Vinasun 'puts into reverse gear', reduces revenue to support more drivers

Mr. Tran Anh Minh - Deputy General Director of Vinasun - said that the business situation in the third quarter of 2024 continued to decrease by 21% compared to the same period last year, reaching only 246 billion VND.

Vinasun Taxi operates to pick up passengers at Tan Son Nhat airport - Photo: CONG TRUNG

This decline is due to competition from technology taxis and electric cars, and the company will continue to support drivers.

Traditional taxi giants face difficulties with technology cars, Xanh SM

Vietnam Sun Joint Stock Company (Vinasun - VNS) has just announced its consolidated financial report for the third quarter of 2024, showing net revenue of VND 246 billion, down 21% over the same period last year and the lowest revenue in the past two years.

Profit after tax reached over 20.9 billion VND, down 36% compared to the same period last year. In the first 9 months of the year, Vinasun's revenue reached 778 billion VND, down 17% compared to the same period, of which 84% of revenue came from passenger transport by taxi.

Traditional taxis are expected to face fierce competition from technology-based cars Grab and Be, especially with the emergence of the electric taxi company Xanh SM.

Founded by billionaire Pham Nhat Vuong, Xanh SM has quickly risen to gain 18.1% of the ride-hailing market share after just one year with a fleet of 16,100 electric cars, while the market share of traditional taxi companies like Vinasun is only 8.07%.

According to Mr. Tran Anh Minh - Deputy General Director of Vinasun, revenue decreased this quarter because the company continued to maintain its support policy for drivers and partners.

Turning the corner with a hybrid car

Talking to Tuoi Tre Online , Vinasun said that the company is continuing to innovate itself, expecting many positive changes in the near future.

Regarding support for partner drivers, Vinasun said it is focusing on investing in a team of quality drivers. Vinasun is applying a support package of 3.8 million VND/person to recruit drivers to drive hybrid cars.

"We are currently recruiting more hybrid car drivers. Each car has two drivers taking turns to operate efficiently," he said.

The electric vehicle wave is being supported by consumers, but Vinasun is changing direction to innovate its hybrid vehicle fleet (gasoline-electric hybrid).

In the first nine months of the year, the company added VND148 billion to its fleet, reaching 22% of its target of investing in 700 Toyota hybrid vehicles in 2024. To expand its scale, Vinasun signed a strategic cooperation agreement with Toyota Vietnam in June, planning to invest in an additional 2,000 hybrid vehicles by 2025.

Source: https://tuoitre.vn/vinasun-cai-so-lui-giam-thu-de-ho-tro-them-tai-xe-20241027084136588.htm