VNG improves business performance after restructuring

VNG reported a sharp improvement in its first-half results after a period of restructuring and heavy investment in core technology and artificial intelligence.

The Vietnamese technology group, listed under the VNZ code on the UPCoM market, recorded consolidated net revenue of 5.872 trillion dong in the first six months of 2026. Revenue rose 29% from the same period in 2025. Adjusted operating profit, which VNG uses to measure the health of its core operations, jumped 115% to 937 billion dong, lifting the adjusted operating margin from 10% to 16%.

The company moved from a slight loss of 300 million dong a year earlier to after-tax profit of 592 billion dong. VNG also contributed 1.005 trillion dong to the state budget in the first half, maintaining its place among Vietnam’s 33 largest private corporate taxpayers in the CafeF Private 100 ranking for 2025.

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The adjusted operating margin more than one and a half times higher in one year is the clearest signal that our scale, operating discipline and the platforms we have built are beginning to support and reinforce one another.

Chief Executive Kelly Wong said the wider operating margin showed that the company’s scale, operating discipline and technology platforms were beginning to reinforce one another. He said VNG’s priority for the second half was to maintain the growth momentum and achieve its first full-year profit since trading began on UPCoM.

Online games remained VNG’s main business. Bookings reached 4.819 trillion dong, up 34%, while the company retained more than 61.3 million quarterly active players. The proportion of paying players increased from 4% to 4.6%, and international markets generated 779 billion dong in bookings, up 19%.

Revenue from Zalo and AI rose 54% to 1.145 trillion dong. Zalo reported 81.3 million monthly users and 2.2 billion messages exchanged per day. Zalopay doubled revenue to 457 billion dong, while total payment value rose 74% and active users increased by nearly 40%. The service expanded international payments to 11 key markets and was recognized for a second consecutive time by CNBC and Statista among the world’s leading fintech companies.

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Our priority for the second half is to maintain this growth momentum and achieve our first full-year profit since trading on UPCoM.