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VNG joins global list of US$1 billion tech firms
Thanh Huong
Thursday,  Jul 17, 2014,09:28 (GMT+7)

VNG joins global list of US$1 billion tech firms

Thanh Huong

By Thanh Huong - The Saigon Times Daily

HCMC - VNG, the provider of online games and related services, is valued at US$1 billion by market research firm World Startup Report in its recent report on the biggest Internet companies in 50 markets with homegrown tech titans.

To inspire and orient startup Internet enterprises worldwide, World Startup Report has selected and examined the top three Internet firms in each market. As a result, VNG tops Vietnam, followed by VC Corporation with US$125 million and Vietnam Price Joint Stock Company with US$75 million.

VNG helps Vietnam into the 30th position on the chart showing 50 markets with major homegrown tech companies.

VNG was founded in 2004 when Vietnam’s game online industry was still in its infancy. After one year of establishment, the firm launched a popular online game called Vo Lam Truyen Ky (Swordsman Online), which was considered the start of the online game industry in Vietnam.

VNG has since gained success in its Internet agents management software Cyber Station Manager (CSM launched in 2006), online music website Zing Mp3 (2007), social network for game users called Zing Me (2009) and an OTT (over-the-top) application called Zalo which allows users of tablets and smartphones to make free calls and send free text messages (2013).

The other two enterprises VC Corporation and Vietnam Price Joint Stock Company operate in the e-commerce sector.

VC Corporation has provided over 20 products related to communications, online trading and social networks after two years of existence. Moreover, the firm has owned and operated over 80 websites such as link hay and mua chung, which have attracted around 30 million members or equivalent to 90% of Internet users in Vietnam.

Set up in 2006, Vietnam Price Joint Stock Company owns the popular website comprising more than 20,000 shops online with annual revenues of VND3 trillion and over one million members.  The firm is expanding its services to stocks, insurance and online study with an aim to attract 10 million members in the coming years.

The business expansion of the local enterprises is a common tendency of the Internet companies in the report of World Startup Report. Notably, communication-social network is regarded as the most profitable segment of the Internet industry. 

On the chart of 50 markets with major homegrown tech companies, the U.S. leads the world, followed by China, South Africa, Japan, South Korea, Russia, Israel, Britain, Sweden and Germany. Unsurprisingly, Google and Alibaba top the chart.

Singapore takes the highest spot (the 27th position) in the chart for Southeast Asia, followed by Vietnam, Malaysia, Thailand, Indonesia and the Philippines.

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