Vietnamese technology group VNG, the country’s first tech unicorn, more than doubled its adjusted operating profit in the first half of 2026, putting it on track for its first full-year profit since its shares began trading on the Unlisted Public Company Market (UPCoM).
VNG Group reported an adjusted operating profit (AOP) of 937 billion dong ($35.5 million) for the six months ended June, up 115% from a year earlier, while its AOP margin widened to 16% from 10%.
Consolidated net revenue increased 29% year on year to 5,872 billion dong, while net profit after tax reached 592 billion dong.
The company is targeting its first full-year profit since VNZ shares began trading on UPCoM.
“The expanding AOP margin is the clearest sign that scale, discipline and the platforms we’ve built are starting to reinforce each other. That’s exactly the kind of ‘ecosystem effect’ we’ve been building towards, and H1 is the first period where it really shows up in the results,” said Kelly Wong, CEO of VNG Group.
“The priority for the second half is turning that momentum into our first full year of profit since VNZ began trading on UPCoM,” Wong added.
VNG’s games & entertainment business recorded bookings of 4,819 billion dong in the first half, up 34% year on year. The segment had 61.3 million quarterly active users, while its paying ratio increased to 4.6% from 4%.
International gaming bookings rose 19% to 779 billion dong as VNGGames expanded its portfolio across Vietnam, Southeast Asia and East Asia.
Meanwhile, revenue from VNG’s Zalo & AI segment increased 54% year on year to 1,145 billion dong.
Zalo recorded 81.3 million monthly active users, up 4%, with 2.2 billion messages sent per day. About 38% of its monthly users engaged with AI-enabled communication features, compared with 30% a year earlier.
The company said newer revenue streams, including business solutions and value-added services, accounted for a growing share of the segment’s revenue.
VNG’s fintech business Zalopay recorded revenue of 457 billion dong, roughly doubling from a year earlier. Active users increased 39%, while total payment volume rose 74%.
During the period, Zalopay expanded its International Payment feature to 11 markets, including China, Japan, South Korea and the United States, and piloted a Scan & Tap payment experience with Visa.
VNG’s AI infrastructure business GreenNode, meanwhile, reported revenue of 314 billion dong. AI Cloud revenue tripled year on year, while revenue from the banking, financial services and insurance sector increased 77%.
VNG said 96.8% of GreenNode’s revenue came from high-tech products, above the 70% regulatory threshold.
For 2026, VNG is targeting full-year net revenue of 12.5–13.5 trillion dong, representing growth of 15–25%, under a business plan approved at its annual general meeting in June.
The company is also targeting its first full-year profit since VNZ shares began trading on UPCoM.
VNG contributed more than 1,005 billion dong to the state budget during the first half of 2026.
