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VEAM, Vietnam Engine and Agricultural Machinery Corporation, has issued a document explaining why its shares have been placed on a warning list and detailing remediation measures in line with regulations of the Hanoi Stock Exchange.
The company said the primary reason is that VEAM’s annual financial statements in recent years received auditor’s opinions with qualifications. VEAM stated that explanatory letters addressing these qualified opinions for 2025, 2024, and 2023 have been disclosed on information channels in a timely manner in accordance with Circular 96/2020/TT-BTC dated November 16, 2020 of the Ministry of Finance on stock market information disclosure.
VEAM also outlined remediation plans for the remaining qualified opinions in the consolidated financial statements for 2025.
On inventory-related matters, VEAM said it recognized provisions for inventory obsolescence based on net realizable value, supported by appraisal and valuation reports from certified valuation units.
To accelerate inventory liquidation, VEAM and its subsidiaries are urgently constructing an auction plan for stock vehicles and promoting sales policies for other items to liquidate stagnant and slow-moving inventory. The company also plans to expand nationwide distribution channels through dealers, actively participate in agricultural exhibitions to promote products, and implement other measures to speed up inventory clearance. VEAM added that some export items are no longer viable and that subsidiaries have shifted to domestic production.
Regarding the four-wheel tractor project, VEAM said it will actively study and evaluate the MK4B market with professional market consultants to inform investment decisions. The company will also conduct trials of the MK4B gearbox according to the Li - xang ISEKI design to leverage existing mechanical production capacity.
VEAM further stated it will continue coordinating with the Hanoi Civil Judgment Enforcement Bureau to advance the recovery of compensation from individuals involved, in accordance with regulations.
For opinions related to receivables, VEAM said the relevant units are continuing to review and compile customer debt records to provide a basis for provisioning for difficult-to-collect receivables. At the same time, the company said it has established a Debt Recovery Committee and is actively pursuing debt collection.
On the Sponge Iron Plant, VEAM noted that carrying costs are mainly depreciation, interest expenses, and certain other costs from previous years. To restructure the company, Matexim has developed a capital restructuring plan. VEAM said the plan is under review and refinement to present the optimal solution.
Finally, regarding the investment in Nam Sao Ha Noi Co., Ltd, VEAM said it will actively direct TAMAC to collect all records to assess the recoverability of the financial investment in the near term.
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