Major tour operator Vietravel posts first quarterly loss since 2022 as costs surge

Vietravel (UPCoM: VTR), one of Vietnam’s largest tour operators, reported a net loss of more than VND10 billion ($381,860) in Q4/2025, reversing a profit of nearly VND16 billion ($610,980) a year earlier and marking its first quarterly loss since Q2/2022.

Q4 revenue rose 19% year-on-year to VND1.77 trillion ($67.55 million), according to the company’s financial statements. However, cost of goods sold increased 21%, outpacing revenue growth and pushing gross profit down 3% to VND109 billion ($4.16 million).

Financial expenses swung sharply, with the company recording negative financial costs of VND94 billion ($3.59 million) compared with positive VND22 billion ($840,100) a year earlier.

The change reflected a reversal of VND178 billion ($6.8 million) in provisions following its divestment from Vietravel Airlines.

Selling expenses rose 36.7% year-on-year, while administrative costs jumped 176% to more than VND220 billion ($8.4 million), significantly weighing on earnings. Vietravel attributed the loss to rising input costs amid broader economic challenges, with expense growth exceeding revenue gains.

For the full year 2025, Vietravel posted revenue of VND7.21 trillion ($275.21 million), up 7% from 2024. Operating profit was negative VND16 billion ($610,980), while net profit fell sharply to just under VND619 million ($23,640) from more than VND35 billion ($1.34 million) a year earlier.

By the end of 2025, total assets stood at VND2.95 trillion ($112.53 million), up 11% from the start of the year. Cash and bank deposits totaled more than VND210 billion ($8.02 million), while short-term receivables reached VND1.65 trillion ($63.16 million).

Total liabilities were VND2.16 trillion ($82.29 million), broadly unchanged, including VND840 billion ($32.08 million) in financial borrowings. Short-term loans and finance lease liabilities declined to VND744.5 billion ($28.43 million) from more than VND882 billion ($33.68 million) at the beginning of the year.

Vietravel set up Vietravel Airlines in April 2020 with initial capital of VND700 billion ($26.73 million). By late 2024, companies linked to T&T Group had become major shareholders, holding about a 75% stake.

In November 2025, Vietravel approved a plan to divest its entire remaining stake in the carrier to refocus on its core travel and tourism business. The transaction value and buyer have not been disclosed yet. The airline has said it plans to rebrand in Q2/2026 and will no longer use the “Vietravel” name.