Vietnam, often overshadowed by Indonesia, Thailand, and Malaysia in Southeast Asia’s gaming arena, is now emerging as a formidable force. According to a recent report by Canvas8, authored by Linh Tran Hanh Pham, Vietnam has rapidly ascended to become a significant player in the global gaming market. This transformation, detailed in the report titled “How Vietnam went from anti-gaming to an emerging industry powerhouse,” is multifaceted and remarkable.
With an impressive industry valuation of $507 million and a staggering 54.6 million gamers as of 2022, Vietnam’s gaming scene has evolved dramatically. Key factors driving this growth include changing societal attitudes toward gaming, substantial government support, and soaring rates of smartphone and internet penetration. By December 2022, Vietnam boasted 94.2 million smartphone users and 72.1 million internet users, making it the fifth-largest gaming market in Southeast Asia and one of the top 35 globally in terms of game revenues.
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A pivotal factor in this transformation is the Vietnamese government’s shifting stance on gaming. Historically viewed with skepticism, gaming is now actively promoted and supported. The issuance of Decision 512/QD-BTTTT in March 2023 by the Ministry of Information and Communications marked a significant move to foster the growth of Vietnam’s gaming industry. Furthermore, events like the Vietnam GameVerse and the Vietnam GameMaker Conference highlight the government’s recognition of gaming’s critical role in the nation’s socio-economic strategy.
Vietnam’s gaming prowess is not confined to domestic consumption. The country is emerging as a hub for game production, supported by a burgeoning talent pool and entrepreneurial spirit. Prominent game development studios and indie developers such as VNG Corporation, Amanotes, and Topebox have achieved notable success both domestically and internationally.
Vietnamese gamers exhibit diverse preferences across various game genres and platforms. Mobile gaming, driven by the widespread adoption of smartphones, dominates the market. Esports has also seen a meteoric rise in popularity, especially post-COVID-19 pandemic.
Nick Morris, UK-based founder and Managing Director of Canvas8, noted, “As Vietnam’s gaming industry continues to thrive, opportunities abound for brands and investors to capitalize on this burgeoning market. To maximize success, experts recommend championing the ‘made-in-Vietnam’ label, ensuring affordable access to games, and embracing gaming as part of a broader ecosystem. By understanding and leveraging these insights, brands can forge meaningful connections with Vietnamese gamers and unlock the full potential of this dynamic market.”
The transformation of Vietnam’s gaming industry is a testament to the country’s evolving landscape and strategic initiatives. As the industry continues to grow, it presents vast opportunities for brands and investors looking to tap into this dynamic and rapidly expanding market.
About Canvas8.
Canvas8 is a global strategic insights practise operating out of London, Los Angeles, New York, and Singapore. Since 2008, we have helped organisations grow through a better understanding of people. Primarily focused on media, communications, and product development, our award-winning insights inspire clients including Google, Mindshare, Molson Coors, The North Face, Mars, Nike, and Logitech. Supported by our network of over 5,500 experts, from TED speakers to MIT fellows, and underpinned by innovative research methods, we work at the intersection of behavioural science, culture, business, and creativity to understand human behaviour. Our flagship product is our membership platform, including an online database of 37,000-plus trend reports and case studies spanning 15 industries, nine markets, and five generational audiences. It also includes Access, a tool enabling our members to gain exclusive access to our network of industry leaders, and Toolkit which is bespoke packaged approaches for consultancy work at a fraction of the cost and time. This is complemented by our innovative global consultancy offer for longer term projects. For more information visit: www.canvas8.com
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