Vietnam Game Market Outlook to 2028

Vietnam Game Market Overview

• The Vietnam Game Market has witnessed growth in the historical period, reaching a market size of USD 1.30 Bn, driven by the country's young and tech-savvy population, with a strong interest in online gaming and esports. The market is bolstered by increasing access to smartphones, affordable data plans, and the rise of mobile gaming, which has become the dominant form of gaming in Vietnam. Key drivers of the market include rapid urbanization, rising disposable income, and the growing popularity of multiplayer and competitive gaming.

• Major cities such as Ho Chi Minh City and Hanoi serve as key hubs for gaming, with a high concentration of gaming cafes, esports arenas, and gaming communities. Vietnams thriving digital infrastructure and increasing investment in high-speed internet have also contributed to the rapid growth of the gaming industry.
• Vietnam's government has established a comprehensive digital economy policy to foster the gaming industry. In 2024, the Ministry of Information and Communications announced incentives aimed at game developers, including tax cuts and subsidies for start-ups. These measures have encouraged the creation of local gaming companies and supported the overall digital economy.

Vietnam Game Market Segmentation

• By Platform Type: The market is segmented into mobile gaming, PC gaming, and console gaming. Mobile gaming holds the largest share, driven by the widespread use of smartphones and affordable mobile internet. PC gaming remains popular, particularly in gaming cafes where multiplayer online games thrive, while console gaming, although smaller in comparison, is gaining traction among dedicated gamers seeking premium experiences.

• By Genre: The market is further segmented into action, role-playing games (RPGs), sports, strategy, and others. Action games dominate the market, largely due to the popularity of multiplayer battle games and first-person shooters. Role-playing games (RPGs) and sports games are also contributors, as players seek immersive and competitive experiences. The strategy genre is growing, reflecting the increasing complexity and variety of games available in the market.

Vietnam Game Market Competitive Landscape

The Vietnam Game Market is highly competitive, with both domestic and international players striving for market share. Local game developers such as VNG Corporation and SohaGame are key players in mobile gaming, particularly with localized content that resonates with Vietnamese gamers. International companies like Tencent and Garena have established a strong presence, especially in the multiplayer online battle arena (MOBA) and battle royale segments. Companies are increasingly investing in esports, as the growing interest in competitive gaming has led to the formation of professional teams and leagues. Strategic initiatives, such as partnerships with global game developers and the expansion of esports events, are helping companies strengthen their foothold in the Vietnamese gaming market.

Vietnam Game Market Analysis

Growth Drivers

• Rising Smartphone Penetration and Internet Access: Vietnam has seen rapid growth in smartphone ownership and internet connectivity, driving the gaming market. In 2024, there are 78.44 million internet users, with broadband subscriptions reaching 21 million, up from 18 million in 2022. This widespread access to the internet has led to a massive increase in mobile game downloads and active gaming sessions. Additionally, smartphone users now account for over 84% of the population, making Vietnam a mobile-first gaming market, propelling growth in mobile game engagement and revenue generation.
• Esports Popularity and Sponsorship Growth: Esports in Vietnam has grown exponentially, driven by increasing sponsorship deals and viewership. By 2024, esports events are expected to attract over 10 million viewers, up from 8.3 million in 2022. Sponsorship revenues from brands and tech companies have reached increased substantially, supporting local gaming leagues and competitive tournaments. Vietnams esports scene is also gaining attention from international investors, fueling the creation of more professional teams and gaming events.
• Government Support for Digital Economy and Gaming Industry: Vietnam's government has heavily invested in its digital economy, allocating millions to develop digital infrastructure between 2022 and 2025. This includes improved broadband access and incentives for tech start-ups, including gaming studios. Game developers receive tax benefits and subsidies, encouraging local talent to enter the industry. These government initiatives aim to increase the contribution of the digital economy, including gaming, to Vietnam's GDP, which reached USD 429 billion in 2023.

Market Challenges

• Regulatory Barriers: The gaming industry in Vietnam faces regulatory challenges, particularly in areas such as content censorship and licensing. Games that are deemed inappropriate by the government can be banned or subject to strict content modifications, making it difficult for international developers to enter the market. Additionally, there are limitations on gaming hours for minors, which can impact user engagement and retention, especially for multiplayer games.
• Lack of Local Game Development Talent: Despite the growth of Vietnams gaming market, the majority of games consumed are developed by international companies. Local game development remains limited, with domestic companies facing challenges in terms of funding, talent acquisition, and intellectual property protection. This has led to a reliance on foreign content, which may not always align with the preferences of Vietnamese gamers. Encouraging local content creation remains a critical challenge for the industry.

Vietnam Game Market Future Outlook

The Vietnam Game Market is expected to continue its upward trajectory, driven by increasing demand for mobile games, esports, and government-backed initiatives to boost local game development. The integration of virtual reality (VR) and augmented reality (AR) into gaming is also anticipated to create new opportunities for growth in the forecasted period. Furthermore, the expansion of high-speed internet infrastructure across rural areas is expected to increase access to online gaming.

Future Market Opportunities

• Growth of Cloud Gaming and Subscription Services: Vietnams expanding digital infrastructure provides an opportunity for cloud gaming and subscription-based gaming models. In 2024, Vietnam has 21 million broadband subscriptions, up from 18 million in 2022, supporting seamless streaming for cloud gaming. Cloud gaming platforms like Google Stadia and Microsoft xCloud have begun penetrating the market, offering subscription services that allow gamers to play high-quality games without hardware limitations. This shift opens new revenue streams for game developers and companies as more consumers switch to cloud gaming.
• Investment in Local Game Development Studios: Government incentives in 2024, including tax breaks and funding grants, have provided local studios with the resources to develop homegrown games. Investments of millions have been allocated to local gaming start-ups, leading to the creation of over 200 games by domestic studios in 2023. The development of local games reduces reliance on international imports and allows Vietnamese cultural elements to be incorporated into gaming, which appeals to both domestic and regional market.