Vinasun, one of Vietnam’s leading taxi companies, reported a profit of over 22 billion VND in the first quarter of the year. While this is a decrease of 58.5% compared to the same period last year and the lowest level in nearly two years, the management board attributed it to support policies for drivers. The company’s revenue for the same period was more than 278.6 billion VND, down by nearly 15%.
Despite the challenges faced by Vinasun, they are focusing on innovative strategies to attract highly skilled workers and invest in new gasoline-electric hybrid vehicles. They plan to purchase about 700 new cars, primarily Toyota’s high-end hybrid line. Additionally, Vinasun is considering a project to pilot the deployment of three-wheeled electric vehicles. However, these efforts have not been enough to offset their decline in profits and revenue, leading them to propose a conservative business plan for the year.
Vinasun is targeting revenue of over 1,100 billion VND and a profit after tax of more than 80.5 billion VND. By the end of the first quarter, they had completed a quarter of their revenue target and more than 27% of their profit plan. Despite this progress, there are still challenges ahead that could impact tourism and passenger transport industry resilience, driver support policies, competition, inflation, and customer purchasing power. The Board of Directors acknowledges these challenges but remains committed to implementing innovative strategies to overcome them.
