# VNG Annual Report 2025

> VNG Group is a Vietnam-based technology company operating across online games, messaging and social platforms, digital payments, AI cloud, and enterprise technology. The VNG Annual Report 2025 presents the Group’s FY2025 performance, strategy, governance, and impact through four core business pillars: Games & Entertainment, Zalo & AI, Zalopay, and GreenNode / Digital Business.

VNG Group reported VND 10,894 billion in consolidated net revenue in FY2025, up 17% YoY. Adjusted operating profit reached VND 856 billion, up 183% YoY, while operating cash flow rose 118% YoY to VND 1,836 billion. State budget contribution totaled VND 1,392 billion, up 25% YoY.


## Company Overview

- [Home](https://ar2025.vng.com.vn/en/): The VNG Annual Report 2025 landing page features leadership messages from Le Hong Minh and Vuong Quang Khai, FY2025 financial highlights including consolidated net revenue, adjusted operating profit, and revenue by business segment, VNG’s AI footprint across the Group, key corporate information, and a 2025 highlights video.
- [About VNG](https://ar2025.vng.com.vn/en/about): VNG’s 2025 Highlights capture a pivotal year of transformation for the Group, marking its strongest financial performance since the pandemic. The section covers revenue growth across key business segments, including Games, Zalo & AI, Zalopay, and GreenNode; VNG’s legal restructuring as VNG Group JSC and its 2030 vision; the Group’s eight-year AI journey from capability building to real-world application; contributions to the broader community through its AI footprint; long-term commitments to future growth; and notable awards and recognitions.

## Business Units

- [Online Games](https://ar2025.vng.com.vn/en/business-report/game-onlines): VNG's gaming division overview — showcasing VNGGames and ZingPlay Game Studios, FY2025 revenue of VND 7,054 billion (+8% YoY), gross bookings of VND 8,162 billion (+13% YoY), 4.6% paying-user ratio, evergreen titles PUBG Mobile and Play Together contributing 46% of segment revenue, Games-as-a-Service model with long-lifecycle titles growing 40%, AI-embedded game development lifecycle, and 2026 international co-development strategy.
- [Zalo & AI](https://ar2025.vng.com.vn/en/business-report/zalo-ai): Vietnam's #1 messaging platform and national AI application layer — featuring 79.6M monthly active users, 2.11 billion daily messages, FY2025 revenue of VND 1,718 billion (+38% YoY), 150K Official Accounts (+50% YoY), 30% AI engagement rate, 1.4M Kiki Auto installs, zVAS subscription services (zBusiness, zCloud, zStyle), embedded bank transfers across 29 partner banks covering 98% of Vietnam's banking market, ISO/IEC 27001:2022 certification, and 2026 AI-first product roadmap.
- [Zalopay](https://ar2025.vng.com.vn/en/business-report/zalopay): Digital payments and financial-services ecosystem — covering FY2025 revenue of VND 1,111 billion (+47% YoY), 76% Total Payment Volume growth, 40% active-user growth, 413% financial-services revenue growth across 8 products, cross-border QR payments in Singapore, Japan, South Korea, Malaysia and China, public infrastructure integration across HCM Metro, hospitals and schools, VNeID national digital ID linkage with the Ministry of Public Security, SIMO fraud-warning system co-built with SBV and NAPAS, and 2026 break-even trajectory.
- [Digital Business](https://ar2025.vng.com.vn/en/business-report/green-node): B2B AI Cloud and Enterprise Solutions — highlighting GreenNode as Vietnam's sovereign AI Cloud platform following the 2025 VNG Cloud brand consolidation, FY2025 revenue of VND 774 billion (+57% YoY), 64% GPU Cloud growth, 123% Net Revenue Retention, 4.5x LTV:CAC, BFSI vertical growth of 72% and Retail growth of 49%, five Availability Zones across HCMC, Hanoi and Bangkok for data sovereignty, full-stack GreenMind and IDP platform, and 2026 AgentBase enterprise AI agent launch.

## Corporate & Governance

- [People Strategy](https://annualreport.vng.com.vn/about/people-strategy): VNG's human capital strategy on "go far, go together" philosophy across four directions — **Long-term Hiring**: 8% first-year attrition (down from 15%), 13-day time to hire (-23.5% YoY), 14,000+ students reached, 7,000+ talent pipeline, Fresher Program, and VNU Triple Helix partnership (Top 1 IT Employer Brand, Top 50 for Students 2025 — Anphabe); **Governance Framework**: two-way planning, bi-directional strategy with 4-6 quarter forecasts, and empowered decentralized decision-making; **Difference as Advantage**: 89% great-place-to-work rating, 94% fairness across gender/age/nationality, 90% employee pride, 3rd consecutive Great Place To Work® (2023-2025), experience-centric benefits, and psychological safety; **Learning Culture**: 20,608 training hours, 9,496 courses, 23% on Data & AI, 97% compliance & cybersecurity completion, Leadership Matters program, Enterprise AI rollout with responsible-AI training, VNG Campus, and five-channel internal communication; closing with a 2026 focus on trust, meaningful work, and human connection that AI cannot replicate.
- [CSR Approach](https://annualreport.vng.com.vn/about/csr): VNG's "Technology for Good" framework as Vietnam's National Development Partner across three pillars — **Expanding Opportunities**: 51 VNG-UIT co-trained students, 3,100+ contestants across Code Tour and Zalo AI Challenge, Zalo AI Summit (400+ engineers), and 6 eSports tournaments; **Co-creating the Ecosystem**: VNU-HCM Triple Helix partnership under Resolution 57-NQ/TW, VND 6B GPU sponsorship, Saigon AI Hub at VNG Campus, 150,000+ Zalo OAs (17,000+ government), ~300,000 "E-Citizen" AI Assistant users, Zalopay-VNeID integration with the Ministry of Public Security, cross-border QR across Asia, and GreenNode's GreenMind Sovereign AI (1,000+ enterprises, NVIDIA AI Day); **Long-term Commitment**: UpRace (7 years, 945,000+ participants, 27M km, VND 36B donated, Top 5 WeChoice CSR 2025) and Dream Maker Foundation (VND 12B, 20 initiatives, 33 charity houses across 30 localities); closing with a 2026 commitment to structural change for Vietnam's digital future.

