VNG Group, one of Vietnam’s leading technology firms, has reaffirmed its commitment to pursuing a listing on a US stock exchange, despite postponing its initial public offering (IPO) last year. Chief Executive Officer Kelly Wong confirmed the company’s continued interest in an American listing, although no timeline has been established.
Speaking on the sidelines of the company’s annual shareholders meeting in Ho Chi Minh City, Wong cited macroeconomic headwinds and investor caution as key considerations. “The challenge for us is always going to be timing,” she said, referring to concerns over the US economy and the lingering impact of former President Donald Trump’s global tariff policies on market sentiment.
VNG Ltd had initially filed in August 2023 to list nearly 22 million shares on the Nasdaq Global Select Market. However, it withdrew its registration in early 2024 amid unfavourable market conditions. The company has been contemplating a US listing since at least 2017.
In parallel, VNG has evaluated the possibility of transferring its domestic listing from the Unlisted Public Company Market (UpCom) to the more prominent Ho Chi Minh City Stock Exchange, in a move that would enhance visibility and liquidity.
The company’s stock declined by 0.6% at last Friday’s close, reaching its lowest level since 5 May.
VNG continues to face regulatory scrutiny, with the company disclosing last September that it is under investigation by Ho Chi Minh City police. No further details have been provided. Co-founder Le Hong Minh temporarily stepped aside during this period but retained his role as Chief Executive Officer. The company has since announced that Kelly Wong now holds the position of full-time CEO, while Minh serves as Chairman.
Founded in 2004 as Vinagame, VNG began as a game publisher and has since evolved into a diversified technology enterprise. It develops proprietary titles and localises international games for the Vietnamese market. In recent years, it has expanded into digital services, including messaging and mobile payments.
Its flagship messaging platform, Zalo, commands approximately 78 million users. The company also operates Zalopay, a mobile payment application, which it plans to introduce to two overseas markets in 2025, targeting Vietnamese expatriates. Wong stated that VNG is actively seeking partners in Southeast Asia to integrate games and mini-games into e-wallet platforms, enhancing international reach.
Wong highlighted increased demand for digital transformation across industries, noting that VNG is well-positioned to capitalise on this trend. The company forecasts revenue to rise to approximately 10.8 trillion dong (US$413.3 million) this year. It expects an after-tax loss of 620 billion dong, a significant improvement from the 1.2 trillion dong loss reported in 2024.
-Bloomberg
