Vinasun reported a profit of over 22 billion VND in the first quarter, marking a 58.5% decrease compared to the same period last year. This is also the lowest profit since the second quarter of 2022. The management board attributed this decline to the implementation of support policies for drivers, which impacted their bottom line. Despite these challenges, Vinasun plans to focus on attracting highly skilled workers by implementing a better income division policy.
The passenger transport service by taxi was the most affected, with revenue decreasing by 13%. To address this issue, Vinasun is considering investing in new gasoline-electric hybrid vehicles as part of their business development strategy. They plan to purchase about 700 new cars, primarily focusing on Toyota’s high-end hybrid line. Additionally, Vinasun is considering a project to pilot the deployment of three-wheeled electric vehicles.
Despite these innovative strategies, Vinasun has proposed a conservative business plan for the year. They are targeting revenue of over 1,100 billion VND and a profit after tax of more than 80.5 billion VND, both being decreases from previous years. By the end of the first quarter, they had completed only a quarter of their revenue target and more than 27% of their profit plan. The Board of Directors acknowledges the challenges ahead and recognizes that factors such as tourism resilience, driver support policies, competition, inflation, and customer purchasing power will impact their financial performance in the coming months.
Despite facing declining profits and revenue in recent quarters, Vinasun remains committed to continuing its operations in Vietnam’s transportation industry while also exploring new opportunities for growth through investment in innovative technologies and strategies.
