Vietnam's leading tour operator Vietravel before capital hike: Revenue grows, profit shrinks
Ho Chi Minh City-based Vietravel has seen strong revenue growth over the past three years on the tourism industry's post-pandemic recovery, but its profit has continued to decline, with a profit margin of only around 0.5%.
Vietnam Travel and Marketing Transports JSC (Vietravel) is registered on the Unlisted Public Companies Market (UPCoM) as VTR, with VinaCapital Fund Management JSC holding a 9.77% stake.

Vietravel is a leading tour operator in Vietnam. Photo courtesy of the company.
Doubling charter capital
The travel company has announced a plan to issue 28.6 million shares at VND12,000 ($0.46) per share to existing shareholders, at a 1:1 ratio (each shareholder can buy one new share for every share held).
It aims to raise VND344 billion ($13.24 million) to repay outstanding debts. The registration deadline is May 20, and the subscription and payment period will run from May 26 to July 7. If successful, the issuance will nearly double Vietravel’s charter capital to VND572 billion ($22.02 million).
VTR shares closed Friday at VND21,000 ($0.81) apiece, down from VND25,000 over the past year. Nevertheless, the current market price is still about 75% higher than the offering price to shareholders.
This marks the first time the company has raised capital from shareholders since registering on the UPCoM.
The last capital hike involved an issuance of 6 million shares to swap debt with real estate developer Hung Thinh (at VND28,000 or $1.08 per share) and a private placement of another 6 million shares at VND12,000 ($0.46) per share to executives.
In March, after two years of investment, Hung Thinh Corporation exited Vietravel by selling its entire 6 million shares (equivalent to a 20.98% stake) to an individual named Nguyen Thuy Tien.
The throughput deal was worth VND168 billion ($6.47 million), at an average price of VND28,000 ($1.08) per share, matching Hung Thinh's original investment price.
As a result, Vietravel’s largest shareholder is now Nguyen Thuy Tien (20.98%), followed by Vietravel Group (14.29%), chairman Nguyen Quoc Ky (10.96%), and VinaCapital Fund Management JSC (9.77%).
Thin profit margin
Despite a strong recovery in the tourism sector post-Covid, Vietravel’s profit has been declining while revenue has steadily increased over the past three years.
Specifically, revenue grew from over VND3.82 trillion ($147.04 million) in 2022 to nearly VND6.74 trillion in 2024, but net profit fell from VND105 billion ($4 million) to VND36 billion.
In Q1 this year, the company’s revenue rose 8% to VND1.19 trillion ($45.8 million). However, due to high costs and a drop in other income, its net profit halved to just under VND6 billion ($230,960) with a net profit margin of 0.5%.
For 2025, the firm targets a 42% revenue increase to VND9.55 trillion ($367.6 million), but a pre-tax profit decrease of 11% to VND50 billion ($1.92 million). This would result in a pre-tax profit margin of only about 0.52%, even lower than 2024’s 0.8%.
As such, alongside approving this business plan for 2025, the board of directors has asked the executive board to quickly develop concrete cost-reduction strategies, with a focus on leveraging technology to improve labor productivity and reduce operational and administrative expenses.
Rebranding and $1 bln revenue target by 2030
Vietravel will hold its 2025 AGM on May 17. At the meeting, the board will propose changing the company’s name from “Vietnam Travel and Marketing Transports JSC – Vietravel” to “Vietravel Tourism JSC – Vietravel.”
The change is intended to align with modern branding trends, enhance international communications, and improve compatibility with digital platforms, while maintaining brand recognition.
Regarding business strategy, CEO Tran Doan The Duy revealed a long-term plan for 2025-2035, aiming to become a leading regional tourism company built on three pillars: “Green - Digital - Connected.”
Vietravel has set a target to reach over $1 billion in revenue by 2030, 3.6 times higher than its current revenue.
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