The future of gaming is bright in Vietnam
When VNG was valued at $1 billion in 2014, it became Vietnam’s first unicorn. The Tencent backed company started as a gaming startup and turned into a tech conglomerate when it began operating its popular messaging app Zalo. VNG’s superapp is a one stop destination for many purposes from listening to music to payments to gaming, making it super adaptable to new innovations (such as blockchain) as well as more favorable for consumers to use. Since VNG, Vietnam has seen a boom in its gaming industry as well created a robust support system for gaming startups and organizations. It is set to be a leader in gaming for the upcoming decade and is on the cusp of a major growth period.
As seen in the chart above, Vietnam’s gaming industry is expected to have a revenue of 466 million US$ by the end of 2022. While this figure might seem small compared to the bigger nations around the world, given the low population of Vietnam, the per capita revenue puts the country in the forefront of Southeast Asia.
The gaming market in Vietnam is growing faster than any other country in Southeast Asia, with an expected CAGR of 8% till 2027. The major drivers of this growth could be attributed to the fact that Vietnamese gaming ethos is highly influenced by Chinese culture. Players in Vietnam, like those in China, prefer games based on the Three Kingdoms, Kung Fu, and Jin Yong novels. Many of the most popular multiplayer online (MMO) and player kill (PK) games in Vietnam were created by Chinese studios. The other common trend that the Vietnamese gaming industry witnessed is the birth of local mobile game publishers. There are more than 1,611 Vietnamese publishers on Google Play out of all the 178,385 game publishers. The biggest Vietnamese publishers are Zego Global Publishing, ABI Global LTD, XGame Global, TOH Games, BonBonGame.com, Great Arcade Games, Vnstart LLC, Bravestars Games, Sonatgame, Zego Studio. Vietnamese gamers’ interest in localized games – mainly because of language compatibility – has led to the birth of many home-grown publishers
Recently, a permanent global shift was observed that lasted beyond the pandemic. The lockdown has completely altered the way gamers play. Games have created a virtual environment in which players can compete, collaborate, and connect online. Since then, blockchain-based games of varying complexity and success have been rolling off the assembly line. The tech boom was also observed in Vietnam with the birth of Axie Infinity. Since its inception in March 2018, the Axie Infinity industry, introduced by Vietnamese company Sky Mavis, has provided a million unique crypto purses. Other than Axie Infinity, the Vietnamese blockchain market attributes Sipher, Faraland, Heroverse, Zuki Moba, My Defit Pet, MeebMaster, Theta Arena, and a lot more.
Other Vietnamese blockchain games that are scheduled to release this year are: – 9D NFT, Death Road, HeroVerse, KabyArena, Thetan Arena and Phuong Nguyen. With 38 million mobile phone individuals investing an everyday standard of 3.9 hrs playing video games, Vietnam presently holds 2nd place in mobile video game downloads in Southeast Asia. Given the increasing interest from gamers and the availability of local apps that promise to deliver superior gaming experiences, this segment will continue to explode in Vietnam.
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