VNG Corporation (UPCoM: VNZ) has reported consolidated Q3 2026 results showing its third consecutive quarter of positive net profit. It is a notable milestone for a tech company that went through years of losses and is in the middle of a sweeping restructuring.

A stronger third quarter

Q3 net revenue reached VND3,361 billion, up 22.1% year on year. Net profit was VND420.5 billion, compared with a loss of VND7.2 billion in Q3 2025. Gross profit rose 38.3% to VND1,454 billion, and gross margin reached 43.3%, up from 38.2%.

Cost efficiency stood out: selling expenses fell 13.6% to VND635 billion, and their share of net revenue dropped from 26.7% to 18.9%. Operating profit was nearly VND426 billion, versus VND16.4 billion in Q3 2025. For the first nine months, revenue rose 26.4% to VND9,233 billion and net profit was nearly VND1,013 billion, compared with a loss a year earlier.

Portfolio restructuring

VNG has fully divested Ecotruck and VNG Solutions, and cut its stake in VNG Data Center from 51% to 49% in Q2 2026. On October 16, 2026, it completed the acquisition of a 65% stake in VTH Software Development JSC for VND480 billion; VTH holds land-use rights to over 2.5 hectares in the Tan Thuan Export Processing Zone, HCMC. The deal closed after Q3 and is not yet reflected in this quarter's results.

A bet on artificial intelligence

As of September 30, 2026, VNG had advanced approximately VND778 billion to two suppliers of AI server systems. Its cloud and AI arm GreenNode posted revenue of VND164 billion, up 4%, with AI Cloud revenue surging 160%. VNG chairman Le Hong Minh said at CIO Summit 2026 that AI investment is not only about technology but also about people. According to The Investor, the next question is how effectively these assets can generate revenue.

Key takeaways