According to a recent financial statement, VETC Joint Stock Company recorded an after-tax profit of approximately 136,3 billion dong in 2025, six times higher than the previous year. Despite this sharp increase in profit, the company still carries accumulated losses of over 468 billion dong.

This marks the first time VETC has publicly disclosed its financial situation. Previously, these figures were only reported by company leaders to shareholders at the annual general meeting of Tasco (HUT), VETC's parent company, or listed as a business segment within the parent company's consolidated financial reports.

From its inception in 2016 until 2022, the company consistently experienced business losses, peaking at 300 billion dong in 2020. In 2019, Tasco even considered returning the project to the Ministry of Transport due to concerns about bankruptcy.

In 8/2022, VETC officially began collecting fees for electronic toll collection (ETC) tag installation, which improved its revenue. In 4/2023, the company received a license for intermediary payment services. It launched an e-wallet application, enabling millions of users to pay for traffic fees, parking, seaport fees, airport fees, and fuel. At that time, Tasco's leadership anticipated VETC would turn a profit for the first time in 2023; however, this segment still reported a loss of over 88 billion dong.

The significant profit increase boosted the company's equity to over 219 billion dong by the end of 2025, 2,6 times higher than the same period. However, total liabilities increased by nearly 7% to approximately 3,003 billion dong, primarily due to new bond debt, while bank loans decreased compared to the previous year.

VETC currently holds a bond package valued at 500 billion dong. This is a five-year convertible bond with the International Finance Corporation (IFC), a member of the World Bank Group, as the bondholder. The fixed interest rate in dong is 5% per year. This investment is expected to accelerate the smart transportation projects VETC is pursuing.

VETC non-stop toll collection tags being installed on the TP HCM - Long Thanh - Dau Giay expressway, 7/2022. Photo: Quynh Tran

As a member of Tasco Group (which holds over 99% of its capital), VETC operates the largest non-stop toll collection (ETC) system in Vietnam. The company commands a 75% market share with 133 toll stations. It serves over 3,8 million customers, processing approximately 700 million transactions annually.

Tasco (HUT) operates in diverse sectors including insurance, automotive manufacturing and distribution, and real estate. The company distributes vehicles for brands such as Volvo, Lynk&Co, and Geely. Last year, Tasco achieved a record revenue of over 37,000 billion dong, an increase of more than 22% from the previous year, with most revenue stemming from automotive distribution and services. After-tax profit reached over 623 billion dong, two times higher than the previous year.

Tat Dat