Vinasun reports a loss in the first half of 2026 due to revenue decline and competitive pressure from ride-hailing applications

Vinasun taxi company reported a loss for the first time since the Covid-19 epidemic when revenue decreased due to fierce competitive pressure with competitors in the same industry.

The half-year financial report of Vietnam Sunshine Joint Stock Company (Vinasun) recorded revenue of nearly 420 billion VND, 7% lower than the same period last year. Gross profit in this period reached 72 billion VND, a sharp decrease compared to the first 6 months of last year. Meanwhile, financial and business management costs both increased.

This caused Vinasun's half-year after-tax loss of nearly 14 billion VND, with a loss of more than 20 billion VND in the second quarter alone. The last time Vinasun reported a loss was the fourth quarter of 2021. At that time, the company suffered losses for 8 consecutive quarters due to having to narrow the scale of operations and even stop doing business for a period of time due to the impact of the Covid-19 epidemic.

The results of the first half of this year are still far below the revenue plan of 903 billion VND and profit after tax of 32 billion VND previously set by the board of directors.

Vinasun used to be a traditional taxi company with the top market share in the Southern region. At its peak in 2016, the company had more than 17,000 employees (mainly drivers) and revenue of more than 4,500 billion VND. Competitive pressure with ride-hailing applications such as Grab, Uber at that time and Xanh SM in recent years has caused this company's business results to gradually decline. Last year, the company collected 882 billion VND, the lowest level in 17 years.

Vinasun's leadership predicts that 2026 will still be a year of facing many difficulties, including consumers tightening spending and competing with competitors in the same industry.

At the annual meeting at the end of April, Mr. Tran Anh Minh, Deputy General Director of Vinasun, said the market share race with ride-hailing companies has lasted for many years and the level of competition next year is higher than last year. The company does not flinch from this reality, but only focuses on the highest goal of making a profit every year.

"Vinasun is looking for and establishing new business projects to ensure its resilience is always at an extremely good level," Mr. Minh told shareholders.

Sharing the same opinion, Mr. Ta Long Hy, Chairman of the Board of Directors of Vinasun, said that many traditional brands have fallen in the race for market share with technology ride-hailing companies such as Grab and Xanh SM. The positive sign is that Vinasun can still maintain operations, plan for slow growth and wait for the opportunity to accelerate quickly.

Besides the traditional business of taxi and passenger transportation under contract, Vinasun is looking for new cooperation opportunities in the fields of transportation, technology, consumption and payment. The company plans to invest in more than 300 new vehicles this year, focusing on hybrid vehicles to increase the fleet size to about 2,350 vehicles.

On the stock exchange, Vinasun stock price fluctuates around 6,600 VND, the lowest in the past 4 years. The company's market capitalization is less than 500 billion VND.