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Vietnamese Startup VNG Reaches for Country's First IPO Abroad

Vietnamese startup VNG Corp. has signed a memorandum of understanding to list on New York's Nasdaq Stock Exchange.

Bloomberg reports that VNG, a game developer with investors such as Goldman Sachs, will list on the exchange once it receives approval from the Vietnamese government. 

Le Hong Minh, the company's founder and CEO, told the news source that the process could take up to two years to complete.

"No Vietnamese company has ever filed for an IPO overseas," he shared with the financial site. "We are anticipating it will be a challenging process."

Prime Minister Nguyen Xuan Phuc, who is currently in the United States on an official visit, met with a Nasdaq executive and Minh in New York City on Monday. According to Bloomberg, this signals government support for the overseas listing.

 Saigon-based VNG was founded in 2004 and forecasts revenue this year of US$180 million, a 70% increase over 2016, Minh shared with the news source. The company's games include Sky Garden: Farm in Paradise - which recently won the People's Choice prize at this year's International Mobile Gaming Awards - and Dead Target, both available in more than 230 countries.

Zalo, its chat app, has more than 70 million users in Vietnam, Myanmar, Japan, South Korea, Malaysia and Taiwan.

"It's a very good sign that a Vietnamese company can become a global company by going to a global capital market," Minh explained to Bloomberg. "It will help attract a lot of attention and investment to Vietnam."

[Photo via New York Natives]

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