[January 11th] Vietnam Railways posts profits after 3 years of losses

State-owned Vietnam Railways reported profits of VND94.8 billion (US$3.89 million) for 2023 as it returned to the black after three years of losses.

Its revenues topped VND8.5 trillion. The company served 6.1 million passengers last year, a 35% increase from 2022.

The turnaround is attributed to the large discounts, of up to 50% at times, it offered, the improvement in quality of services and train tourism.

But cargo transport fell by 19% to 4.6 million tons.

The Vietnam Railways management expects 2024 to be a difficult year due to high competition from air and road services. It targets a 7.3% increase in cargo transportation.

It has over 22,000 employees and manages 3,143 kilometers of tracks in 34 localities nationwide.

Source: VN Express