VEAM (VEA) ordered to pay VND18.44 billion due to incorrect tax declaration
VEAM (VEA) ordered to pay VND18.44 billion due to incorrect tax declaration
Vietnam Engine and Agricultural Machinery Corporation JSC will have to repay an additional VND18.44 billion ($737,600) due to incorrect corporate tax declarations since 2010.
VEAM must repay VND18.44 billion due to incorrect tax declaration |
VEAM must implement corrective measures due to incorrect declarations, resulting in a shortfall in corporate income tax payable for 2010 as stipulated by the Law on Tax Administration and related documents.
However, because the statute of limitations for administrative penalties for tax violations expired, the authorities did not apply administrative penalties but only required the implementation of corrective measures as prescribed.
Specifically, VEAM is required to pay an additional $635,600 in outstanding corporate income tax to the state budget. At the same time, the company must pay an additional $102,000 in late payment penalties. The total amount to be paid according to the decision is over $737,600.
VEAM must complete the repayment within 10 days after receiving the decision. Failure to comply within the deadline may result in enforcement action as prescribed by law. In addition, VEAM still has the right to appeal or appeal against this decision.
It is currently a state-owned enterprise, with the Ministry of Industry and Trade acting as the representative owner, holding approximately 88.47 per cent of the charter capital.
The company operates in the mechanical engineering and vehicle manufacturing sectors, but the majority of its profits over the years have come from investments in leading vehicle and motorcycle joint ventures in Vietnam.
In 2025, the company recorded revenue of nearly $180 million, a 9 per cent increase compared to the previous year. Profits from joint ventures and associated companies reached $265 million, a slight decrease of 2 per cent. On the stock market, VEAM shares are currently trading around $1.38 per share, corresponding to a market capitalisation of over $1.84 billion.
- 14:00 11/06/2026
