The giant tour operator’s revenues were VND790 billion ($33.7 million) in the quarter, down 40 percent year-on-year, according to its latest consolidated financial statement.

The leading tour operator blamed the first quarter loss on the pandemic's severe and direct impact on the tourism industry as Vietnam curbed travel.

Its revenues from selling tours fell 47 percent to VND608 billion ($25.9 million) and from charter air tickets by 33 percent to VND155 billion ($6.6 million).

It was the company's second consecutive quarter in the red, after its loss of VND14.1 billion ($606,000) in the fourth quarter of 2019 largely due to rising costs. For full-year 2019 it had reported a profit of VND44 billion ($1.87 million).

Last month the government approved its proposal to set up an airline, making it another potential entrant in the country's rapidly growing aviation market.