Puzzle
Action
Racing
Management Sim
Children
Shooting
5.7B
4.5B
3.3B
2.4B
2.0B
1.9B
1.8B
Top 7 Mobile Game Genres by Revenue (IAA+IAP)
Q1-03 2025. excl. Mainland China
Role Playing
Strategy
Shooting
Puzzle
Management Sim
Match
Card
IAP Revenue
IAA Revenue
1.2B
4.5B
3.3B
2.4B
2.0B
1.9B
6.4B
0.4B 2.0B
2.2B
3.2B
0.9B
1.9B
5.1B
8
Vietnam Gaming Outlook 2025

P r i v a cy,
signal loss, and
attribution
challenges
Privacy shifts and signal loss have weakened targeting precision and
measurement clarity, with 2025 marking a tipping point as Google’s
Privacy Sandbox fully rolls out on Android , mirroring Apple’s App
Tracking Transparency (ATT) framework and further limiting third-
party cookie tracking.
When your monetization hinges almost entirely on ad networks’
ability to deliver matched fill at healthy eCPM, degraded attribution
becomes an existential problem. You feel it immediately in fluctuating
fill rates, inconsistent eCPMs, and noisier ROAS, compounded by
Apple’s November 2025 App Store Review Guidelines update, which
tightened data-sharing disclosures for third-party AI models and
reinforced ATT’s asymmetrical requirements favoring Apple Ads over
external networks, following a €150M French antitrust fine earlier
in the year. Teams end up padding budgets for volatility rather than
investing that money into content, live-ops, or systems that raise LTV.
This dynamic is precisely what pushes studios to look for controllable
revenue levers, most notably IAP and subscriptions, that are less at
the mercy of external ad auctions. Surveys of developers in early 2025
ranked privacy changes and rising UA costs as top threats, driving a
60% increase in active mobile game advertisers adapting with first-
party data strategies like in-app surveys and contextual targeting.
2
IAA to IAP: Building Sustainable Growth for Vietnam game studios
9

ARPU Plateaus:
Hitting the Ad
Attention Wall
Retention harm from
ad fatigue and flow
disruption
IAA-first loops offer limited room to expand value per user. The
“price” a player pays is attention, not money, and the studio’s lever
is frequency and placement of ads. That quickly hits a UX wall. Once
you saturate session time with rewarded/interstitial placements, the
marginal gains per impression diminish while the risk of churn rises.
ARPDAU stabilizes at a ceiling, and any shock to traffic quality or eCPM
pushes you below break-even.
In 2025, this plateau is stark: IAA now accounts for just 32.2% of
mobile game revenue (down from prior years’ shares), as players in
privacy-constrained environments opt out of ad-heavy experiences,
favoring titles with hybrid models that boost LTV through balanced
IAP integration. Without direct purchase mechanics, you have no
natural path to unlock the willingness-to-pay of your most engaged
cohorts, especially as economic pressures in mature markets curb
discretionary ad engagement.
IAA currently represents
only 32.2% of overall
mobile game revenue
The market favors
hybrid titles that
boost LTV via
balanced IAP
integration.
Ad frequency, if not thoughtfully orchestrated, breaks play flow &
creates fatigue. Players especially sensitive to interruptions churn
early in the journey, exactly when you need them to pass your day-1/7
retention gates.
Teams try to compensate by adding more ads to maintain revenue,
but that worsens experience and accelerates churn, creating a vicious
loop: more ads → lower retention → lower eCPM/fill → need more ads.
The result is a gradually shrinking base of high-quality users who
could have converted under a better value proposition.
This year’s trends amplify the issue: with Google’s September 2025
Play Store AI revamp introducing in-game “Play Games Sidekick”
overlays for real-time tips (rolling out to titles like Star Wars: Galaxy
of Heroes), players expect seamless, non-intrusive assistance, making
disruptive IAA feel even more outdated and retention-killing.
3
4
32.2%
Ad overload degrades UX
and drives churn.
10
Vietnam Gaming Outlook 2025

Sources: TechCrunch Play AI
IAA to IAP: Building Sustainable Growth for Vietnam game studios
11

