VNG’s Adjusted Operating Profit Jumps 86%
VNG reported strong results in the second quarter of 2026, with adjusted operating profit rising 86% year on year to VND 467 billion (US$17.8 million). Consolidated net revenue also increased 26% to VND 3.1 trillion (US$117.9 million). Growth was supported by multiple business segments, including Games and Entertainment, Zalo, payments and AI-related activities.
Zalo currently has 81.3 million monthly active users, while Zalopay revenue reached VND 241 billion (US$9.17 million), up 90% year on year. Growth across the two platforms highlights VNG’s ability to leverage its existing user base and platform capabilities to capture new growth opportunities.
In technology infrastructure, GreenNode is also shifting from traditional cloud services toward AI infrastructure. The move is aligned with VNG’s long-term AI-driven growth strategy and its plans to expand further into AI infrastructure.
Tax Incentives Proposed To Boost Vietnamese-Made Games
Vietnam is proposing its first dedicated legal framework for “Vietnamese-made games,” alongside a series of tax incentives aimed at encouraging domestic game development and publishing. Under the proposed framework, Vietnamese-made games would be defined as titles whose copyrights are owned by domestic companies, incorporate Vietnamese cultural or historical elements, and have at least 30% Vietnamese production staff. The move signals the government’s intention to include the gaming industry in its broader strategy for developing the digital economy and creative industries.
However, the tax incentives would only apply to games with educational content or those promoting Vietnamese cultural and historical values. Publishers of qualifying games would be exempt from corporate income tax for two years, followed by a 50% reduction for the next four years. Experts and employees directly involved in producing these games would also receive similar personal income tax exemptions.
To ensure the incentives are granted to eligible projects, the Ministry of Culture, Sports and Tourism plans to establish a panel of cultural and historical experts to assess game content and determine which companies qualify. The proposed framework would also reduce regulatory and financial barriers at the early stages of development, giving domestic studios and startups more room to test products, develop intellectual property (IP) and expand into global markets.
The proposal would also allow domestic companies to conduct a 90-day trial of a game without completing the full licensing process upfront. Companies would only need to notify regulators 10 days in advance and meet two conditions: the game must have fewer than 10,000 players and generate no revenue during the trial period. The mechanism would allow startups to bring products to market, gauge user responses and refine their games before an official launch.
The proposal would also clarify regulations governing imported games and esports, providing a clearer regulatory framework for businesses operating in these areas.
Vietnamese Businesses Receive VND 173.6 Trillion In Tax Relief
Tax relief measures are helping improve cash flow for small businesses and household businesses, giving them more room to invest and expand. The government’s continued focus on tax relief for small and medium-sized enterprises (SMEs) also underscores the role of the private sector in driving economic growth.
In the first seven months of 2026, tax exemptions and reductions helped businesses save an estimated VND 173.6 trillion (US$6.6 billion). The figure was driven by three main measures: a two-percentage-point reduction in value-added tax (VAT), lower taxes on fuel and the abolition of the business license fee.
The package is designed to ease liquidity pressures, support production and employment, and encourage SMEs to invest in technology, improve productivity and expand their operations. By lowering cost pressures and improving cash flow, businesses - particularly SMEs - have more room to invest in technology, raise productivity and scale up, strengthening their resilience amid market challenges.
Going forward, SMEs will need to strengthen their access to finance, improve corporate governance and accelerate technology adoption alongside existing tax incentives. These will be important foundations for scaling up, improving competitiveness and achieving sustainable growth in both domestic and regional markets.
Vietnam Seeks To Bring More FIEs To Domestic Stock Exchanges
Vietnam is seeking to attract more foreign-invested enterprises (FIEs) to list on domestic stock exchanges. The move could create a new channel for raising capital while bringing more large, high-quality companies into the market. Greater participation by FIEs could also diversify the sectoral mix of listed companies, helping deepen and broaden Vietnam’s capital market.
FIEs currently account for around 80% of Vietnam’s export turnover. Yet these companies remain largely absent from the domestic equity market. Many FIEs are backed by foreign parent companies and operate under advanced corporate governance standards. Attracting them to domestic exchanges could therefore not only increase the supply of listed stocks, but also contribute to higher standards of corporate governance and transparency across the market.
To narrow this gap, Vietnam has streamlined the IPO and listing process by integrating the two procedures and significantly shortening processing times. The changes are expected to make it easier for FIEs to access the domestic stock market.
In the longer term, a broader public market could diversify investment opportunities while giving businesses additional channels for raising capital and exiting investments.
Genesia Ventures is an early-stage venture capital firm operating in Japan and Southeast Asia, with a strong belief in the long-term potential of Vietnam’s digital economy. Beyond providing capital, the fund actively supports startups through strategic guidance and connections to a broader regional network.