VNG Annual Report

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VNG – ANNUAL REPORT 2024

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Message from Chairman
Our StoryManagement Report
Sustainability report
Business Strategy Audited Financial Statements 2024
CHAPTER
CHAPTER
CHAPTER
CHAPTER CHAPTER
CHAPTER
02
04
05
03 06
01
About us
VNG Corporation: A 20-Year Legacy of Innovation
Mission – Vision – Core values
AI-First Strategy
Leadership Team Introduction
2024 Highlights
Corporate Structure
Shareholding Structure
List of Subsidiaries and Associates
05
06
08 10 11
12
14 1516
03
76
19 21
45 50
5357
58 61
63
66
Our Business Model
MD&A of Financial Results
Analysis of Performance by Sector
Risk Governance
Assessment of the Board of Directors on
the Group’s Operations
VNG People Strategy
VNG’s approach to CSR
Macroeconomic Overview
Business Sector
VNG: Pioneering a Sustainable Digital Future
for Vietnam
Table of Content
VNG – ANNUAL REPORT 2024

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Dear VNG Shareholders,
This year marks VNG’s 20th anniversary – a milestone we’ve celebrated in truly memorable fashion. What
touches me most deeply is seeing how VNG’s core values remain unchanged after two decades: our resilience,
the belief in our mission, and the unwavering focus on serving customers. Even during our toughest moments,
VNG’s people have stayed true to these principles.
The past three years have tested us. We’re working to return to profitability after heavily investing in new
businesses and our ecosystem. We face industry headwinds – from slowing global mobile game growth
to cautious advertising spending in Vietnam. Promising new ventures in fintech, cloud, and AI haven’t yet
delivered significant financial returns. Our ambitious expansion efforts – taking our games global, scaling
fintech operations, and building AI products – have involved trial and error in allocating people, time, and
resources.
Despite these challenges, 2024 shows we’re on the right path. Our game business remains strong while
building valuable long-term partnerships with Riot Games, Roblox, and NC Soft. We continue investing in
global game development, now reaching 30 million monthly active users worldwide. Zalo has cemented
its position as Vietnam’s #1 messaging platform, far ahead of Facebook, Viber and Telegram. Zalo leads
Vietnam’s AI revolution with our KiLM Large Language Model and Kiki Voice Assistant. With nearly 80 million
monthly active users, Zalo offers Vietnamese businesses unmatched opportunities to innovate through Mini
Apps and Notification Services.
We’re one of the few Southeast Asian companies moving decisively into AI Cloud, serving international
clients and partnering with industry leaders like NVIDIA and Vast Data. Combined with our existing cloud
offerings, AI Cloud will drive VNG Digital Business growth for years. Zalopay has evolved beyond traditional
e-wallets to become Vietnam’s leading VietQR partner with a strong financial product suite. We believe
Vietnam’s fintech industry remains in its early stages, with significant growth potential over the next 10 years.
VNG has grown consistently for 20 years. While our growth rate has slowed recently, we believe our new
drivers – game globalization, Zalo platform, AI solutions, and fintech – will drive substantial growth over the
next decade. We’re balancing sustainable growth in core businesses with careful innovation. By strategically
allocating capital and leveraging our strengths in technology, we aim to be a consistently profitable growth
company. In 2024, our adjusted operating profit turned positive – a trend we’re committed to continuing.
Vietnam is entering a new era with innovation, technology, and digitalization as its core drivers. VNG is
uniquely positioned to participate in this transformation with 20 years of innovation experience, four major
businesses in industry leadership positions, 3,324 talented employees across eight offices in Vietnam and
Asia, and deep connections with the global technology ecosystem. If VNG was viewed as an innovative
startup for the past 20 years, we aim to be recognized as Vietnam’s technology leader for the next 20 –
helping drive Vietnam’s digital economy toward becoming a developed nation by 2045.
Our path forward is clear but challenging. Yet challenges are precisely what energize us – “embracing
challenges” has always been the VNG spirit. We thank you for your continued trust during difficult times and
recognize our responsibility to reward that trust.Ho Chi Minh City, April 2025
Minh Le
Founder & Chairman, VNG
Message
from Chairman
Le Hong Minh
Founder & Chairman
VNG – ANNUAL REPORT 2024

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Our Story
About Us
VNG Corporation: A 20-Year Legacy of Innovation
Mission – Vision – Core values
AI-First Strategy
Leadership Team Introduction
2024 Highlights
Corporate Structure
Shareholding Structure
List of Subsidiaries and Associates
VNG – ANNUAL REPORT 2024