5
Operational risks:
fraud, policy shocks,
vendor dependence
Cash Flow Chaos:
Lumpy and
Unpredictable
Margin structure you
don’t fully control
Ad fraud and invalid traffic introduce silent leakage, distort KPIs, and
degrade optimization signals. Meanwhile, platform policy changes
can alter what placements are allowed or how they’re measured,
breaking previously reliable waterfalls overnight, such as Apple’s
November 2025 guidelines clarifying that HTML5/JavaScript mini-
games (common in hyper-casual IAA titles) are now fully subject
to App Store review standards, closing loopholes and increasing
rejection risks for ad-heavy prototypes.
IAA revenue is seasonal and extremely sensitive to macro conditions
in ad markets. That translates to lumpy cash-in and unpredictable
budget envelopes, a poor foundation for headcount plans, UA scale-
ups, or content bets.
Vietnamese studios operating globally also juggle many
currencies; with ad-only revenue, you lack the pricing/packaging
tools that let you shape cash-flow quality (e.g., subscription
share, bundles that lift upfront revenue, or region-tier pricing
that smooths FX exposure). In 2025, this volatility spiked with a
7% drop in gaming UA spend , forcing many to pivot amid post-
pandemic normalization and privacy-induced attribution noise.
Most critically, ad-only studios depend on a small set of
networks/mediations; when auction dynamics change,
exacerbated by Googles July 2025 policy mandating Android 15
targeting for new apps, which includes enhanced privacy APIs for
ad consent, this lack of diversification is the opposite of resilience.
Because IAA margin rides on eCPM and fill, your unit economics are
dictated by external auctions rather than internal product strategy.
When CPI rises and ARPDAU fails to keep pace, thin margins vanish.
The absence of direct pricing power translates into limited ability to
defend profitability, especially as 2025s hybrid monetization trends
show IAP driving 13% YoY revenue growth to 150B globally , while
IAA struggles with fill rate dips from signal loss. Sources: Udonis Revenue
6
7
In Vietnam
Ad-only Studios
12
Vietnam Gaming Outlook 2025

Scaling constraints
Strategic brand
risk and audience
mismatch
Hyper-casual paved the way for speed, but sustainable scale requires
depth, meta systems, progression, cosmetics, and value ladders, that
enable users to pay for tangible upgrades or status.
IAA lacks the structural mechanics to monetize that depth. As a
result, studios plateau earlier unless they rebuild product around
monetizable value, not just ad exposure.
Heavy ad loads can harm perceived quality, constrain genre
ambition, and attract less loyal audiences. As studios mature, they
seek to build brands and IPs; ad-centric UX can work against that
long-term positioning .
In 2025, with developers citing rising UA costs and privacy as top
threats in surveys , the mismatch is pushing a clear shift: hybrid
models blending IAA for non-payers with IAP for depth, as evidenced
by research showing hybrids yielding higher revenues and LTV.
8
9
The conclusion isn’ that IAA is obsolete .
It remains a powerful UA amplifier and
supplementary revenue stream.
The Smart
IAA to IAP: Building Sustainable Growth for Vietnam game studios
13
But the model can no longer be the sole backbone
of a sustainable P&L for most teams. The pattern
we see globally in 2025 is to reposition IAA as a
support mechanism, widening the top of the funnel
and monetizing non-payers, while the core revenue
engine shifts toward IAP and subscriptions.
That strategic pivot restores control over
monetization, creates new LTV levers, and makes
cash flow more predictable.
Next stop: IAP/hybrid dominance in 1.2. (Core themes:
UA surges, privacy pitfalls, ad model shackles, ARPU
dead-ends.) stream.

The mobile gaming world is shifting gears fast. In-app purchases (IAP) and hybrid casual models are taking
center stage because they fix IAA’s main headaches, like high costs, unclear data, and limited user value.
These approaches give studios direct control over pricing, build deeper game experiences, link revenue more
closely to player engagement, and offer a stronger path to global growth with steady finances.
Global IAP and subscription revenue reached $150 billion, up
13% from last year, with iOS leading at 55% share.
Hybrid casual games grabbed the biggest slice of
downloads, up 3.4% even as overall installs stayed flat, and
their revenue jumped 37% year-over-year.
where gaming downloads hit over 6 billion on Google Play
alone in 2024 (projected to top 10 billion in 2025), IAP
growth in apps and games surged 65%, the fastest in APAC,
making hybrids a smart play for local studios aiming for
worldwide reach.
As 2025 ends, the numbers show
the momentum:
In Vietnam,
Why IAP and hybrid casual are rising
(global view): control, depth, predictability
Up from
last year
+13%
Operating
System (OS)
iOS
Global IAP and
subscription revenue
$150B
In Vietnam
Download on
Google play 6B
IAP growth
in app 65%
Hybrid casual
YoY revenue
+37%
Source: Gamota
14
Vietnam Gaming Outlook 2025

You control
the paywall and the
price ladder
With IAP, studios take charge of their monetization setup: items like
boosters or energy packs, permanent unlocks, currency bundles,
cosmetics, battle passes, and subscriptions. This lets you create
value steps that match what players are willing to pay, across different
groups and countries. You can test with copy, bundles, discounts, and
geo-specific pricing; time offers to progression peaks for that “aha”
buy moment.
Hybrids amplify it: 72% of devs now blend models, with RPGs
leaping from 41% to 51% hybrid adoption . It’s a big change from
IAA, where “payment” is just ad views and the market decides the
value. In Vietnam, this control helps studios handle global currencies
better and counter rising costs.
Revenue
becomes more
predictable and
retention-linked
IAP ties money directly to how engaged players are. As you add
deeper systems and story arcs, loyal players spend more often and
in bigger amounts. Subscriptions bring in regular income, helping
smooth out cash flow for ongoing updates and expansion. Airwallex’s
IAP basics, like clear product lists, local pricing, and tax handling,
make this reliable at scale.
In 2025, payer numbers grew 6% globally despite flat installs , with
long-running games taking half of IAP revenue. In Vietnam, finance
app sessions rose 84% in Q1, showing how steady models like subs
can boost growth.
Hybrid casual:
the bridge
between reach
and depth
Hybrid casual combines hyper-casual’s easy start and wide appeal
with deeper elements from casual or mid-core games. Ads still help
with non-spenders and user growth, but IAP drives the main lifetime
value through things like speed-ups, boosts, or custom items. This
keeps production quick while adding reasons for players to pay.
Globally, hybrids led with 37% IAP growth and 30% overall revenue
increase in 2025, dominating puzzles and strategy like Royal Match
and Monopoly GO! (hitting $5B lifetime). They flip 98% non-payers
into spenders. In Vietnam, where the gaming market is set to hit 21%
strategy revenue boom on Google Play, hybrids fit perfectly with local
strengths in fast iteration and data-driven tweaks.
1
3
2
Hybrid
amplify it:
72%
of devs
blend models
IAA to IAP: Building Sustainable Growth for Vietnam game studios
15

