Vinamotor makes a significant increase in profit in 2014 after the Government offered to sell the State-owned shares in the corporation a month ago. – Photo mcall.com

HA NOI (Biz Hub) – The Vietnam Motors Industry Corporation (Vinamotor) reported a substantial increase in 2014 profits, which surged nearly 600 per cent higher than the set target.

The announcement was made after Sacom Investment and the Development Joint Stock Company (Sacom) proposed that the Transport Ministry allow the firm to buy the entire State-owned capital in Vinamotor, comprising 85.58 million shares, or equivalent to 97.7 per cent of the corporation's registered capital.

In its financial report, the corporation said it earned VND65 billion (US$3 million) in profits in 2014, which was 590 per cent more than its set target and 591 per cent higher than 2013's profits.

Vnexpress.net quoted a Vinamotor leader as saying that most of the profits stemmed from the manufacture of coaches with 29 seats and above and trucks produced through a joint venture with Hyundai, which accounted for more than half of the country's market share.

In addition, the production and assembly of buses also contributed significantly to the company's revenue.

The latest figures might draw investors' attention after the Government also offered to sell the State-owned shares in the corporation a month ago. There are at least three businesses, which have proposed to buy State-owned shares, including Sacom, which specialises in making bronze cables and electronic wires. – VNS