Ride-hailing firm Grab Vietnam saw a loss of VND300.5 billion ($12.82 million) last year after recording a $10.36 million profit in 2020.
The subsidiary of super app major Grab reported an accumulated loss of $186 million by the end of last year.
It achieved a net revenue of $142.7 million in 2021, down 11% year-on-year.
As of December 31 last year, the company had acquired long-term loans of nearly $182.5 million. GrabTaxi Holdings Pte. Ltd. was one of its largest lenders; $143.9 million with maturity from 2021 to 2024. Singapore-headquartered Grab Inc. loaned more than $38.6 million, due in 2023.
In previous years, the duo also acted as the main fund providers for the Vietnamese arm.
As of the end of 2020, GrabTaxi Holdings and Grab Inc. had lent Grab Vietnam a total of nearly $221.8 million, lower than the total of $243 million recorded at the end of 2019.