Margin defence and
FX discipline
Conversion
excellence:
one-tap flows, smart
risk, localised UX
Direct sales mean margins matter, and IAP lets studios protect profits
closely. Showing prices in local currencies and settling in the same
(multi-currency processing) avoids extra conversion fees (Airwallex’s
like-for-like settlements save 1-3%).
Epic’s April win zeroed Apple’s external fees for 30% US IAP gains ;
Hybrids leverage SDKs for 48% ARPU jumps ;
Emerging spots like Turkey saw +28% spend via tailored packs .
The system goes beyond game offers to smooth checkout
experiences. Features like one-tap payments, saved cards, and
selective security checks cut drop-offs. Localizing currency, language,
and payment options builds trust and raises completion rates. A/B
testing the whole process, from offer text to error messages, adds
steady gains.
Airwallex’s tools, like webhooks for reliable transactions, support this
end-to-end. In 2025, Apple’s updates expanded product pages and
offer codes, lifting conversions 20% in hybrids.
4
5
Ads help with: IAP drives the main
lifetime value through: • non-spenders and
• user growth • speed-ups,
• boosts, or
• custom items
Model fees transparently, refund in native currencies
to cut disputes 25%. 2025 edges:
Improve the payment experience
One-tap
payments
Localizing
currency
Saved cards
Language
Selective
security checks
Payment
options
16
Vietnam Gaming Outlook 2025

Vietnam’s strengths, fast development, practical approaches, and data focus, align with hybrid
casual. It keeps your user acquisition skills while adding IAP depth for longer player value.
Hybrids give Vietnamese teams tools to compete on speed and substance worldwide.
In aggregate, IAP and hybrid casual are rising because they reintroduce agency into
monetization. You trade dependency on opaque ad markets for a design space where product,
pricing, and payments work together to grow LTV. That is why the recommended path , also
reflected in our event framework , is to move through four disciplined phases: build the
foundations (catalog, pricing, tax), maximise conversion (integration and checkout), protect
margin (methods, fees, FX, settlement), and operationalise for the long run (fraud, disputes,
finance ops, go-live).
The Roadmap for Vietnamese studios going global
Source: deconstructoroffun
IAA to IAP: Building Sustainable Growth for Vietnam game studios
17
Key Strengths
IAP-Led Monetization

Vietnam Gaming Outlook 2026:
Predictions & Opportunities
18
Vietnam Gaming Outlook 2025

As a result, 2026 is likely to mark not the arrival, but the consolidation of a “true hybrid era”, one where
hybrid-casual becomes the default blueprint for sustainable growth rather than a transitional experiment.
Games like Survivor.io, Bunny Hops, and Eggy Party are widely categorized
as hybrid-casual, combining a simple core loop with deeper meta
progression, live events, and IAP-driven monetization layers.
Vietnam’s mobile gaming scene is a powerhouse in user
growth, ranking #1 globally for Google Play downloads with
6.1 billion in 2024 alone, and projections hitting over 10.3
billion for 2025. That’s massive market share, especially for
studios going global, where the first goal is often flooding
the funnel with installs before chasing cash.
At the forefront of this evolution is the shift from hyper-
casual to hybrid-casual, which has moved well beyond
speculation and into market reality. Leading industry reports
from Mistplay, Unity, and Co-op Board Games consistently
highlight hybrid-casual as the dominant force in both
download volume and revenue growth.
By combining a simple core loop with deeper layers such
as meta progression, live events, and in-app purchases,
as seen in games like Survivor.io and Eggy Party, hybrid-
casual games strike a rare balance. They retain the scale
once associated with hyper-casual, while delivering
significantly stronger lifetime value. This superior LTV profile
has prompted studios, publishers, and agencies alike to
aggressively scale UA investment in the genre.
2026: The true era of
hybrid-casual games
IAA to IAP: Building Sustainable Growth for Vietnam game studios
19

