Singapore-domiciled TAEL Two Partners struggles to divest from Vietnam taxi operator Vinasun at loss
Singapore-headquartered fund TAEL Two Partners has planned to divest entirely from Vietnamese taxi operator Vinasun at a heavy loss after more than a decade of investment.
The fund has registered to sell 6.44 million shares of Vietnam Sun Corporation (HoSE: VNS), or a 9.49% stake, from November 15 to December 13, according to a filing to the State Securities Commission.

Vinasun taxis in Danang city, central Vietnam. Photo courtesy of the company.
VNS shares closed at VND10,250 ($0.4) each last Friday, November 15, with just 4,000 units traded. At this price, TAEL Two Partners expects to rake in VND66 billion ($2.6 million) from the divestment.
The Singaporean fund started to invest in Vinasun, which used to dominate the taxi market in Ho Chi Minh City, in December 2013 when pouring VND135 billion ($5.32 million at the current exchange rate) to acquire 3 million shares in a private placement at VND45,000 apiece.
The fund then bought in more VNS shares at the prices of VND41,000-48,000 ($1.61-1.89) to become the second largest shareholder in the Vietnamese taxi operator with an 18.3% stake, only behind Vinasun chairman Dang Phuoc Thanh.
In total, the fund has invested VND383 billion ($15.1 million at the current forex rate or $18 million at that time) in Vinasun’s heyday. Over the past decade, the fund has collected some VND142 billion in cash dividends in addition to share dividends.
Since September 2023, the fund has continuously registered to sell VNS shares. It failed to sell 2.5 million shares in three tranches as of January 2024. Since then, the fund has managed to cut its holding to 9.49%.
In the first nine months of this year, Vinasun earned a consolidated net profit of VND59.9 billion ($2.36 million) on revenue of VND778 billion, down 52% and 17.3% year-on-year, respectively.
The firm earned VND25 billion ($980,000) from liquidating assets, mainly old vehicles, and VND18 billion from advertisements.
It has plans to invest VND630-650 billion ($25.6 million) in buying around 700 Toyota hybrid cars to renew its fleet.
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