Taxi firm Vinasun’s profits plummeted by 58.5% to VND22 billion ($868,000) in the first quarter, a near two-year low, according to a company disclosure.
The Ho Chi Minh City-based company said profits dropped because it had to spend money on “supporting drivers and partners.”
Revenues were down 15% to VND278.6 billion.
The company aims to hire experienced drivers by paying better this year, and buy 700 new cars, mostly Toyota hybrids.
It plans to study the possibility of using three-wheel electric vehicles.
It targets revenue of VND1.1 trillion this year, down 9% from last year, and profits of VND80.5 billion, down by half.
Despite slashing its payroll in recent years the company expects to face challenges to its recovery this year.