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Vinasun, the No 1 taxi company in the taxi market, is bogged down in difficulties amid the appearance of of ride-hailing firms and the Covid-19 pandemic. Taxi firms have to compete with ride hailing apps Vinasun, a taxi firm of Dang Phuoc Thanh, a well known businessman, has released the Q4 2020 consolidated finance report which shows unprecedented bad results. The leading taxi firm took a loss for the fourth consecutive quarter and reported a loss for the first time in its history. In 2020, Vinasun had revenue of over VND trillion, a decrease of 50 percent and incurred a loss of VND210 billion. The company attributed the loss to the prolonged impact of the Covid-19 pandemic. In previous years, Vinasun had to struggle to compete with ride hailing firms such as Uber and Grab, but it still could make a profit. But Covid-19 has dealt another strong blow to Vinasun. The firm had to cut 1,400 jobs in 2020. Vinasun's share price has been flat in the last year, though the … [Read more...] about Vinasun taxi incurs heavy losses, thousands of workers lose jobs

Explosion kills 2 kids, destroys 7 houses in northern Vietnam The incident happened at a scrap facility in a residential area where many warheads have been found. Vietnam arrests wanted property tycoon deported from Singapore The fugitive, wanted in Vietnam for revealing state secrets, was escorted to Hanoi after being accused of violating Singapore’s immigration law. Coffee, tea or bikini? VietJet stands by racy calendar in face of criticism The annual 'bikini' calendar h as gone viral online . Vietnam attracts record tourist numbers in 2017 but can't escape bad reputation Robbery, petty crimes, traffic accidents and service quality continue to scar the country's image. HCMC court drops Uber’s lawsuit against tax demand The Netherlands firm will have to continue paying the tax. Southern Vietnam braces for first … [Read more...] about Weekly roundup: Fatal explosion in northern Vietnam, fugitive tycoon arrested, record breaking economy and more

Industrial zones in Haiphong to attract $5 billion in FDI in 2021 Industrial zones (IZs) registered $5 billion worth of foreign direct investment at a meeting between Haiphong Party Committee and IZ infrastructure investors aimed to resolve difficulties and promote investment in IZs. Notably, Sao Do Investment Group JSC registered an investment of $1 billion in Nam Dinh Vu Industrial Park (IP), while VSIP Haiphong JSC will inject $1-1.5 billion in VSIP Haiphong, Saigon-Haiphong Industrial Park JSC $1 billion in Trang Due IP, and Deep C IZs are expected to lure in $1-1.5 billion. In order to support these IZs' investors realise the above target to attract $5 billion in FDI capital, Le Van Thanh, Secretary of Haiphong Party Committee asked Haiphong Economic Zones (EZ) Management Authority, and relevant authorities to promote administrative reform to deal with difficulties facing IZs, as well as review their compliance. “The city will create favourable conditions for … [Read more...] about VIETNAM BUSINESS NEWS FEB. 23