Vinasun cuts revenue forecastTaxi firm Vietnam Sun Corporation (Vinasun) plans to cut its full-year revenue for the fourth time for 2018 due to rising competition from foreign ride-hailing firms. Vinasun also forecasts its post-tax profit for this year would be VND95 billion, half of the figure in 2017. Vinasun has reported slower growth rates in both net revenue and profit since the two ride-hailing applications Uber and Grab entered Viet Nam in mid-2014. From 2010-15, Vinasun’s net revenue increased from over VND1.64 trillion to VND4.25 trillion. Tougher taxi market after mergerAccording to Vinasun’s deputy general director Ta Long Hy, the merger between Uber and Grab in Viet Nam could result in a monopolistic taxi market and local taxi companies could suffer from such a market condition.

Source: VietNamNet News April 17, 2018 02:03 UTC