Le Hong Minh, the founder and CEO of VNG Corporation (formerly Vinagame), reflects on his remarkable journey from a gaming enthusiast to the head of a billion-dollar tech unicorn.

VNG Corporation, known for its popular social network Zalo, is facing significant challenges despite its previous success.

In a recent announcement, VNG Corporation has appointed Kelly Wong, the company's Deputy CEO, as the Acting CEO.

VNG has invested $22.5 million in Funding Societies (operating under the name Modalku in Indonesia), the largest digital funding platform for small and medium-sized enterprises (SMEs) in Southeast Asia.

From Umbala to 360Live, Vietnam’s technology platforms have failed to compete with foreign rivals such as Tik Tok and Bigo Live.

As online commerce has boomed, agencies fear that it will be difficult to prevent banned goods, goods restricted for import and export, and origin fraud.

The startup ecosystem has been developing very strongly over the last 15 years, but no other unicorn startup has appeared, except VNG, which was valued at $1 billion in 2014.

Game distributors in Vietnam are focusing on eSports, which has had impressive growth rates in both players and viewers in the country.

The HCMC Department of Information and Communications has asked the competent agencies to revoke the domains of Zalo.vn and Zalo.me, a Vietnamese-made messaging app, due to its unlicensed social network operations.

The targeted companies include Samsung Vietnam, Grab, Sun Group, Yamaha, Shopee, VNG, Huawei Vietnam, among others.

The high rate of technology adoption in Vietnam presents vast opportunities for growth, according to Le Hong Minh, co-founder, chairman and CEO of technology company VNG Corporation.

 VNG, the Vietnamese technology firm specializing in digital content, online entertainment, social working and e-commerce, now has a valuation of $2.77 billion.

VietNamNet Bridge - Analysts say the ‘entrepreneurial movement’ consists of many investors who just follow the crowds to set up businesses, but have little understanding of what they need to do. 

The year 2017 continued seeing the strong rise of startups, which have been catching more attention from domestic and foreign investors.

VietNamNet Bridge - To fulfill the dream of listing shares on foreign bourses, businesses have to overcome many barriers.

VietNamNet Bridge - Cavico had to delist 10 years ago, an indication that it can be difficult for companies to enter foreign bourses.

VietNamNet Bridge - The requirements set by the world’s leading stock markets can be met by many Vietnamese businesses, experts say.

VietNamNet Bridge - The live streaming market has become competitive with the presence of many platforms and apps on mobile phones provided by international players and domestic firms.

 VietNamNet Bridge – Total turnover of Vietnam’s internet economy’s is scheduled to soar to VND100 trillion by 2018 from the VND20.4 trillion in 2013.