Vinasun (VNS) Reports 2024 Revenue Down 19%, Net Profit Halved

Overview

Vinasun (VNS) reported a 19% year-on-year decline in 2024 revenue to VND 882 billion and a more than 50% drop in net profit, extending a four-year streak of negative growth. The traditional taxi operator, facing intense competition from ride-hailing platforms, also forecasts a further profit decline for 2025.

Key Facts

• 2024 revenue fell 19% year-on-year to VND 882 billion.
• 2024 net profit dropped by over half, from VND 84 billion to under VND 40 billion, a 52.38% decline.
• The company’s fleet has shrunk from over 6,100 vehicles a decade ago to approximately 2,100 currently.
• Staff count at end-2024 was about 1,400, down over 140 from the previous year.
• For 2025, Vinasun targets a slight 2% revenue increase to nearly VND 903 billion but expects net profit to fall further to around VND 32 billion.
• Average monthly employee income in 2025 is projected to rise about 2% to over VND 13 million.
• The company plans to invest in hybrid vehicles to replace petrol cars.

What Happened

According to its annual report published on April 15, Vinasun’s leadership stated that revenue for the previous year decreased 19% compared to the same period, falling to VND 882 billion. Net profit after tax was less than half, dropping from VND 84 billion to under VND 40 billion. This extends a four-year consecutive streak of negative growth for the company.

In materials for a shareholder meeting later this month, Vinasun’s management indicated that 2026 will remain a year facing many difficulties, including weakened consumer purchasing power and competition with industry rivals. The company has set a plan for this year with revenue edging up 2% to nearly VND 903 billion. However, after-tax profit is expected to continue declining, falling to around VND 32 billion. Regarding employee income, the company stated it will “ensure to the greatest extent possible.”

Market Context

Vinasun (VNS) is listed on the Ho Chi Minh Stock Exchange (HOSE). The stock closed at VND 8 on April 10, 2026, down 1.48% on volume of 96,200 shares. The reported financial decline and cautious outlook reflect ongoing pressures in Vietnam’s transportation sector, where traditional taxi operators continue to grapple with market share erosion to technology-based ride-hailing services.

Strategic Significance

The persistent revenue and profit contraction underscores Vinasun’s struggle to adapt its traditional taxi model in a market dominated by app-based competitors. The strategic focus on maintaining driver incentives—such as revenue-sharing up to 90% for exceeding targets—and investing in hybrid vehicles indicates an effort to retain operational efficiency and meet evolving customer preferences. However, the planned minimal revenue growth and further profit decline suggest these measures may be insufficient to reverse the competitive tide without more transformative shifts.

What to Watch

• 2025 quarterly earnings releases to monitor progress against the VND 903 billion revenue and VND 32 billion net profit targets.
• Updates on new cooperation opportunities in transportation, technology, consumer, and payment sectors as mentioned by the company.
• Fleet modernization progress, particularly the adoption rate of hybrid vehicles.
• Any strategic partnerships or operational restructuring announcements to address competitive pressures.
• Consumer demand trends and competitive dynamics in Vietnam’s urban transportation market.