Viet Nam Engine and Agricultural Machinery Corporation's assembly plant in Bim Son Town, Thanh Hoa Province. — VNA/VNS Photo Vu Sinh

Viet Nam Engine and Agricultural Machinery Corporation (VEAM) plans to spend VND6.63 trillion (US$287.2 million) to pay dividends in 2020 with a ratio of 49.9 per cent.

The information was released at its 2021 Annual General Meeting of Shareholders held online on Wednesday.

In 2020, its revenue reached VD3.67 trillion, down 18.3 per cent compared to the previous year. Revenue from financial activities reached VND967 billion and income from investment in associates reached VND5.12 trillion, down by VND2 trillion year-on-year. Profit after tax reached VND5.6 trillion, down 23.6 per cent compared to the profit achieved in 2019.

The sharp decline in revenue and profit was attributed to the damages caused by the COVID-19 pandemic. VEAM (coded VEA) has 13 subsidiaries, seven of which reported losses and six profits. Out of seven joint ventures, there were two losers and five gainers.

VEAM is a State-owned enterprise with most of its profits coming from venture companies in the field of motorcycle and automobile manufacturing including Honda Vietnam, Toyota Vietnam and Ford Vietnam.

In 2021, VEAM targets the parent company's net revenue at VND1.12 trillion, an increase of 151 per cent compared to 2020, in which, revenue from industrial production contributes VND573.2 billion, revenue from commercial and service activities reached VND532.9 billion. — VNS