The Chief Executive Officer is responsible for organizing negotiations, signing, and implementing deposit contracts with SeABank to ensure safety, achieve the highest efficiency, comply with the Charter, internal regulations of VEAM and related laws and regulations. At the same time, the Member of the Board of Directors, CEO, Chief Accountant, Chief Office of the Board of Directors of VEAM according to their functions and tasks based on the resolution implementation.
The above actions may be considered as a continuation of the success of previous bank deposits, bringing significant income to VEAM in 2023.
According to the Q4 2023 financial statements, VEA recorded nearly VND 311 billion in profits from financial activities, 1.49 times higher than the figure of nearly VND 209 billion in the same period of the previous year. Accumulated for the whole year of 2023, VEAM earned more than VND 1,150 billion from financial activities, 1.45 times higher than in 2022. The main contribution to these figures is nothing but interest from bank deposits, which increased from over VND 803 billion to nearly VND 1,195 billion.
Thanks to the contribution of interest from deposits, VEA partly avoids the negative impact of inefficient core activities in agricultural machinery production, as well as declining profits from joint venture companies (Honda, Toyota, Ford…). Finally, VEA’s net profit was nearly VND 6,234 billion, a decrease of 18% compared to the previous year.
Source: VEA’s Q4 2023 consolidated financial statements
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VEA’s Q4 and accumulated 2023 business results
Unit: Billion VND
Source: VietstockFinance
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As of December 31, 2023, the proportion of bank deposits of VEA accounted for 48% of the total assets, equivalent to the value of nearly VND 12,915 billion, an increase of 3% compared to the beginning of the year, almost all of which were short-term deposits. In this list, BIDV was selected with the largest deposit balance of over VND 5,471 billion, followed by VietinBank with nearly VND 1,956 billion and Agribank with over VND 1,089 billion.
Source: VEA’s Q4 2023 consolidated financial statements
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| Short-term financial investment, a majority of which is bank deposits, accounts for a high proportion of VEA’s assets |
