VinaGame needs to begin developing more of its own in-house games, currently only 5% of the mix.

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The well-connected Nguyen (his father-in-law is Prime Minister Nguyen Tan Dung) helped to mold VinaGame from the start.

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VinaGame also faces struggles with juggling the distinct businesses of gaming, social media and an online music, news and entertainment portal.

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Tencent is a minority investor in VinaGame and has struck a deal to bring its QQ chat and casual games to VinaGame.

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Also looking to China for its lead, VinaGame has borrowed on the profitable gaming experience of companies such as Shanda and Kingsoft.

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For instance, VinaGame says it became cash-flow-positive by early 2006 largely by relying on a prepaid card for playing games at Internet cafes.

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Pelz signed on as a cofounder and advisor to VinaGame.

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"It's almost like bragging, but at the beginning it was kind of like printing money, " beams Nguyen, 36, who says VinaGame is now profitable and reinvesting in the business.

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His start-up, housed in a warehouse decorated with colorful posters of VinaGame's blockbuster hits, is upbeat and reminds me of the funky spaces I've seen among leading Web businesses in China.

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An avid gamer, Le Hong Minh, 32, started VinaGame in 2004 with other players after getting an undergrad degree in finance from Australia's Monash University and giving up his investment banking career.

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So far VinaGame has gone unscathed.

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