Sunday , August 14 2022

Vinasun seeks to reverse two-year streak of loss

Vinasun, the leading taxi firm in Vietnam, targets ending its two-year losing streak this year “at all cost” to avoid delisting.

It eyes rising profits to VND27.3 billion ($1.2 million) against losses of VND277 billion and VND210 billion from 2021 and 2020.

A company’s stock will be delisted once reporting losses for three years in a row, according to a 2020 government decree.

To achieve such goals, the taxi giant’s management stated it would focus on restoring market share in Ho Chi Minh City and the southern provinces of Binh Duong and Dong Nai, and boost cooperations with partners in the transport, retail and payment sectors.

But it also warned of possible downward risks from tourism recovery, surging gasoline prices, and competition from foreign ride-hailing firms.

Last year, Vinasun also cut its payroll by 2,500, including some 1,800 drivers due to Covid-19 impacts.

It has sold off 2,900 vehicles over the last two years, and only purchased 73 new cars.

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