KUALA LUMPUR (April 30): Logistics and express carrier provider GDEX Bhd (KL:GDEX) is restructuring its Vietnam operations amid widening losses at the unit.

The comprehensive restructuring of Noi Bai Express and Trading Joint Stock Company, the unit also known as NETCO, is focused on enhancing revenue generation and optimising its cost structure, GDEX said in its annual report released on Thursday.

“We remain cautiously optimistic on NETCO’s future prospects, given the robust performance of the Vietnamese economy,” GDEX said.

NETCO’s net loss came in at 34.5 billion Vietnamese dong, or about RM5.7 million, larger than the 23.0 billion Vietnamese dong reported in 2024. Revenue, meanwhile, fell 33% to 218.2 billion Vietnamese dong in 2025 mainly due to lower delivery volumes.

Most of its income in 2025 came from GDEX's home market while Vietnam contributed nearly 9% to GDEX’s revenue in 2025. NETCO operates an express delivery network covering all 63 provinces in Vietnam, serving over 4,000 corporate and public sector clients.

GDEX owns a 50% stake in NETCO, which it acquired in 2019 for 76.73 billion Vietnamese dong as part of its efforts to build a sustainable Southeast Asia delivery network.

Shares of GDEX paused at 13 sen during the midday break on Thursday, giving it a market capitalisation of RM733 million.