At the same time, merge games enhanced with storytelling continue to stand out as a strategic advantage
for studios. The success of Gossip Harbor highlights how drama-driven narratives, distinctive characters,
and continuous meta-events can significantly boost player retention. Heading into 2026, this formula is
increasingly seen as a gold-standard model, especially when layered with light RPG elements to add depth
and long-term engagement.
Match-swap puzzle continues to dominate the casual market in terms of revenue, with games like
Fishdom, Lily’s Garden, and Royal Match consistently ranking among top-grossing games. According to
AppMagic, match-3 games alone generated over $2.7 billion in revenue and 395 million installs in the first
half of 2025, reinforcing puzzle as a core pillar of the mobile games economy.
The rise of story-first experiences among Gen Z and Millennial players
further reinforces this momentum, suggesting that narrative-driven
puzzle formats, particularly murder mystery and relationship-focused
games, will continue to expand.
Meanwhile, mid-core strategy titles are expected to remain revenue
powerhouses despite rising CPI. Live-ops is no longer optional but
essential, favoring studios with strong data capabilities, sizable budgets,
and mature operational expertise. Smaller teams, by contrast, are likely
to pivot toward RPG-idle hybrids as a more sustainable path, preserving
strategic depth while easing acquisition costs.
Smaller teams are
likely to pivot toward
RPG-idle hybrids
Gossip Harbor blends merge
gameplay with drama and romance,
retaining players through compelling
storytelling and a steady cadence of
meta-driven live events.
Story-driven puzzle formats, such
as murder mystery and relationship-
based variants, are expected to surge
in 2026, as rising CPI pushes studios
to rely more heavily on emotional
hooks to attract and retain players.
20
Vietnam Gaming Outlook 2025

Heading into 2026, mobile gaming is expected to
see continued disruption in both creative execution
and user acquisition strategies. As competition
intensifies and CPI remains under pressure, studios
and ad networks are being pushed to rethink how
they capture and qualify player attention.
While no longer a new concept, Playable Ads are on
track to become a baseline requirement rather than
a competitive advantage in 2026 UA strategies.
Unlike video or banner formats, building a high-
quality playable ad requires complex HTML5
engineering, rigorous QA processes, and often
weeks of in-house effort for a single concept. In
a 2026 UA landscape where speed is measured
in seconds, such delays translate directly into
lost competitive advantage. This has created
strong demand for solutions that can compress
production cycles from weeks to days, enabling
rapid, continuous A/B testing without overloading
technical teams.
UA strategies driven by bolder, more
experimental creatives
Compared to traditional video ads, playables
consistently deliver significantly higher conversion
rates and have been shown to improve early
retention by 30-40%. By allowing users to interact
with real gameplay, playable ads serve as an
effective pre-qualification funnel, filtering out low-
intent installs, improving ROAS, and supporting
more sustainable, quality-led growth at scale.
Powered by a flexible, customizable dashboard,
Playable Labs allows teams to quickly update
visual assets, fine-tune technical parameters, and
generate multiple creative variants with ease.
Built-in auto-localization further ensures each
playable is market-ready across regions. This level
of agility dramatically reduces turnaround time and
production costs, while giving teams full control
over the quality and performance of every playable
creative.
Royal Match’s explosive growth, fueled by a playable ads first strategy, is clearly reflected in its revenue
and download trajectory, offering one of the most compelling proofs of how effective Playable Ads can
be as a UA lever at scale.
IAA to IAP: Building Sustainable Growth for Vietnam game studios
21

Playable Labs is a fully made-in-Vietnam product, delivering fast, efficient, and performance-driven
playable ad solutions.
From a performance standpoint, AI-generated visuals have proven to be highly effective attention hooks,
capable of capturing user interest within the first critical moments.
Alongside this, one of the most prominent trends is the use of AI in advertising. After its breakout year
in 2025, AI has become a standard tool for studios, enabling the rapid production of creative variants at
nearly twice the speed of traditional manual workflows.
From “odd-yet-addictive” visuals to AI-humanized characters inspired by viral memes, campaigns like Idle
Lumber Empire and Capybara GO! demonstrate that AI not only optimizes production costs but can also
deliver a significant uplift in installs.
22
Vietnam Gaming Outlook 2025

Idle Lumber Empire sees a sharp surge in downloads.
IP collaborations are typically expected to expand the player base, introduce fresh gameplay mechanics,
and, most importantly, drive a significant uplift in in-app revenue.
In parallel, IP collaborations remain a high-impact growth lever. Partnerships such as Monopoly GO! × Star
Wars, Topwar × Pacific Rim, and Dragonheir × Dungeons & Dragons continue to demonstrate their ability
to expand player reach, lift ARPPU, and drive strong in-app revenue growth.
Within this broader wave of collaboration, influencer-led creatives continue to hold strong momentum.
The case of Last War: Survival, from Antony Starr to Daniel Wu and Knossi, illustrates how celebrities have
become a powerful lever to combat creative fatigue, generate hundreds of new ad variations, and sustain
long-term growth.
At the same time, publishers are actively exploring new user acquisition channels, ranging from interactive ad
formats to rewarded UA, a channel now rated by 82% of developers as outperforming traditional CPI-based
acquisition. Looking further ahead, as chatbots evolve into mainstream consumer platforms and experiment
with advertising models, they could emerge as a promising new UA frontier in the years to come.
IAA to IAP: Building Sustainable Growth for Vietnam game studios
23

