The Ministry of Transport (MoT) estimates that in the 1980s, the market share of rail transport in the entire transport industry accounted for more than 29 per cent.

However, in recent years, with well-invested road and seaport systems and the strongly developed aviation sector, the competitiveness of rail transport has decreased, leading to a decline in rail transport in terms of volume, market share, and revenue.

Regarding market share, the railway's share of passenger and freight transport has declined from 2010 to the present.

The market share of railway passenger transport accounted for 0.48 per cent of the total number of passengers in the entire transport industry in 2010. This number was only 0.16 per cent by 2019, 0.12 per cent last year, and 0.15 per cent in the first eight months of this year.

The quality of infrastructure, outdated rail transport technology, and the ability to connect rail transport with other modes of transport are still inadequate, said the MoT.

Previously, the Việt Nam Railway Corporation (VNR) achieved a total consolidated revenue of more than VNĐ7.72 trillion (US$321.6 million), with a loss after tax of VNĐ130 billion last year. Of this, the parent company's after-tax loss was VNĐ200 billion.

VNR is expected to achieve a total revenue of over VNĐ6.15 trillion this year, with a consolidated loss after tax of about VNĐ55 billion.

Meanwhile, the Commission for the Management of State Capital at Enterprises has assigned the parent company - VNR, an after-tax profit target of VNĐ3 billion for this year.

Recently, the committee submitted the VNR Restructuring Project for the 2021 – 2025 period to the Government for consideration and approval.

The VNR transported more than 1.7 million passengers and 1 million tonnes of goods, generating revenue of more than VNĐ2.8 trillion in the first eight months of this year.

Data from VNR shows that revenue from sales and service provision of the parent company (excluding public services) reached more than VNĐ1.1 trillion by the end of July, an increase of 5 per cent over the same period last year.

VNR's total consolidated revenue reached more than VNĐ3.7 trillion, an increase of more than 17 per cent, including over VNĐ1.4 trillion in revenue from state railway management and maintenance orders. — VNS