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1
4
3 2
Online Games
VNG
OPERATES IN FOUR KEY GROUPS. Connection
Platforms
1
AI
VNG’S STRATEGY RESTS ON THREE PILLARS
3
Go Global
2
Platform
Trading Name:
Business Registration Certificate No.:
Charter Capital:
Stock Code:
Exchange: VNG Corporation
0303490096
VND 287,360,000,000
VNZ
on UPCoM of Hanoi Stock
Exchange (HNX) Z06, Road 13, Tan Thuan Dong Ward, District 7, Ho Chi Minh City
(028) 39623888
028.39624666
vng.com.vn
Address:
Telephone:
Fax:
Website:
About us
Founded in 2004 as a PC game
publisher in Vietnam, VNG Corporation
has evolved over the past two decades
into a dynamic technology leader with
a diversified portfolio spanning mobile
gaming, communications, media,
cloud computing, artificial intelligence
(AI), and fintech. This transformation
underscores not just our business
growth, but our passion for innovation
and determination to shape Vietnam’s
digital future. Today, VNG operates
through 4 key business units that drive
our prominence in the technology
sector:
• Online Games:
VNGGames stands
as a dominant force in Vietnam and
Southeast Asia’s gaming industry,
delivering top-tier gaming experiences,
while ZingPlay crafts casual games with
global reach, captivating a diverse
international audience.
• Connecting Platforms: Zalo, Vietnam’s
leading “Make-in-Vietnam” messaging
app, anchors a rich ecosystem that
integrates media and advertising
solutions, including Adtima, a cutting-
edge advertising technology provider;
and ZingMP3, a popular music
streaming service. Together, these
offerings create seamless connectivity
and engagement for millions of users. • Fintech: By making digital payments accessible and intuitive,
Zalopay is accelerating the country’s transition away from
cash while creating financial opportunities for millions of
individuals and businesses alike across the country.
• Digital Business: VNG Digital Business, the sole B2B division
of VNG, equips enterprises for digital transformation in the
AI era with advanced solutions in Artificial Intelligence,
Cloud Computing, and Cybersecurity. Standout offerings
include GreenNode, one of Asia’s first AI cloud infrastructures
in Southeast Asia; TrueID, a comprehensive eKYC solution
tailored for financial institutions; and VNG Cloud, a trailblazing
cloud provider infused with AI innovation.
Our vision is built on three strategic pillars that strengthen our
leadership in the technology sector while continuously delivering
value to partners, users, and the broader community:
Platforms: Developing innovative platforms that envision and shape
technological trends, empowering both users and businesses
AI:
Driving breakthroughs and unlocking new possibilities through
artificial intelligence
Go-Global: Expanding VNG’s footprint and competitive edge in
the international market.
Together, these pillars propel VNG forward, ensuring we remain
at the forefront of innovation and a catalyst for progress on a
global scale.
#1
79M
(1) 77.8M (1) 52.000 + 1.000 +
#1 #2
Comprehensive
Digital Enterprise Solutions
Publisher
Payment Partners
Corporate Clients
QAU MAU
Messaging appPayment
Platform
Digital business
Fintech
VNG – ANNUAL REPORT 2024

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VNG Corporation: A 20-Year Legacy of Innovation
Key milestones
2004: Launched as a game company in Vietnam, a pioneer of the PC RPG
2012: Introduced Zalo, the first Vietnamese social network platform
2013: Entered mobile payments with ZaloPay’s debut.
2014: Achieved a valuation exceeding US$1 billion.
2017: Signed an MOU to list on the NASDAQ stock exchange in the United States.
2018: Unveiled VNG Cloud, expanding into cloud computing
2023: Filed an F-1 registration statement with the U.S. SEC while its VNZ stock debuted on Vietnam’s UPCoM
exchange as the market’s highest-priced stock.
2024: Adopted an AI-first strategy, launching the GreenNode AI Cloud Data Center in Bangkok, partnering
with STT GDC to develop and operate world-class data centers, and integrating AI services into Zalo.
2004PC INTERNET
PC Platform Game
Zalo
Fintech Digital Business
Artificial Intelligence
MOBILE INTERNET
CLOUDAI
2013
20182022
Net revenue VNG
2014 – 2024 (Billion VND)
Net revenue
Revenue from foreign markets
1,831
5,233 9,273
Each milestone marks a moment when we transformed challenges into opportunities, fueling a growth trajectory
that showcases our ability to deliver substantial, enduring value for users and business partners alike. Our
platforms create potent synergies, with core businesses complementing each other in both user reach and
monetization, driving strong traction among the fast-growing, tech-savvy youth demographic.
VNG – ANNUAL REPORT 2024

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Driving Vietnam’s Digital Economy
A trusted partner to Vietnam’s digital transformation revolution
Technology with Purpose
By 2024, VNG ranks among Vietnam’s top technology firms, posting VND 9,273 billion in revenue, employing nearly 4,000
team members across 9 cities in Vietnam and Asia, and contributing VND 1,114 billion to the national budget—marking
its third consecutive year exceeding the 1 trillion VND threshold. This success stems from 20 years of operational
expertise in Vietnam’s consumer technology market, bolstered by consistent investment in research and development.VNG strengthens Vietnam’s digital economy as a key transformation partner. Zalo uniquely connects government,
businesses, and citizens in ways other platforms can hardly match.
By late 2024, 17,273 official Zalo Official Accounts (OAs) from state agencies and public utilities spanned all 63 provinces,
reaching over 40 million followers, making it the fastest and most effective channel to engage people nationwide.
For businesses, our B2B division drives progress through key initiatives: GreenNode, our AI Cloud business; TrueID,
providing eKYC solutions to over 40 banking institutions; and VNG Cloud, supporting more than 1,000 clients.
Meanwhile, our AI advancements have gained recognition, with Zalo AI securing three MMA SMARTIES 2024 awards
for innovative marketing solutions.
Beyond business pursuits, VNG drives meaningful community impact. We’ve always believed technology should serve
people in their most critical moments. During Typhoon Yagi in September 2024, Zalo delivered 143 million alerts and
helped 1 million people report their safety status via Zalo SOS. Earlier, during the COVID-19 pandemic, Zalo Connect
facilitated 100,000 support actions across 45 provinces.
Our UpRace initiatives uniquely combine technology, running, and charity, engaging 632,000 participants, who
collectively ran 25 million kilometers and raised nearly VND 32 billion for social causes. In gaming, we collaborate with
VIRESA to advance professional esports, backing Vietnam’s national athletes at SEA Games and ASIAD 19. Additionally,
a 2024 partnership with PTIT launched Vietnam’s first formal game development program at a public university.
Looking forward, we remain committed to leveraging AI, pursuing global expansion, and enhancing social impact —
delivering technology that benefits Vietnam while extending our reach worldwide.
As Chairman Lê Hồng Minh puts it: “Our dream for VNG remains unchanged—build great technology, help people
grow, and become a global tech leader that creates real value for users and society.”
VNG – ANNUAL REPORT 2024

