This is the first quarterly loss the largest taxi firm in Ho Chi Minh City has reported since its establishment in 2003. In the first quarter last year, it recorded a profit of VND32 billion ($1.4 million).

Its revenue fell 32 percent year-on-year to VND365 billion ($15.6 million), the lowest first quarter revenue since 2010.

In the first three months, its number of employees fell by 602 to 5,188.

The company said the 11-year low fuel prices helped it reduce costs, but this could not make up for the drastic slump in transport demand.

Vinasun halted operations earlier this month following HCMC employing its social distancing campaign.

The company is the second largest taxi firm nationwide in terms of vehicle numbers behind Mai Linh Group.

Vinasun and other traditional taxi companies have faced rising competition from ride-hailing firms in recent years. Last year, its revenue fell to the lowest since 2011 at VND1.99 trillion ($85 million).