The Viet Nam Engine and Agricultural Machinery Corporation (VEAM) will present to shareholders a plan to list on the Ho Chi Minh Stock Exchange (HOSE).

The proposal will be presented at a shareholders’ meeting on June 29.

VEAM has a chartered capital of VND13.3 trillion (US$580 million), of which 88 per cent is held by the Ministry of Industry and Trade (MoIT). The company has been equitised since 2016 but has yet to be listed or registered for trading on UPCoM despite having been granted the stock code VEA in 2017.

According to its financial statement for the first quarter of 2018, VEAM achieved consolidated revenues of nearly VND1.8 trillion, while gross profits from sales and services reached VND104.5 billion.

The company’s after-tax profit reached over VND1 trillion and basic earnings for each share stood at VND775.

VEAM is a large corporation specialising in the production of all kinds of engines, agricultural machines, components, and spare parts, as well as manufacturing and assembly of automobiles and motorcycles.

The company is one of the MoIT’s most profitable enterprises. It currently owns 30 per cent of Honda Viet Nam, 20 per cent of Toyota Viet Nam, and 25 per cent of Ford Viet Nam.

VEAM also has large land ownings spread across Ha Noi, HCM City, Hai Phong, Dong Nai, and Vung Tau, many of which are in prime locations, such as the 2,734 sq.m VEAM building in Ha Noi’s Tay Ho District and a 3.6ha lot in Ha Dong District. — VNS