As the digital advertising landscape evolves
at unprecedented speed, DSPs and SSPs
remain the twin engines of the programmatic
ecosystem.
DSPs empower advertisers to reach the right users at the right
moment, while SSPs enable publishers to maximize the value of every
impression. Heading into 2026, this relationship will be significantly
reshaped by AI advancements and tighter privacy regulations.
On the demand side, AI-driven bidding is set
to become the new standard.
Instead of relying on user identifiers, deep-learning models will
predict conversion potential using contextual signals, marking
a critical shift in the era of signal loss. In parallel, DSPs will
increasingly prioritize supply path optimization (SPO), favoring
transparent, direct inventory paths and eliminating inefficient
reseller chains to improve media efficiency.
SSPs are evolving in tandem.
Curated marketplaces are gaining traction, allowing premium
inventory to be packaged around specific audience segments
and sold at a higher value. Modern SSPs are also moving toward
hybrid monetization, supporting both open auctions and direct
deals within a single platform, giving publishers greater control
while minimizing channel conflicts. Direct DSP-SSP integrations
will become the norm, reducing intermediary fees and improving
delivery speed.
Monetization in 2026:
What’s next for game studios?
24
Vietnam Gaming Outlook 2025

Alongside this, OpenRTB continues to serve as
the foundational transaction standard of the
programmatic ecosystem, enabling studios and
publishers to better control how inventory is
bought and sold at scale.
Meanwhile, formats such as audio and native ads, though not new,
are being explored more deeply as complementary monetization
channels, helping diversify revenue streams without compromising
user experience.
Finally, Direct Demand
monetization and Web Shops
are opening new revenue
pathways for game studios.
Direct deals offer higher yield and stronger
brand control, while Web Shops are evolving into
full-fledged community hubs, integrating loyalty
programs, dynamic pricing, and cross-platform
payments. In an environment defined by rising
UA costs, these models are increasingly seen as
strategic pillars for sustainable monetization.
IAA to IAP: Building Sustainable Growth for Vietnam game studios
25

Best practices & solutions
26
Vietnam Gaming Outlook 2025

Adjust data shows steady growth in global gaming ad spend
Source: Adjust
As competition in mobile gaming continues to intensify, monetization has evolved
beyond a choice between in-app advertising (IAA) and in-app purchases (IAP).
Today, most studios are operating hybrid models, using IAA to scale reach
while relying on IAP to drive long-term revenue. However, IAP is fundamentally
more complex. It requires a deep understanding of player behavior, a structured
measurement framework, and clean, reliable data. Without these foundations,
optimizing IAP becomes guesswork rather than strategy.
According to Adjust data, global gaming ad spend continues to grow steadily.
North America remains the largest market, accounting for close to 40% of
total spend, followed by India, Southeast Asia, and key European markets.
This growth reflects not only rising user acquisition costs, but also increasing
pressure on studios to monetize more efficiently once players are acquired.
On the revenue side, Sensor Tower reports that global IAP revenue grew by
12.5%, reaching USD 150 billion – equivalent to roughly USD 285,000 spent
every minute. Of this, gaming contributes roughly USD 82 billion, driven largely
by mid-core and casual titles.
Genres such as strategy, RPG, puzzle, and casino continue to dominate IAP
revenue rankings. While this creates new competitive opportunities, it also
raises the bar for data sophistication and purchase funnel optimization.
Global market trends:
IAP continues its upward momentum
Data, Metrics, and Tools Powering Mobile
Game Growth
IAA to IAP: Building Sustainable Growth for Vietnam game studios
27

Studios that scale IAP effectively tend to organize their measurement frameworks around three core metric
groups, each reflecting a different stage of the player lifecycle.
Based on insights shared by IAP-focused studios, these three metric groups do not exist in isolation.
Instead, they form an interconnected IAP revenue funnel. Daily revenue is ultimately driven by the
combination of DAU, buyer rate, purchase frequency, and transaction value. Monitoring each layer of this
funnel allows studios to identify bottlenecks quickly and optimize with precision.
Source: iLOGO
Acquisition metrics provide the entry point: total installs, growth trends over time, and
the split between paid and organic downloads. These signals help studios assess traffic
quality before players even enter the game
Engagement and quality metrics – including DAU/MAU, retention, session length, and
session frequency – reveal whether players are truly engaging with the experience and
progressing far enough to reach monetization moments.
Early monetization metrics , such as IAP revenue, ARPDAU, and revenue per download,
show how effectively the game converts early engagement into value.
The measurement framework
behind IAP performance
01
02
03
28
Vietnam Gaming Outlook 2025

