A state-owned enterprise received more than 2 billion USD in dividends from Toyota, Ford, and Honda

According to the second quarter financial report, Vietnam Dynamics and Agricultural Machinery Corporation (VEAM) recorded revenue of 1,297 billion VND, an increase of more than 24% over the same period last year. However, this company’s pre-tax profit was 2,283 billion VND, exceeding sales.

Similar to previous years, instead of from the core business, VEAM’s profits mainly come from joint venture companies, with a profit of VND 1,989 billion. In addition, the company also earned more than 287 billion VND in financial revenue, mainly from deposit interest.

According to the second quarter’s separate financial report, the business received more than VND 6,148 billion in dividends from Honda Vietnam. As of June 30, VEAM holds 30% of Honda Vietnam shares, 20% of Toyota Vietnam shares and 25% of Ford Vietnam shares through its subsidiary Diesel Song Cong. Almost all of VEAM’s profits come from these three joint ventures.

According to statistics of VnExpress, from 2018 – when VEAM started publishing financial reports, the company earned a total of 53,835 billion VND, equivalent to more than 2 billion USD, through dividends from the above joint ventures. Among them, Honda Vietnam paid VEAM the most money with nearly 47,500 billion VND.

VEAM is an enterprise with 88.5% capital held by the Ministry of Industry and Trade, producing agricultural mechanical machines such as: plows, internal combustion engines (gasoline and diesel), rice milling machines and shrimp farming gearboxes… This enterprise also has truck manufacturing and installation activities, but this business segment contributes quite modestly to the overall results.

Accumulated in the first 6 months of the year, VEAM recorded 2,574 billion VND in revenue, an increase of 23% compared to last year’s performance. Of which, sales revenue and finished products account for about 95%. Excluding expenses, the company’s pre-tax profit is VND 4,106 billion, an improvement of 17% compared to the first half of 2025.

As of June 30, the total assets of the enterprise reached 32,171 billion VND, an increase of nearly 4,000 billion VND compared to the beginning of the year. This enterprise only has 114 billion VND in financial debt, while its equity reaches 23,929 billion VND.