Vertical organic light-emitting transistor (VOLET) having an organic light-emitting diode integrated with a vertical thin-film transistor is promising for transparent electronics because the vertical device structure potentially offers a display with a large aperture ratio and a low power consumption. However, making a transparent VOLET has been challenging due to the requirements for all transparent electrodes including fabrication of a porous source electrode for current modulation in the device. Here, we report a semi-transparent VOLET with a large modulation of light emitted through the top and bottom electrodes using a nano-porous indium-tin oxide (ITO) source electrode, a Mg:Ag drain electrode, and an ITO gate electrode. The porous ITO source electrode is not only important for luminance modulation, but the nano-textured film morphology also enhances light extraction from the device. Finally, we show that the off current of the VOLET can be suppressed with an electron transporting layer (C₆₀), leading to a large luminance on/off ratio of 10⁴.