VNG Group Q1 2026 Revenue Surges 32% as Zalo Users Hit 80M, Zalopay Revenue Jumps 117%

Overview

VNG Group (VNZ) reported Q1/2026 consolidated net revenue of VND 2,785 billion, a 32% increase year-on-year. The company disclosed strong performance across all segments, with Zalo reaching 80.2 million monthly users and Zalopay revenue surging 117%. The results highlight VNG’s ability to monetize its user base through AI, fintech, and enterprise solutions.

Key Facts

• Q1/2026 consolidated net revenue: VND 2,785 billion, up 32% YoY.
• Games & Entertainment revenue: VND 1,938 billion, up 38% YoY.
• Zalo and AI revenue: VND 506 billion, up 43% YoY.
• Zalo monthly active users: 80.2 million, up 3.2% from 77.7 million a year earlier.
• Zalopay revenue: VND 216 billion, up 117% YoY; total payment value up 84% YoY.
• Financial services revenue surged 507% YoY.
• GreenNode (B2B cloud/AI) revenue: VND 170 billion.

What Happened

VNG Group released its Q1/2026 financial results, showing broad-based growth. CEO Kelly Wong stated that all four business segments are growing together, improving revenue efficiency and enabling reinvestment into high-potential areas, especially where data, users, AI, and infrastructure create synergies. The company also highlighted the launch of the Applied AI Lab in partnership with Google and Vietnam National University Ho Chi Minh City, providing early access to Google’s latest AI technologies.

Zalopay expanded its infrastructure through a “Tap to Pay” NFC solution with Visa and developed an international QR payment network across five key Asian markets. The financial services segment saw a 507% revenue jump, driven by the comprehensive financial services ecosystem.

Market Context

VNZ shares closed at VND 314, down 1.26% on low volume of 600 shares on April 10, 2026. The stock trades on the UPCOM exchange. The technology sector in Vietnam has seen increased investor interest amid digital transformation trends, though liquidity for VNZ remains thin. The Q1 results, particularly Zalopay’s acceleration, could improve sentiment.

Strategic Significance

VNG is successfully diversifying beyond its core gaming business into AI, fintech, and enterprise solutions. The strong growth in Zalopay and financial services indicates that VNG’s ecosystem strategy is gaining traction, with cross-selling opportunities between Zalo’s user base and payment services. The partnership with Google for AI research positions VNG to compete in the growing AI market in Vietnam. The company’s ability to monetize its 80 million Zalo users through business solutions and fintech is a key long-term driver.

What to Watch

• Q2/2026 revenue and user growth trends for Zalo and Zalopay.
• Updates on the Applied AI Lab and any commercial AI products.
• Expansion of Zalopay’s international QR payment network.
• Any new partnerships or product launches in the fintech space.
• VNG’s cost management and profitability metrics in upcoming quarters.