Vinasun (VNS) Q3 2026 Loss of VND 55B, Largest Since COVID-19

Overview

Vinasun, listed on HOSE as VNS, reported a consolidated after-tax loss of nearly VND 55 billion for Q3 2026, against a profit of more than VND 9 billion in the same period of 2025. The result is the company’s largest quarterly loss since its eight consecutive loss-making quarters during COVID-19, and it follows a loss in the prior quarter. The filing also disclosed a board plan to seek written shareholder approval to waive the public tender offer procedure for CEO Đặng Thành Duy.

Key Facts

• Q3 2026 consolidated after-tax loss: nearly VND 55 billion, versus a profit of more than VND 9 billion in Q3 2025.
• Q3 2026 net revenue: VND 177 billion, the lowest since Q1 2022; core operations lost VND 22 billion versus a near-VND 4 billion profit a year earlier.
• Other expenses in Q3 2026 exceeded VND 35 billion, against VND 412 million in Q3 2025; nine-month other expenses reached VND 42 billion, almost entirely losses on fixed-asset disposal.
• Nine-month 2026 net revenue: VND 596 billion, down 10.8% year on year, with an after-tax loss of nearly VND 69 billion.
• Headcount fell by 287 people from end-2025 to 1,120 employees at Vinasun and its subsidiaries.
• CEO Đặng Thành Duy directly holds 3.89 million VNS shares, or 5.73% of capital; his family, including father Đặng Phước Thành and mother Ngô Thị Thúy Vân, holds 42.56%.
• Shareholder list record date for the written vote is 4 November, with the consultation period running 20-30 November.

What Happened

In an explanation sent to the State Securities Commission and the Hồ Chí Minh City Stock Exchange, Vinasun attributed the loss to lower Q3 operating revenue while the company continued to support its drivers. The income statement also recorded more than VND 35 billion in other expenses for the quarter, compared with VND 412 million a year earlier. Over nine months, other expenses totaled VND 42 billion, and the notes to the financial statements show that nearly all of this came from losses on the disposal of fixed assets, reversing a near-VND 8 billion gain on disposals in the first nine months of 2025.

The 2026 business plan presented to the annual general meeting envisaged liquidating and selling 150 vehicles to drivers on deferred payment so they could operate under a franchise model, with a full-year target of VND 14 billion in pre-tax profit from other income. After nine months, other income net of other expenses shows a VND 30 billion loss. Separately, the board decided to collect written shareholder opinions on waiving the public tender offer procedure for Tổng giám đốc Đặng Thành Duy. The published documents do not state how many additional shares he intends to receive or the form of the transaction.

Market Context

VNS closed at VND 5,830 on 30 October 2026 on HOSE. The stock sits in the transportation and taxi segment, where ride-hailing competition and input costs have pressured traditional operators, and the Q3 result marks a second consecutive quarterly loss. The weak quarter also lands against a broader Vietnamese market in which investors have favored banks, industrials and export-linked names, leaving small-cap consumer and transport counters with thinner liquidity and greater sensitivity to single-quarter earnings surprises.

Strategic Significance

The central issue for long-term holders is whether Vinasun’s franchise model can replace a shrinking owned-fleet taxi business without the asset-disposal gains that previously cushioned earnings. The nine-month figures show the disposal program is currently destroying rather than creating other income, a VND 30 billion net loss against a VND 14 billion full-year target, which undermines the stated rationale for selling vehicles to drivers. The headcount reduction of 287 employees signals cost action, but revenue at a multi-year low suggests the demand side is not stabilizing. The tender-offer waiver request for the CEO is a governance item to weigh alongside the operating loss: a family stake of 42.56% already confers substantial control, and shareholders are being asked to remove a minority-protection mechanism without disclosed details on the size or form of the planned transaction.

What to Watch

• The written shareholder vote results after the 20-30 November consultation, including the disclosed size and form of the CEO’s planned share acquisition.
• Q4 2026 results and whether other expenses normalize after the fixed-asset disposal losses.
• Progress on the 150-vehicle franchise sale plan and whether other income returns to positive territory by year-end.
• Further headcount and driver-support cost trends in the 2026 annual report.
• Any HOSE disclosure on the tender-offer waiver and its implications for free float and foreign ownership.