Vinasun to post first annual loss in 12 years

The company said in a release it has adjusted revenue targets to fall by 41 percent from last year to VND1.2 trillion ($51.5 million), the lowest in a decade.

The number of cars it owns is set to fall by 20 percent from last year to 3,921 by the end of 2020 as it plans to sell 1,000 vehicles to franchise drivers.

In the first three months, its number of employees fell by 602 to 5,188.

Vinasun, Vietnam's second largest taxi firm behind Mai Linh Group, shut down most of its operations in April when the country began a social distancing campaign to curb the spread of the novel coronavirus.

The expansion of foreign companies with deep pockets in the transport market also cause difficulties for the company, it said.

Vinasun and other traditional taxi companies have faced rising competition from ride-hailing firms in recent years. In 2019, its revenue fell to the lowest since 2011 at VND1.99 trillion ($85 million).