[View the full 2025 Annual Report ]
Dear Shareholders and Partners, After twenty years of building VNG , the question that keeps us awake at night is no longer what we have achieved, but what we will build in the future. Today, VNG stands firm on four business pillars: Online Games, Zalo, ZaloPay, and GreenNode. All four pillars started from scratch. No success comes overnight. Every achievement is built through failed experiments, investments that lasted longer than expected, and decisions that, if given the choice again today, we would choose differently. We have truly "lived" within each of these business areas and deeply understand what our team, partners, and you have sacrificed to bring VNG this far, even though the outcome is sometimes still uncertain. But if, in the next ten years, VNG is still defined only by these four areas, then that would be a failure because we haven't dared to dream big. The real task ahead is not to protect what already exists, but to create something unprecedented; and from day one, we must have a global vision, instead of designing solely for the Vietnamese market before considering exports. This is the meaning of "VNG+1". For us, "+1" is not just another year older. It's a promise we've made to ourselves and to you: every year from now on, we will start something new and different, unique to VNG. 2025 shows that the four current pillars are finally able to stand on their own two feet. Group revenue increased by 17%, reaching VND 10,894 billion, with contributions from all product segments. Net profit from business operations after adjustment increased nearly threefold to VND 856 billion. Net cash flow from business operations more than doubled. The current business segments have generated cash flow to nurture the next business segments. For us, this is not just a financial milestone, but a prerequisite for the "VNG+1" journey. We always invest in the future with the strength of the present. And for a technology company, that future is Artificial Intelligence (AI). AI is the decisive test for our generation. The question isn't whether we will adopt it, but whether we have the courage to let AI reshape us. We started investing in AI in 2017, building research teams, training large-scale Vietnamese language models, and integrating AI into all our products. But even with that preparation, the pace of AI development in the past six months has still amazed us. A small but very typical example: During the 2026 Lunar New Year holiday, a company leader spent the entire break quietly experimenting with AI-powered programming tools. By the second day of Tet (Lunar New Year), he instructed his team to dismantle the entire old development process. A pilot project that would have required three engineers working for six weeks was completed in less than 20 hours. Six weeks, condensed into a single day. The only thing that changed was the willingness to work differently. The gap between “knowing” and “understanding” can only be bridged by doing and experiencing firsthand. A single experiment during the holiday taught us more than a year of reviewing internal slides. This is exactly what AI is doing with every advantage a tech company has ever built. Businesses that realize this early and reorganize around it will accumulate a double advantage. Those who choose to wait will never catch up — that's for sure. Over the past twenty years, VNG has undergone two major technological shifts: from PC to Web, and from Web to Mobile. Each transformation forces us to forget the formulas that once brought us success, to learn from scratch. We've done that twice. Both times were painful. AI is the third transformation. But it will happen very quickly, and we have no choice. Our 2030 ambition is clear: to become a global technology company from Vietnam, with AI at the heart of everything we do. We will publicly take responsibility for this promise. Each year, in our annual report, VNG will transparently publish specific indicators of progress, and the following year we will self-assess based on those indicators. VNG's first twenty years were a story of survival. The next chapter is a story of reinvention. And we've learned that reinventing a mature organization is far more difficult than the survival of a young startup. We don't promise that the road ahead will be easy. Certainly not. But looking back at history, the most significant leaps forward—from starting VNG with just 5 people, betting everything on Võ Lâm Truyền Kỳ, building Zalo, or pouring all our capital into Zalopay—all came during the most difficult times, not during periods of ease. We enter this new chapter with confidence built on what we have proven we can do. Thank you to our shareholders and partners for accompanying us on this journey. The most meaningful part of building VNG has never been the numbers. It's the people—even without compelling reasons—who chose to place their trust in VNG. Le Hong Minh, Founder & Chairman, VNG; Vuong Quang Khai, Co-founder & Vice Chairman, VNG
Source: https://vng.com.vn/news/enterprise/bctn-thong-diep-nha-sang-lap.html
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