HCMC – Due to the fallout from Covid-19, Vinasun Taxi incurred heavy losses in the first and second quarters of 2020 and is forecast to sustain VND115 billion in lost revenue this year.

Speaking at its 2020 annual shareholder meeting on June 30, a representative of Vinasun said that the coronavirus pandemic and the consequent social distancing order sent the demand for travel down. As such, its revenue in the first quarter of 2020 reached VND367 billion, with a loss of VND17 billion. In the second quarter, Vinasun earned an estimated VND145 billion in revenue, but its loss amounted to VND116 billion. The firm reported a loss of VND50 billion in April, according to the representative. At the meeting, Vinasun presented scenarios for the third and fourth quarters after the coronavirus pandemic has been contained in Vietnam. Its lost revenue is estimated at VND6-8 billion in the third quarter, while in the fourth quarter, the firm expects to earn a profit of VND25-30 billion. Vinasun looks to obtain VND1.18 trillion in revenue in 2020, dipping by 41% year-on-year. Its lost revenue is forecast at VND115 billion, while it enjoyed a profit of VND109 billion last year. Given its poor performance, Vinasun is planning to pay a 2019 cash dividend at 10%. In 2020, Vinasun is set to introduce the online payment method on its Vinasun application for smartphones to offer greater convenience to customers.

By Le Anh