Vietnam's VNG Unveils ChatGPT-Like AI Service, Eyes Nasdaq Listing
Vietnam's VNG, backed by Tencent and Ant Group, is developing a ChatGPT-like AI service. Despite no official name or release date, the company aims to make waves globally, with CEO Le Hong Minh envisioning VNG as a 'global technology company'.
VNG, now boasting 34 subsidiaries, is diversifying from gaming into fintech and data centers. Its latest venture, a ChatGPT-like AI service tailored for Vietnamese speakers, could be a game-changer. However, digital censorship in Vietnam may pose challenges for large language models.
VNG's financials reveal a loss of VND 650 billion (USD 26.8 million) in the first half of 2023, up from VND 390 billion (USD 16.1 million) in the same period last year. Games still contribute 80% of VNG's revenue, but royalties are a significant expense. To boost growth, VNG plans to incorporate AI into all its products, including games, Zalo, payments, and cloud services.
In a strategic move, VNG aims to list on Nasdaq, following Vietnamese EV maker VinFast's successful IPO on the same exchange. The company plans to list its Caymans-registered holding company, which holds a 49% stake in VNG Corp. and a 21% indirect interest.
VNG's ChatGPT-like AI service, if successful, could cement the company's global ambitions. Despite recent losses, VNG's expansion into AI and plans for a Nasdaq listing suggest a commitment to growth and innovation.
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