(Ho Chi Minh City - April 3, 2025) - VNG Corporation (VNG) has just announced its audited financial results for the 2024 fiscal year. In the context of many global fluctuations, the company still recorded an impressive net revenue growth of 22%, reaching VND 9,273 billion, and an impressive reversal of adjusted net profit from business operations compared to 2023, reaching VND 302 billion.

“ 2024 is a challenging year for VNG, but we have overcome difficulties by focusing on core values ​​and strategic vision, ” said Mr. Le Hong Minh, Founder and Chairman of VNG. “ Strong revenue growth, profit recovery, and stable development of core business segments. This result not only reflects the team's adaptability but also demonstrates VNG's long-term vision and commitment to developing Vietnamese technology to reach the world. We are very pleased to see that investments in AI have begun to pay off, with total revenue from AI reaching hundreds of billions of VND. VNG is in a favorable position to become an “AI-First” company within the next 5 years.”

The consistent growth of all core business segments and effective cost optimization strategy have created a clear financial transformation in 2024. VNG also continues to commit to promoting national digital transformation through long-term investment in revolutionary technologies such as AI, platform - infrastructure, cloud computing and financial technology (fintech).

Outstanding financial indicators

(1) Bookings is a non-GAAP performance indicator used by VNG to evaluate the performance of the Online Games segment. This indicator reflects the total amount of money users spent during the period applied for calculation.
(2) Number of quarterly active users, calculated by taking the average of QAUs of the quarters in the calculation period.
(3) Monthly active users, determined by the number of active users during the last 30 days of the calculation period.
(4) Average daily number within the last 30 days of the calculation period
(5) (Loss) Adjusted net operating income is a non-GAAP financial metric calculated by removing the effects of changes in deferred revenue and related expenses, and non-operating items, from the reported operating loss.

2024 marks an impressive recovery and strategic transformation in VNG's financial operations, reflected not only in financial indicators but also in the company's new operational orientation.

• Net revenue: Increased by 22%, reaching VND 9,273 billion.
  
• Adjusted net operating profit: Marked a significant change, reaching VND 302 billion, reversing from a loss of VND 23 billion in 2023.
  
• Net loss after tax: 1,180 billion VND.
  
• Contribution to the state budget: 1,114 billion VND.

AI – Potential to Convert to Revenue

In 2024, VNG moved from concept to real action in the field of AI, with strategic investments delivering concrete results across all three key AI layers: infrastructure, platform and application.

In terms of infrastructure, the first large-scale AI Cloud Data Center in Southeast Asia in Bangkok, developed in cooperation with NVIDIA and ST Telemedia Global Data Centers, was officially opened in June 2024, bringing in hundreds of billions of VND in revenue in the first months. This project has demonstrated VNG's outstanding AI commercialization capacity and speed, as well as the company's global expansion strategy.

The GreenNode AI platform provides a powerful and comprehensive set of tools for engineers to program, train large language models (LLMs) and perform advanced data analysis. GreenNode's Intelligent Document Processing solution also delivers outstanding efficiency by reducing bank data errors by up to 70%, saving more than 2,000 man-days and cutting billions of VND in operating costs each year.

TrueID, the first eKYC solution in Vietnam to achieve iBeta ISO 30107-3 Level 2 certification, enhances biometric security and provides SDK/API protection for 40 banks and financial institutions, meeting the requirements of Circular 50 of the State Bank of Vietnam.

AI has become a key element in VNG's entire application ecosystem, with 20% of Zalo's monthly users actively using AI services. Voice assistant Kiki Auto reached the milestone of 1 million installed vehicles (equivalent to 20% of the car market share in Vietnam).

In the Games segment, VNG has successfully applied self-developed AI tools throughout the game development and publishing process. AI solutions are deployed in game design, graphic design and AI bot building. For publishing activities, AI has improved the efficiency of localizing marketing campaigns and multilingual translation to serve global publishing.

Promoting the digital economy and creating new value

In 2024, VNG will continue to actively contribute to the development of the national digital economy through international cooperation and serving diverse customer groups.

Zalo continues to affirm its position as the leading digital platform in Vietnam with 77.7 million monthly users and recorded steady growth in new revenue sources (non-ad revenue). The Mini App ecosystem has become an important growth driver with 31 million regular users per month.

VNG Digital Business (VNG DB) sees a 70% revenue growth compared to 2023, of which 43% comes from international markets. The banking and finance industry is identified as DB's key market in the coming time, with 70 partners to date. In 2025, VNG DB aims to accelerate revenue growth, consolidate its leading position in AI and digital transformation, and build an "AI culture" close to Vietnamese people.

Zalopay has grown into a powerful payment platform, serving 16 million users, 52,000 partners and 81,000 payment points nationwide. Total payment volume increased by 39%, while revenue from financial services skyrocketed by 149%. After rebranding in July 2024, Zalopay focused on developing a strategic Multi-function QR solution - supporting payments from all banking applications and e-wallets. At the end of 2024, Zalopay launched the international Multi-function QR version with UnionPay, serving foreign tourists in Vietnam. With three newly launched microfinance products, Zalopay aims to become the leading open payment and financial platform, pioneering comprehensive financial inclusion in Vietnam.

VNGGames demonstrated its resilience in a volatile market context when recording revenue of VND 7,233 billion, of which VND 1,639 billion came from international markets. Strengthening cooperation with global gaming giants such as NCSOFT, Riot Games, Tencent Games and NetEase is expected to drive double-digit revenue growth in 2025, thanks to a series of promising games such as Phong Than Mobile, MU Luc Dia VNG, Lineage2M (NCV Joint Venture), Cookie Run and Crossfire - bright spots in the context of the gaming industry facing many challenges.

Supporting Vietnam's digital transformation and sustainable growth

In addition to positive business results, VNG continues to affirm its commitment to contributing to Vietnam's digital transformation process. In 2024, VNG will contribute VND 1,114 billion to the state budget, marking the third consecutive year of maintaining a contribution of over VND 1,000 billion. The company aims to increase its annual state budget contribution and become one of the top private enterprises contributing the largest budget in Vietnam in the next 10 years.

International standard data centers developed by the joint venture between VNG and STT GDC in Ho Chi Minh City contribute to establishing the backbone infrastructure for digital transformation. At the same time, technologies created by VNG are also actively supporting the Government and businesses to effectively digitize.

By the end of 2024, Zalo will be operating about 17,300 Zalo Official Accounts for government agencies and public utilities. During the super typhoon Yagi, Zalo sent out 143 million warnings, demonstrating the power of technology in supporting the community in emergency situations. In addition, Zalo also cooperated with the JAIST Institute of Science and Technology (Japan) to develop a set of standards for assessing VMLU Vietnamese proficiency and contribute to the AI ​​community, contributing to the overall development of this field in Vietnam.

Through its partnership with the Roblox platform, VNG has nurtured a game creation community, attracting more than 5 million users in just 6 months. In the field of esports, VNG continues to invest heavily in infrastructure and professional training, while organizing large-scale international tournaments such as the 2025 Asia-Pacific League of Legends Championship, contributing to eSports and promoting the digital technology ecosystem in Vietnam.