VNG
“Can Vietnam's leading consumer internet company evolve from games-and-messaging into an open payments, AI and cloud platform for Southeast Asia?”
Founded2004
HQHo Chi Minh City, Vietnam
FoundersLe Hong Minh, Vuong Quang Khai
Latest roundPublic (HNX UPCoM: VNZ)
IndustryFintech / SMB banking
The story
Founded 2004 as VinaGame, VNG became Vietnam's first unicorn and expanded into messaging (Zalo), payments (Zalopay), cloud, AI and security (VNG Digital Business including TrueID, Verichains). Listed on HNX UPCoM in 2023 (ticker VNZ). In 2024 Zalopay rebranded as an open payments–finance platform; in 2025 the group announced a 'VNG+1' strategic reset emphasizing AI, cloud and B2B services alongside core games/payments.
Last 12 months
Product timeline
2004
Founded as VinaGame, a publisher of online games in Vietnam.· founding
2012
Launched Zalo, Vietnam's leading messaging and social platform.· product
2017
Launched Zalopay, the company's e-wallet and payments platform.· banking
2023
Listed on HNX UPCoM under ticker VNZ.· ipo
2024
Zalopay rebranded toward an open payments-finance platform, integrating with banks, wallets, international cards.· pivot
2025
Published 'VNG+1 – Starting Anew' strategic repositioning in 2025 Annual Report.· pivot
Regulated entities
1
regulatory licence held by VNG
Licence types, jurisdictions and registered entities are in the Embedded Finance Index report.
The stack
2 layers disclosed in VNG’s embedded-finance stack
Payments / PSP
Zalopay (self-operated)Zalopay QR Đa Năng / VietQR (self-operated)
Banking / BaaS
in the full report
Accounting gap: none
1 more provider across 1 layer, with confidence-scored evidence and source URLs, are in the Embedded Finance Index report.