Nasdaq backs Vietnam’s VNG IPO on its exchange

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Nasdaq said it has signed a MoU with Vietnam’s VNG Corporation towards its initial public offering on the exchange.

VNG Corporation offers value added services, developing and publishing online content, providing mobile platforms and payment systems in Vietnam.

Nasdaq said in a statement that it will work closely with VNG to prepare for its listing on Nasdaq and support VNG’s access to the U.S. capital markets. Vietnamese Prime Minister Nguyen Xuan Phuc was also present at the signing ceremony as part of his first visit to the U.S.

Vietnam has been fostering a vibrant entrepreneurial scene with an increase in support of its startups and technology companies. Years of investment in education by the government has helped improve the workforce and increase economic growth. Many startups and global technology enterprises are tapping into the young tech-savvy population with a median age of just 30 years old.1 The Vietnamese e-commerce market is expected to grow 150% from $4 billion to $10 billion by 2022.2

“The agreement marks an important milestone for VNG, as we are taking another step in making various systems and online products that enrich users’ online experience,” said Le Hong Minh, CEO of VNG. “Vietnam’s technology industry has grown rapidly and drawn attention from investors around the globe. A successful listing on Nasdaq will further our commitment in providing world-class online services that revolutionize digital businesses.”

“Innovation has always been a vital part of Nasdaq’s heritage, and we are proud to be the home to disruptive forces in the global technology sector,” said Bob McCooey, Senior Vice President, Listing Services, Nasdaq. “We are excited to partner with VNG, Vietnam’s first unicorn expected to list in the U.S., and look forward to supporting the company’s continued growth and access to the capital markets.”