HANOI (Reuters) – Dozens of police on Friday raided the Ho Chi Minh City headquarters of software company VNG, one of Vietnam’s most promising tech start-ups, the company said.
“The investigation is still ongoing, and VNG continues to actively cooperate with the authorities, ensuring compliance with their requests,” VNG said in a statement, noting its business would be operating normally.
The statement did not provide a reason for the investigation.
A source familiar with the matter said the investigation would include VNG and two of its related companies, Zion JSC and Thanh Son Communication Company.
VNG, which has 14 offices across the world, had planned to go public in the U.S. However in January it withdrew its initial public offering registration there without elaborating on the reason.
Founded in 2004, VNG was Vietnam’s first unicorn – a startup valued at $1 billion or more. The company’s businesses include online games, payments, cloud services and Vietnam’s most popular messaging app, Zalo.
Its revenue in the first half of this year rose 30.3% from a year earlier to 4.3 trillion dong ($174.7 million), its financial statement showed, with its net loss in the period shrinking 51% from a year earlier to 585.8 billion dong.
(Reporting by Phuong Nguyen; Editing by Jan Harvey)
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