Example of pre-purchase user journeys – source: Adjust client
Rather than focusing solely on pricing or bundle configuration,
leading IAP studios begin by analyzing player behavior before a
purchase occurs.
Mapping the sequence of events leading up to transactions helps answer a critical question: which in-game
contexts create the strongest purchase intent?
In practice, IAP events can occur across a wide range of contexts – after completing a tutorial, winning
or losing a level, leveling up, claiming a reward, opening a limited-time bundle, or interacting with IAP
placements such as popups or home screen icons.
By comparing these journeys, studios can identify which contexts generate the highest conversion rates
and prioritize optimization accordingly.
In the example illustrated below, first purchases frequently occur immediately after the
tutorial or when players interact with IAP touchpoints tied to rewards or first-time bundles.
This suggests that players respond more strongly when IAP feels like a natural extension of
progression and rewards, rather than a standalone sales prompt. The presence of retry flows
following purchase failures also offers valuable insight, allowing studios to assess purchase
intent and evaluate whether payment friction, rather than motivation, is limiting conversions.
Why pre-purchase behavior matters?
IAA to IAP: Building Sustainable Growth for Vietnam game studios
29
Example

In day-to-day operations, understanding how revenue is generated is often more valuable than tracking
total revenue alone.
Based on insights from IAP-focused studios, effective analysis typically spans three dimensions:
Analyzing IAP across three key dimensions:
Purchase flow, geography, and player age
Purchase flow
Country-level
Purchase flow analysis reveals how players move between IAP tiers. Strong
first-purchase performance followed by steep drop-offs in subsequent packs
often signals issues with pricing, bundle value, or offer placement. Optimizing
bundle sequencing, timing, and messaging can significantly improve
conversion at higher price points.
Country-level analysis enables more accurate user acquisition investment.
Differences in purchasing behavior, first-time buyer rates, and ARPPU across
markets make geographic segmentation essential for both monetization and
UA efficiency.
IAP Metrics by User’s Age
1
2
Age group Active User ARPU ARPPU Buyer Rate
0-3
4-7
8-14
15-30
30+
4.1K
1.3K
1K
1.4K
4.7K
1.02
0.54
0.67
0.53
0.48
10.9
10
14.7
11.7
10.9
9.35%
5.42%
4.57%
4.54%
4.40%
30
Vietnam Gaming Outlook 2025

User age User age analysis, measured by days since install, highlights when purchases
are most likely to occur. In many cases, a significant share of IAP revenue
is generated within the first few days post-install, while a secondary peak
emerges later among long-term, high-value players. These patterns directly
inform onboarding design and late-game monetization strategies.
Cohort analysis: connecting retention, revenue, and ROAS
For gaming teams, cohort analysis remains a critical tool for evaluating the
impact of product and marketing changes over time. By grouping users by
shared attributes – such as install date or acquisition source – studios can track
retention, engagement, and monetization trends longitudinally.
3
Accurate optimization depends on clean data. IAP-focused games are particularly exposed to noise from
invalid installs and fraudulent purchase events, which can distort performance insights.
To address this, Adjust provides layered protection. Fraud Prevention filters low-quality traffic at the source
through configurable rules, while Purchase Verification validates transactions directly with Apple and
Google to ensure reported revenue reflects real player spending.
With reliable data in place, studios can make confident decisions across acquisition, monetization, and
product optimization.
Clean data as a prerequisite for
confident decision-making
Sustainable IAP growth is not driven by offers alone. It requires a consistent analytical
mindset, clearly defined metrics, and trustworthy data. By understanding pre-purchase
behavior, optimizing purchase flows, and measuring player value over time, studios can build
IAP strategies that scale – even as competition in mobile gaming continues to intensify.
Conclusion
IAA to IAP: Building Sustainable Growth for Vietnam game studios
31

Global IAP and subscription revenue has reached roughly $150 billion, up about 13% year-on-year.
Hybrid casual titles have surged, with IAP revenue up close to 88% to around $733 million, even as overall
installs stay broadly flat. The App Store has grown about 5.4% while Google Play has held steady, but both
platforms have raised the bar:
At the same time, direct-to-consumer (D2C) channels are growing fast, up around 46% in the US with
quarterly IAP rebounds hitting roughly $21 billion in Q3, and pulling more revenue outside of traditional
app-store rails. IAP becomes a real growth engine only when it is treated as a system, not as a handful of
offers bolted onto a game. Drawing from Airwallex’s 2025 gaming coffee talk event, this blueprint breaks it
down into four powerhouse pillars: Foundation, Conversion, Margin Optimization, and Sustainability.
For Vietnamese teams, this combination of market
momentum and infrastructure is a clear opening: you already
have the speed and UA skills; a disciplined IAP system
gives you the financial engine to match. The blueprint below
breaks that system into four practical pillars, then shows
what Airwallex can provide out-of-the-box.
Unlocking IAP’s Full Potential:
A System for Sustainable Wins
The IAP Monetization System:
Pricing, Packaging, Checkout, Build-to-Scale
Blueprint with Airwallex
Apple’s October updates added up to 70
bespoke product pages and extended offer
codes to every IAP , pushing developers toward
more targeted, promotion-driven funnels.
Google’s Billing Library 8.0 (general availability
mid-year) tightened compliance and lifecycle
handling around in-app billing.
32
Vietnam Gaming Outlook 2025

