Most shareholder questions for the leadership of Anh Duong Viet Nam Joint Stock Company (Vinasun) at the annual meeting on the morning of 22/4 revolved around regaining market share from Grab and Xanh SM. Some shareholders frankly stated that the company was slow in attracting young customers, leading to market share gradually falling into the hands of competitors. Others offered suggestions to management: change marketing approaches, pricing policies, and the vehicle booking application to draw customers back.
Responding to shareholders, Tran Anh Minh, Deputy General Director of Vinasun, noted that the market share competition with ride-hailing companies has spanned many years, with the intensity of competition increasing annually. The company is undeterred by this reality, instead focusing on its highest objective: achieving profitability each year.
Minh stated, "Since competition erupted in 2015, the brand has been maintained. Vinasun is seeking and establishing new business projects to ensure its resilience remains extremely good."
Ta Long Hy, General Director of Vinasun, told VnExpress that many traditional brands have fallen by the wayside in the market share battle against ride-hailing companies like Grab and Xanh SM. A positive sign is that Vinasun continues to maintain operations, planning for slow growth and awaiting an opportunity for rapid acceleration.
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Ta Long Hy (center) at the annual meeting on the morning of 22/4. Photo: VNS. |
Ta Long Hy (center) at the annual meeting on the morning of 22/4. Photo: VNS.
Vinasun was once a leading traditional taxi company in the Southern region. At its peak in 2016, the company employed over 17,000 personnel, primarily drivers, and reported revenue exceeding 4,500 billion dong. Competitive pressure from ride-hailing applications like Grab and Uber at that time, and Xanh SM in recent years, gradually led to a decline in the company's business results.
Last year, Vinasun recorded revenue of 882 billion dong, its lowest in 17 years. After-tax profit also halved compared to the same period, falling to less than 40 billion dong.
In shareholder meeting documents for the end of this month, Vinasun's leadership indicated that 2026 remains a challenging year, marked by tight consumer spending and competition from industry rivals. The company projects a slight revenue increase of 2%, reaching nearly 903 billion dong. However, after-tax profit is expected to continue its decline, to approximately 32 billion dong.
Beyond traditional taxi and contract passenger transport, Vinasun is actively seeking new cooperation opportunities in the transport, technology, consumer, and payment sectors. The company plans to invest in over 300 new vehicles this year, focusing on hybrid cars to expand its fleet to approximately 2,350 vehicles.
Phuong Dong
