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All eyes on Vietnam’s VNG as it seeks to be first to achieve dual listing

Vietnam

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Jamille Tran

Published Mon, Oct 9, 2023 · 05:00 AM
    • VNG was the first recognised Vietnamese tech unicorn, with existing backers including Singapore’s Seletar Investments (a unit of Temasek Holdings) and GIC, China’s Tencent and Ant Group.
    • VNG was the first recognised Vietnamese tech unicorn, with existing backers including Singapore’s Seletar Investments (a unit of Temasek Holdings) and GIC, China’s Tencent and Ant Group. PHOTO: JAMILLE TRAN, BT

    [HO CHI MINH CITY] When Vietnamese Internet startup VNG announced it would go public in the US, observers quickly pointed to the fact that the tech unicorn was poised to be the first in the country to achieve a unique dual listing.

    VNG’s US$150 million initial public offering (IPO) – filed via its Cayman Islands-based shareholder VNG Ltd – was expected to take place sometime at the end of September or in October this year.

    Those plans have since been delayed until the first half of 2024 due to the ongoing fragile market conditions.

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