The Ho Chi Minh City headquarters of VNG, a Vietnamese tech firm operating video games and digital media assets, was raided yesterday by police. The company has confirmed the raid in a statement but has provided no details as to why. Local media reported on the event at large before removing any reference to the event. It’s also unclear as to why.
Of note, on Wednesday, the company was fined US$157.5 million, roughly US$6,000 by the Hanoi Stock Exchange for information disclosure violations. This was the result of the company conducting a related party transaction but not fully disclosing details of the transaction to the exchange.
Also, Zing News, the digital news media arm of VNG, was also shut down for three months last year because it allegedly “published and broadcast false information” and then failed to adequately correct the record. Of note, it has not been made clear what information was incorrect.
Furthermore, VNG released its half year results just over a week ago revealing a loss for the second quarter of the year of VND 489 billion, about US$19.9 million. This was its 11th consecutive quarter of losses.
See also: Video Games in Vietnam: Cheat Sheet 2024