Vietnam’s tech unicorn VNG (UPCoM: VNZ) reported its highest quarterly profit since going public in 2022, as growth across core business segments and tighter cost controls lifted earnings in Q1/2026.

According to its Q1 earnings report, VNG posted net revenue of nearly VND2.8 trillion ($106.37 million), up 32% year-on-year. Online gaming remained the dominant contributor, accounting for about 69% of total revenue, or roughly VND1.94 trillion ($73.7 million).

Messaging platform Zalo and AI-related services ranked second with combined revenue of VND506 billion ($19.22 million). Meanwhile, Digital payments via ZaloPay and enterprise AI solutions generated VND216 billion ($8.21 million) and VND170 billion ($6.46 million), respectively.

VNG Corp campus. Photo courtesy of the company.

CEO Kelly Wong said three out of the company’s four core segments posted double-digit growth during January-March. ZaloPay saw the strongest expansion at 117%, driven in part by the rollout of tap-to-pay solutions and the expansion of international QR payment acceptance across five Asian markets.

In Q1, VNG’s gross profit reached VND1.11 trillion ($42.17 million), translating to a margin of about 40%, up from 37.5% a year earlier.

As a result, the firm recorded net profit of VND125 billion ($4.75 million), ending two consecutive quarters of losses and marking the highest quarterly earnings since VNG began trading on the stock market in late 2022.

Founded in 2004 as VinaGame, VNG has evolved from a game publisher into a diversified technology group spanning messaging, digital payments, online advertising, and artificial intelligence.

The company currently operates 37 direct and indirect subsidiaries and employs more than 3,300 staff. As of end-Q1, total assets stood at over VND10.7 trillion ($407.63 million), while retained earnings reached VND740 billion ($28.11 million).

On the unlisted public companies market UPCom, VNZ shares were traded at VND333,000 ($12.65) each on Tuesday.