The Eastern Bus Station Co. Ltd.’s financial report shows revenue in the first half of this year reached nearly 47.5 billion VND, an increase of more than 8% compared to the same period last year. In addition, the company also earned more than 2 billion VND from financial activities and other income, more than double the same period in 2024.
After deducting expenses, the Eastern bus station reported a profit of more than 8.9 billion VND, 47% higher than the first half of 2024. This figure is also close to the total profit of 2021.
This year, the company's management board plans to achieve a total revenue of 99.5 billion VND and a profit after tax of 13.4 billion VND. So far, they have completed nearly half of their revenue target and two-thirds of their profit target for the year.
As of the end of June, the company had total assets of more than 119 billion VND, nearly three-quarters of which were short-term financial investments. Cash and cash equivalents also accounted for a large proportion at over 21.5 billion VND.
Payables were recorded at nearly 38.3 billion VND, a decrease of more than 18% compared to the beginning of the year. Payables under 12 months accounted for about two-thirds of this figure.
The Eastern Bus Station Co. Ltd. is a 100% state-owned enterprise owned by Saigon Transportation Engineering Corporation. The company manages and operates the bus station of the same name, formerly located on Dinh Bo Linh Street and later relocated to Hanoi Highway.
The new Eastern bus station received an investment of more than 4,000 billion VND, of which phase one was approximately 740 billion VND. This is the largest bus station in the country, serving over 7 million passengers annually. However, since its opening in 2020, the station has consistently experienced low passenger numbers. One of the main reasons is its distance from the city center and a lack of connecting transport. Ho Chi Minh City has implemented several bus routes to the station, but passenger numbers haven't met expectations.
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Cars in the parking lot at the new Eastern bus station. Photo: Gia Minh |
Last year, the company's management board noted positive changes in traffic safety and order due to increased inspections of transport businesses and stricter control and handling of violating vehicles by authorities. However, illegal bus stops and unauthorized vehicles operating under the guise of "contract cars" have not been completely eliminated, leading to unfair competition with businesses operating within regulations and causing a significant drop in passenger numbers and company revenue.
Furthermore, the Eastern bus station also assessed that the scale of fixed bus routes is shrinking, reducing the efficient use of the station's infrastructure. In addition, transport operators are concerned about the possibility of the Eastern bus station relocating again, leading them to choose other stations, thus fragmenting the company's market share.
This year, the management board aims to ensure a safe, friendly, and civilized bus station. The company will also continue its equitization process as planned.
Tat Dat