VNG expects $26.9 mln loss this year

By Dat Nguyen   July 7, 2021 | 11:49 am GMT+7
VNG expects $26.9 mln loss this year
VNG Campus in HCMC’s District 7. Photo courtesy of VNG.
Internet and tech giant VNG Corporation expects to make a loss of VND619 billion ($26.9 million) this year as it splurges on its payment business to take on rivals.

The company plans to focus on payment, artificial intelligence and cloud to join the "next technology wave."

Last year, its subsidiary that operates e-wallet ZaloPay reported a loss of VND666 billion.

But ZaloPay is still in the period of acquiring customers, and last year the average number of monthly users quadrupled from 2019.

VNG does not plan to pay dividends for 2020, and will sell over 7.1 million treasury shares, or nearly 20 percent of its equity, in the second half of this year.

It also plans to issue nearly 415,000 ESOP shares this year.

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