Many countries have low development costs. Many have 'hustle' or 'entrepreneurial spirit'

So, why did Vietnam, and not, say, Indonesia, Philippines, Pakistan, India or LATAM explode onto the world stage ( 2020-2022) as a global mobile game publishing hub?

As suspected, (like Turkey), key ingredients included

  1. large, deliberate talent incubator, feeding...
  2. diaspora of startups born of #1, and, critically
  3. BIG tax incentives / government support.

So, who will next acquire these key ingredients?

Who will be the next Vietnam?

Key inflection points

I. The Academy (2004–2011)

Gameloft establishes studios in Ho Chi Minh City (2004) and Hanoi (2011).

Over next decade, Gameloft becomes Vietnam's "game academy," training thousands of artists, engineers, and producers in mobile-first dev, monetization, liveops.

Other SEA Geos had no such mobile training hub.

II. The Big Four Are Born (2011–2015)

Gameloft alumni found or staff most of Vietnam's first generation of global publishers.

Senspark (2011), Onesoft/Falcon (~2010), Amanotes (2014), and ABI (~2015) are founded in Ho Chi Minh City.

Together, they form the backbone of Vietnam's later boom, where iKame and XGame would also be founded by a Gameloft alumni.

III. The Tax Boon (2015 onward)

Vietnam's 2015 tax incentives propel unit economics.

Circular 96/2015 confirms "software production" as a priority sector, giving studios 4 years of 0% CIT, 9 years at half rate, a 10% preferential CIT thereafter, and VAT-free exports.

By the late 2010s, Amanotes, Onesoft, and ABI were able to recycle a larger share of profits into UA and hiring than peers in Indonesia, India, or Brazil — giving Vietnam a structural cost advantage just as CPI was rising globally.

IV. The Publishing Boom ('20–'22)

From '20-'22, Vietnam's output increases 4x.

ABI, 1SOFT, Amanotes, Senspark and iKame collectively launch 468 games.

Vietnam suddenly ranked among the world's top publishers by downloads.

Unlike Turkey's VC-driven rise, Vietnam's boom was powered by bootstrapped profits, tax savings, and talent costs ~⅓ of Turkey or Eastern Europe.

V. Legitimacy & Capital (2023–2025)

The industry gains government recognition and global investor attention.

Vietnam GameVerse (2023) draws 20,000+ attendees under the Ministry of Information & Communications, legitimizing gaming as a pillar of the digital economy. VNG files for a U.S. IPO (2023), attracting Temasek, GIC, and global attention, even after the listing is withdrawn in 2024. By 2025, Vietnam's industry is projected at ~$1.6B revenue, with universities adding game-dev programs and publishers scaling globally.

Game data from AppMagic (Publisher search, Advanced Search)