Veam

What Veam does

VEAM Corporation (Vietnam Engine and Agricultural Machinery Corporation, Tổng công ty Máy động lực và Máy nông nghiệp Việt Nam) is a Vietnamese state-owned industrial enterprise headquartered in Hanoi that manufactures and distributes commercial vehicles, agricultural tractors, internal combustion engines, and agricultural machinery for the Vietnamese domestic market. The company's product portfolio spans five categories: trucks from 1 ton to 52 tons under its own brand and via OEM partnerships with Changan, Hyundai, and MAZ Belarus; agricultural tractors from 8HP compact units to 260HP heavy-duty models; diesel (RV, DS, D series, 50-320HP) and gasoline (168F series) engines; agricultural machinery including water pumps, generators, rice harvesters, combine harvesters, rice mills, and whitening equipment; and spare parts for motorcycles and industrial applications.

VEAM operates through wholly-owned manufacturing subsidiaries: Song Cong Diesel (diesel engines, Thai Nguyen province), Southern Vietnam Engine and Agricultural Machinery (Biên Hòa), Machinery Spareparts No.1 (Sông Công), and the in-house Research Institute of Technology for Machinery (Viện Công Nghệ, Hanoi). It also maintains a trade union umbrella covering 23-24 member units and approximately 14,492-20,000+ workers, including international JV partners Ford Vietnam, Honda Vietnam, Toyota Vietnam, and Suzuki Vietnam. Distribution runs entirely through an authorized domestic dealer network (Đại lý) with a regional headquarters in Ho Chi Minh City and quote-based pricing. The company is currently executing a 2025-2030 restructuring and investment development plan under Chairman Ngô Khải Hoàn and CEO Nguyễn Hoàng Giang.

VEAM's business model is hardware sales of domestically manufactured and OEM-assembled vehicles, engines, and machinery, supplemented by interest income from substantial bank deposits. The primary customers are Vietnamese farmers, agricultural cooperatives, and commercial vehicle buyers (mid-market SMBs and individuals). Revenue is domestic-only (Vietnam) and 2025 revenue reached 4,795.7 tỷ đồng (approximately US$191.8M), up 6% year-over-year. Pre-tax profit of 7,833.5 tỷ đồng (~$313.3M) materially exceeds the annual plan by 15%, though a significant portion of profit derives from non-operating bank deposit interest income at 5.2-7% per annum rather than core manufacturing margins.

Name

Veam

Legal name

VEAM COPORATION

Website

https://veamcorp.com

Company type

Private

Founded year

1997

Operating status

Operating

Headcount range

5,001–10,000 employees

Short description

VEAM Corporation is a Vietnamese state-owned manufacturer of commercial trucks, tractors, diesel and gasoline engines, and agricultural machinery, serving Vietnamese farmers, cooperatives, and commercial vehicle buyers through an authorized domestic dealer network and OEM partnerships with Changan, Hyundai, and MAZ.

Ownership category

akta.pro rank

Product category

Agricultural Machinery & Commercial Vehicle Manufacturing

NAICS

Farm Machinery and Equipment Manufacturing (333111), Agriculture, Construction, and Mining Machinery Manufacturing (3331), Industrial Truck, Tractor, Trailer, and Stacker Machinery Manufacturing (333924), Other Engine Equipment Manufacturing (333618)

SIC

Farm Machinery & Equipment (3523), Industrial Trucks, Tractors, Trailors & Stackers (3537), Special Industry Machinery (No Metalworking Machinery) (3550)

akta.pro primary industry

Agricultural Tractor & Field Machinery Vehicle Manufacturing (IMACAFAB)

Keywords

• Commercial vehicle manufacturing
• Agricultural machinery
• Diesel engine production
• Tractor manufacturing
• Automotive assembly

Headquarters

HQ city

Hanoi

HQ country

Vietnam

HQ region

Asia

Offices5 records

Markets served

GTM type

B2B

Offering type

Hardware or Manufacturing

Cost components

Personnel, Supply Chain, Operations, Technology or R&D, Infrastructure

Revenue model

1. Manufacturing and Sales of Vehicles, Engines, and Agricultural Machinery: VEAM generates revenue from manufacturing and selling vehicles (trucks under VEAM, Changan, Hyundai, MAZ brands), tractors, diesel and gasoline engines, agricultural machinery (water pumps, rice harvesters), generators, spare parts, and accessories. The company also earns interest income from substantial bank deposits (noted as a beneficiary of higher interest rates in 2026).

Go-to-market motion1 record

Distribution channels2 records

Core offering

VEAM Corporation (Vietnam Engine and Agricultural Machinery Corporation) manufactures and distributes commercial trucks, agricultural tractors, diesel and gasoline engines, and agricultural machinery (water pumps, generators, rice harvesters, combine harvesters, rice mills, rice whitening equipment) in Vietnam. The company also distributes spare parts through its authorized dealer network and assembles vehicles under joint venture and licensing arrangements with international brands including Changan, Hyundai, and MAZ.

