The gaming industry in Vietnam is likely to experience significant expansion in the next few years. The market demonstrates substantial potential and profitability with estimated revenue of US$847. 20 million by 2023. The industry has a high potential to generate a strong earning rate, registering a compounded annual growth rate of 7. 99% during the period spanning from 2023 to 2027. (Statista)
Game developers and publishers in Vietnam can look forward to promising opportunities as indicated by these statistics.
Vietnam’s game market trends in 2023
Mobile gaming dominance
The presence of mobile gaming in the Vietnamese gaming industry has been dominant for a long time. Because of the rising accessibility of affordable smartphones and available mobile data plans, an increasing number of individuals in Vietnam have shifted their focus to mobile gaming as their primary means of entertainment. In the Mobile Games market, the number of users is expected to amount to 8.27m users by 2027, according to Statista
Esports competition
Esports, a form of competitive online gaming, has recently become more popular. The trend of esports in Vietnam has been on the rise in the past several years and continue into 2023. In addition, Vietnam also has domestic tournaments such as Vietnam Championship Series, VCS, MGA (Mobile Game Association) Championship, and other tournaments. These tournaments attract a lot of players and esports enthusiasts.
Predicted 2024 Trends in Vietnam’s gaming market
The emergence of indie games
Vietnam is witnessing a rise in the popularity of indie games, attributed to a growing demand among gamers for distinctive and creative gaming adventures. In the upcoming years of 2023 and 2024, the prevalence of independent video game producers in the Vietnamese market will be increasing. Prominent games’ titles call out to Hoa, The Scourge (Tai ương), and many more
Cross-platform gaming
While Vietnam will continue to be the mobile-first market, online players also show a preference for Cross-platform like Microsoft Windows, PlayStation, Nintendo Switch, and more. This creates a need for game companies to prioritize the development of products that are compatible across different platforms- which required robust cloud gaming services and flexible game screen options.
Virtual reality (VR) and Augmented reality (AU)
Vietnamese gamers have been captivated by the potential of virtual reality and augmented reality. The availability of VR headsets and smartphones equipped with AR technology has increased, granting players the opportunity to fully engage with virtual realities or integrate digital components into their real-life surroundings. The utilization of VR and AR technologies presents intriguing possibilities for game developers to design engaging adventures that blend the boundaries of the real world and the virtual realm
Vietnam Gaming Industry Forecasts 2024
Sustained growth
It is anticipated that the gaming sector in Vietnam will sustain its upward trend and expand to an estimated worth of $2. 4 billion by 2024. The rise in demand for mobile gaming, along with the constantly progressing esports and VR industries, will be the main factors contributing to this projected growth.
More investment
With the continuous expansion of the gaming industry in Vietnam, it is possible for both local and foreign enterprises to pour in more funds. Companies in South Korea, Japan, China,…have always been potential business partners with local game companies in Vietnam. These funds will provide the necessary resources to further the progress of both novel gaming concepts and advancements in technology, as well as to augment established gaming entities.
Profitable gaming approaches
Localization
The issue of localization is gaining more significance within the gaming industry in Vietnam. With an increasing number of Vietnamese individuals adopting mobile gaming, there is an escalating need for games that cater to the specific demands of the local market. This comprises a range of aspects such as adapting the language, incorporating cultural elements, and devising gameplay mechanisms.
Monetization
Generating income from their games is a major concern for game developers in Vietnam, who are actively seeking out innovative strategies to monetize their products. New and innovative methods for monetization will likely arise in the future, although in-app purchases and advertising remain the prevailing strategies for now. According to a report from Business of Apps, in-app purchases account for 48.2% of mobile app earnings. Additionally, it states that an estimated 79% of game apps use in-app purchases as a monetization model. On the other hand, ads-based revenue contributes to approximately 14% of mobile app earnings,
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Breaking news and developments in the world of gaming
Government policies and regulations
In recent years, the Vietnamese government has taken measures to control the gaming sector, and the regulations and policies are persistently vaild from 2023 to 2024. This encompasses a wide range of regulations, from imposing limits on the age range of players for certain games to implementing rules regarding transactions made within the game.
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Blockchain technology
Although blockchain technology is not yet fully developed in Vietnam, it holds remarkable promise to transform the gaming industry. Decentralized gaming platforms can be established with the aid of blockchain technology, enabling gamers to possess and exchange in-game assets. Game developers could potentially generate additional sources of income while enhancing the gaming experience of players.
Golden opportunities for game developers and publishers
The Vietnamese market presents profitable prospects for game developers and publishers seeking to capitalize on a growing industry. With the service of Gamota, developers can meet the local audience’s preferences effectively, catering to the needs of Vietnamese gamers through culturally relevant content. The increasing demand for top-tier games provides an opportunity for developers, whether local or from foreign countries, to establish a substantial influence and attain prosperous outcomes.
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