Vinasun, Vietnam’s second-largest taxi firm, reported its first-ever accumulated loss of VND211 billion ($9.15 million) last year.
The figure far exceeded the firm’s earlier loss forecast for 2020 at VND115 billion. Vinasun leaders have blamed the loss on the long-lasting impacts of the Covid-19 pandemic.
The company has already laid off over 1,300 employees and taken other earlier measures to reduce operating costs.
Vietnam’s second-largest taxi firm after the Mai Linh Group, Vinasun reported that its revenues plunged 49 percent year-on-year to VND1 trillion last year.
The company leadership had said at an annual general meeting in June that 2020 was the most challenging year for the company since its establishment.
The company shut down most of its operations in April last year when the country began a social distancing campaign to curb the spread of the novel coronavirus.
As of December 31, it had total assets of over VND2.05 trillion.