Product overview

VEAM Corporation (Tổng công ty Máy động lực và Máy nông nghiệp Việt Nam) is a Vietnamese state-owned enterprise operating as a diversified industrial conglomerate. The company manufactures and distributes a comprehensive portfolio of commercial vehicles (trucks ranging from 1-ton to 52-ton capacity under brands including Rabbit, Cub, Fox, Puma, Bull, Hyundai Mighty, and MAZ), agricultural tractors (MK, BS, and K series from 70HP to 260HP), internal combustion engines (diesel RV, DS, D series and gasoline 168F series), and agricultural machinery including water pumps, generators, rice harvesters, combine harvesters, rice mills, and whitening equipment. VEAM also distributes spare parts through its authorized dealer network. The product architecture is organized into five main categories: Ô tô VEAM (VEAM automobiles/trucks), Máy kéo (tractors), Động cơ (engines), Máy nông nghiệp (agricultural machinery), and Phụ tùng (spare parts), serving Vietnam's transportation, agriculture, and industrial sectors.

Differentiator

Problem solved

Functional benefit

Products and services

• Commercial Truck Series (Rabbit, Cub, Fox, Puma, Bull, Hyundai Mighty, MAZ, Changan Star) Light, medium, and heavy-duty commercial cargo trucks ranging from 1-ton to 52-ton capacity for urban, regional, and heavy commercial freight transport. Includes own-brand VEAM models (Rabbit 1-ton, Cub 1.25-ton, Fox 1.5-ton, Puma 2-ton, Bull 2.5-ton) and OEM-assembled models under partnerships with Hyundai (Mighty HD65/HD72), Changan (Changan Star), and MAZ (Belarus heavy trucks, 4x2 and 6x4 configurations).
• Agricultural Tractor Series (MK70, MK120S, MK165S, BS8, BS12, BS24T, BS24S, K2600) Agricultural tractors for plowing, cultivation, and heavy farm operations, with horsepower ranging from 70HP (MK70, BS8) to 260HP (K2600). MK and BS series cover compact to medium farming needs across Vietnamese agricultural operations.
• MC165 Plow Agricultural plow implement designed for primary tillage operations.
• VEAM Diesel Engine Series (RV, DS, D) Comprehensive line of diesel engines ranging from 50HP to 320HP for agricultural machinery, construction equipment, and power generation applications. Produced at Song Cong Diesel Limited Company (Diesel Sông Công).
• VEAM Gasoline Engine Series (168F) Small gasoline engines (168F series) for agricultural machinery and portable power equipment applications.
• VEAM Water Pump Series Agricultural water pumps for irrigation, drainage, and water transfer applications in farming operations.
• VEAM Generator Series (MF Series) Portable and stationary power generators for agricultural, commercial, and emergency power supply.
• VEAM Rice Harvester Series (GRH, VPR) Rice harvesting equipment including row-spacing harvesters and combine harvesters for mechanized grain harvesting.
• VEAM Combine Harvester (MGD Series) Combine harvesters for integrated reaping, threshing, and grain cleaning operations.
• VEAM Rice Mill Series (CL, HW) Rice milling equipment for post-harvest grain processing and value addition.
• VEAM Rice Whitening Series (RP, CCB) Rice whitening and polishing equipment for premium grain quality processing.
• VEAM Spare Parts (Motorcycle Parts and Industrial Bearings) Aftermarket spare parts for motorcycles and industrial bearings for machinery applications across agricultural equipment and commercial vehicles.

Quantifiable outcome

• 2025 pre-tax profit reached 7,833.5 tỷ đồng, exceeding annual plan by 15%

Named customers1 record

Segments1 record

Ideal customer profiles2 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Feature1 record

Partnerships

Nine partnerships are on record, tiered core.