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Mission – Vision – Core values
Mission Build Technologies and Grow People.
From Vietnam to the world.
Since our beginnings as a game publisher in 2004, VNG has grown into Vietnam’s
leading technology company. Over two decades, we have helped shape the
digital era with a singular ambition: to become truly global. We pursue this mission
because we believe it is a meaningful path, enabling us to grow together and
deliver real value to users, community, and the nation.
Our success rests on two core assets: Technology and People. Beyond creating
innovative products, we place equal emphasis on developing human capital as a
fundamental mission. This dual focus is guided by three core values—embracing
challenges, advancing partnerships, and upholding integrity—which steer our
path of sustained growth and evolution.
“Over the past 20 years, VNG has continually adapted and thrived through
the evolving waves of Internet technology, from PCs and mobile to the cloud
and current trends like AI. We are the only Vietnamese internet company that
can stand with the world’s biggest internet giants. It’s our pride, but our mission
is to strengthen this status while also pushing VNG’s growth dynamics on the
international markets and taking a leadership role in emerging businesses like
AI. I believe this strategy will create long-term value for our company, for VNG’s
employees, and for our shareholders”, stated Le Hong Minh, Founder & Chairman
of VNG.
VNG – ANNUAL REPORT 2024

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Vision
Core Values At VNG, we envision a future where we stand tall as a global technology leader,
rooted in Vietnam. We also aspire to become “the most admired technology
company” in Vietnam, harnessing AI and innovation to extend our influence
nationwide and worldwide.
Our vision for VNGGames is to rank among the world’s top gaming companies,
captivating hundreds of millions of users with groundbreaking products, an iconic
IP, and thriving eSports. With over 100 million Vietnamese at its heart, Zalo is more
than a platform – it can drive Vietnam’s digital transformation, enhance the lives
of over 100 million Vietnamese, and elevate our nation’s global tech presence.
Zalopay is set to pioneer a cashless society in Vietnam, delivering superior financial
solutions tailored to individuals and businesses, driving financial inclusion and
fostering economic growth both domestically and regionally.
Our Digital Business division is strategically positioned to empower hundreds of
thousands of enterprises across Vietnam and abroad. By utilizing advanced AI
and Cloud technologies, we will equip businesses to compete confidently on the
global stage, accelerating their growth and ensuring long-term success.
Guided by 03 core values, we are
committed to fostering growth for
both our company and the broader
community: At VNG, Advancing Partnership extends above and beyond the
common understanding of teamwork and collaboration. It is not
simply building a partnership within the constraints of a win-win
situation but rather building a long-term relationship on the basis
of trust. And this applies to every form of partnership at VNG,
from internal to external, from team to team.
Since day one, Embracing Challenges has been a motto at
VNG. To make dreams come true, we are committed to building
a culture where challenges are embraced as opportunities for
experiences and growth. The bold courage to dream and to
pursue our dreams has helped VNG to overcome challenges and
achieve lasting successes.
Upholding Integrity is the commitment we make to our customers,
partners, and employees. At VNG, we uphold a culture of trust,
where honesty and ethical decisions define our actions. We want
to make sure our employees can take pride in being a part of an
organization where they are respected for their integrity, their
honesty, and their own personal values.
Embracing
challenges
Advancing
Partnership
Upholding Integrity
VNG – ANNUAL REPORT 2024

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AI-First Strategy: VNG’s New Growth Engine
GreenNode, launched in 2023, forms the backbone of our infrastructure layer.
Emerging during a challenging year, this AI Cloud division completed Southeast
Asia’s most efficient GPU-based cluster in Bangkok by June 2024. Built in under
six months in collaboration with STT GDC, it stands among the region’s first
large-scale AI Cloud facilities—a commercialization speed unprecedented in
the market. A 2023 NVIDIA partnership secured priority access to cutting-edge
chipsets, enabling GreenNode to serve global clients and generate tens of
millions of USD within its initial months. Engineered for efficiency, it minimizes
energy consumption while expanding our AI capabilities across the region.
“Embracing the AI revolution, we chose not to wait—we acted. Our stance is
clear: don’t just talk, do. Start small, iterate fast, deploy widely, and keep users
at the core. AI’s true success isn’t instant profit—it’s delivering features that
matter, building value that lasts for our business and society.” said Mr. Le Hong
Minh, VNG’s Founder & Chairman.
This “do first, learn as we go” mindset has shaped VNG’s AI strategy since mid-
2023, though our AI roots trace back to 2017, with Zalo starting to explore AI through
early-bird projects like Kiki Auto. It’s 2023, however, that we fully recognize AI’s
transformative power, committing to an AI-First Strategy by mid-year a vision
affirmed at our 2024 Annual General Meeting.
This isn’t about following trends. At its core, our AI-First Strategy integrates AI
across VNG’s ecosystem, channeling resources into three key layers-infrastructure,
platform, and application-to fuel innovation, advance Vietnam’s digital economy,
and position VNG as a global player.
Our platform layer powers practical solutions. GreenNode refines open-source
models, while KiLM—Vietnam’s leading “build-from-scratch” large language
model, developed by Zalo AI—marks our push for homegrown innovation.
Our end-to-end AI solutions start transforming how businesses operate. For
VNGGames, integrating Stable Diffusion into the Artian platform cuts design
workloads by 50-70%, tripling efficiency. Our Intelligent Document Processing
(IDP) system by GreenNode, adopted by 12 banks, reduced data errors by 70%,
shaved processing time by a third, and saved over 2,000 man-days and billions
of VND annually. TrueID, Vietnam’s only fully integrated e-identification system
(combining eKYC, video KYC, biometric authentication, and NFC), powers over
40 banking systems with secure, AI-driven authentication, setting a national
standard.
At the application layer, Zalo leads Vietnam’s “Make-in-Vietnam” AI charge,
turning AI into a daily ally for tens of millions. With four research labs driving full
R&D autonomy, we’ve introduced text-to-speech, voice messaging, and real-
time translation–features over 20% of Zalo users embraced by late 2024—a figure
we aim to double in 2025. Across VNGGames, Zalopay, and Digital Business, every
unit experiments with AI, prioritizing user impact over short-term gains. Every
employee is urged to weave AI into their work, igniting a culture of innovation.
This strategy powers sustainable progress. From gaming breakthroughs at
VNGGames to streamlined fintech at Zalopay, AI reshapes how we connect and
serve users. GreenNode’s efficiency reduces costs and environmental impact,
while AI in Zalopay and Digital Business promotes inclusion and enterprise
strength—over 40 banks and thousands of firms benefit from our solutions. “VNG
will become an AI-first company within 5 years,” Mr. Le Hong Minh has set as
our ambitious target. By embedding AI strategically, we’re not just adapting—
we’re shaping the future, as we did with PC and mobile eras, ensuring VNG drives
progress in Vietnam and beyond.
This approach reflects our commitment to a future where technology and
sustainability align, meeting global demands while staying rooted in Vietnam—
delivering solutions that uplift society, empower businesses, and secure lasting
success. Pioneering AI Infrastructure
Comprehensive AI Platform
Bringing AI into Everyday Life
A Philosophy That Drives
Progress
VNG – ANNUAL REPORT 2024

