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Revenue declined sharply, but Vinasun reported that the average monthly income of its taxi drivers improved last year, rising from 12.9 million dong to 13.18 million dong. The company said average monthly income in 2025 increased by about 2%, implying annual earnings of roughly 158 million dong per employee—its second-highest level in the last decade.
Vinasun said incentive packages and financial subsidies were maintained to attract and retain drivers. New drivers received a 2 million dong bonus alongside a low initial deposit of at least 1.5 million dong. The company also continues to apply a revenue-sharing mechanism, under which drivers can receive up to 90% of revenue above the target, while a smaller portion is retained to cover operating costs of the ride-hailing app, call center, and depots.
In its annual report released on April 15, management said wages are an important tool to motivate workers and attract and retain capable staff, adding that current pay and bonuses are aligned with market levels.
While average income rose, Vinasun’s workforce size continued to shrink. By the end of last year, the company had about 1,400 employees, down by more than 140 compared with the same period a year earlier. At its peak, Vinasun employed more than 17,000 people.
The company described the sharpest upheaval in 2017, when it reduced nearly 10,000 employees due to employees leaving or switching to a franchise model, meaning they were no longer counted as direct employees of the company.
Vinasun cited competitive pressure from ride-hailing firms and some newly established taxi companies as factors affecting its business results. The fleet size fell from more than 6,100 vehicles a decade ago to about 2,100 vehicles.
For 2025, the company reported revenue fell 19% year over year to 882 billion dong. After-tax profit halved, dropping from 84 billion dong to under 40 billion dong, extending four consecutive years of negative growth.
In materials released for the shareholder meeting at the end of the month, management said 2026 is expected to remain challenging, citing weak consumer purchasing power and ongoing competition within the industry.
Vinasun set a plan for 2026 to increase revenue slightly by about 2%, to nearly 903 billion dong. However, it expects net profit to continue declining to about 32 billion dong. On employee income, management said it would ensure pay to the greatest extent possible.
Beyond traditional taxi and contracted passenger transport, Vinasun said it is seeking new cooperation opportunities in transport, technology, consumer services, and payments. The company also continues to invest in a new hybrid vehicle line to replace gasoline-powered cars to meet customer demand.
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