- We provide a non-rated report for VNZ following the firm’s filing of its registration statement for a potential IPO on NASDAQ via VNG Ltd on August 24. 

- VNZ is a leading listed Vietnamese internet-based company specializing in online games publishing and development, communications and media, fintech (e-wallet), and digital transformation businesses (cloud and other technology services).

- Between 2016 and 2022, VNZ achieved a 16% CAGR in revenue, primarily driven by the profitability of its gaming sector. Meanwhile, its fintech business is still in early stage of monetization and dragged profitability with a net loss of VND1.3tn in 2022.

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