Vietnam Machinery for Power and Agriculture, JSC – VEAM (code: VEA-UPCoM) has released the documents for its upcoming 2025 Annual General Meeting of Shareholders, to be held on June 20 in Hanoi. Notably, VEAM has proposed a plan for listing its shares.
It is understood that at the 2024 Annual General Meeting of Shareholders, VEAM approved the listing of shares on the Stock Exchange (Clause 5 of Resolution No. 01/NQ-ĐHĐCĐ dated June 20, 2024). However, in 2024, VEAM was unable to complete the listing due to not fully meeting the listing requirements.
Therefore, to continue with the share listing process, the Board of Directors respectfully submits to the 2025 Annual General Meeting of Shareholders for approval the listing of shares of Vietnam Machinery for Power and Agriculture, JSC, with the stock code VEA.
The General Meeting of Shareholders authorizes the Board of Directors to carry out procedures related to the listing of VEAM shares on the Stock Exchange when eligible in accordance with the law.
According to data on HNX, on July 2, 2018, 1,328,800,000 VEA shares officially traded on the UPCoM market at a price of VND 27,600/share.
At that time, VEAM had a chartered capital of VND 13,288 billion with main business lines including manufacturing of engines and agricultural machinery; production of industrial supporting components and products; automobile and motorcycle assembly; cargo transportation; etc.
The number of restricted transferable securities was 319,900 shares restricted for transfer to employee shareholders in accordance with the law on state enterprise equitization, and as of April 9, 2018, the number of shares owned by foreign investors in the company was 40,499,800 shares – equivalent to 3.05%; The Ministry of Industry and Trade owns 1,175,582,966 shares, holding 88.47%; Hoa An Trading and Investment Company Limited owns 79,728,000 shares, holding 6% of VEAM capital.
In 2024, VEAM recorded consolidated revenue of VND 4,103.4 billion, up 8% over the same period last year, after-tax profit reached VND 7,431.7 billion, up 19% over the same period. In particular, profit from joint venture companies continued to account for the majority with VND 6,729.7 billion.
In 2025, VEA expects revenue of the Parent Company to reach VND 7,140 billion, after-tax profit of VND 6,330 billion, and profit/chartered capital ratio of 47.6%.
The plan for 2025 of the parent company and its subsidiaries is to achieve an output value of VND 3,581 billion and revenue of VND 4,586 billion.

Also according to the 2024 consolidated financial statements of VEAM, which includes 13 subsidiaries (8 profitable, 5 loss-making) and 8 joint ventures and other long-term investments (5 profitable, 1 loss-making, 2 unreported financial statements). In which:
– 06 companies with accumulated losses continued to make losses in 2024: Tran Hung Dao Mechanical One Member Limited Company, Tractor and Agricultural Machinery One Member Company Limited, Institute of Technology, VEAM Korea, Vinh Mechanical Joint Stock Company, Matexim Haiphong Joint Stock Company.
VEAM Transport and Trading Joint Stock Company made a profit in 2024 but still had large accumulated losses (due to provisioning for bad debts from previous years).
– Nakyco Joint Stock Company has large accumulated losses and although it made a profit in 2024, there are still many exceptions that greatly affect business results.
– Companies not included in the 2024 Consolidated Financial Statements: Mekong Auto Limited Company (MAC) and Kumba Joint Stock Company because as of the date of issuance of VEAM’s Consolidated Financial Statements, the Company has not been able to collect the financial statements of these two units. MAC has a charter capital of USD 20 million (VEAM holds 18% equivalent to USD 3.6 million, contributed by land use value equivalent to VND 39.6 billion), MAC’s financial year starts from July 1 of the previous year to June 30 of the following year.
Regarding dividends: On December 20, 2024, the Company paid dividends for 2023 at a rate of 50.3518% (1 share received VND 5,035.18), the total amount paid was VND 6,690.75 billion.
In 2024, VEAM tentatively submitted to the General Meeting of Shareholders a plan to pay dividends for 2024 at a rate of VND 4,658.08/share, equivalent to a total payment of about VND 6,189.7 billion. However, VEAM also emphasized that, up to now, the Ministry of Industry and Trade has not had an opinion on approving the profit distribution plan of VEAM in 2024. Therefore, the Board of Directors proposes that the General Meeting of Shareholders authorize the Board of Directors to decide on profit distribution according to the opinion of the Ministry of Industry and Trade and choose an appropriate time to pay dividends for 2024.

It is known that HNX maintains a warning status for VEA shares because the audited financial statements for the year have been issued with exceptions for 3 consecutive years or more, which is a case of warning according to regulations.
Specifically: The first opinion is: As of December 31, 2024, the Corporation has not assessed the recoverability of receivables that have been overdue for payment with a value of VND 40,690,090,263 (as of January 1, 2024 was VND 44,173,318,013)… ”.
The second opinion is: “As of December 31, 2024, the Corporation has not assessed the realizable value of inventory that is stagnant and slow-moving VND 82,294,646,160 (value of stagnant and slow-moving inventory as of January 1, 2024 is VND 106,818,758,390)… ”.
Finally, “As of December 31, 2024, there are some suspended expenses for handling with a value of VND 481,868,382,941 (including: interest expense, depreciation, land rent of the sponge iron plant that stopped operating in 2015 and Bac Kan Branch of Matexim) reflected in the prepayment item and production business expenses in progress… ”.