Foundation, Get the Basics Precisely Right
Anchor your monetisation in a simple, well-defined set of products, each with server-authoritative
entitlements and audit trails. A typical mix that we see in top-grossing games:
Server-side validation and clear entitlement history are what let you:
Recent data suggests that games with robust entitlement systems and documentation see significantly
lower effective dispute rates, even as overall D2C disputes climb by low-teens percentages.
Design a clear, durable catalog with concrete SKUs
Your catalog, pricing, and tax model are trust signals and LTV levers, not admin tasks. In
a world where fraud and disputes are estimated to be up by low double digits, strong
foundations are the first defence.
Key idea
Resolve support
tickets quickly
Defend legitimate
purchases when
chargebacks appear,
particularly as
D2C claims grow.
Consumables
Cosmetics and skins
Non-consumables
Battle passes /
seasonal tickets
Currency packs
Subscriptions
such as energy refills or
level skips
e.g. hero skins at $9.99
such as ad-free modes or
permanent feature unlocks
e.g. $14.99 per season
e.g. $4.99 gem bundles
e.g. a $4.99/month VIP
pass for daily rewards or
ad-light play
IAA to IAP: Building Sustainable Growth for Vietnam game studios
33

Rather than isolated prices, think in terms of value ladders that track how invested a player is:
Contextual surfacing works extremely well:
Across 2025, we see payer counts up around 6% globally , with Day-90
ARPPU rising , and legacy titles (6+ years old) capturing roughly half of
all IAP revenue .
Games such as Monopoly GO! US$5B lifetime , convert a
very high share of previously non-paying users through these ladders
and contextual hooks.
Build value ladders that follow progression and “pain points”
Mid -tier bundles
High- tier
“elite” offers
$0.99
$19.99
$99.99
Revenge packs
that appear after
repeated failures and
remove early friction.
that combine currency
and progression boosts,
aimed at players who are
clearly engaged.
that emphasise exclusivity,
unique cosmetics, premium
passes, or strong late-game
advantages that avoid
pay-to-win optics.
“Revenge packs” after tough losses. “Victory bundles” or upgrade offers after
streaks or league promotions.
Victory bundles
2025 IAP
Monetization
Tr e n d s
34
Vietnam Gaming Outlook 2025

How subscriptions
vs consumables are
recognised in revenue.
How digital tax
is calculated,
How you collect
buyer-location evidence,
Studios generally choose between:
For example, an MoR partner can handle EU OSS VAT , invoice issuance, and tax remittance, while you focus
on design and live-ops. Others prefer PSP-style setups to keep direct control.
Either way, align early on:
Tools like Airwallex’s automated tax engine , already used to track changes such as Bulgaria’s euro adoption
in December 2025 , reduce the overhead of staying compliant as these rules shift.
Choose a commerce and tax model that matches your ambitions
Well-localised pricing is one of the best documented conversion levers:
Apple’s October changes also matter here:
Localise prices and offers with data -driven tactics
Use local currencies and psychological price endings (e.g.
$0.99, ₫19,000 ). 1
Offer codes now extend to consumable IAP , with reports
of ~20% bundle-lift gains when used with seasonal or
event-driven promotions.
1
Some hybrid titles stack subscriptions on top of core
IAP, seeing ~6% incremental payer gains and initial iOS
purchases averaging around US$18 .
2
Factor VAT/GST into displayed prices where required (e.g.
20–27% VAT in many EU markets). 2
Apply purchasing-power -parity (PPP) tiers , for example,
calibrating a US$1.99 starter pack to around 25,000 VND in
Vietnam, which has been associated with 20%+ conversion
lifts in some emerging markets.
3
& &
A hybrid approach
by market.
A merchant-of-record (MoR)
model for outsourced tax &
compliance, or
A gateway/PSP model for
speed and control or or
IAA to IAP: Building Sustainable Growth for Vietnam game studios
35

Conversion Pillar:
Turn Browsers into Buyers with Zero Friction
Once a player decides to buy, your only job is to avoid giving them reasons to bail.
Well-designed checkout flows are consistently delivering double-digit conversion
uplifts.
Key idea
A pragmatic path looks like:
This staged approach is especially useful for Vietnamese studios: you can validate core IAP ideas quickly,
then invest in deeper integration once you see signal.
Match integration depth to your stage
Language & copy tuned to local expectations (simple, reassuring wording rather than dense legalese).
Localised forms and field ordering , which reduces abandonment on mobile.
Designed support for asynchronous local methods , such as QR wallets (e.g. MoMo in Vietnam ), with
clear “payment pending” and confirmation states.
Hosted Checkout Pages for fast pilots and soft-launches (often live in a matter of days).
UI Elements for more control of branding and layout without taking on full PCI scope.
Native SDKs / low-level APIs once you are ready to tune each interaction and integrate more tightly
with in-game flows.
Best-performing titles go beyond price localisation:
Platforms like Airwallex expose these local flows in a consistent way, but it is still on the studio to make the
UX obvious and trustworthy.
Localise the entire checkout experience, not just currency
15–30% reductions in checkout abandonment compared with full card re-entry.
Smoother repeat purchases during events or season resets.
Across 2025, games that aggressively adopt one-tap and tokenised payments typically report:
Lean into one-tap, tokenisation, and risk -smart security
36
Vietnam Gaming Outlook 2025

