An assembly line of VEAM (Photo congthuong.vn) In the consolidated financial statement of the fourth quarter, Vietnam Engine and Agricultural Machinery Corporation (VEAM) said that its net revenue reached over 4.7 trillion VND (200.4 million USD) in 2022, up 18% year-on-year. Its earnings per share (EPS) reached an unprecedented high at 5,713.4 VND.
VEAM is one of the major components suppliers for Honda Vietnam. In 2022, the company’s sales for Honda Vietnam jumped 33% on-year to 1.22 trillion VND, accounting for nearly 26% of its total revenue.
Pho Yen Mechanical JSC (Fomeco), a subsidiary of VEAM, is also a partner supplying spare parts for Honda Vietnam. Last year, Fomeco's revenue reached 1.31 trillion VND, a gain of 23% over 2021. Of which, the sales for Honda Vietnam reached 358 billion VND, accounting for more than 27% of total revenue.
Fomeco's main products are ball bearings, motorcycle parts, auto parts, conveyor rollers, spare parts for the construction industry and other mechanical products. Other major customers of Fomeco are Yamaha, Suzuki, Hanwa, Nippo, Piaggio and Panasonic.
Its profit after tax doubled over 2021 to nearly 66 billion VND. The company’s EPS was also at a high level of 9,942 VND.
Fomeco has spent about 29 billion VND of its profit after tax on the bonus and welfare fund, which is almost half of the company's annual profit.
The Machinery Spare Part No.1 JSC (FUTU1), another subsidiary of VEAM, specialises in distributing spare parts for Honda Vietnam. In 2022, FUTU1 posted a net revenue of 1.06 trillion VND, a 36.5% increase compared to 2021, resulting in a record profit after tax of 76 billion VND, up 58%.
Established in 1996, Honda Vietnam is one of the leading companies in the field of motorcycle and automobile manufacturing in the Vietnamese market.
Last year, the vehicle giant sold more than 2.4 million motorbikes, up 20.9% over 2021 and occupies more than 80% of the Vietnamese motorcycle market shares. Honda's automobile segment also recorded outstanding growth with more than 30,600 vehicles sold, a rise of 41.2% year-on-year./.
VNA