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SENIOR MANAGEMENT TEAM SUPERVISORY BOARD
Mr. Wong Kelly Yin Hon
Vice President of VNG, CEO of VNGGames
Mr. Vuong Quang Khai
Co-founder, Executive Vice President of VNG
Mr. Le Hong Minh
Founder, CEO of VNG
Removed on 25
November 2024
Mr. Nguyen Le Thanh
Vice President of VNG,
CEO of VNG Digital Business
Mr. Tan Wei Ming
Chief Financial Officier of VNG
BOARD OF DIRECTORS
Mr. Vuong Quang Khai
Member
Mr. Le Hong Minh
Founder, Chairman
Appointed on
25 November 2024
Mr. Vo Sy Nhan
Chairman
Resigned on
22 November 2024
Ms. Christina Gaw
Member
Mr. Edphawin Jetjirawat
Member
Leadership Team Introduction
Ms. Nguyen Vu Ngoc Han
Head
Appointed on 24 June 2024
Mr. Pham Van Do La
Member
Appointed on 21 June 2024Resigned on 12 March 2025
Ms. Nguyen Thi Thu Trang
Head
Removed on 21 June 2024
Ms. Truong Thi Thanh
Member
Removed on 21 June 2024
Mr. Vu Thanh Long
Member
Appointed on
21 June 2024
VNG – ANNUAL REPORT 2024

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2024 Highlights
Total workforce
Net revenue
↑22% YoY
Global footprints (cities)
alerts were sent through Zalo in coordination with authorities
Zalo OAs of government agencies,
serving over 40 million followers
Zalo Mini Apps operated by
government agencies, active in 25 provinces
Adjusted Operating Profit
(third consecutive year exceeding
the 1 trillion VND threshold)
Gender distribution male-female
Net Cash Flow from Operating
activities
Employee retention rate (>5 years)
State Budget Contribution
HUMAN DEVELOPMENT
CONNECTING THE GOVERNMENT & THE PEOPLE
VITAL ROLE IN DISASTER PREVENTION
SUSTAINED BUSINESS EXPANSION
3,324 VND 9,273 billion
214 million
VND
302 billion
VND
843 billion
VND
1,114 billion
9
17,273
173
65%-35%
35%
ENVIRONMENTAL RESPONSIBILITIES THROUGH INDICATORS
VNG actively minimizes electricity and water waste and educates employees about energy-saving practices to protect the environment. The Group’s solar power system generates an average output of 65.262 KWH per month,
equivalent to 783.144 KWH per year. The water filtration system at VNG Campus (Ho Chi Minh City) provides up to 5,000 liters of drinking water per day for employees.
VNG – ANNUAL REPORT 2024

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VNG was named the “Leading Tech
Firm in Vietnam 2024” by World
Business Outlook, recognizing its
strong performance in 2023. This
award evaluates companies based
on business results, innovation, market
expansion, development efforts, and
strategic partnerships, affirming VNG’s
role as a driving force in Vietnam’s tech
landscape.Certified as a “Great Place to Work”
in the Large Category (companies
with 1000+ employees) for the
second consecutive year, this award
reaffirms VNG’s outstanding working
environment, distinguished by its
dynamic corporate culture, inspiring
atmosphere, and strong emphasis on
individual value.
UpRace earned the title of Sustainability
Marketing Campaign of the Year at
the M4D Awards 2023, sponsored by
the European Union and organized
by RED Communication. This award
celebrate UpRace’s meaningful blend
of community engagement and
digital innovation for sustainable
development.
VNG 2024 Awards
1
Leading Tech Firm
in Vietnam 2024
2
Vietnam
Best Workplaces
3
Marketing for
Development Awards
VNG – ANNUAL REPORT 2024

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Corporate Structure
GENERAL MEETING OFSHAREHOLDERS
BOARD OF DIRECTORS
SUPERVISORY BOARD
COMPENSATIONCOMMITTEE
AUDIT COMMITTEE
ACCOUNTING
FINANCE & RISK MANAGEMENT
CORPORATE BRANDING & COMMUNICATIONS
HUMAN RESOURCES
ADMIN & FACILITY
LEGAL & COMPLIANCE
PURCHASING CORPORATE CENTER SENIOR MANAGEMENT TEAM
GAMES
FINTECH
LONG-TERM
OPPORTUNITIES
ZALO & AI
TECHNICAL SERVICE
VNG – ANNUAL REPORT 2024

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Shareholding Structure
BY TYPE OF SHARES
No. of sharesOwnership
Ordinary shares 28,736,000100.00%
Treasury shares —
To t a l 28,736,000100.00%
BY SHAREHOLDING GROUPS
Shareholding group No. of sharesOwnership
State shareholders -0.00%
Other shareholders 28,736,000100.00%
To t a l 28,736,000100.00%
BY SHAREHOLDING PERCENTAGE
Shareholding group No. of sharesOwnership
Major shareholders (>=5%) 22,733,24179.11%
Minor shareholders (<5%) 6,002,75920.89%
To t a l 28,736,000100.00%
BY NATIONALITY
Shareholding group No. of sharesOwnership
Domestic shareholders 14,655,36051.00%
Institutional shareholders 7,859,83227.35%
Individual shareholders 6,795,52823.65%
Foreign shareholders 14,080,64049.00%
Institutional shareholders 14,080,64049.00%
Individual shareholders —
To t a l 28,736,000100.00%
A. Shareholder structure
(as of December 31, 2024) B. Shares
C. Changes in
owners’ equity
D. Treasury shares
transaction The total outstanding shares: 28,736,000, of which:
•
The number of Ordinary shares: 28,736,000
• The number of Preference shares: 0
• The number of Transfer- restricted shares: 0
• The number of Non transfer-restricted shares: 0
VNG Corporation was founded in 2004 as VinaGame Joint Stock Company with a
charter capital of VND 15,000,000,000. Over the past 20 years, VNG Corporation
has increased its capital 16 times and reduced capital once. The current charter
capital is VND 287,360,000,000, representing 28,736,000 shares.
• Number of treasury shares at the end of the period: 0
• There was no treasury share transaction during the year
• Foreign Ownership Limited as of 31/12/2024 is 49%.
VNG – ANNUAL REPORT 2024

