VNG Deputy CEO Nguyen Le Thanh Resigns as VNZ Posts 22% Q3 Revenue Growth

Overview

VNG Corporation (ticker VNZ, UPCOM) disclosed that Deputy CEO Nguyen Le Thanh submitted his resignation for personal reasons, effective October 30, 2026, in a personnel-change notice sent to the State Securities Commission (UBCKNN) and the Hanoi Stock Exchange (HNX). The filing coincides with the company’s Q3/2026 results, which showed net revenue of nearly VND 3,361.4 billion, up 22% year on year, and a return to net profit.

Key Facts

• Deputy CEO Nguyen Le Thanh resigned for personal reasons, effective October 30, 2026, per a filing to UBCKNN and HNX.
• Nguyen Le Thanh was born in 1977, holds a degree in Computer Science engineering, and was first appointed Deputy CEO on May 14, 2021; he was reappointed on October 8, 2025.
• Q3/2026 net revenue reached nearly VND 3,361.4 billion, up 22% year on year, driven by online games, telecom and internet value-added services, and fintech.
• Q3/2026 gross profit was nearly VND 1,454.4 billion, up 38.3%, with gross margin rising from 38.2% to 43.3%.
• Q3/2026 net profit was nearly VND 420.5 billion, versus a net loss of more than VND 7.2 billion a year earlier.
• Nine-month 2026 net revenue was more than VND 9,233.2 billion, up 26.4% year on year, with after-tax profit of nearly VND 1,012.7 billion.
• Total assets reached more than VND 12,962.8 billion as of September 30, 2026, up 14.2% since the start of the year; total liabilities were more than VND 11,694 billion, up 11.8%.

What Happened

VNG Corporation filed a personnel-change notice with the State Securities Commission and the Hanoi Stock Exchange announcing that Nguyen Le Thanh had tendered his resignation as Deputy CEO for personal reasons, effective October 30, 2026. The filing identifies him as a 1977-born computer science engineer who joined the deputy CEO ranks on May 14, 2021, and was reappointed to the role on October 8, 2025, meaning his departure comes roughly a year into his renewed term. The notice does not name a successor or specify an interim arrangement.

The resignation was disclosed alongside VNG’s consolidated Q3/2026 financial statements. Revenue growth of 22% was attributed mainly to online gaming, value-added services on telecom and internet networks, and fintech services. Gross profit rose 38.3% to nearly VND 1,454.4 billion as the gross margin expanded to 43.3% from 38.2%, while selling expenses fell 13.6% to nearly VND 635.4 billion. Those factors, partly offset by a 50.6% rise in financial costs to nearly VND 60.4 billion and a 30.8% increase in administrative expenses to nearly VND 410.9 billion, produced a net profit of nearly VND 420.5 billion against a year-earlier loss.

Market Context

VNZ trades on UPCOM, the Hanoi Stock Exchange’s unlisted public company market, and closed at VND 552,000 on November 3, 2026. The stock’s high absolute price and UPCOM listing imply thinner liquidity and wider disclosure gaps than HOSE-listed technology peers, so personnel filings tend to move sentiment more than they would for a larger, more heavily covered name. The results themselves fit a broader recovery in Vietnamese technology and digital-services earnings, where gaming and fintech revenue have rebounded after a soft 2025, though VNG’s leverage profile remains a distinguishing factor.

Strategic Significance

The investment question is whether VNG’s margin recovery is structural or cyclical. Gross margin expansion of more than five percentage points alongside a 13.6% cut in selling expenses suggests operating leverage is improving as gaming and fintech scale, but financial costs up 50.6% and liabilities of more than VND 11,694 billion against assets of VND 12,962.8 billion leave limited equity cushion. The deputy CEO departure matters less for day-to-day operations than for what it signals about management continuity: Nguyen Le Thanh was reappointed only in October 2025, and a resignation within a year of renewal invites questions about internal alignment at a company whose growth story depends on executing across games, telecom value-added services, and fintech simultaneously.

What to Watch

• Any subsequent VNG filing naming a replacement Deputy CEO or reassigning Nguyen Le Thanh’s portfolio.
• Q4/2026 and full-year 2026 results, to confirm whether the 43.3% gross margin holds.
• The trajectory of financial costs and borrowings, which stood at more than VND 2,258.3 billion and represented 19.3% of total liabilities.
• Deferred short-term revenue of nearly VND 3,403.2 billion, equal to 29.1% of total liabilities, as a read on forward gaming and subscription bookings.
• Further management or board changes at VNG, given the recent reappointment cycle.