VNG (VNZ) Deputy CEO Nguyen Le Thanh Resigns After 15 Years
This Aveluro analysis covers VNZ (VNG) on UPCOM in the Media sector. The classified event type is leadership change, with neutral sentiment and a deterministic market-impact score of 5.0/10. Source coverage came from CafeF - Doanh nghiệp, classified as a primary/top-tier source.
Key Facts
Caveat: Not investment advice. · How Aveluro computed this: Aveluro combines extracted event facts, source credibility, ticker context, and market data. Scores are deterministic research signals, not recommendations.
Overview
VNG Corporation (ticker VNZ, UPCOM) has removed Nguyen Le Thanh from the role of Deputy CEO at his own request, effective 30/10/2026, ending a tenure that began in April 2011. The departure comes as the technology group reported nine-month revenue above VND 9,233 billion and after-tax profit near VND 1,013 billion, its first nine-month profit above VND 1,000 billion since VNZ began trading on UPCOM in late 2022.
Key Facts
- Nguyen Le Thanh resigned as VNG Deputy CEO for personal reasons, effective 30/10/2026, per a company announcement.
- He joined VNG in April 2011 and served as Chief Information Officer until March 2022, before being appointed Senior Deputy CEO for Information Technology in January 2023.
- He concurrently held the title of CEO of VNG’s Digital Business segment, which consolidated enterprise products around security, artificial intelligence and cloud computing.
- Q3/2026 net revenue reached more than VND 3,361 billion, up 22% year-on-year; after-tax profit was nearly VND 421 billion versus a loss in the same period last year.
- Nine-month revenue exceeded VND 9,233 billion with after-tax profit of nearly VND 1,013 billion.
- Online games remained the largest revenue source at nearly VND 6,100 billion, about 66% of the nine-month total; Zalopay revenue reached roughly VND 750 billion, nearly double year-on-year.
- VNZ closed at VND 533,000 on 1 November 2026.
What Happened
VNG Corporation announced the dismissal of Nguyen Le Thanh from the Deputy CEO position in response to his personal wishes, according to the company’s disclosure. The decision takes effect on 30/10/2026. Thanh spent more than 15 years at VNG, joining in April 2011 as Chief Information Officer and holding that post until March 2022, when he moved into the senior leadership team as Deputy CEO for Information Technology in January 2023.
At VNG he also ran the Digital Business unit as CEO, overseeing the consolidation of enterprise-facing products into a single ecosystem centred on security, AI and cloud computing. The company cites more than 27 years of experience in information technology, blockchain and large-scale application systems, including earlier work as a security architect at Intel. The announcement did not name a successor or disclose any change to the Digital Business leadership structure.
Market Context
VNZ trades on UPCOM, the unlisted public company market, and closed at VND 533,000 on 1 November 2026. The stock is a thinly traded, high-price name, so single-session moves carry limited informational value. The resignation arrives against a stronger operating backdrop: Q3 revenue rose 22% year-on-year and the group swung to a VND 421 billion quarterly profit, while nine-month profit crossed VND 1,000 billion for the first time since listing. Online games still generate about two-thirds of revenue, with fintech through Zalopay the fastest-growing line.
Strategic Significance
The management question matters more than the headline. Thanh was the architect of VNG’s enterprise push into security, AI and cloud, the segment the company has positioned as its next growth engine beyond games. His exit removes a long-tenured technical leader at the point when that business is being scaled, and the absence of a named successor leaves the reporting line for Digital Business unresolved. For long-term holders, the test is whether VNG can hold the enterprise roadmap and the AI and cloud partnerships without the executive who built them, while the games and Zalopay units continue to fund the transition.
What to Watch
- Any VNG filing naming a replacement for the Deputy CEO and Digital Business CEO roles.
- Q4/2026 and full-year results, to confirm whether the nine-month profit above VND 1,000 billion holds through year-end.
- Segment disclosure on Digital Business revenue and cloud and AI contract momentum in the next financial statements.
- Zalopay growth and payment volume trends, given revenue nearly doubled year-on-year.
- UPCOM trading liquidity and any foreign-ownership or major-shareholder filings around VNZ.