VNG H1 2026 Net Profit 592B VND, Revenue Up 29%

Overview

VNG Corporation (VNZ, UPCoM) announced strong first-half 2026 results, with consolidated net revenue reaching 5,872 billion VND, up 29% year-on-year, and adjusted operating profit (AOP) surging 115% to 937 billion VND. The company turned to a net profit of 592 billion VND, a significant improvement from a slight loss of 0.3 billion VND in the same period last year. This marks a key milestone as VNG aims for its first full-year profit since listing on UPCoM.

Key Facts

• Consolidated net revenue for H1 2026: 5,872 billion VND, up 29% year-on-year.
• Adjusted operating profit (AOP): 937 billion VND, up 115% from H1 2025.
• AOP margin expanded from 10% to 16% in 12 months.
• Net profit after tax: 592 billion VND, versus a loss of 0.3 billion VND in H1 2025.
• Online games bookings: 4,819 billion VND, up 34%, with 61.3 million quarterly active players.
• Zalo and AI segment revenue: 1,145 billion VND, up 54%, with 81.3 million monthly users.
• ZaloPay revenue doubled to 457 billion VND; total payment value up 74%.
• GreenNode AI Cloud revenue tripled; total segment revenue 314 billion VND.
• VNG contributed 1,005 billion VND to state budget in H1 2026.

What Happened

According to VNG’s H1 2026 financial report, the company achieved robust growth across all four core business pillars. CEO Kelly Wong attributed the improved profitability to operational discipline and the synergies of the company’s ecosystem, stating that the AOP margin increase of over 1.5 times in a year is a clear signal of the company’s scaling and platform strength. He emphasized that the priority for H2 2026 is to sustain growth momentum to achieve the first full-year profit since trading on UPCoM.

The online gaming segment remained the main revenue driver, with bookings up 34% to 4,819 billion VND, and international markets contributing 779 billion VND in bookings, up 19%. Zalo and AI revenue grew 54% to 1,145 billion VND, driven by enterprise solutions and value-added services. ZaloPay’s revenue doubled to 457 billion VND, with total payment value up 74% and active users up nearly 40%. GreenNode, the B2B segment, saw AI Cloud revenue triple, and in June 2026 became the first company in Ho Chi Minh City to be certified as a High-Tech Enterprise, with 96.8% of revenue from high-tech products.

Market Context

VNZ shares closed at 600,600 VND on September 3, 2026, reflecting strong investor confidence following the earnings release. The company, listed on UPCoM, has been undergoing a restructuring phase, and these results signal a turning point. The broader Vietnamese technology sector has been gaining traction, with increasing foreign interest in local tech firms. VNG’s diversified revenue streams, including gaming, messaging, fintech, and AI cloud, position it well within the market’s growth narrative.

Strategic Significance

For long-term investors, VNG’s H1 2026 performance underscores the success of its restructuring and ecosystem strategy. The significant expansion in AOP margin indicates improved operational efficiency and scalability. The company’s focus on high-growth areas like AI cloud and international payments, along with its dominant position in gaming and messaging, provides a multi-pronged growth thesis. Achieving full-year profitability would be a major milestone, potentially enhancing its attractiveness to both domestic and foreign institutional investors.

What to Watch

• Q3 2026 earnings release to confirm sustained growth momentum.
• Full-year 2026 net profit achievement, as guided by management.
• Progress in international expansion of ZaloPay and AI cloud services.
• Any updates on potential listing upgrades or capital raising activities.
• Regulatory developments affecting the tech and fintech sectors in Vietnam.