Vietnam’s first tech unicorn VNG Group posted net revenue of 3.194 trillion Vietnamese dong ($122.7 million) in Q4 2025, marking a 34% year-on-year increase, while adjusted operating profit rose 38% from a year earlier to 139 billion dong ($5.3 million).
The performance was driven by broad-based growth across VNG’s core business segments, according to the company’s announcement on Monday. The group said it continues to channel capital into long-term strategic priorities, including artificial intelligence and international expansion.
During the quarter, revenue from overseas markets accounted for approximately 20% of total revenue, continuing to contribute positively to overall growth. VNG also contributed 497 billion dong ($19.4 million) to the State budget in Q4 2025.
“In a year marked by significant market volatility, VNG’s priority has been to maintain a balance between operating efficiency and the ability to invest for the long term. The fact that adjusted operating profit grew faster than revenue reflects the growth quality and adaptability of our core businesses. This provides a foundation for us to continue investing with focus in long-term priorities such as AI and international markets,” said Kelly Wong, CEO of VNG.
In Q4 2025, VNG’s revenue growth remained anchored in its core businesses. The online gaming segment delivered strong performance, supported by stable engagement across key titles and contributions from new launches. Gross bookings rose 38% year-on-year to 2.242 trillion dong, with 17% coming from international markets.
Zalo continued to underpin the group’s ecosystem, reaching 79.6 million monthly active users and handling over 2.1 billion messages daily, alongside 1,205 mini apps and 17,210 official accounts serving public and enterprise users.
In fintech, Zalopay posted solid growth, with total payment volume up 83% year on year, driven by core payments and expanded financial services. The platform plans to scale international QR payments, Tap to Pay, and its “Scan Everything” solution.
Alongside steady growth in its core businesses, VNG continues to invest in AI as a new growth pillar.
In Q4 2025, GreenNode, the group’s AI Cloud business; and VNG Cloud officially merged under the GreenNode brand, enabling VNG to concentrate resources on developing AI Cloud and traditional cloud solutions.
With a portfolio of more than 80 products and services, GreenNode provides an integrated platform supporting enterprises across Southeast Asia in deploying AI at scale, with a focus on GPU-as-a-Service.
Beyond infrastructure development, VNG is securing the long-term talent pipeline through initiatives including the Saigon AI Hub, which is the first open AI research hub in Ho Chi Minh City, co-developed by VNG and Vietnam National University Ho Chi Minh City.
