GameGeek – Gaming Central Hub has officially released the Vietnam Mobile Game Industry Report 2025, titled “Vietnamese Games Go Global: From Local Market to Global Production Engine,” in collaboration with leading industry partners, including:
- The Authority of Broadcasting and Electronic Information (ABEI) under the Ministry of Information and Communications of Vietnam
- Strategic partner VNGGames and financial platform Airwallex
- Leading global data providers: Sensor Tower and AppsFlyer
- International media and networking partners: Gamesforum and Gamigion
The report aims to highlight Vietnam’s production capabilities, reinforcing that the country is not only a game consumption market but also an emerging and promising game development powerhouse.
Four Strategic Highlights Redefining the Value of Vietnam’s Mobile Game Industry
Vietnam establishes itself as a global mobile game production hub
With 4.9 billion downloads, Vietnam firmly ranks #2 globally. This equates to approximately 9,300 downloads per minute – demonstrating the massive global reach and popularity of Vietnamese-developed games.
In 2025, Vietnamese studios launched 27,388 new games, marking a 13% increase compared to 2024. Notably, this growth was achieved amid a global market consolidation phase, underscoring Vietnam’s strong production capabilities and resilience against global fluctuations.
This momentum contributed to an estimated 83% year-over-year increase in in-app purchase (IAP) revenue in 2025, driven by the active operations of over 210 studios nationwide.
A shift from quantity to quality across the ecosystem
The 2024-2025 period marks a transition from quantity-driven strategies to a stronger focus on quality. While the number of Vietnamese publishers continues to grow, total downloads have shown a slight decline, ranging from 2% (AppsFlyer) to 9% (Sensor Tower).
However, this decline does not signal a downturn. Instead, it reflects a strategic shift away from hyper-casual games – traditionally driven by high download volumes toward deeper, more sustainable genres such as Simulation, Puzzle, and Arcade. These three categories now account for 66% of total downloads for Vietnamese-developed games.
Notably, 78% of new users engaged with games released before 2025, highlighting the importance of long lifecycle products. This indicates that Vietnamese developers are increasingly mastering sustainable operations rather than chasing short-term trends – a key sign of a maturing market.
Hybrid-casual & Puzzle emerge as dominant segments
Simulation, Puzzle, and Arcade genres collectively account for approximately 66% of total downloads, becoming the dominant product segments due to their ability to balance user scale and monetization.
A major operational shift is also evident: 73% of studios have transitioned from purely ad-based models to in-app purchase (IAP) or hybrid monetization models. This shift enhances ARPU (average revenue per user) and extends customer lifetime value (LTV), creating more stable and sustainable revenue streams.
A rapidly growing yet still young ecosystem
GameGeek’s internal data indicates approximately 210 actively operating studios (frequently participating in industry events), with the actual number expected to be higher due to undisclosed independent teams. Notably, 91% of studios are concentrated in Hanoi and Ho Chi Minh City, forming dynamic ecosystem clusters.
Among surveyed participants:
- 38% of studios are 2-5 years old (emerging during the 2020–2023 growth boom)
- 36% are 5-10 years old
- Very few have operated for over 10 years
This reflects a gap in long-term operational experience and highlights the scarcity of mature companies capable of leading the industry.
From an investor’s perspective, Vietnam’s gaming market is expected to see strong growth over the next 3-5 years, increasing its attractiveness to capital inflows. With improving production capabilities and product quality, the market is entering a prime phase for investment and expansion.
The current period presents a favorable entry point for investors, with expectations of increased deal activity in the next 1-2 years and the potential emergence of unicorn-scale companies in the medium term.
Recent deals reflect this trend:
- Panthera Global raised $1.5 million to expand its mobile game development and publishing internationally
- NCSoft invested approximately $103.8 million to acquire 67% of Indygo Group (parent company of Lihuhu), implying a valuation of around $155 million
These developments demonstrate growing interest from global gaming corporations in the Vietnamese market.
Industry Perspective
Ms. Vu Minh Hanh, CEO of GameGeek, shared:
“Vietnam’s gaming industry is entering a critical growth phase, driven by strong internal capabilities in talent, production, and global distribution. With increasing scale, growth speed, and product quality, Vietnam is rapidly emerging as one of the world’s leading mobile game production hubs. GameGeek believes that with this trajectory, Vietnam will establish itself as a rising star in the global gaming industry, moving toward becoming a robust development hub capable of standing alongside leading nations in the near future.”
Beyond publishing this industry report, GameGeek is fostering international collaboration opportunities through Vietnam Game Connect 2026 – the largest B2B gaming event in Vietnam, bringing together hundreds of studios.
The event aims to build a strong B2B community where businesses not only exchange insights but also collaboratively address sustainable growth challenges in both the digital economy and the gaming sector. It also serves as a gateway for international partners to connect and unlock commercial opportunities in Vietnam.
