Miguel Cordon · · 2 min readVNG names new acting CEO amid ongoing investigation (update)
Photo credit: VNG
Vietnamese police have launched an investigation at the VNG Campus headquarters in District 7, Ho Chi Minh City, the tech giant confirmed in a statement.
The Vietnamese tech giant also announced the immediate appointment of Kelly Wong, its vice president, as acting CEO. The company cited the need to protect the legal rights and interests of all shareholders, partners, and stakeholders.
Although the purpose of the investigation is unclear, VNG stated that its business operations are continuing as usual.
Founded in 2004, VNG is primarily a gaming company, but it also has offerings for social media with Zalo, financial services through ZaloPay, and cloud services via VNG Cloud.
VNG shelved its plans for a US IPO earlier this year. In an internal memo seen by Tech in Asia at the time, CEO Le Hong Minh said the reason was investor readiness – or the lack thereof – for an Asian tech IPO.
The company is still struggling to generate substantial revenue growth, with its total bookings falling 3% in the first half of 2024 to roughly US$41.7 million compared to the same year-ago period. VNG uses bookings to evaluate the performance of its gaming business, which accounted for 83% of its total revenue for the first half of this year.
At the Saigon Summit held by Tech in Asia earlier this year, Le said VNG is investing in AI across all levels: infrastructure, models, and application.
See also: VNLife boss deems IPO ‘too complex’ for Vietnam-based firm
Editing by Thu Huong Le
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