VNG announces trillion-dollar revenue, 75% comes from online games


In its 2023 business results report, VNG recorded 25% of its revenue structure outside of the online game segment.

At the 2024 annual general meeting of shareholders held on June 21, VNG said that they continued to maintain growth momentum in both operating indicators and profits in key product segments. This is especially meaningful after their revenue almost remained flat in 2022.

Specifically, VNG's net revenue in 2023 will reach VND7,593 billion; the annual CAGR will reach 14% in the period 2019 - 2023. VNG recorded 25% of its revenue structure outside the online game segment. In particular, the adjusted operating loss has improved significantly, reducing the loss by 30% to VND657 billion.

AI is a development direction that VNG is investing heavily in. (Illustration photo)

AI is a development direction that VNG is investing heavily in. (Illustration photo)

On this occasion, VNG also revealed that by the end of 2023, the Zalo messaging platform will have 75.8 million monthly active users (MAU). Revenue from Zalo's B2B service segment will grow 150% compared to 2022 with more than 20,000 paying business customers. The money transfer feature in Zalo integrated with banks recorded 9.6 million MAUs.

In the payment segment, ZaloPay e-wallet will grow by 27% in payment volume in 2023, while also experiencing strong revenue growth thanks to newly launched financial services. After half a year of provision, the multi-functional ZaloPay QR solution has been available at more than 36,000 payment acceptance partners nationwide.

Currently, the company is applying AI for development. For example, Zalo is actively applying GenAI (generative artificial intelligence) to upgrade services for users, typically AI Avatar - the first application of GenAI developed by Zalo, which attracted 6.8 million users in 2023. The intelligent virtual assistant Kiki has now been installed on 600,000 cars and recorded about 230,000 visits per day.

In addition to Zalo, VNGGames core business also enhances the application of GenAI in the process of game publishing and development. VNGGames creative team has researched and developed Artian - a digital drawing platform combining AI and art based on the Stable Diffusion image generation model to improve the efficiency of designing and producing game characters and multimedia content.

In addition to the gaming sector, VNG's other key business sectors are also pushing the "Go Global" goal. GreenNode - a new member of VNG Digital Business - has become an official cloud service partner of Nvidia (NCP - Nvidia Cloud Partner), with priority access to Nvidia's AI Factory and leading AI chip generations (GPUs).

On June 24, GreenNode's AI Cloud server cluster located in Thailand, in cooperation with Nvidia and ST Telemedia Global Data Centers, will officially open. This cluster is equipped with thousands of Nvidia H100 GPU chips and the new generation InfiniBand network infrastructure, with bandwidth between servers up to 3.2Tbps. Currently, GreenNode's customers are mainly concentrated in the US and Southeast Asia, which are businesses that need to use flexible AI to train large generative AI (GenAI) models such as LLM, images, and videos.

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