Việt Nam Engine and Agricultural Machinery Corporation's assembly plant in Bỉm Sơn Town, Thanh Hóa Province. — VNA/VNS Photo Vũ Sinh
HÀ NỘI — Việt Nam Engine and Agricultural Machinery Corporation (VEAM) plans to spend VNĐ6.63 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 VĐ3.67 trillion, down 18.3 per cent compared to the previous year. Revenue from financial activities reached VNĐ967 billion and income from investment in associates reached VNĐ5.12 trillion, down by VNĐ2 trillion year-on-year. Profit after tax reached VNĐ5.6 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 VNĐ1.12 trillion, an increase of 151 per cent compared to 2020, in which, revenue from industrial production contributes VNĐ573.2 billion, revenue from commercial and service activities reached VNĐ532.9 billion. — VNS