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List of Subsidiaries and Associates As at 31/12/2024
% of
ownership % of
voting rights % of
ownership % of
voting rights
I Direct subsidiaries
1 Zion Joint Stock Company (“Zion”) 99.99999.999 72.65472.654Ho Chi Minh City, Vietnam Intermediary payment service
2 Vinadata Information Technology Services
Joint Stock Company (“VinaData”) 99.989
99.989 99.98999.989Ho Chi Minh City, Vietnam Provision of information
technology services
3 Vinanet Services Joint Stock Company
(“Vinanet”) 99.50
99.50 99.5099.50Ho Chi Minh City, Vietnam Provision of mobile and
telecommunications
value-added services
4. Verichains Company Limited (“Verichains”) 100.00100.00 100.00100.00Ho Chi Minh City, Vietnam Production and
development of software
5. VNG Software Development Company
Limited (“VNGS”) 100.00
100.00 100.00100.00Ho Chi Minh City, Vietnam Production and development
of software
6. EPI Technologies Joint Stock
Company (“EPI”) 100.00
100.00 100.00100.00Ha Noi City, Vietnam Provision of online advertising,
design website, software and
other media technology
7. Zie Company Limited (“Zie”) 100.00100.00 100.00100.00Ha Noi City, Vietnam Operation and distribution of
online games
8. A4B Joint Stock Company (“A4B”) 69.8069.80 69.8069.80Ho Chi Minh City, Vietnam Computer programming,
production software
9. ZingPlay Vietnam Company Limited (“ZPS”) 100.00100.00 100.00100.00Da Nang City, Vietnam Operation and distribution of
online games
10. VNG Online Company Limited
(“VNG Online”) 100.00
100.00 100.00100.00Ha Noi City, Vietnam Provision of portal and
production of software
11. Dream Maker Foundation
(“DMF”) 100.00
100.00 100.00100.00Ho Chi Minh City, Vietnam Charitable organization
12. VTH Development Software
Joint Stock Company (“VTH”)
–
-100.00 100.00Ho Chi Minh City, Vietnam Investment, construction and
trading in industrial
park infrastructure;
office leasing
% of
ownership % of
voting rights % of
ownership % of
voting rights
II Indirect subsidiaries
1 Minh Phuong Thinh Communication
Company Limited (“MPT”) 100.00
100.00 100.00100.00Da Nang City, Vietnam Operation and distribution of
online games
2 VNG Data Center Joint Stock Company
(“VNG DC”) 5 0.9 94
51.0099.989100.00 Ho Chi Minh City, Vietnam Provision of information
technology services
3 VNG Singapore Pte. Ltd.
(“VNG Singapore”)
99.989100.00 99.989100.00 Singapore Developing and trading software,
computer equipment and spare
parts; providing software related
and post-sale services
4. VNG Myanmar Company Limited
(“VNG Myanmar”) 99.989
100.00 99.989100.00 Yangon City, Myanmar Operation and distribution of
online games
5. MLT Hong Kong Limited
(“MLT HK”) 100.00
100.00 100.00100.00Hong Kong Operation and distribution of
online games
6. VNG Games Co., Ltd
(“VNG Games”) 99.989
100.00 99.989100.00 Bangkok City, Thailand Develop and update of mobile
games and online games
7. XFM Joint Stock Company
(“XFM”) 99.989
99.989 99.9899.98Ho Chi Minh City, Vietnam Music recording and publishing
activities
8. ZingPlay International Pte. Ltd.
(“ZPI”) 99.989
100.00 99.989100.00 Singapore Developing and trading software,
computer equipment and spare
parts
9. Thanh Son Communication Services
Trading Company Limited
(“Thanh Son”) 99.999
100.00 72.654100.00Ha Noi City, Vietnam Trading in prepaid game and
telco cards
10. Adtima Joint Stock Company
(“Adtima”) 99.999
99.999 99.99999.999Ho Chi Minh City, Viet Nam Provision of online advertising
11. Fiza Joint Stock Company
(“Fiza”) 99.997
99.998 99.99799.998Ho Chi Minh City, Viet Nam Provision of online advertising
12. VNG Solutions Co., Ltd.
(“VNG Solutions”)
99.50
100.00 99.50100.00 Ho Chi Minh City, Vietnam Software production and
development
Name of subsidiaries
Name of subsidiaries
As at 31/12/2024 As at 31/12/2024
As at 31/12/2023 As at 31/12/2023
Location
Location
Principal activities Principal activities
VNG – ANNUAL REPORT 2024

