Game industry’s annual revenue surpasses US$500 million

According to Vu Quoc Huy, director of the National Innovation Centre (NIC), the industry has made plenty of breakthrough strides over the past decade, as seen in the rising revenue and more than half of the population now having access to video games for entertainment.

Furthermore, several leading developers such as VNG, Amanotes, Sky Mavis, Appota, and VTC are now active in the market, of which Amanotes and Sky Mavis have reached the world level, while also creating jobs with high economic value in programming and design.

With important development milestones being recorded and an abundant room for future growth, the gaming industry stands a chance to become a valuable export sector that will help to develop high-quality human resources based on innovation and science – technique, whilst raising the country’s stature in the global value chain, Huy opined.

La Xuan Thang, a representative of the VNG Corporation, stated that roughly three billion people play video games around the world at present, accounting for 40% of the global population. The gaming industry’s revenue this year is predicted to reach US$187 billion, half of which comes from mobile games.

The growth of the gaming industry is closely linked with the development of mobile devices, especially smartphones, he went on, adding that Asia contributes to half of global players and revenue, with Southeast Asia being an important market posting the world’s second fastest growth rate in this regard, behind only the Middle East.

In the nation, the industry raked in US$500 million in revenue last year, although this figure is just the “tip of the iceberg” because it may exceed US$1 billion if some forms of payment are included, Thang pointed out.

This indicates that the gaming industry is developing not only globally, but also in the nation too, he emphasized.

However, he said that despite its development prospects, the industry hasn’t received due attention in terms of policies and legal rules.

As a means of boosting the game industry’s development, it can be viewed as necessary to devise favourable policies such as tax incentives and support measures, Thang noted, adding that insiders also hope that authorities will view gaming as a business line and an occupation in society.

The country needs about 30,000 workers in the gaming industry in the coming time, which can be viewed as an opportunity for young people, especially Generation Z. Some ministries and sectors have made positive moves as part of efforts support the gaming industry, which is a source of encouragement for insiders.