Vinasun Reports First Loss Since the COVID-19 Pandemic

Vinasun has reported its first loss in more than four years, as declining revenue and a difficult ride-hailing market pushed Vietnam’s major taxi brand into the red.

The company’s reviewed consolidated financial report for the first half of 2026 showed a net loss of 13.9 billion Vietnamese dong. It earned 24.1 billion dong in the same period last year. Net revenue fell 7.1%, from 451 billion dong to 419 billion dong, with taxi passenger transport accounting for 410 billion dong.

Because the cost of goods and services declined more slowly than revenue, gross profit dropped 27% to 72.6 billion dong. Vinasun recorded a 15.6 billion dong operating loss before reporting the net loss. Quarterly figures showed that second-quarter revenue fell to its lowest level since the second quarter of 2022.

In an explanation sent to Vietnam’s State Securities Commission and the Ho Chi Minh City Stock Exchange on Aug. 28, Vinasun attributed the first-half loss to weaker business revenue and continued financial support for its drivers. The company had previously included that support in its annual shareholders’ meeting plans, saying it had set aside funds to help drivers cope with difficulties in a volatile market.

The sale of used vehicles, which had traditionally generated additional profit, also reversed direction. Vinasun earned 4.3 billion dong from fixed-asset disposals in the first half of 2025, but lost nearly 6 billion dong on the activity this year. Its 2026 plan calls for 150 vehicles to be liquidated or sold to drivers on deferred payment terms for franchise operations. The company also plans to invest in 310 vehicles, mainly premium hybrids, to replace gasoline-powered cars.