Gaming industry eyes billion-dollar revenue

Gaming industry eyes billion-dollar revenue

Vietnam’s gaming industry is rapidly solidifying its position as a key player in the global development landscape.

At the Vietnam GameVerse 2025 event held three weeks ago, Le Quang Tu Do, director of the Authority of Broadcasting and Electronic Information under the Ministry of Culture, Sports and Tourism (MCST), emphasised Vietnam’s growing role in the global gaming market, which is currently worth hundreds of millions of US dollars. “Last year, we spoke of a billion-dollar dream. This year, we are seeing tangible progress that reflects the sector’s rapid development,” he stated.

Vietnam is now emerging as a new gaming for Southeast Asia and beyond, thanks to a sizeable player base and an energetic fan community.

According to the MCST, Vietnam’s gaming industry generated nearly $500 million in revenue in 2024, with 6.7 billion game downloads. The country ranks among the top 10 globally for downloads, even surpassing gaming giants like China and the US. More than $80 million of this revenue came from international users, with 5.7 billion downloads originating from outside Vietnam.

Vietnam Briefing reported that Vietnamese game developers achieved growth 2.5 times higher than the global average in 2024. The sector now employs approximately 4,100 people, marking a 31 per cent on-year increase. This expansion is credited to the industry’s agility and its early adoption of AI in game development.

Nguyen Manh Quyet, CEO of iKame Global and chairman of the Vietnam Game Development Association, pointed out a significant shift in business strategies.

“Vietnamese studios and publishers are increasingly focusing on international markets,” he said. “Vietnamese games have achieved global success, especially in casual and role-playing genres. Companies like iKame and ABI have made it into the top 10 most downloaded developers worldwide.”

Supporting these trends, Giuseppe Stasolla, head of Southeast Asia Ecosystem at Google Play, highlighted Vietnam’s dominant position in global mobile gaming.

“In 2024, Vietnamese users downloaded 6.1 billion games from Google Play, the highest in the world,” Stasolla said. “On average, Vietnamese users downloaded more than 11,600 apps and games per minute. This underscores the enormous potential of the Vietnamese gaming industry as a cornerstone of the future digital economy.”

According to Stasolla, local game publishers are investing more in product quality, aiming to serve domestic and overseas audiences. However, he stressed that long-term success depends on maintaining a strategic focus on three pillars, quality products, operational efficiency, and sustainable growth.

In parallel with efforts to enhance product quality and global reach, integrating cultural identity into game design is also emerging as a strategic differentiator for Vietnamese developers.

In South Korea, the gaming industry has received strong government support since the late 1980s, and is considered on par with other key economic sectors.

Chinese developers embed deep cultural references in their games, incorporating literature, folklore, and popular media. These strategies have helped preserve cultural heritage while reaching global audiences.

Vietnam has similar potential, according to Lam Huynh Phat, director of Viet Legacy JSC. “Vietnam has a rich and diverse cultural heritage, but it has not yet been clearly positioned in gaming. By integrating local culture, from architecture and national heroes to folk legends, Vietnamese developers can create distinctive games that resonate internationally,” Phat said.

Such integration could not only boost national identity, but also set Vietnamese games apart in a global market that is becoming increasingly saturated with generic content, he added. “We hold a vast treasure of tangible and intangible heritage. This cultural wealth is a goldmine for unique, engaging content that appeals across age groups and demographics.” Phat said.

A report on the state of mobile gaming in 2025, published by Sensor Tower and TikTok in April, projects that Vietnam’s online gaming industry will reach $1.66 billion in revenue by the end of 2025 and grow at an annual rate of 9.7 per cent to $2.42 billion by 2029. The report also positions gaming as one of the most promising pillars of Vietnam’s digital economy.

Vietnam and Southeast Asia are leading the world in mobile gaming growth, with a 7.4 per cent annual increase since 2022. The market is dominated by mobile gaming, with over 90 per cent of gamers in Vietnam using smartphones. Casual, hyper-casual, and quick-play genres continue to dominate, favoured for accessibility, short learning curves, and viral appeal.

Meanwhile, Vietnam’s game startup ecosystem is gaining traction. Numerous small studios have been launched, focusing on mobile titles and AI-driven innovations. These agile startups are contributing not only to domestic job creation but also to the diversity of Vietnam’s game content portfolio.

“Vietnamese developers have proven their capacity to deliver high-quality, revenue-generating titles,” a Sensor Tower representative noted. “The coming years, especially 2025, will be defining for the growth trajectory of the industry.”

Do Viet Hung, chairman Vietnam Recreational and Electronic Sports Association

The Vietnamese gaming industry is witnessing a transformation, not only in terms of tech, but also in how it approaches and connects with players. Leveraging digital platforms to spread creative content and build communities is a strategic step towards introducing new solutions, helping Vietnamese game publishers reach domestic players and also extend to the regional and international levels.

During the integration process, it is evident that many foreign game products are imported into Vietnam. However, the key thing is that Vietnam needs to proactively develop products with their own characteristics that can compete or collaborate with international products.

For game organising units, preserving the essence and traditional values in each product is essential. Through this, we can preserve national culture while also elevating Vietnam’s image in the regional and global game market.

Maayan Kolter, global director of Gaming Development, TikTok

The global gaming industry is on track to generate $188 billion this year, a 2 per cent rise compared to 2023. Around 1.9 billion people play mobile games.

Within this landscape, Vietnam is carving out a growing role. Backed by governmental support, investment, and a young, technically skilled workforce, Vietnamese developers are beginning to influence the global stage. Companies such as VNG and VTC are expanding user bases and gaming communities through creative strategies, including TikTok.

Vietnamese developers are also embracing technologies such as AR/VR, with pioneers like Sparks leading this transformation.

Another major trend is the rise of esports in Vietnam, both on PC and mobile, with tournaments drawing attention worldwide. Companies like Alamox are leading the mobile gaming movement with successful titles like Magic Talos 3, contributing to Vietnam’s growing reputation as a mobile-first gaming hub.

VIR