Vietnam’s first tech unicorn VNG has reported a consolidated net revenue of 10,894 billion dong ($414 million), approximately 22% of which was generated from international markets, in its audited full-year 2025 results.
Adjusted operating profit rose 183% year-on-year to 856 billion dong ($32.5 million).
Core business segments delivered a broad-based improvement in operating quality, with adjusted operating profit margin expanding from 3% to 8%, driven by enhanced monetisation across the portfolio, overall disciplined cost management and operating leverage, according to the company’s announcement.
Gaming saw its paying user ratio increase to 4.6% from 3.7% a year earlier. Messaging platform Zalo recorded a 38% rise in revenue to 1,718 billion dong, driven by stronger uptake of value-added services and an ongoing shift towards subscription-based offerings.
Fintech arm ZaloPay delivered one of the fastest growth rates within the group, with total payment volume surging 76%, monthly active users up 40%, and revenue climbing 47% to 1,111 billion dong. Financial services revenue surged 413% across eight distinct product offerings, reflecting the effectiveness of Zalopay’s strategy to expand from digital payments into a broader financial services ecosystem.
Cloud business GreenNode reported a revenue of 774 billion dong, up 57% year-on-year, with net revenue retention reaching 123%. The number of enterprise customers generating over 1 billion dong in annual revenue grew 62%.
“After the reset of our business strategy and through the focus on AI, we have created operating leverage in order to see each of our segments grow. We are now in a position to continue to scale, domestically and internationally,” said Kelly Wong, CEO, VNG Group.
VNG, formerly known as VinaGame, is a technology company in Vietnam. Apart from online gaming, its business spans fintech, communications and media, cloud services, among others.
Beyond financials, VNG continues aligning with Vietnam’s digitalisation push through e-government integrations, cashless payments, and enterprise tech solutions while investing in AI talent initiatives such as Saigon AI Hub and the Zalo AI Summit.
