VNG, Vietnamese Internet Startup, Wants to Establish More Sustainably Abroad

Co-founder Le Hong Minh said in a recent interview broadcast by Bloomberg that he wants to increase the expansion of the Vietnamese technology company (VNG) internationallyπŸ‡§πŸ‡· Among its services, the Vietnamese start-up offers games, messages, videos and musicwho has the potential to compete with Tencent according to the president and director of the company. To achieve its goals, VNG will support video game development This way that the expansion of the artificial intelligence and cloud computing industryπŸ‡§πŸ‡·

VNG is progressing slowly but surely

Vietnamese start-up is on the way, for having satisfactory results in its domestic market, which has around 100 million people, against global giants like Facebook. This communist country, best known for its textile industry and agriculture, bet big on foreign countriesπŸ‡§πŸ‡· If success is present, this would be a crucial step for all of vietnamπŸ‡§πŸ‡·

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the co-founder did not directly discuss its intention to list in the United States but he said” we want to be a global technology company […] So we have to play on the same playing field and access the best and obviously the most demanding investor base in the world. β€œ, which seems to go in that direction. An IPO in the United States could allow VNG, which has become one of the most scrutinized startups in the country, to to become the first Vietnamese technology company to be listed in AmericaπŸ‡§πŸ‡·

The company’s gaming arm, dubbed VNGGames, is ” the key to your international expansion said Le Hong Minh, CEO of the startup. In fact, VNG debuted in 2004 as a game publisher.πŸ‡§πŸ‡· Since then, she has published and developed her own titles, as well as local versions of international hits.

Soon after, it began to expand its “range of services” such as music sharing, video streaming or messaging. VSyour last name Zalo, has seen rapid success overtaking Facebook Messenger as early as 2020 in Vietnam, according to Le Hong Minh. The local Ministry of Information and Communications released figures in February 2022, comparing the number of users of the two messengers, Zalo had 74.7 million monthly active users compared to Messenger’s 67.8 millionπŸ‡§πŸ‡·

The VNG co-founder is hopeful about his startup’s future

In 2020, the video game industry will generate an estimated $139.9 billion, and companies have understood this. The global market is already dominated by world leaders like Tencent, Sony or Microsoft. They have large development and marketing budgets that VNG may struggle to meetπŸ‡§πŸ‡· Alec Tseung, a partner at KT Capital Group, a Hong Kong-based investment firm, reported the BloombergπŸ‡§πŸ‡· VNG should get more attention from investors due to its striking resemblance to Tencent, with businesses in online gaming, social messaging, fintech, e-commerce πŸ‡§πŸ‡·

This does not seem to scare the company’s co-founder who remains confident in the future of VGN in the foreign market and who indicated β€œ in the future vietnam will not only be known for coffee and manufacturing […] We can build capabilities and people and provide services to the global technology industry πŸ‡§πŸ‡· Today VNG has users in over 130 countries and the co-founder hopes β€œ have 320 million customers worldwide by 2023 πŸ‡§πŸ‡·

To achieve the desired results, Le Hong Minh is inspired by what is done in California and adopted the β€œSilicon Valley” look for the company’s officesπŸ‡§πŸ‡· So, three years ago VNG moved into a new building that contains: plants, cafe, gym and β€œpoufs” on which employees can work. According to the founder, your company helped start a new movement to democratize startup developmentπŸ‡§πŸ‡· The proof: Vietnam is attracting more and more investorsπŸ‡§πŸ‡·

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