Portraits of the minds behind Vietnamese quartet of tech unicorns

This early triumph brought with it substantial profit and bolstered the company’s reputation. Riding this wave of success, the firm broadened its reach into social media, e-commerce, digital content and electronic payments — laying the groundwork to become one of Vietnam’s foremost tech giants.

In 2009, Minh rebranded the company as VNG Joint Stock Company, reflecting his broader ambitions beyond gaming. Under the VNG banner, he introduced a suite of homegrown digital products that resonated with millions, including Zing MP3, Zing TV, Zalo and ZaloPay. In recognition of his contributions, he was awarded a Certificate of Merit by the Prime Minister in 2014, and was named by the Vietnam Internet Association as one of the “10 most influential leaders on the Internet in Vietnam” for the 2007–2017 decade.

In the first nine months of 2024, VNG recorded accumulated revenue of VND 6,982 billion and an adjusted net profit from business operations of VND 202 billion, contributing over VND 700 billion to the state budget. The company also reported strong results in value-added services and AI offerings, while revenue from corporate clients and international markets showed steady growth. In 2023, VNG ranked among the Top 30 private enterprises contributing the most to the state budget, with VND 1,132.5 billion.

In a recent interview, Mr Minh shared that VNG is well positioned to evolve into an “AI-First” company — one that places artificial intelligence at the heart of its products, services or operations — within the next five years. He noted that expecting immediate financial return from such technology is an immense challenge. Instead of betting big, tech unicorn VNG takes a measured approach, making incremental investments across departments. While it does not seek to build a groundbreaking project like OpenAI, the company aims to apply AI consistently, document its outcomes, and refine its learnings along the way.

Back in 2007, the prospect of a cashless society sparked Tran Tri Manh’s vision, prompting him and two colleagues—Tran Van Ky and Le Tanh—to lay the groundwork for VNPay. From those early days, the company has grown swiftly under the founders’ guidance, becoming a powerful extension of Vietnam’s financial and banking infrastructure. By 2015, VNPay had secured official licensing from the State Bank to operate as a digital payment intermediary, ushering in a new chapter. The platform now links over 40 banks, five telecom providers and more than 20,000 businesses within an expansive electronic payment ecosystem.

Always attuned to emerging trends, Tran Tri Manh quickly recognised the market’s demand for secure, user-friendly digital payment solutions. This foresight led VNPay to become the first in Vietnam to introduce QR code payments. The arrival of VNPay-QR made full use of the country’s mobile infrastructure and sparked a quiet revolution in digital commerce. The QR code emerged as the key enabler for e-commerce growth, shaping a culture of cashless payment among consumers and enhancing commercial efficiency across industries.

VNPay didn’t stop with VNPay-QR. It also pioneered the development of bespoke digital banking applications tailored to each partner. Its close collaboration with more than 40 leading banks—including Vietcombank, Agribank, BIDV and Vietinbank—has given rise to a multifaceted ecosystem across banking apps and the VNPay wallet. The result is a suite of digital solutions that support every facet of daily life, from shopping and travel to entertainment and utilities.

VNPay’s impressive growth and influence have not gone unnoticed. In 2019, its parent company, VNLIFE, secured a USD 300 million investment from SoftBank’s Vision Fund and Singapore’s GIC. Its back-to-back Vietnam National Brand Awards for the VNPay-QR solution further highlight its pivotal role in the digital economy and its place at the forefront of innovation.

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From the outset, VNPay has prioritised investment in cutting-edge platforms, supported by a team of top-tier tech professionals drawn from across the globe. Today, the tech unicorn employs nearly 2,000 engineers and experts, who work with technologies including cloud computing, artificial intelligence, big data and blockchain. Guided by Tran Tri Manh’s forward-looking vision, VNPay is striving to build on this momentum—positioning itself as a cornerstone in Vietnam’s digital transformation journey.

With the vision that “Vietnamese people only need to bring their phones when going out”, Nguyen Manh Tuong and his colleagues launched MoMo in late 2010. What began as a modest mobile payment app has, under his leadership, evolved into an essential super app, woven into the fabric of daily life for millions across Vietnam.