## Strategy & Performance

- [2025 Highlights](https://ar2025.vng.com.vn/highlight): Comprehensive FY2025 achievements overview — featuring net revenue of VND 10,894 billion (+17% YoY), adjusted operating profit of VND 856 billion (+183% YoY), 22% international revenue contribution, GreenNode + VNG Cloud brand consolidation, new product launches, strategic AI partnerships (NVIDIA, Vast Data), industry awards, and market expansion initiatives.

## Financial Reports

- [Management Report](https://ar2025.vng.com.vn/en/report): Financial management overview for FY2025 — summarizing the return to positive operating profit after multi-year losses, broad-based revenue acceleration across four core businesses, materially strengthened liquidity, and disciplined capital allocation underpinning VNG's AI-first investment cycle.
- [MD&A of Financial Results](https://ar2025.vng.com.vn/en/management-report/management-discussion-analysis/): FY2025 vs FY2024 Management Discussion & Analysis — **Revenue & Margins**: consolidated net revenue of VND 10,894B (+17% YoY) across Games VND 7,054B (+8%, 65% share), Zalo & AI VND 1,718B (+38%), Zalopay VND 1,111B (+47%), GreenNode VND 774B (+57%); gross profit VND 4,005B with stable 37% gross margin; COGS VND 6,889B (+18%) on royalties, platform fees, and GreenNode AI server depreciation; **Operating Performance**: operating profit swung to VND 57B (vs -VND 286B in 2024), selling expenses VND 2,558B (23% of revenue) on user acquisition, G&A flat at VND 1,318B (12% of revenue, down from 14%), net loss narrowed 72% to VND 326B, and share of associate losses narrowed 76% to VND 94B; **Liquidity**: net cash VND 3,337B (2x YoY), cash and HTM investments VND 5,732B, operating cash flow VND 1,836B (+118% YoY), total borrowings VND 2,394B (MSB, Vietcombank, Deutsche Bank for AI GPU financing); **Key Ratios**: current/quick ratio 0.9x (up from 0.7x), debt/assets stable at 0.2x, PAT margin improved to -3.0% (from -12.7%), operating margin turned positive at 0.5%; **Non-GAAP**: Games bookings VND 8,162B (+13%, led by PUBG Mobile, Play Together, MU Angel War, Ballistic Hero), international bookings VND 1,434B, adjusted operating profit VND 856B (+183%) with margin expanding from 3% to 8% — evidencing operating leverage, cost discipline, and stronger monetization entering 2026.
- [Analysis of Performance by Sector](https://ar2025.vng.com.vn/en/management-report/segment-performance/): FY2025 quarterly operating metrics complementing VAS financials — **Games & Entertainment**: QAU moderated to 55.0M in Q4'25 (from 66.5M in Q4'24) on deliberate shift from user scale to monetization quality, paying ratio climbed sequentially every quarter to 5.5% in Q4'25 (from 3.2% in Q4'24), QPU recovered to 3.0M, with seasonality peaking in Q2-Q3 and softening in Q1/Q4 around Lunar New Year; **Zalo & AI**: MAU grew steadily to 79.6M in Q4'25, daily messages exceeded 2.1B (outpacing MAU growth) signaling deeper usage intensity and stickiness, reinforcing Zalo's position as Vietnam's primary digital communication infrastructure; **Zalopay**: Total Payment Volume +76% YoY, VietQR-associated TPV +200% YoY via interoperable single-QR acceptance across banks and e-wallets, and active users +45% YoY reflecting merchant integration and rising daily platform utility.

## Key Topics & Keywords

VNG Group, VNG Annual Report 2025, VNZ UPCoM, Vietnam technology company, Vietnam tech unicorn, Le Hong Minh, Kelly Wong, Vuong Quang Khai, Online Games, VNGGames, ZingPlay Game Studios, Roblox Vietnam, Zalo, Zalo messaging app, Zalo AI, KiLM Large Language Model, VMLU benchmark, Kiki Auto, Kiki Info, zVAS, zBusiness, zCloud, zStyle, ZingMP3, Adtima, Zalopay, Vietnam fintech, VietQR, Tap to Pay, Scan Everything, e-wallet Vietnam, GreenNode, GreenNode AI Cloud, VNG Cloud, NVIDIA H100, GPU-as-a-Service, TrueID, eKYC Vietnam, Intelligent Document Processing, AI-first strategy, Saigon AI Hub, Zalo AI Summit, UpRace, Digital Transformation Vietnam, Make-in-Vietnam AI, Ho Chi Minh City, Southeast Asia technology, ASEAN digital economy, Vietnam digital economy, ESG Vietnam, Corporate Social Responsibility Vietnam, FY2025 financial results, Annual Report 2025 Vietnam