• Ford VietnamcoreStrategic or Co-development PartnerVEAM maintains a joint venture/association with Ford Vietnam, where Ford Vietnam operates as a member company under VEAM's union structure. VEAM's union organizes workers at Ford Vietnam and reports union achievements including over 27,000 employee suggestions/innovations.
• Honda VietnamcoreStrategic or Co-development PartnerVEAM maintains association with Honda Vietnam, which is organized under VEAM's union structure. Honda Vietnam is noted as a model enterprise within the VEAM group for labor union activities and employee welfare.
• Suzuki VietnamcoreStrategic or Co-development PartnerVEAM's union structure includes Suzuki Vietnam. The union at Suzuki Vietnam conducts safety training programs for employees and their families, and organizes joint activities under VEAM's union framework.
• Toyota VietnamcoreStrategic or Co-development PartnerToyota Vietnam is a member company under VEAM's union structure. VEAM's union organizes and supports Toyota Vietnam workers, and Toyota Vietnam employees have contributed over 27,000 innovation suggestions through union activities. VEAM's union leadership has recognized Toyota Vietnam union as an exemplary organization.
• Changan (Veam trucks)coreOEM/ Whitelabel/ Licensing PartnerVEAM assembles and distributes Changan Star trucks, with products sold through VEAM's dealer network. VEAM conducted auctions of 141 Changan trucks as part of inventory management.
• Hyundai (Veam trucks)coreOEM/ Whitelabel/ Licensing PartnerVEAM assembles and distributes Hyundai Mighty HD65 and HD72 trucks under brand VEAM, sold through the dealer network.
• MAZ (Belarus trucks)coreOEM/ Whitelabel/ Licensing PartnerVEAM assembles and distributes MAZ trucks (various models with load capacities from 5,000kg to 52,000kg, configurations 4x2 and 6x4) under the VEAM brand through its dealer network.
• Công đoàn Công Thương Việt Nam (Vietnam Ministry of Industry Trade Labor Union)coreOthersVEAM's union operates under the guidance and oversight of the Vietnam Ministry of Industry Trade Labor Union (Công đoàn Công Thương Việt Nam), which provides policy direction, training, and support for union activities.
• Tổng Liên đoàn Lao động Việt Nam (Vietnam General Confederation of Labor)coreOthersVEAM's union operates under the umbrella of Vietnam's top labor confederation, which oversees union governance, provides training, and recognizes outstanding union achievements with awards.

Scale indicators5 records

Recent moves6 records

Expansion highlights5 records

Broad incumbents

• AGCO Corporation: Global agricultural machinery manufacturer operating the Massey Ferguson, Fendt, Valtra, and GSI brands. Comparable to VEAM as a multi-brand tractor and farm equipment producer with similar go-to-market through dealer networks, though serving a much broader international footprint.
• CLAAS Group: German family-owned agricultural machinery specialist focused on combine harvesters, forage harvesters, and tractors. Comparable to VEAM's combine harvester (MGD series) and rice harvester product lines in the global harvesting equipment category.
• John Deere (Deere & Company): Global agricultural machinery incumbent offering tractors, harvesters, engines, and precision agriculture solutions. While not Vietnam-focused at VEAM's price point, John Deere competes for higher-HP tractor and harvester sales in Vietnam and represents the global standard VEAM's products are benchmarked against.

Regional players

• Mahindra & Mahindra: Indian conglomerate manufacturing tractors, commercial vehicles, and utility vehicles with strong South/Southeast Asian presence. Comparable to VEAM as a tractor and commercial vehicle producer focused on emerging-market farming and transport segments; competes in adjacent Asian geographies.
• TAFE (Tractors and Farm Equipment Limited): Indian tractor manufacturer (Massey Ferguson licensee in India) producing compact and mid-HP agricultural tractors for domestic and export markets. Comparable to VEAM's BS and MK compact-to-mid tractor series for similar smallholder farming customers in emerging markets.
• KAMAZ (KAMAZ Publicly Traded Company): Russian heavy-duty truck manufacturer producing dump trucks and haulers used in mining, construction, and freight. Comparable to VEAM's distribution of MAZ heavy trucks (5–52 ton, 4x2 and 6x4 configurations) in the heavy commercial vehicle category serving CIS-aligned markets.

Emerging players

• Changan Automobile: Chinese state-owned automotive manufacturer of passenger vehicles, light commercial trucks, and electric vehicles. Both a strategic partner to VEAM (VEAM assembles Changan Star trucks) and a comparable peer as a domestic-market-focused Chinese vehicle OEM competing for Southeast Asian commercial vehicle share.

Direct peers

• Yanmar Holdings: Japanese manufacturer of diesel engines, agricultural machinery (tractors, combine harvesters, rice transplanters), and marine equipment. Closely comparable to VEAM's engine and agricultural machinery portfolio and a major competitor in Southeast Asian rice farming equipment.
• THACO (Trường Hải Auto Corporation): Vietnam's largest privately-owned automotive conglomerate assembling and distributing trucks, buses, and passenger vehicles under multiple OEM partnerships (Kia, Mazda, Peugeot). Directly competes with VEAM in Vietnamese commercial truck manufacturing and distribution, and is comparable as a multi-brand vehicle assembler serving the domestic market.
• Kubota Corporation: Japanese global leader in agricultural tractors, engines, and farm machinery with significant presence in Southeast Asia. Directly competes with VEAM's agricultural tractor and engine product lines (MK/BS/K series tractors, RV/DS diesel engines) for Vietnamese farmer share-of-wallet.

Market position

Strengths4 records

Weaknesses4 records

Competitive moat4 records

Key risks5 records

Key highlights6 records

Customer concentration

• Facebookfacebook.com/veamcorp

Revenue estimate

Valuation estimate

Number of profiles

Profiles4 records

Subsidiaries5 records

Funding overview

Funding rounds

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Veam