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Tech firm VNG focuses on AI development

The Saigon Times

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HCMC – VNG Corporation (ticker: VNZ) has identified artificial intelligence (AI) as the core focus of development, which could create new growth momentum in the coming years, said Le Hong Minh, founder and CEO of VNG Corporation.

VNG Corporation’s shareholders sat down together at the firm’s annual general meeting (AGM) this morning, June 21, approving key business goals and strategies for this year.

During the meeting, the leader of VNG stressed that prioritizing AI development will generate enduring value for VNG, its employees, and its shareholders.

With more than 300 AI engineers and experts, VNG is currently at the forefront of adopting AI technology in Southeast Asia, leading in terms of investment, research, execution and profitability from AI initiatives.

The company utilizes AI across three layers: infrastructure, platform and application. Notably, the tech firm owns one of the largest AI Cloud infrastructures in Vietnam, serving both local and international clients.

In 2023, its international revenue reached over VND1.74 trillion, a 35% increase against the previous year.

Alongside its gaming sector, VNG’s other core business units are also accelerating their “Go Global” strategy. Recently, GreenNode, a new member of VNG Digital Business, has become an official Nvidia Cloud Partner, gaining access to Nvidia’s AI Factory and advanced AI chips.

Closing the trading session today, June 21, VNZ edged up by 0.42% against yesterday’s session to VND600,000 on the Unlisted Public Company Market (UPCoM), with 8.5 million shares transacted.

The lack of support from key stock groups such as banking, securities and steel caused the VN-Index of the Hochiminh Stock Exchange to reverse slightly after three positive sessions.

On the southern exchange, the VN-Index lost 0.28 point, or 0.02%, day-on-day at 1,282.02 points, with 185 winners and 234 losers.

More than 834.75 million shares worth VND21.5 trillion were traded, down by 10.5% in volume and 9.98% in value compared to the previous session. Block deal transactions contributed VND2.8 trillion to the overall value.

The VN30 basket saw 18 stocks declining and only seven advancing, resulting in a drop of nearly 2.5 points for this index.

Among them, PLX showed positivity by bucking the market trend, closing with the highest gain in the blue-chip group at 2.4%. In addition, FPT ended the session with a 2.1% increase and set a new peak at VND136,100.

On the contrary, POW plummeted by 2.6%, while HPG dropped by 1%, deducting nearly 0.5 point from the overall index.

On the northern bourse, the HNX-Index added 0.39 point, or 0.16%, day-on-day, closing at 244.36 points. There were 70.94 million shares transacted, with a total value of VND1.3 trillion.

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