A graduate of the Hanoi University of Science and Technology, Mr Tuong also holds a dual Master’s degree from the United States—one in Computer Science from the University at Buffalo, New York, and the other in Business Administration from the Booth School of Business at the University of Chicago. With nearly 25 years of experience in the fields of technology and finance, his vision for MoMo arose from everyday frustrations—chief among them the cumbersome nature of cash transactions and the inefficiencies of the traditional financial system. Sitting at a sugarcane juice stall in front of 40 Hoang Viet, Tan Binh—then the location of MoMo’s first headquarters—Mr Tuong and Mr Thai Tri Hung, MoMo’s CTO, dreamed of a day when forgetting one’s wallet would no longer be a concern. For them, a truly developed nation would inevitably embrace a cashless economy, and Vietnam was no exception.

As of October 2024, MoMo has served more than 30 million users. It now partners with 50,000 organisations, connects with over 70 banks and financial institutions, and is accepted at 300,000 payment points nationwide. On the National Public Service Portal—where MoMo powers digital payment options for public services such as tax and fee payments—it currently accounts for around 40% of total transactions and revenue. The platform also works with financial partners to offer a range of services, including savings, bank account openings, unsecured loans, insurance, and investment in fund certificates. These products help users manage their finances more effectively, while also improving access to formal credit channels.

Far from being just a payment platform, MoMo is now a vital pillar in Vietnam’s Fintech ecosystem. It plays an active role in propelling the digital economy forward. By enabling more than 300,000 merchants to accept digital payments, MoMo has helped small and medium-sized enterprises embrace technology, attract more customers, and reduce operational costs by as much as 30–40%.

In conversation with Tatler Vietnam, Nguyen Manh Tuong shared that he has never seen MoMo as merely a payment app. For him, it is a bridge—one that brings together banks and users, creating a meaningful impact on people’s lives. His belief lies firmly in the transformative power of technology and, more importantly, in its potential to generate positive, lasting value for the wider community. Innovation, one of MoMo’s core values, is a principle he champions boldly—encouraging the dismantling of outdated norms in favour of fresh, dynamic thinking. As MoMo moves towards its next chapter as an “AI Financial Assistant”, Nguyen Manh Tuong remains unwavering in his ambition to make financial services more accessible. With AI as an enabling force, his vision is to empower individuals to manage their finances with greater ease, bringing Vietnam one step closer to a future where digital finance is both inclusive and humane.

Nguyen Thanh Trung, a familiar name in global tech circles, is the visionary behind Sky Mavis—the company that sparked a global sensation with Axie Infinity. With a flair for innovation and a sharp grasp of emerging trends, this FPT University graduate has propelled a “made in Vietnam” blockchain game onto the world stage, showcasing Vietnamese creativity and ambition within the international tech arena.

Fuelled by a deep passion for the limitless potential of blockchain, Nguyen Thanh Trung and his team at Sky Mavis ventured into uncharted territory: blockchain-based gaming. Axie Infinity emerged not simply as a form of entertainment but as a groundbreaking “play-to-earn” platform—an immersive digital universe where players can build, nurture, battle, and truly own their assets. With daily in-game transactions hitting millions of US dollars and the total value soaring into the billions, the game’s meteoric rise captured global attention and triggered a new wave in blockchain gaming.

The extraordinary success of Axie Infinity drew swift interest from international investors. In 2021 alone, Sky Mavis completed two notable fundraising rounds, drawing in figures such as billionaire Mark Cuban and leading investment funds. The company’s valuation soared to USD 3 billion in just over three years—an achievement that solidified its place in the unicorn ranks. From a young developer, Nguyen Thanh Trung has swiftly become a defining figure in blockchain gaming, earning a coveted spot on Forbes’s Under 30 list.

Yet the ascent of Sky Mavis—and its youthful founder—was not without obstacles. The company has weathered intense challenges, from the downturn of the crypto market to the high-profile security breach of the Ronin bridge, which resulted in significant financial losses. With unwavering resolve and a strong sense of accountability, Nguyen Thanh Trung steered Sky Mavis through the crisis, providing compensation to affected users, swiftly reinforcing the platform’s security, and restoring trust while continuing to grow the business.

More than just the architect of a billion-dollar game, Nguyen Thanh Trung has helped shape a vision of a virtual future—one in which blockchain and cryptocurrency play an increasingly tangible role in everyday life. He believes Vietnam holds the potential to rise as a blockchain powerhouse, and that pioneering startups like Sky Mavis are laying the groundwork to harness these opportunities. Despite the company’s global success, Trung remains grounded and forward-thinking, guiding Sky Mavis through ongoing strategy refinements while strengthening the Ronin blockchain ecosystem. His aim: to spark the next era of breakthroughs and uphold the legacy of a truly “pure Vietnamese unicorn” on the global technology map.

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