17
% of
ownership % of
voting rights % of
ownership % of
voting rights
II Indirect subsidiaries
13 Mixus Joint Stock Company
(“Mixus”) 9 9. 9 3 4
9 9. 9 3 4 9 9. 9 3 49 9. 9 3 4Ho Chi Minh City, Viet Nam Music recording and publishing
activities
14 KMZ Interactive Entertainment (Shenzhen)
Co., Ltd (“KMZ”) 99.989
100.00 99.989100.00 China Provision of Information
technology service
15 Verichains SG Pte. Ltd
(“Verichains SG”) 100.00
100.00 100.00100.00Singapore Development of software and
applications; other business
support service activities
16 InstantiaPay Holdings Pte. Ltd.
(“Instpay Holco”) (i) 47.730
66.6747.730 66.67Singapore Investment holdings
17 InstantiaPay SG Pte. Ltd.
(“Instpay SG”) 47.730
100.00 47.730100.00Singapore Financial services
18 InstantiaPay Pty Ltd
(“Instpay AU”) 47.730
100.00 47.730100.00Australia Financial services
19 InstantiaPay Limited (United Kingdom) (“In-
stpay UK”) 47.730
100.00 47.730100.00United Kingdom Financial services
20 InstantiaPay Limited (Hongkong)
(“Instpay HK”) 47.730
100.00 47.730100.00Hong Kong Financial services
21 InstantiaPay VN Limited Liability Company
(“Instpay VN”) 100.00
100.00 100.00100.00Ho Chi Minh City, Vietnam Software production and
development
22 VNG Investment Pte. Ltd.
(“VNG Investment”) 100.00
100.00 100.00100.00Singapore Developing and trading software,
computer equipment and spare
parts; and post-sale services
23 YoPlatform FZE (“YoPlatform”) 100.00100.00 100.00100.00Dubai, United Arab
Emirates Operation and distribution of
online games
24 Greennode Joint Stock Company
(“Greennode VN”) 98.989
99.0098.989 99.00Ho Chi Minh City, Vietnam Provision of information
technology services
25 Greennode Pte. Ltd.
(“Greennode SG”) 99.989
100.00 99.989100.00 Singapore Provision of cloud services
26 Greennode Co., Ltd.
(“Greennode TH”) 99.989
100.00 –Thailand Provision of cloud services
27 VNG Technologies LLC 100.00100.00 –Dubai, United Arab
Emirates Information technology network
services; Computer Systems
and Communication Equipment;
software design; Distributed
ledger technology services; IT
consultant
% of
ownership % of
voting rights % of
ownership % of
voting rights
III Direct associates
1. Telio Pte. Ltd (“Telio”) 16.55 16.55 16.55 16.55 Singapore Holding company
2. Group of Funding Asia Group Pte. Ltd
(“Funding Asia”) 4.37
4.37 4.884.88Singapore Operating and managing digital
financing platform
3. VTH Development Software Joint Stock
Company (“VTH”) 35.00
35.00 –Ho Chi Minh City, Vietnam Investment, construction
and trading in industrial park
infrastructure; and
4. Ecotruck Technology Joint Stock Company
(“Ecotruck”) 23.94
23.94 26.8626.86Ho Chi Minh City, Viet Nam Office leasing
5. DayOne Holding Joint Stock Company
(“DayOne Holding”) 22.46
22.46 –Ho Chi Minh City, Vietnam Software production and other
supporting services related to
transport
6. DayOne Joint Stock Company (“DayOne”) –27.27 27.27Ho Chi Minh City, Vietnam Management consulting
IVIndirect associates
1. Tiki Global Pte. Ltd (“Tiki Global”) –14.61 14.61Singapore Holding company
2. Beijing Youtu Interactive Co., Ltd
(“Beijing Youtu”) 14.00
14.00 14.0014.00Beijing, China Game distribution
3. Rocketeer Holding Limited (“Rocketeer”) 11.2511.25 11.2511.25Cayman Islands Holding company
4. Open Commerce Group Ltd. (“OCG”) 12.1712.17 12.1712.17Singapore E-commerce
5. Cloudverse Pte. Ltd (“Cloudverse”) 30.0030.00 30.0030.00Singapore Information technology consultant
and hosting service
6. NCV Games Pte. Ltd (“NCV”) 30.0030.00 –Singapore Game copyright distribution
Name of subsidiaries Name of subsidiaries
As at 31/12/2024 As at 31/12/2024
As at 31/12/2023 As at 31/12/2023
Location
Location
Principal activities Principal activities
VNG – ANNUAL REPORT 2024

18
Business Strategy
Macroeconomic Overview
Business Sectors
VNG: Pioneering a Sustainable Digital Future
for Vietnam
VNG – ANNUAL REPORT 2024

19
Macroeconomic overview
A.
Vietnam’s macro-economy
in 2024
GDP GROWTHCONSUMER PRICE INDEX (CPI)
FOREIGN DIRECT INVESTMENT (FDI)
CONSUMER SENTIMENT
Vietnam’s economy in 2024 demonstrated resilience and recovery, marked by
robust GDP growth, controlled inflation, and strong foreign direct investment (FDI)
inflows. Our geographically strategic location further enhanced our positioning as
a key manufacturing and trade hub in the region. Consumer confidence was also
a silver lining, with Vietnamese consumers exhibiting higher optimism about the
economy compared to their ASEAN peers. These factors collectively underscore
Vietnam’s stable and optimistic economic trajectory amid global uncertainties.
Vietnam’s GDP expanded by 7.1% in 2024, a significant acceleration from the
5% growth recorded in 2023. Key drivers included strong export performance,
robust domestic consumption, and sustained FDI inflows. Exports surged to a
record high of USD 405.5 billion, reflecting a 14.3% year-on-year (YoY) increase,
fueled by key sectors such as electronics, textiles, and agricultural goods. Trade
agreements and strategic partnerships also played a crucial role in bolstering
export activities. Despite global economic uncertainties, domestic consumption
in Vietnam remained resilient as the services sector grew by 7.4% in 2024 compared
to 2023’s growth rate of 6.9%, indicating strong consumer demand.
According to General Statistics Office, inflation remained under control, with the
CPI rising to 3.6% in 2024, slightly above the 3.3% recorded in 2023 and aligned
with the National Assembly’s target range. Core inflation, which excludes volatile
food and energy prices, increased by only 2.7%, reflecting the government’s
effective monetary policies to manage inflation.
Per Ministry of Planning and Investment (MPI), Vietnam attracted USD 38.2
billion in FDI in 2024, a marginal 3% decline from the previous year. However, FDI
disbursements reached a record USD 25.4 billion, marking a 9.4% increase YoY.
The country’s appeal to foreign investors was reinforced by its participation in
strategic trade agreements, efforts to upgrade economic partnerships, and
its position as a beneficiary of global supply chain diversification. Notably,
investments continued to flow into high-tech industries, including semiconductor
manufacturing and artificial intelligence, supported by government incentives
such as favorable land lease terms and tax benefits.
Vietnamese consumers exhibited higher confidence levels than their regional
counterparts in an ASEAN Consumer Sentiment Study conducted by UOB in 2024,
with more than 70% of the surveyed participants expressing optimism about the
current and future economic performance—well above the ASEAN average of 54%.
This robust sentiment was driven by improving job opportunities, enhanced well-
being, and a rebound in domestic spending, positioning Vietnam as a promising
destination in the region amid broader economic uncertainties.
Source: World Bank
VNG – ANNUAL REPORT 2024

