Address: Lot D, Zone D1, Phu Thuong, Tay Ho District, Hanoi
Website: www.veamcorp.com
Vietnam Engine and Agricultural Machinery Corporation – JSC (VEAM) originated as a State-Owned One-Member Limited Liability Company operating under the Parent-Subsidiary model, under the Ministry of Industry and Trade. It was established on May 12, 1990, with a central mission of the Vietnamese mechanical engineering sector: to industrialize and modernize agriculture and rural development.
With a long-standing operational history, VEAM is now one of Vietnam’s leading mechanical engineering enterprises. Over the years, VEAM has continually invested in technological innovation, enhanced production capacity, and product quality, and has become part of the global supply chain. VEAM’s engines, agricultural machinery, and supporting mechanical products are not only well-established in the domestic market but are also exported to over 20 countries worldwide.
VEAM provides direct employment to thousands of workers and creates indirect jobs for tens of thousands more involved in distribution and after-sales services for VEAM-manufactured products. In recent years, VEAM has maintained consistent annual growth of 10–15%. The company’s estimated market capitalization now exceeds VND 49,000 billion (based on market evaluations).
VEAM is a capable and reliable partner for both domestic and international collaborators, including well-known names such as Toyota, Honda (Japan), and Ford (USA), in joint ventures like Toyota Vietnam, Honda Vietnam, and Ford Vietnam. With its reputation and product quality, VEAM and its subsidiaries have been selected as suppliers of auto and motorcycle parts, vehicle transportation services, and packaging management for these ventures.
VEAM is actively implementing export strategies and trade promotion plans to boost the export of its products—including trucks, engines, agricultural machinery, and auto/motorbike parts—to markets across ASEAN, Northeast Asia, West Asia, South Asia, and Africa. VEAM’s development direction to 2025 and vision to 2030 will continue to focus on key industries: engines and agricultural machinery, automobiles and motorbikes, and supporting industries. In addition to its business objectives, VEAM remains committed to community responsibility and social development. Its machinery and products are designed to empower farmers by offering affordable, modernized solutions for agricultural production, thereby promoting the mechanization and modernization of rural Vietnam.
In the field of engines and agricultural machinery, VEAM is developing new products for post-harvest processing, aquaculture, and fisheries. Recently, the company has begun market research and initial production of new products such as air blowers, hydraulic gearboxes with electric motors, and electric motors for agricultural machinery.
To better serve the domestic market, VEAM is building a dealership system focused on standardized 3S (Sales, Spare Parts, Service) distribution centers for engines and agricultural machinery produced by its subsidiaries.
Additionally, VEAM is working to standardize its new brand identity across all operations to better leverage export opportunities. While expanding into new Southeast Asian markets, VEAM is also focusing on building product showrooms, participating in exhibitions, promoting trade, and strengthening cooperation with distributors in key regions like Northeast Asia and Africa to tailor products for specific market demands.
In supporting industries, VEAM is actively investing in modern equipment to improve labor productivity and product quality, thereby enhancing competitiveness. The company is also adopting advanced management systems such as Kaizen (continuous improvement) and TQM (total quality management) across all production processes. VEAM has implemented ISO 9001:2008 and is developing TS16949 quality systems for manufacturing export-grade auto and motorbike parts. These improvements have enabled VEAM to deliver high value-added products to both domestic and international partners in the automotive, motorcycle, and industrial machinery sectors.
In the field of truck and specialized vehicle manufacturing and assembly, VEAM continues to focus on R&D and production collaboration to meet evolving market preferences. It is also advancing the production and assembly of trucks and commercial buses, aligning with Vietnam’s automotive industry development plan through 2020 and vision to 2030, while enhancing localization rates for domestic auto and motorbike production and exports.
In recent years, VEAM has produced innovative products that transform agricultural production practices. In line with the ongoing mission of agricultural modernization, VEAM will prioritize the following in the coming period:
- Enhancing capabilities in engine and agricultural machinery manufacturing and supporting industries through human resource development, equipment and technology investment, and focused product development to meet domestic demand and expand exports.
- Deeper participation in global supply chains for motorcycles, automobiles, and other industrial and agricultural machinery.
- Boosting international cooperation and localization for VEAM-manufactured trucks.
- Adopting advanced management models to reduce costs, increase productivity, and adapt to market dynamics in the power machinery and agricultural machinery sectors.
