Vinasun taxis on a street in HCM City. — Photo nld.com.vn

Tael Two Partners, a Singapore-based investment fund, has sold 1 million shares of Vinasun Corporation (VNS), one of Việt Nam’s leading traditional taxi operators.

The transaction, conducted between October 30 and November 8, reduced the fund's stake from 10.97 per cent to 9.49 per cent.

This marks a significant step in the fund’s gradual divestment, which began earlier this year.

At the start of 2024, Tael Two Partners held over 18 per cent of Vinasun’s shares. Persistent sales have brought their ownership to below 10 per cent, signalling a clear intent to exit the investment. The remaining shares are also expected for sale between November 15 and December 13, pending market conditions.

The divestment comes as Vinasun’s stocks hover near a two-year low, trading at around VNĐ10,000 per share (US$0.39). Liquidity remains poor, with only a few thousand shares traded per session, limiting the fund’s ability to offload shares effectively. Earlier attempts to divest were unsuccessful due to these market constraints.

Tael Two Partners first invested in Vinasun in 2013, participating in a private placement to support the company’s growth. Over the last decade, the fund stood as Vinasun’s largest foreign shareholder, closely tied to the company’s trajectory.

However, Vinasun’s performance has been in steady decline. Once a dominant force in Việt Nam's taxi industry, Vinasun has struggled to compete with the rise of app-based ride-hailing services.

These competitors have eroded the company’s market share and profitability, forcing downsizing in both workforce and operations.

Vinasun’s financial health mirrors the challenges facing traditional taxi operators globally.

For the third quarter (Q3), the company reported a net profit of VNĐ20.9 billion, down 36.1 per cent year-over-year. Nine-month figures showed a 17 per cent decline in net revenue to VNĐ778 billion, while net profit plunged 52 per cent to VNĐ59.9 billion.

The company also reduced its workforce, from 1,847 employees at the beginning of 2024 to 1,655 by the end of Q3.

On the stock market, the company's shares closed Monday with a loss of 1 per cent to VNĐ10,150 per share. — VNS