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Friday, February 3, 2023

Rail industry expects to make profit in 2023

The Saigon Times

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HCMC – Vietnam Railways Corporation (VNR) plans to shift operational priorities from passenger to freight transport to minimize losses and earn profits beginning next year.

As of November, the proportion of freight transport accounted for roughly 55% of the total. The sector rose by 26% compared to the 2019 figure, with earnings soaring by 50%.

VNR has sought to start making profits from 2023 with a focus on freight transportation as part of its plan for the following five years, the local media reported.

The company intends to merge several subsidiaries, improve technology applications and launch railway tourism initiatives and other solutions to enhance operational effectiveness.

The State-owned business has recently reported a loss of VND350 billion, 35% less than the VND550 billion predicted for 2022.

In 2020, VNR’s loss exceeded VND1,327 billion. It was reduced to VND565 billion for 2021.

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