Shareholders hear results and targets and are introduced to new smartphone app.
A report presented by Vinasun's Board of Directors to its shareholder's meeting on April 24 showed that 2014 was a turbulent year for the taxi business.
The company's total revenue in fiscal year 2014 was VND3.77 trillion ($174.66 million), a 20 per cent increase compared to 2013. Net profit was VND314 billion ($14.55 million), a 40 per cent increase against last year.
Vinasun has targeted revenue of VND3.89 trillion ($180.22 million) and net profit of VND266 billion ($12.32 million), a 15 per cent decline, in fiscal year 2015. The company will invest in 1,100 new vehicles this year and dispose of 700 old vehicles, increasing its fleet by 6,129 by the end of the year.
The plan is based on an assumption that the average charge in 2015 will be VND16,000 (75 US cents) per kilometer, an 8 per cent decline compared to 2014, when it was VND17,277 (80 US cents) per kilometer.
As at December 31 2014, Vinasun was operating 5,729 vehicles earning average revenue of VND2 million ($92) a day.
The difficulties in the taxi business have been caused by competitive pressure from modern taxi businesses and traditional taxi businesses, along with changes to the fuel price (17 times last year), and fluctuations in the cost of motor car components.
During the shareholder's meeting Vinasun also introduced its taxi calling app for smartphones - the Vinasun App. This allows customers to book taxis, store driver information, and note the bill and the travel time, and allows various payment methods: credit card, debit card, or cash.