The above sharing was given by Mr. Le Hong Minh, CEO of VNG at Saigon Summit 2024, organized by Tech in Asia in Ho Chi Minh City on May 30.

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Mr. Le Hong Minh, CEO of VNG, spoke at the event. Photo: LM

When asked about the IPO plan, Mr. Le Hong Minh said that every company would want to do this in its development journey. VNG had set that plan a few years ago and carried out the necessary preparation procedures. In 2023, the IPO procedure was completed by the company, but that was not the right time for technology companies.

Mr. Le Hong Minh shared that the good thing is that the company clearly understood the risks but was not afraid to face the consequences and importantly, VNG took action and did not stop at the discussion. But he and his colleagues also realized that it was not necessary to do it at all costs, the most important thing was that the company was complete and ready.

Talking about the next wave of technology, Mr. Le Hong Minh said that AI is the most talked about topic recently. Businesses are now prioritizing the application of AI in their work, no one really knows where this AI revolution will lead and VNG is no exception.

VNG is focusing on investing in developing 3 different layers: Infrastructure, model and application. VNG is also one of the very few companies in Southeast Asia to launch GPU cloud to serve global customers, with a team in Vietnam specializing in customizing services for the national markets.

The company has established a new business segment in cloud computing, although throughout its development it has focused primarily on end users.

Why does VNG have to do that when cloud computing business is an old idea from 10 - 20 years ago? VNG CEO said that when looking at the market of the world's largest cloud companies today, the cloud application rate of businesses in the US or other developed markets is still only at 30%. This may sound like a very old idea but there is still a lot of room for development, even lasting for the next 10 years. For example, fintech or games, VNG has been making games for more than ten years but this market is still developing.

Mr. Le Hong Minh shared that this is very important for startups, they should not rush to chase what is "hot" that everyone is excited to jump into, they need to balance their capacity. Of course, calling for a lot of investment, keeping up with the latest trends that everyone is doing will feel exciting, but they need to focus on the applicability of that idea in the long term, even when it is no longer "hot".

With the theme “Charting Vietnam's Tech Future”, Tech in Asia Saigon Summit 2024 took place in Ho Chi Minh City on May 30, with many activities, gathering more than 700 attendees, 50 companies and 20 speakers.