VEAM and TMB report divergent 2026 mid-year financial results

Financial reports for the first half of 2026 reveal contrasting performance metrics for two Vietnamese enterprises, VEAM and TMB.

VEAM (Vietnam Engine and Agricultural Machinery Corporation) reported a revenue of 2,574 billion VND, a 23% increase year-on-year, with after-tax profit reaching 3,982 billion VND, up 17%. Despite these figures, a discrepancy exists as profits significantly exceed revenue from core business operations. The company holds nearly 18,000 billion VND in cash and bank deposits, accounting for 56% of its 32,000 billion VND total assets. Core revenue has struggled since 2019, fluctuating between 3,000 and 4,000 billion VND annually due to challenges in the automotive and truck sectors.

Northern Coal Business Joint Stock Company (TMB) recorded revenue exceeding 20,844 billion VND, an 11.2% increase, resulting in an after-tax profit of approximately 81.6 billion VND. However, the company faced a negative operating cash flow of over 3,198 billion VND. This was driven by a massive surge in short-term receivables, which rose from 601 billion VND at the start of the year to nearly 3,855 billion VND by June 30, 2026, largely involving related parties. Total assets for TMB grew by nearly 120% compared to the beginning of the year.