Pizza 4Ps racked up a net loss of VND38 billion ($1.66 million) last year, as it struggled to recover from Covid-19 hits.
The chain, produces pizzas, cheese and other dairy products, had posted its first ever loss of VND20.8 billion in 2020.
Before the pandemic hit, the chain earned profits of over VND50 billion in 2018 and 2019.
Pizza 4Ps charter capital has also fallen to 28 percent to VND98 billion, driving its debt-to-capital ratio up from 0.66 to 1.99.
It issued bonds worth VND21 billion last year to build new outlets and a cheese factory.
Founded in 2011 by a Japanese couple, Pizza 4Ps has 25 outlets in HCMC, Hanoi, Da Nang, Hai Phong and Nha Trang.