Vietnamese internet group VNG Corporation has signed a memorandum to list on the second largest stock exchange Nasdaq, Bloomberg reported.

The timing and size of the IPO was not disclosed, though VNG Corporation CEO and Co-Founder Le Hong Minh expects the process to take 18 to 24 months.

He also said that Vietnam Prime Minister Nguyen Xuan Phuc has met with him and a Nasdaq executive in New York City during an official visit, after the MOU was signed.

His presence indicates the government’s support for the startup’s overseas IPO, which is set to be the first from a Vietnamese company.

“We are anticipating it will be a challenging process,” Minh said.

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Only a day prior to the announcement from VNG Corporation, private airline VietJet announced its plan to seek for IPO abroad, though it has not made a decision on the exact location.

The Ho Chi Minh City-based startup has also broken the record to become the country’s first unicorn startup through its previous funding rounds from GIC, Goldman Sachs Group, IDG Ventures, and Cyberagent Ventures.

Founded in 2004, VNG Corporation started out as a game publisher company.

It then branched out to offer various verticals in the tech industry, from digital content, social app, software, and e-commerce.

Minh said that VNG Corporation forecasts a revenue of US$180 million for 2017, an increase as much as 70 per cent from last year.

In May 2016, VNG Corporation acquired a 38 per cent share in e-commerce platform Tiki for US$17 million, though Tiki is later reported to have experience VND157 billion (US$6.9 million) loss only eight months after being acquired by VNG Corporation.

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