VIMID Annual General Meeting 2022: Setting Target Revenue of VND 4,000 Billion and Profit Growth to VND 40 Billion

On April 23, 2022, Vietnam Machine Investment Development Joint Stock Company (VIMID) successfully held its Annual General Meeting of Shareholders and approved several key business plans for the year 2022.

The meeting was attended by VIMID shareholders, delegates, and members of the Board of Directors. Prior to the official proceedings, the Organizing Committee verified the eligibility of attending shareholders in accordance with regulations. All attendees were confirmed as shareholders or authorized representatives listed as of April 1, 2022. The meeting achieved 100% shareholder participation, representing 100% of the company’s voting shares.

To preside over the meeting, the meeting elected the Chairing Committee, including: Mr. Nguyễn Vũ Trụ, Vice Chairman of the Board of Directors and Company’s CEO; Mr. Chu Quang Huy, Member of the Board of Directors; Mr. Vũ Quốc Hòa, Information Disclosure Officer.

Mr. Nguyễn Vũ Trụ, Vice Chairman of the Board of Directors and Company’s CEO, delivered the opening speech.

At the Annual General Meeting, the Presiding Committee presented to shareholders detailed reports on VIMID’s operations and business performance in 2021. All financial indicators exceeded planned targets, showing strong growth of 105–238% compared to 2020. The company recorded revenue exceeding VND 3,200 billion and profit after tax nearly doubled to over VND 17 billion.

Despite significant challenges caused by extended social distancing and Covid-19 prevention measures, VIMID’s branch and service network expansion plans in 2021 remained on schedule. The company successfully established and put into operation four new branches — Khanh Hoa, Tay Do, Son La, and Thai Nguyen — bringing the total number of branches to 20 nationwide by the end of 2021, with a target of 25 branches in 2022.

Mr. Chu Quang Huy, Member of the Board of Directors, presented reports to shareholders.

The General Meeting also provided time for shareholders and VIMID’s leadership to discuss and clarify issues related to the reports and proposals, addressing shareholders’ questions on the company’s development strategies, import plans, branch expansion progress, and 2022 business objectives. In response, VIMID’s management affirmed their commitment to incorporating shareholders’ feedback and continuing to strengthen and develop VIMID brand sustainably. The company set ambitious goals for 2022, targeting VND 4,000 billion in revenue and VND 40 billion in pre-tax profit.

Mr. Vu Quoc Hoa, Information Disclosure Officer, presented and facilitated the approval of documents.

All reports and proposals were approved with a voting ratio ranging from 99.92% to 100%, demonstrating shareholders’ strong trust and confidence in the company’s leadership. Among the approved resolutions was the profit distribution plan, under which profits will be retained to supplement working capital and no dividends will be paid. This decision reflects the long-term commitment of existing shareholders to reinvest and support VIMID’s business growth strategy in 2022.

For 2022, VIMID aims for exceptional business growth compared to 2021, with a 25% increase in revenue (to VND 4,000 billion) and a 135.3% increase in profit (to VND 40 billion). The company will also enhance financial forecasting and management to ensure financial stability and operational efficiency, meeting all funding needs for business activities. VIMID will continue to refine its internal governance system in accordance with legal requirements and its actual business operations. In pursuit of sustainable development, the company remains committed to employee welfare, strengthening recruitment and training quality, improving benefits, and encouraging dedication and long-term engagement from its workforce.

The 2022 Annual General Meeting of Shareholders concluded successfully.

The 2022 Annual General Meeting of Shareholders concluded successfully in an atmosphere of professionalism, transparency, and consensus, reflecting shareholders’ deep trust in VIMID’s leadership. The event underscored shared confidence that the Board and Directors will continue to strive for excellence and lead VIMID toward becoming a top enterprise in Vietnam’s commercial vehicle sector.