Continuing to learn about the loopholes in the management of the Vietnamese game industry, Lao Dong Newspaper reporters found that not only stopping at loopholes in the management of age classification, the financial picture of game businesses (businesses with games classified incorrectly in age on application stores compared to licenses, mentioned in previous issues) also reveals many notable points.
Trillion VND revenue, continuously reporting losses or small profits
Established on September 9, 2004 with the predecessor being VinaGame, VNG Group Joint Stock Company operates in many fields such as online games, Zalo messaging platform, Zalopay e-wallet, cloud computing, data center, software production and online advertising.
In which, the game segment is still the core field, contributing large revenue to businesses with many familiar games such as PubG Mobile, Vo Lam Truyen Ky, Kiem The.
Financial data shows that VNG's revenue has continuously maintained at a high level in recent years. In 2021, the enterprise recorded revenue of VND 7,649 billion; in 2022 exceeded VND 7,800 billion; in 2023 reached nearly VND 7,592 billion; in 2024 increased to nearly VND 9,273 billion and in 2025 reached more than VND 10,894 billion. Accumulated for the period 2021 - 2025, the total revenue of this enterprise has exceeded VND 43,000 billion.
However, contrary to the revenue growth momentum, VNG's business results continuously recorded losses. In 2021, the enterprise lost about 72 billion VND; in 2022 the loss increased to more than 1,533 billion VND; in 2023 it continued to lose about 2,317 billion VND; in 2024 it lost about 1,180 billion VND and in 2025 it lost more than 325 billion VND.
On March 31, the Tax Department issued Official Dispatch No. 1927/CT-KTr on strengthening tax management for businesses that have been losing money for many years and have small profits.
In which, the Tax Department noted that it is necessary to warn of legal consequences and sanctions for cases where taxpayers continuously declare losses for many years without paying taxes but still invest in expansion and capital increase; this is also a key risk factor as a basis for tax authorities to include in key inspection plans, identify and strictly handle violations of tax laws, tax evasion, and tax evasion.
VNG Group Joint Stock Company is on the list of 302 enterprises subject to inspection according to Official Dispatch No. 1927/CT-KTr of the Tax Department.
Another "giant" in the game industry, Vietnam Electronic Entertainment and Sports Joint Stock Company (Garena), also recorded a large revenue scale in recent years.
In 2023, the company's revenue reached more than VND 5,361 billion. After-tax profit reached more than VND 215 billion.
However, entering 2024, although the company's revenue continued to increase to 6,799 billion VND, the company's profit decreased to about 180 billion VND.
Notably, Vietnam Electronic Entertainment and Sports Joint Stock Company is on the list of 108 enterprises subject to specialized tax inspection in 2026 according to Decision No. 446/QD-CT dated April 1, 2026 of the Tax Department.
Billion-dollar ecosystem" but the total number of workers declared for taxes is only 5 people
And at another leading game publishing unit, Appota Joint Stock Company, this is a business established on December 13, 2011, headquartered on Tran Binh Trong street, Quy Nhon ward, Gia Lai province.
Mr. Do Tuan Anh (born in 1979) currently holds the position of Chairman of the Board of Directors, and is also the legal representative of the enterprise.
According to updates to April 2025, the company's charter capital reached more than 18.6 billion VND. Information about the shareholder structure is currently not disclosed.
According to posted information, Appota said that the business is a pioneer in providing solutions and platforms for the digital entertainment industry in Vietnam. In the media, Appota is introduced as the "billion-dollar technology ecosystem of Vietnamese people".
Public information about this business shows that the business owns an ecosystem with about more than 50 million users, many member companies and about more than 400 employees.
However, notably, according to information updated by businesses in the dossier announcing changes in business registration content on the National Business Registration Portal, the total number of employees declaring taxes is only a meager 5 people.
Meanwhile, another name, Funtap Joint Stock Company, recorded revenue in 2023 reaching 374 billion VND and increasing to nearly 400 billion VND in 2024. Enterprise profit reached about 50 billion VND in 2023 and 25 billion VND in 2024.
It can be seen that the game segment is bringing in very large revenue for many businesses in Vietnam. However, along with the strong growth rate of this industry, the story of complying with regulations classifying the age of players, responsibility to protect users in the online environment, and fulfilling tax obligations continues to be raised.
Identify businesses with high tax risks, put them under inspection
At the regular press conference for the first quarter of 2026 of the Ministry of Finance, Mr. Le Long - Deputy Director of the Tax Department frankly shared about tax management for businesses with high revenue but reporting losses or small profits.
According to the Deputy Director of the Tax Department, the fact that businesses declare operating results with losses or very low profits has many causes, both objective and subjective. However, from the reality of management, there are some cases where businesses have business results with losses for many years but continue to expand business operations and increase investment capital.
Based on that identification, the tax authority has implemented solutions to strengthen management. Tax authorities at all levels promote propaganda in implementing honest, accurate and full tax obligations according to the provisions of law, and at the same time warn of legal consequences and sanctions for cases where taxpayers declare inaccurately and dishonestly.
The Tax Department has reviewed and summarized the list of some businesses to analyze and identify businesses with high tax risks and include them in the thematic inspection plan in 2026. In fact, recently, the Tax Department has issued decisions on thematic inspections and organized implementation in the coming time.
