Driver support causes Vinasun taxi profits to drop by half

Vinasun reported a profit of over 22 billion VND in the first quarter of the year, which is a decrease of 58.5% compared to the same period last year. This decline was attributed to the implementation of support policies for drivers. Despite this challenge, Vinasun plans to focus on attracting highly skilled workers by implementing a better income division policy and investing in new gasoline-electric hybrid vehicles as part of their business development strategy. The company plans to purchase about 700 new cars, primarily focusing on Toyota’s high-end hybrid line. Furthermore, Vinasun is considering a project to pilot the deployment of three-wheeled electric vehicles. However, Vinasun has proposed a conservative business plan for the year, targeting revenue of over 1,100 billion VND and a profit after tax of more than 80.5 billion VND, only half of the previous year. By the end of the first quarter, they had completed a quarter of their revenue target and more than 27% of their profit plan. The Board of Directors acknowledges the challenges ahead, including the impact of tourism and passenger transport industry resilience, driver support policies, competition, inflation, and customer purchasing power.

By Samantha Smith

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