VNG strives to invest in technology and emerging trends

Monday, Jun 24, 2024 14:43

VNG Corporation staff at work. — Photo courtesy of the company

VNG Corporation will continue to innovate and invest in technology and emerging trends, including AI, fintech, and data centres, the company said at its 2024 Annual General Meeting of Shareholders in HCM City.

VNG said it aims to become a global tech company of Việt Nam, confident that these strategies will deliver impressive business results and long-term shareholder benefits.

“Over the past 20 years, VNG has continually adapted and thrived through the evolving waves of Internet technology, from PCs and mobile to the cloud and current trends like AI," Lê Hồng Minh, Founder and CEO of VNG.

With more than 300 AI engineers and experts, VNG now sees AI as the new growth engine for the coming years. VNG is currently at the forefront of adopting AI technology in Southeast Asia, leading in terms of investment, research, implementation and profitability from AI initiatives.

The company has utilised AI across three layers - infrastructure, platform and applications. In terms of infrastructure, VNG currently owns the largest AI Cloud infrastructure in Việt Nam, serving both local and international clients.

According to the 2023 report presented at the meeting, the company maintained its growth trajectory in operational metrics and profitability across its core product segments. This achievement is particularly noteworthy considering its near-stagnant revenue in 2022.

The company's annual compound growth rate (CAGR) stood at 13 per cent in 2019-23. In 2023, its net revenue reached over VNĐ7.59 trillion. Notably, the adjusted loss from operating activities improved significantly, narrowing by 30 per cent to VNĐ657 billion.

Established in 2004, VNG is one of the leading digital ecosystems in Việt Nam, offering a diverse portfolio of products and services across four main groups including online games, Zalo and AI, electronic payments and digital business. — VNS

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