Business Report
Games & Entertainment
Building Southeast Asia's most resilient gaming ecosystem through high-engagement evergreen titles and data-driven global development.
2025 Financial and Operating Performance
Revenue grew 8% to VND 7,054 billion, while gross bookings increased 13% to VND 8,162 billion. The paying-user rate rose from 3.7% to 4.6%, marking the most significant operating improvement during the year.
Strategic Progress in 2025
In 2025, the focus shifted from user scale to long-term player value. QAU declined to 57.3 million, performance remains exposed to macroeconomic uncertainty and regulatory changes across key markets, while engagement and playtime improved among retained users. This reflected a deliberate move toward fewer, higher-quality launches and a Games-as-a-Service model centered on long-lifecycle titles. Core titles such as PUBG Mobile and Play Together were further deepened, contributing 46% of segment revenue, with several reaching record monthly performance years after launch. The result is a more stable cash flow profile and improved revenue visibility, supported by stronger retention and sustained player engagement.
We invest in games built to last. In 2025, that paid out: bookings grew 13% across the segment, and the long-lifecycle titles in our portfolio grew over 40% on their own, together contributing 46% of revenue. The strongest evidence for our strategy is not the launch slate. It is the players still playing titles we shipped years ago.
Financial Scorecard
| Indicator | 2024 | 2025 | Change |
|---|---|---|---|
| Revenue (VND B) | 6,504 | 7,054 | +8% |
| Total bookings (VND B) | 7,233 | 8,162 | +13% |
| Quarterly active users (M) | 65.8 | 57.3 | -13% |
| Paying ratio | 3.7% | 4.6% | +90 bps |
Key initiatives delivered during 2025 included
- Shift to Games-as-a-Service: Transitioned from launch-driven cycles to long-run service operations, expanding into younger user segments and improving lifecycle value.
- Monetization improvement: Increased paying ratio through targeted pricing and progression updates in core evergreen titles.
- Disciplined launches: Strengthened launch governance, with capital allocated only to titles meeting defined engagement and retention thresholds.
- Platform efficiency: Consolidated the PC platform into a unified infrastructure, improving user experience while reducing operating complexity and cost.
- AI-enabled development: Applied AI across the development lifecycle to shorten time-to-market and improve consistency in product quality.
We made fewer bets in 2025, and bigger ones. 3D shooting as our spearhead, AI embedded across the full development cycle, and international co-development to bring us up against global production standards. None of these were incremental moves. They redefine how we build, and they are what will let our games travel from 2026 onward.
Market context
The global games industry grew 7.5% to approximately USD 197 billion in 2025, with growth shifting from user acquisition to monetization quality. VNGGames grew 8% in revenue, broadly in line with the market, while outperforming on monetization—supported by a portfolio with longer lifecycle and stronger retention.
Key considerations
Performance remains exposed to evolving loot box regulations and minor protection laws across key markets. At the same time, ongoing app store fee reforms and antitrust developments on Android may alter revenue-sharing structures between publishers and platforms.
Eighteen years is a long time to stay in the game. For ZPS, those years carried the full weight of what building something real looks like: setbacks, opportunities, and lessons no roadmap could have taught us. What held through all of it was a simple conviction: when one door closes, others open, but only for those who stay in the room.
Technology revolutions are not kind to inertia. They disrupt hierarchies, redraw markets, and displace those who stop moving. But they also leave genuine room for organisations that keep thinking and keep pushing. The question is never whether opportunity exists. It is whether your team is clear-eyed enough to find the right path, and grounded enough not to lose itself while walking it.
Strategic Priorities for 2026
- Apply a stricter launch framework across all 2026 titles, with capital allocation tied to predefined engagement and retention thresholds.
- Deploy marketing automation across the full portfolio, scaling the AI-driven model that delivered over 70% growth in international bookings at ZPS.
What we are most proud of in 2025 is not just the numbers, it’s a team ready to transform the way they work. In 2026, we carry that mindset forward: where AI becomes the lever, and human capability is the sustainable competitive edge.
Notable awards
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Best Game Publisher (3rd consecutive year)
Vietnam Game Awards 2025
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Best Global Operated Game – PUBG Mobile
Sensor Tower APAC Awards
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Esports Mobile Game of the Year – PUBG Mobile
The Esports Awards 2025
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Excellent Game and Digital Entertainment Brand 2025
World Business Outlook Awards 2025
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Esports Game of the Year – League of Legends
The Esports Awards 2025
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Enduring Game – Võ Lâm Truyền Kỳ
Vietnam Game Awards 2025
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Most Popular Game Community – Võ Lâm Truyền Kỳ
Vietnam Game Awards 2025
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Most Popular Esports Game Community – Valorant
Vietnam Game Awards 2025