20
B.
Vietnam’s 2025
macro outlook International Monetary Fund (IMF) projects that Vietnam will become Asia’s
12th and ASEAN’s 5th largest economy by 2025, underpinned by strong growth
trajectory in GDP and its combined effort in the dual transition of digitalization
and a commitment to sustainability, which are the strategic growth trend for
global economies. With government’s ambitious target GDP growth to reach
8.0%, the country continues to leverage government incentives for innovation and
navigate through shifting global dynamics, including potential impacts under a
second Trump administration in the United States.
ASEAN’s largest economies 2025 (USD bn)Internet penetration in 2024 (%)
Source: IMF (as of April 2025)
Source: Digital 2025 Global Overview Report (We Are Social and Melwater)
GDP GrowthDigital Economy
Geopolitical Dynamics
According to IMF, Vietnam’s GDP growth is projected to reach 5.2% in 2025 yet
lower than government’s 8.0% plan, outperforming many regional economies
such as Thailand and Singapore. Key drivers include strong manufacturing, export
diversification, and sustained domestic consumption. Economic sustainability
remains a priority, with government efforts focused on expanding renewable
energy and fostering a digital economy. Vietnam’s digital transformation continues to be a cornerstone of its economic
strategy, as digital economy’s contribution to the nation’s GDP is on the rise,
contributing 16.5% in 2023 and an estimated 18.6% in 2024 according to the Minister
of Information and Communications. Meanwhile, under the “National Strategy
for Development of Digital Economy and Digital Society by 2025, Orientation
towards 2030” approved in 2022, the government has set an ambitious target
for the digital economy to contribute 20% of GDP by 2025 and 30% by 2030.
To support this goal, the government is exerting substantial efforts to build digital
infrastructure and foster technological innovation. One prominent initiative is
the National Digital Transformation Program initiated in 2020, which outlines key
objectives through 2025 and a long-term vision extending to 2030. The strategy
focuses on three main pillars: Digital Government, Digital Economy, and Digital
Society, aiming to enhance digital literacy, improve infrastructure, and drive
innovation across economic sectors.
As stated in the Digital 2025 Global Overview Report from We Are Social and
Melwater, the Internet penetration is a key enabler for this growth, with nearly
80% of the population have internet access by 2024, driven by rapid smartphone
adoption.
Vietnam has emerged as a key player amid ongoing shifts in global supply
chains, with many enterprises seeking to enhance operational resilience through
geographic diversification. The country’s strategic location and expanding network
of trade agreements continue to reinforce its appeal to international investors.
In this evolving landscape, changing global trade policies and macroeconomic
developments warrant close attention. Adjustments in tariffs, exchange rates, or
capital flows could pose both risks and opportunities, highlighting the need for
agile strategies and a diversified economic base in a rapidly changing global
environment.
VNG – ANNUAL REPORT 2024

21
A.
Industry Outlook
ONLINE GAMES
According to the NewZoo Global Games Market report, in 2024, the global gaming
market demonstrated stability with steady growth over the previous year as the
annual revenue reached USD 184 billion, a 0.2% increase YoY with approximately
3.9 billion players across PC, mobile and console platforms. Among all regions,
Asia-Pacific remained the largest and most influential market, making up 46% of
revenue and was home to 1.9 billion gamers. In second place was North America,
accounting for 27% revenue and a 400 million gamer base. Even though Europe
attracted more players than North America (700 million), its size was considerably
smaller with 18% revenue share. In terms of gaming platforms, mobile continued
to reaffirm its leading position in both revenue and player base, earning USD 92
billion in 2024 (2.8% YoY) from 2.6 billion players, driven by increasing access to
affordable smartphones across mobile-first markets. Meanwhile, PC platform has
stalled compared to last year, contributed USD 42 billion with a pool of 667 million
players
Going forward, NewZoo forecasts that the global gaming market will scale at
a CAGR of 3.9% in the 2024-2027 period with APAC region consistently being
the dominant market. Looking ahead to 2025, several trends are expected to
Source: NewZoo
shape the global gaming market. Hybrid monetization models, which combine
in-app purchases (IAP) and in-app advertising (IAA), are predicted to grow by
26.1%. This trend reflects a shift towards more flexible monetization strategies
that cater to a broader audience, allowing players to choose between watching
advertisements, making purchases, or subscribing to enhance their gameplay
experience. Another major trend is the integration of AI in game development. AI
tools are expected to play a significant role in playtesting, content generation,
and moderation, helping developers create more engaging and personalized
gaming experiences. Additionally, AI-generated content is likely to become
more prevalent, potentially leading to a surge in clone games as developers
leverage AI to replicate successful titles. VNGGames is also leveraging this trend
by integrating AI into game development through its Artian platform, which
streamlines character design, motion capture, and localization, further optimizing
efficiency and creativity in game production.
The gaming market faces many challenges, especially monetization due to market
saturation in top titles and lack of disruptive premium releases. Particularly, the
primary challenge facing the PC market is the disconnect between increasing
engagement and declining revenues. Despite record-breaking concurrent
players on platforms like Steam and growing interest from younger demographics,
spending has not kept pace. The market remains heavily skewed toward free-to-
play games, many of which have reached maturity, limiting new revenue streams.
Meanwhile for mobile gaming, regulatory changes present a major point for game
publishers to consider. The EU’s Digital Markets Act (DMA) and similar regulations in
Japan and the UK have forced Apple and Google to allow third-party app stores
and alternative payments. While this opens new revenue streams for developers,
it fragments the market, requiring publishers to manage multiple storefronts and
fee structures. Consumer behavior remains tied to traditional app stores, making
the short-term impact of these changes uncertain. Domestically, the regulatory
environment also poses additional challenges to game publishers as under the
new decree to manage internet services and cyber information, all online casino-
style games are banned in Vietnam from December 2024. Furthermore, players
under 18 years old are restricted with a daily play limit, which could potentially
lead to declining user engagement and in-game purchases.
Global gaming market size by Platfform
(2024) Global gaming market size by Region
(2024)
Business sectors
VNG – ANNUAL REPORT 2024

