Accordingly, Mr. Le Hong Minh, CEO of VNG, has just shared some insights on VNG's development over the past 20 years, at the Saigon Summit 2024 event, organized by Tech in Asia in Ho Chi Minh City on May 30.
VNG CEO Le Hong Minh shares at Saigon Summit 2024 event
Starting from game development, Mr. Le Hong Minh and his colleagues turned VNG into a "technology unicorn" thanks to their belief in the explosion of Internet users in Vietnam. He believed that Internet users not only play games but also need to update news, which is why Vinagame changed its name to VNG and tried its hand at other fields such as social networks, music... and set an unbelievable goal called "1441" (reaching 41 million users in 2014), even though in 2008, Vietnam only had 14 million Internet users.
"The 1441 goal was later achieved and we asked ourselves what we need to do next? You need to be comfortable with the work you do every day to be able to do it for a long time, right? Me too, I asked myself many times why I am still the CEO of VNG, why I am still doing this job", Mr. Le Hong Minh shared.
In addition, VNG CEO Le Hong Minh also said that besides the traditional business segments focusing on individual customers, VNG also established a new business segment of software and solutions for corporate customers about 3-4 years ago. This also made him wonder why VNG wanted to do that when doing business in segments such as cloud computing was an old idea from 10-20 years ago.
VNG's founder believes that raising a lot of investment money and keeping up with the latest trends that everyone is doing will feel very exciting, but you should focus on the long-term applicability of that idea.
Currently, VNG is focusing on investing in developing 3 different layers: Infrastructure, Model and Application. Specifically, VNG is one of the very few companies in Southeast Asia to launch GPU cloud to serve global customers, with a team in Vietnam specializing in customizing services specifically for the Vietnamese market. The company is also focusing on building a strong model layer, which involves developing a solid foundation model that can then be customized and refined for specific use cases.
Talking about the next wave of technology, Mr. Le Hong Minh said that AI is the most talked about topic recently. Businesses are now prioritizing the application of AI in their work, no one really knows where this AI revolution will lead and VNG will also focus on developing this new technology trend.
When asked about the IPO plan, Mr. Le Hong Minh said that every company would want to do this in its development journey. VNG had set that plan a few years ago and carried out the necessary preparation procedures. In 2023, the IPO procedure was completed by the company, but that was not the right time for technology companies.
Mr. Le Hong Minh shared that the good thing is that the company clearly understands the risks but is not afraid to face the consequences and importantly, VNG has taken action and not stopped at the discussion. However, he and his colleagues also realized that it is not necessary to do it at all costs, the most important thing is that the company is complete and ready.
Source: https://thanhnien.vn/ceo-le-hong-minh-ai-se-la-xu-huong-cong-nghe-duoc-vng-tap-trung-phat-trien-185240531093203881.htm
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