Vietnamese tech giant VNG has reported a US$82.5 million loss for 2023 after its financial reports were audited. This represented a four-fold increase over the unaudited reports. The company says this is due to changes in its accounting system to bring it more in line with International Financial Reporting Standards. 

VNG’s core business is in online games, however, it also provides the instant messaging app Zalo. This app came about after the Government of Vietnam had been trying for years to create a homegrown social media app, presumably to give the authorities greater control over the content Vietnamese consume–of note, China’s Tencent Holdings, which owns China’s WeChat, also owns 23 percent of VNG. 

Zalo currently has about 72.5 million user accounts and its success has put VNG in the government’s good graces. This may speak to reports last week that the Steam gaming platform had been banned in Vietnam at the request of local game producers.