22
Mr. Kelly Wong
Vice President of VNG, CEO of VNGGames
B.
VNG Celebrates 20 Years
of Pioneering Innovation
in the Game Industry
Over the past 20 years, VNG—founded as Vinagame in 2004—has played a defining
role in shaping Vietnam’s online gaming industry. The launch of Võ Lâm Truyền Kỳ
marked a watershed moment, establishing a new standard for domestic online
games and setting the stage for a legacy built on innovation and impact. Since
then, VNGGames has introduced over 200 titles in Vietnam and more than 40
internationally, reaching approximately 79 million quarterly users and supported
by a workforce of 1,200+ employees.
From 2016 to 2017, we boldly shifted our focus from PC to mobile gaming, a
forward-thinking move that anticipated evolving tech trends and changing player
preferences. This strategic transition bolstered the company’s adaptability and
cemented its status as a regional leader. Today, VNG’s gaming division thrives on
a global stage, with studios in Bangkok, Kuala Lumpur, Jakarta, Taipei, Shanghai,
and Beijing. Its success rests on cutting-edge technology, deep regional expertise,
and robust, scalable infrastructure.
Beyond its business achievements, VNGGames has been a driving force in
Vietnam’s eSports scene. As an early advocate for professional competitive
gaming, VNGGames played a key role in getting eSports recognized as an official
medal event at the 31st SEA Games, where Vietnam won four gold medals. This
milestone underscored national pride and showcased the rising prominence of
Vietnam’s gaming and eSports ecosystem in the region.
An essential part of this journey is ZingPlay Game Studios (ZPS)—a pioneering
initiative aligned with VNG’s long-term “Go Global” strategy. Since its launch in
2007, ZPS has successfully navigated platform transitions from desktop to web
to mobile, consistently delivering casual gaming experiences tailored to evolving
user preferences. Today, ZPS has established a strong presence in Southeast Asia,
South Asia, and Latin America, continuing to drive global expansion while staying
rooted in its Vietnamese identity.
20 years of growth and development
+200 game titles released in Vietnam, with +40 titles
launched in international markets
+7 9 million QAU
+1,200 employees
+20 game titles developed
and distributed globally
VNG’s game studios are present
in
9 cities worldwide
VNG – ANNUAL REPORT 2024

23
2024: Maintains Leading
Position in Vietnam and
the Region
Stable Performance
In 2024, VNG’s revenue benefited from a new accounting policy implemented
in 2023, despite a slight decline in total bookings due to the absence of major
new international releases, despite a slight decline in total bookings due to the
absence of major new international releases. However, from 2019 to 2024, VNG
has maintained a stable position in the industry.
(1) Bookings is a non-GAAP operating metric used by VNG to evaluate its Gaming segment performance.
It is reflective of the cash spent by the users in the applicable period.
(2) QAU is calculated as the average of QAUs of the quarters within that period.
In 2024, VNG expanded its game portfolio with the release of 17 new titles across
domestic and international markets, including Forsaken World 2, Tây Du Béo,
Thiên Long Bát Bộ, ROBLOX VNG, CheonSangBi Mobile, Ghost Story: Thiện Nữ,
and Bomber VNG. These launches reflect the company’s ongoing commitment to
delivering diverse, high-quality gaming experiences tailored to a global audience.
Looking ahead, several highly anticipated titles are set to drive VNG’s next
growth phase. Key upcoming releases include Phong Thần Mobile, MU Lục Địa
VNG, and Crossfire VN in the Vietnam market; Genesis for Taiwan and Hong Kong;
and Cookie Run and Lineage2M (NCV Joint Venture) for the broader Southeast
Asian region. These titles are strategically positioned to deepen VNG’s presence
in high-growth markets.
In parallel with publishing, VNG continues to invest in evergreen game development
initiatives to diversify its portfolio and strengthen strategic partnerships. This
approach minimizes reliance on short lifecycle titles, mitigates risk, and enhances
resilience, ensuring more sustainable growth across the gaming business.
Complementing this strategy, VNG’s platform teams have increasingly adopted
AI-powered tools to accelerate both development and publishing processes.
AI is now integrated across game design, visual asset creation, and in-game
bot systems. On the publishing side, AI is used to localize advertising campaigns
and translate content into multiple languages, supporting faster, more scalable
global releases. This adoption of AI is a key enabler in VNGGames’s efforts to
drive operational efficiency and enhance creative output.By the end of 2024, VNGGames launched its ‘Instant Play’ platform, enabling
users to enjoy download-free minigames seamlessly integrated with ZaloPay
and fully embedded within the broader Zalo ecosystem. This initiative enhances
accessibility and monetization while expanding the company’s presence in casual
gaming.
In collaboration with VNG Cloud, the company also strengthened its infrastructure
and tech service capabilities, further supporting scalability and performance
optimization.
On the in-house development front, VNGGames introduced four new shooting
titles, achieving 50 million cumulative installs across key international markets,
including the United States, Japan, India, and Canada. At the same time,
ZingPlay Game Studios (ZPS) continued its strong momentum, releasing over
10 international titles in the first half of 2024. Feature optimizations significantly
enhanced the user experience, contributing to ZPS’s first-ever milestone of
international revenue surpassing domestic earnings. Notably, ZPS expan