VEAM expects total revenue to grow 6.5% annually

Tuesday, Jun 28, 2022 12:05

Assembling cars at a VEAM automobile factory in Thanh Hoa Province. — Photo VNA

The Vietnam Engine and Agricultural Machinery Corp (VEAM) has set a target of achieving average revenue growth of 6.5 per cent annually from now to 2027.

The company's annual pre-tax profit, industrial output and revenue were set to grow 5 per cent and 10 per cent, respectively in the period, VEAM said, adding that it would focus on strengthening cooperation among member units while expanding its presence in the domestic market and promoting exports.

According to VEAM chairman Nguyen Khac Hai, his firm will seek qualified investors to co-operate directly or through subsidiaries to invest in production projects, agricultural machinery trading, automobiles and supporting industries.

The company's latest report revealed that the impact of the pandemic and caused many difficulties.

However, in the first quarter of 2022, VEAM's revenue surpassed VND1.13 trillion, up 17 per cent year-on-year or equivalent to 30 per cent of the yearly target. — VNS


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