Vietnamese Internet company VNG files for U.S. IPO


Messaging application owned by Vietnam VNG

On August 24, 2023, in Hanoi, a man used Zalo, a messaging application owned by Vietnamese Internet startup VNG, on his mobile phone. Technology companies will be listed in the country. (Photo by Nhac NGUYEN/AFP)

HANOI, Vietnam – Shortly after electric car maker VinFast debuted in New York, Vietnamese internet company VNG has filed to list in the United States.

Founded in 2004, VNG operates a wide range of services, including music streaming, mobile payments, online gaming and messaging.

Its Zalo is one of the most popular messaging platforms in the country, with 75 million monthly active users.

VNG plans to sell nearly 22 million shares in an initial public offering, but a proposed price range has not yet been determined, according to SEC filings.

The company, headquartered in Ho Chi Minh City, Vietnam's commercial capital, is one of Vietnam's leading game publishers and has offices in Thailand.

The company has ambitious plans for further expansion into Southeast Asia, the Middle East and Latin America.

Founders Le Hong Minh and Vuong Quang Khai wrote in a statement to potential investors: “We were born after the war, in a country that achieved peace and unity but still struggled with underdevelopment and isolation.

“When the Internet came to Vietnam in the mid-1990s, little did we know how lucky we were. The world suddenly and magically opened up for us.

VNG's shareholders include Chinese internet giant Tencent and Singaporean state investor Temasek.

The IPO application was submitted through VNG Ltd.

The filing comes after VinFast began trading on the tech-heavy Nasdaq last week, becoming the first Vietnamese automaker to enter the U.S. market.


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