According to the consolidated financial statements for the second quarter of 2026 of Tasco Joint Stock Company (Tasco Group, code: HUT), among Tasco's direct and indirect subsidiaries are VETC Joint Stock Company, VETC Automatic Toll Collection Co., Ltd. and VETC RSA Co., Ltd.
In which, VETC Joint Stock Company is a direct subsidiary of Tasco with voting rights and interest rates both at 99.26%.
VETC Automatic Toll Collection Co., Ltd. is an indirect subsidiary, mainly operating in the field of toll collection services, with a voting ratio of 100% and Tasco's profit ratio reaching 99.91%. Meanwhile, VETC RSA Co., Ltd. is another indirect subsidiary, operating in the field of commercial services, with Tasco's profit ratio at 65.79%.
Tasco Joint Stock Company's 2025 annual report shows that VETC accounts for about 75% of the non-stop toll collection market share, connecting 136 stations with 765 toll lanes nationwide.
In addition to non-stop toll collection, VETC expanded to services such as parking fees, electric vehicle charging payment, gasoline, insurance and rescue. In 2025, VETC achieved 666 billion VND in revenue, an increase of 35% compared to the same period.
Regarding the toll collection segment, Tasco said that the enterprise deploys operations through VETC, the unit that is operating a non-stop electronic toll collection system, serving nearly 4 million vehicles and processing an average of 1.8 million transactions per day.
However, the data in the consolidated financial statements shows that toll collection revenue in the first half of 2026 decreased sharply compared to the same period.
In the second quarter of 2026, toll collection revenue reached more than VND 203.3 billion, down about 42.2% compared to VND 351.6 billion in the same period in 2025. Accumulated in the first 6 months of the year, revenue in this segment reached more than VND 447.1 billion, down about 30.3% compared to VND 641.7 billion in the same period last year.
Along with revenue, the operating cost of toll collection decreased significantly, from 368.9 billion VND in the first 6 months of 2025 to more than 205.4 billion VND in the same period this year.
Thanks to a higher cost reduction than revenue reduction, gross profit from toll collection activities in the first 6 months of 2026 is estimated at about 241.7 billion VND.
The revenue item of toll collection activities in Tasco's consolidated report is not consistent with the separate revenue of VETC Joint Stock Company.
While toll collection revenue in Tasco's consolidated financial statements decreased compared to the same period, the separate business results of VETC Joint Stock Company recorded growth.
According to the mid-year financial statements for 2026 that have been reviewed and submitted to the Hanoi Stock Exchange (HNX), in the first 6 months of the year, the enterprise achieved 327.1 billion VND in revenue, an increase of 17.3% compared to the same period. After-tax profit reached 53.2 billion VND, an increase of nearly 9%.
Despite being profitable in the first half of the year, as of June 30, 2026, VETC still recorded accumulated losses of more than 420 billion VND. The enterprise's equity is at 272.4 billion VND.
Also at this time, VETC's total payables were more than VND 3,050 billion, an increase of nearly 2.8% compared to the same period last year. In which, outstanding bank loans decreased by more than VND 80 billion, to VND 649 billion, while outstanding debt from bond issuance was nearly VND 500 billion.
Other payables accounted for the largest proportion, although it decreased from more than 2,237 billion VND to about 1,900 billion VND.
Along with expanding operations, VETC also mobilized additional capital. In July 2025, the International Finance Corporation (IFC), a member of the World Bank Group, bought 500 billion VND of VETC convertible bonds, with a term of 5 years, interest rate of 5%/year.
