Business Report
GreenNode
A Vietnamese AI Cloud platform, built so that Vietnamese enterprises do not have to depend on foreign hyperscalers to enter the AI era.
2025 Financial and Operating Performance
Revenue increased 57% to VND 774 billion, led by a 64% expansion in GPU Cloud services. A standout metric for the period was Net Revenue Retention (NRR), which climbed to 123%. This indicates that our existing customer base grew their spend by nearly a quarter year-on-year, demonstrating the essential nature of our infrastructure and our success in scaling with our clients' evolving needs.
Strategic Progress in 2025
2025 was the year GreenNode came of age. The hardest call of the year was the first one: unifying VNG Cloud and GreenNode under a single AI Cloud platform, with a single product roadmap and a single go-to-market. Two brands had served us well in different eras; one platform was what enterprise customers actually needed. The bet underneath the consolidation was simple. Vietnamese banks, retailers, and government agencies are entering the AI era at the same time as their global counterparts, and they need infrastructure that runs on Vietnamese soil, complies with Vietnamese law, and is supported by people who understand the Vietnamese market. We built that platform — from infrastructure through to applications like GreenMind and IDP — and the customers responded. Banking and Financial Services revenue grew 72% year on year. Retail grew 49%. NRR reached 123%. None of this is a pilot. It is enterprise AI in production.
Financial and operational scorecard
| Metric | 2024 | 2025 |
|---|---|---|
| Net Revenue (VND B) | 495 | 774 (+57% YoY) |
| GPU Cloud Revenue Growth | - | +64%% |
| Cloud Revenue Growth | +10% | +22% |
| Net Revenue Retention (NRR) | 103% | 123% |
| High-value customer segment (MRR>USD 500) | - | +64% |
| LTV:CAC Ratio | 3.1x | 3.1x |
Strategic Progress in 2025:
- BFSI Leadership: Prioritized the Banking, Financial Services, and Insurance (BFSI) vertical, delivering specialized solutions for enterprises with the most stringent security, regulatory compliance, and high-performance storage requirements.
- Regional Infrastructure & Sovereignty: Operated five Availability Zones (AZs) across Ho Chi Minh City, Hanoi, and Bangkok. This footprint provides enterprise-grade redundancy and ensures data sovereignty for clients operating across Southeast Asia.
- Ecosystem Monetization: Focused on 'land and expand' strategies, successfully deepening existing customer relationships by cross-selling layers of the AI Cloud stack. This resulted in an NRR of 123% and higher per-user compute consumption.
- AI Ecosystem Advocacy: Advanced Vietnam’s sovereign AI capabilities through the development of the GreenMind and IDP frameworks, while fostering the developer community through active knowledge sharing and technical engagement.
VNG Group has set AI-first as its north star, and GreenNode is built to bring that vision to life at the infrastructure and AI platform layer.
We believe Vietnam deserves an AI infrastructure of its own: data sovereignty, world-class standards, stable and flexible enough to serve the real challenges enterprises face — and powerful enough for Vietnamese businesses to enter the AI era without depending on any foreign cloud.
That is why GreenNode starts in first place.
Market Position and Operating Environment
Vietnam ranks 6th of 40 countries in the 2025 World AI Index, and enterprise AI adoption has crossed the threshold from evaluation to deployment — roughly 47,000 Vietnamese enterprises put AI into production in 2024 alone. At the same time, recent global hyperscaler outages have elevated data sovereignty and vendor diversification to boardroom-level priorities. As the only local provider offering a sovereign, full-stack Cloud-to-AI platform with enterprise-class SLAs, GreenNode has become the strategic partner of choice for organizations seeking to mitigate global infrastructure risks while accelerating their AI roadmap.
Key Considerations
Our primary growth constraint is the acute shortage of senior AI engineering talent within Vietnam.. While the country produces around 60,000 IT graduates annually, hands-on expertise in advanced AI frameworks remains scarce, creating a high competitive labor market for regional talent. Furthermore, our hardware roadmap also remains dependent on the global GPU supply. Any disruption of that supply — whether through stricter export controls, geopolitical shifts, or inflationary pricing — would fundamentally affect both cost structure and capacity expansion. We continue to mitigate these risks through diversified procurement strategies and internal talent development programs.
2026 Strategic Priorities
- Grow AI-related cloud revenue by 112% and external cloud revenue by 39%, while holding NRR above 120%.
- Launch AgentBase, our enterprise AI agent platform, moving GreenNode from infrastructure provider to the layer where Vietnamese businesses build and run autonomous workflows.
Notable awards
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First Open-Source Vietnamese LLM Reasoning Model (Greenmind)
NVIDIA NIM
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Top 3 Outstanding AI Enterprises
AI Awards 2025
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Top 3 Outstanding AI Solutions (AI Stack)
AI Awards 2025
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SOC 2 Type 1 and SOC 2 Type 2
