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IPO for Vietnam’s VNG may be tough sell in US

Unique corporate structure, sluggish growth and fintech losses may turn investors off

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Published Thu, Sep 7, 2023 · 09:00 AM
    • A man using Zalo, a messaging app owned by Vietnamese Internet startup VNG, on his mobile phone in Hanoi. Zalo has 75 million monthly active users, accounting for 75 per cent of the population.
    • A man using Zalo, a messaging app owned by Vietnamese Internet startup VNG, on his mobile phone in Hanoi. Zalo has 75 million monthly active users, accounting for 75 per cent of the population. PHOTO: AFP

    AFTER years of flirting with a US initial public offering (IPO), VNG Corporation has finally filed for a Nasdaq listing.

    The company started out as VinaGame in 2004. Much like Singapore-headquartered Sea, which also has its roots in gaming, VNG has expanded to other verticals spanning financial services, social media and messaging, and cloud services.

    Unlike Sea, it still serves its local market – and that might not be attractive enough to some foreign investors.

    VietnamAseanStartupsTechnology businesses

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