Vietnam eyes to unlock gaming industry potential with esports boom?

Jenny Ortiz June 14, 2024

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Vietnam eyes to unlock gaming industry potential with esports boom?

Vietnam’s gaming industry is experiencing significant growth, with the government keen to harness its vast potential, particularly in esports. Recent data from Newzoo highlights that the industry attracted 54.6 million players and generated $507 million (€472.5 million) in revenue last year, with esports playing a pivotal role in this surge.?

In a report by Vietnam Plus, Intel’s country manager for sales, marketing, and communications Phung Viet Thang noted the Southeast Asian country’s impressive milestones in gaming and esports over the past decade. Vietnamese esports teams have not only dominated Southeast Asia but also competed on the global stage. The Vietnam E-sports Whitebook 2021 further underscores the potential, with over 18 million active esports players providing a solid foundation for future development.

Government support and industry growth

The inclusion of esports in the Southeast Asian Games (SEA Games) beginning in 2019 in the Philippines, exemplifies the region’s commitment to promoting this sector. Professional gaming is also becoming increasingly popular, creating new job opportunities and contributing to the economy.

Vietnam Plus also quoted Le Quang Tu Do, Director of the Ministry of Information and Communications (MIC)’s Authority of Broadcasting and Electronic Information (ABEI), saying the game industry is viewed as a significant contributor to Vietnam’s development in the Industry 4.0 era. ABEI statistics reveal that about 50 percent of popular mobile games are either outsourced or fully developed in Vietnam.

Challenges and strategic initiatives

Despite the industry’s growth, several challenges persist. Do acknowledges that while the industry is expanding in both quality and quantity, most games distributed in Vietnam originate from other countries. This highlights the need for increased local production and distribution.

The Vietnam Game Developers Association also points out the lack of specialised training as a significant barrier. It was only last year that the Posts and Telecommunications Institute of Technology (PTIT) launched the first official game design course.

Vietnam’s mobile game revenue remains modest compared to Southeast Asia’s total, partly due to differing policies across the region. To achieve a revenue target of $1 billion (€931.4 million) by 2030, the MIC is drafting a comprehensive strategy. This includes establishing a game developers’ alliance, addressing social biases against gaming, and attracting foreign investments. Collaborative efforts with other ministries and sectors are also in place to support game development, with a focus on training and developing skilled personnel.

SiGMA East Europe Summit

Find out more about the latest updates and trends in the industry, from latest regulatory news to most recent innovations at the upcoming SiGMA East Europe Summit happening in Budapest from 2 – 4 September.