Routing by BIN, region, and issuer to the best available path.
Prioritising trusted LPMs in markets where card decline rates are structurally higher.
Analysing approval by cohort , for example, noting that iOS “whale” cohorts may average US$15 per
transaction , vs US$7 on some Android segments, & tuning routing and risk thresholds accordingly.
Instant, visible entitlements, no ambiguity about whether the purchase “worked”.
Soft upsell nudges, such as limited-time add-on discounts (“20% off extra gems now?”)
player attention.
Enabling Apple Pay, Google Pay, and major local wallets wherever available.
Using tokenisation so returning payers only need a confirmation tap.
Applying 3-D Secure / SCA selectively , based on risk, instead of bluntly forcing extra steps on every
low-risk transaction.
In IAP-heavy economies, a few percentage points of authorisation uplift can beat weeks of UA
optimisation. Practical tactics include:
The flow does not end at “Payment successful”. Best-in-class examples:
Following the Epic Games v. Apple ruling, US developers using external web or alternative gateways can
avoid the 30% commission on those flows , but most successful hybrids still keep native in-app purchase
flows for trust and UX, while using routing intelligence to chase an additional 5–10% approval uplift in
high-value puzzles and strategy segments that have seen around 37% IAP growth.
A notable example: casual titles similar to Color Block Jam reported that tightening these flows and
layering in upsells contributed to doubling revenue between Q4 2024 and Q1 2025 . In many cases,
that growth stacked on top of platform-level improvements like Apple’s new offer codes and Google’s
anti-churn tools (benefit highlights, grace periods) announced at I/O.
Under the hood, idempotent webhooks and retry logic matter as much as UX. Providers like Airwallex
invest heavily here, with published uptimes around 99.99% , so a packet loss or regional network blip does
not become a lost sale or a duplicate charge.
Treat approval rate as an LTV lever
Optimise the post-purchase moment
For Vietnamese studios, event-driven campaigns, such as Tet -themed bundles, are also a
proven lever, with case studies suggesting ~15% increases in purchase frequency during
well-timed local campaigns.
IAA to IAP: Building Sustainable Growth for Vietnam game studios
37
Key Strengths

Optimize Margin, Protect Every Basis Point
Once you have volume, basis points matter. The combination of payment method mix,
FX handling, and fee structure can add 2–5% to net margin without touching game
design.
Key idea
Patterns we see among successful IAP-first and hybrid titles:
Two of the most common leaks in cross-border IAP are:
Given that D2C disputes have climbed by roughly 12% , using currency-correct refunds and clear
statements is becoming less optional and more table-stakes.
Switching to MCP and like-for-like settlement:
Aggregating these under a single provider with 160+ LPMs , rather than managing separate contracts and
integrations, can yield an estimated ~10% uplift in acceptance driven by giving players the method they
trust most.
Default to local methods by market, keep cards as a resilient backup
Use multi-currency presentment and like -for -like settlement to
stop FX bleed
US and core Western markets : card rails plus wallets and major pay-later options (e.g. Affirm).
EU : strong use of account -to-account (SEPA and similar) alongside cards.
APAC: bank QR and mobile wallets (e.g. GCash, MoMo, GrabPay) are often the first choice.
Charging players in one currency but settling in another, and
Forcing funds back into a single “home” currency even when local balances would be more efficient.
Eliminates 1–3% FX spread on many flows.
Simplifies reconciliation and reduces disputes by around 25% when combined with refunding in the
original payment currency.
38
Vietnam Gaming Outlook 2025

Granular dashboards by method, country, and product line allow you to:
Regulatory changes in 2025 have opened and shifted economics further:
Within this environment, hybrids that effectively use SDK-based monetisation and direct payments have
shown ~48% ARPU lifts , with the top ~32% of payers (“whales”) crossing US$100 in lifetime spend.
On the infrastructure side, tools like Airwallex’s PHP Global Accounts help consolidate APAC flows. For
example, studios moving funds between Vietnam and Japan report potential 1.5% savings in certain
corridors when FX and local clearing are optimised. MENA and LATAM markets, where IAP revenue growth
has been tracked in the ~13–18% range, also benefit from the ability to lock FX rates before volatility spikes
around local events or macro news.
Model full unit economics and respond to regulation
Include 3DS/SCA costs (often 1–2%) , expected dispute rates (hybrids often sit around 0.5% with
strong descriptors), and any platform or marketplace fees.
Run A/B tests on surcharging where legal, being mindful that even modest surcharges can create
5–10% conversion drops in some segments.
Apple’s response to the EU Digital Markets Act (DMA) has created tiered commi