Vietnam’s tech major VNG Group JSC, which is backed by China’s Tencent, Ant Group, and Singaporean sovereign wealth fund GIC, recorded a post-tax net loss of VND326 billion ($12.4 million) last year, according to its consolidated financial statements for 2025.
2025 was the fifth year in a row that VNG recorded net losses. The 2025 figure was an improvement from loss of VND1,180.4 billion in 2024.
Its revenue grew 17 percent year-on-year to VND10,894 billion in 2025, with foreign markets accounting for 22 percent of the total. Regarding sectors, gaming remained the biggest source for VNG, with VND8,162 billion, up 13 percent. VNG’s messaging app Zalo, also the biggest messaging app in Vietnam in terms of users, recorded a revenue of VND1,718 billion, up 38 percent. The monthly user reached 79.6 million. Other key sectors were financial service Zalopay and AI & cloud platform GreenNode.
The financial statements said VNG’s current liabilities exceeded its current assets by VND494.2 billion as of end-2025. As a result, VNG’s ability to continue in business is dependent upon achieving future profitable operations.
According to VNG’s filings to the United States’ Securities and Exchange Commission (SEC) in 2023, China’s Tencent and Ant Group, Singapore’s sovereign wealth fund GIC and Seletar Investments were key stakeholders. In terms of voting power, VNG co-founder Le Hong Minh was the biggest one with 45 percent, followed by Tencent with 23.2 percent.
Founded in 2004 originally as game distributor Vinagame, VNG itself claimed that it became a tech unicorn in 2014 as World Startup Report rated its value at $1 billion. In 2019, Singapore’s investment company Temasek said VNG’s value was $2.2 billion.
VNG officially withdrew its plan for an Initial Public Offering (IPO) in the United States in January 2024. Giang Trinh, Vietnam Country Director at Founder Institute (Global Accelerator), told TNGlobal that VNG, as the Vietnamese tech giant with the biggest potential for IPO, failed to make its IPO, indicated that startup exit in Vietnam is “very difficult.”