VNG CEO discusses firm”s evolution and potential IPO

VNG CEO Le Hong Minh recounted the corporate’s strategic adaptation over 19 years, from early PC gaming to cellular app improvement, and emphasised risk-taking and innovation in AI as key to their future, signalling a possible IPO for substantial progress.

VNG CEO discusses company's evolution and potential IPO

On the Vietnam Enterprise Summit 2023 in late October, Le Hong Minh, CEO of VNG, shared the compelling success story of his firm,

“For VNG, success is about surviving and staying robust amidst the ever-fluctuating expertise market,” Minh mentioned. He divulged three key classes which have enabled VNG to thrive for 19 years.

The primary lesson includes seizing alternatives in rising expertise traits. Recalling the early 2000s, Minh spoke of his days proudly owning an web café the place everybody performed the identical sport – MU On-line.

This statement led to the founding of VNG, coinciding with the PC web growth.

“Frankly, within the 5 to seven years that adopted, it doesn’t matter what sport we launched, irrespective of its high quality, we had a plethora of customers,” Minh mentioned

VNG’s foray into cellular expertise marked one other stroke of fortune, significantly with the arrival of reasonably priced Android smartphones launched by Samsung in Vietnam.

“In early 2012, we pivoted to concentrate on creating smartphone apps like Zalo, shifting our key efficiency indicators solely to cellular. Thankfully, 2012 turned out to be our most profitable yr for PC merchandise,” Minh mentioned.

For Minh, setting easy, targeted targets is essential.

In 2008, VNG set a goal, dubbed ‘1441’, to succeed in 41 million customers by 2014.

“We achieved this solely in 2016, launching quite a few web merchandise, together with Zalo. After 1441, we aimed for ‘2332’ – 320 million customers by 2023. At the moment, with 150 million international customers, we’re midway there,” he mentioned.

Minh additionally underscored the importance of risk-taking, a philosophy integral to VNG’s ethos.

“You may’t obtain nice outcomes with out taking dangers,” he asserted. “An IPO entails vital dangers, however we imagine it is important for actual progress.”

At the moment, VNG is venturing into AI, a difficult but essential pivot.

“We’re investing in AI tasks and dealing with dangers, however we hope to proceed ‘surviving’, as now we have for the previous 19 years,” he mentioned.

VNG remains committed to potential US listing after IPO delay VNG stays dedicated to potential US itemizing after IPO delay

Regardless of pausing its US preliminary public providing (IPO) because of the prevailing wariness about tech listings, VNG stays dedicated to continuing with its public debut within the close to future.

By Tri Lam

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