Vinasun Taxi's profits drop by more than half, to the lowest level in nearly 4 years

Vinasun Taxi's third-quarter profit fell to its lowest level in nearly four years, reflecting growing competitive pressure and continued market share loss to rivals such as Xanh SM and Grab.

Vinasun recorded its lowest third-quarter profit in nearly four years - Photo: CONG TRUNG

The third quarter financial report of Vietnam Sun Joint Stock Company (Vinasun - VNS) recorded a profit after tax of more than 9.2 billion VND, down nearly 56% over the same period.

This is the second consecutive quarter that the company's profit is below 10 billion VND and is also the lowest level since the fourth quarter of 2021.

This decline was mainly due to a decrease in revenue of nearly 12%, down to about VND217 billion. After deducting the cost of goods sold, Vinasun only had nearly VND49 billion in gross profit left.

Along with that, financial revenue in the period also decreased by 36% to VND2.3 billion, due to lower deposit interest compared to the same period last year.

	Revenue	Profit
Q1-2023	325.9	53.1
Q2-2023	302.5	40.1
Q3-2023	312.5	32.8
Q4-2023	277.8	25.2
Q1-2024	278.6	22
Q2-2024	253.2	16.9
Q3-2024	246.2	21
Q4-2024	224.1	24.2
Q1-2025	234.4	14.2
Q2-2025	216.7	9.9
Q3-2025	217.3	9.2

Data: Financial statements

Not only that, Vinasun's other income also plummeted 62%, down to 7.7 billion VND. The main reason is that the company no longer recorded large profits from liquidating fixed assets, and at the same time, advertising revenue on taxis also decreased significantly.

On the other hand, expenses remained high. Financial expenses increased by 34% to VND8.7 billion, mainly due to increased interest rates. By the end of the third quarter, Vinasun recorded outstanding financial loans of more than VND557 billion.

Meanwhile, selling expenses decreased by 12% to more than 17 billion VND, but business management expenses increased slightly by 3% to more than 21 billion VND. Overall, the majority of the company's expenses are still focused on labor and outsourcing services.

In the first 9 months, Vinasun achieved revenue of 668 billion VND, down 14% compared to the same period last year; profit after tax was only over 33 billion VND, equivalent to a decrease of 44%.

In 2025, the company targets revenue of about VND977 billion and after-tax profit of nearly VND54 billion. Compared to 2024, the revenue plan decreased slightly by 2.5%, while the target profit shrank by more than 36%, to the lowest level since 2021.

Thus, after 3 quarters, Vinasun has only completed about 68% of the revenue plan and more than 62% of the yearly profit target.

According to business assessments, 2025 will still be a challenging period in the recovery journey.

Mordor Intelligence's report also shows that in the second quarter, Vinasun only held 2.32% of the market share of 4-wheel ride-hailing services - a rather modest number compared to major competitors such as Xanh SM (44.68%) or Grab (36.08%).

Vinasun's market share is even behind Be (5.03%) and Mai Linh (4.26%).

At the annual general meeting of shareholders in April, Vinasun's board of directors admitted that the company was facing an "extremely fierce" competitive environment, as rivals continued to expand their scale and technological advantages. In order to regain market share, the company implemented a strategy to restructure its fleet in an environmentally friendly direction, leading the trend of green transportation.

Recently, Vinasun borrowed money from the bank to invest in 550 Toyota hybrid cars. This line of cars is expected to help businesses optimize fuel costs, reduce charging time compared to electric cars, and meet standards for reducing emissions in urban transport.

On the stock market, VNS stock code has tended to decrease slightly in the past 3 months, currently trading at 9,960 VND/share.

LINH NGUYEN

Source: https://tuoitre.vn/loi-nhuan-cua-taxi-vinasun-giam-hon-nua-xuong-muc-thap-nhat-gan-4-nam-20251030142428224.htm