Vietnam, once known for its rich cultural heritage and breathtaking landscapes, is now making waves in a different realm – the mobile gaming industry. With a meteoric rise in application downloads and a burgeoning ecosystem of game developers, Vietnam is quickly establishing itself as a key player in the global gaming arena. The Numbers Speak: Vietnam’s Ascendancy in Application Downloads
Data from the Think Apps 2023 event and a report by DataAI & AppMagic reveal a remarkable statistic – Vietnam has ascended from the top 15 to the top 5 globally in terms of application downloads, boasting a staggering 4.2 billion downloads. Furthermore, according to Bloomberg, Vietnam is among the top 5 countries producing mobile games worldwide, as evidenced by the soaring number of downloads in the first half of 2023.
The Vietnamese gaming industry has set ambitious targets, aiming to achieve a revenue of 1 billion USD within the next five years. This ambition is reflected in the rapid increase in the number of gaming businesses operating within the country.
Unlocking potential amidst challenges
However, despite the impressive growth trajectory, the industry faces its fair share of challenges and hurdles. While Vietnam boasts approximately 33 million mobile gamers, ranking third in Southeast Asia behind Thailand and Indonesia, the revenue generated by the gaming industry remains relatively modest. Besides, one of the primary issues plaguing the industry is the prevalence of pirated games, which undermines the revenue potential of legitimate developers. Additionally, there are obstacles related to the buying and selling of games between businesses, compounded by a lack of connectivity and solidarity within the industry.
Government Intervention: Policies and Measures
- Protecting intellectual property: In response to these challenges, authorities have implemented various measures and solutions to foster a conducive environment for the growth of the gaming sector.
- Tech giant collaboration to strengthen enforcement: Collaboration with tech giants Google and Apple has resulted in the establishment of mechanisms to detect and remove pirated games, alongside blocking payments for unlicensed games.
- Policy Support: Moreover, policymakers have refrained from imposing special consumption taxes on the gaming sector, recognizing the importance of nurturing its growth. Administrative procedures are also being streamlined to facilitate the establishment and operation of gaming businesses within the country.
- Building a strong ecosystem: Furthermore, initiatives aimed at promoting industry connectivity and solidarity have been launched.
- Investing in talent: These include partnerships with universities to develop specialized training programs tailored to the needs of the gaming industry, thus ensuring a steady supply of skilled professionals to fuel its expansion.
A promising future for Vietnam gaming market
By citing specific numbers and sources of information, a clear picture emerges of both the strengths and weaknesses of Vietnam’s gaming industry. While the country has made significant strides in terms of market presence and downloads, challenges such as piracy and industry fragmentation persist. Nevertheless, with concerted efforts from both government authorities and industry stakeholders, Vietnam is poised to unlock the full potential of its burgeoning mobile gaming market, offering ample opportunities for developers and investors alike. As the global gaming landscape continues to evolve, Vietnam stands ready to carve out its place as a leading hub for innovation and creativity in the digital entertainment realm.