Positive signals ahead of the 2024 Annual General Meeting of Shareholders

Ahead of the 4th Annual General Meeting of Shareholders (AGM), scheduled for April 20, 2024, Vietnam Machine Investment Development Joint Stock Company (VIMID) is witnessing a series of encouraging developments, strong indicators of a successful meeting and a clear path toward its strategic goals.

Targeting Sales of 3,000 Trucks in 2024

Despite the economic pressures of 2023, which led to revenue falling short of expectations, VIMID successfully maintained its position as the No.1 brand in Vietnam’s medium- and heavy-duty truck segment.

The year 2024 brings renewed optimism, supported by new government policies, steady growth in foreign direct investment (FDI), and positive signals across the logistics and transportation sectors — creating the foundation for VIMID’s ambitious 2024 targets.

Capitalizing on these opportunities, VIMID has outlined plans to strengthen its core business areas — focusing on top-performing product lines such as tractor units, dump trucks, and medium to heavy-duty trucks, with a goal of selling 3,000 units this year. This would represent a 20% market share, reinforcing VIMID’s leading position and further widening the gap between the company and its competitors in the years ahead.

In early 2024, VIMID began unveiling a range of new truck models entering the Vietnamese market for the first time. Among the highlights are the TH7 cargo truck line (available in 4-axle and 5-axle configurations), setting a new benchmark for its segment — and the V7X next-generation series, featuring advanced specifications and a modernized design. These models are expected to replace outdated dump trucks and tractor units, offering superior performance, durability, safety, and aesthetics, while delivering greater value to Vietnamese transport businesses.

Recently, VIMID has had the honor of welcoming delegations from both domestic authorities and international partners:

• The company hosted a working session with the Vice President of Lang Son Province to discuss customs facilitation and import operations through Lang Son’s border gates. 
• As the “Dealer of the Year” recognized by SINOTRUK, VIMID also welcomed the Chairman of Shandong Heavy Industry Group and SINOTRUK to the Ho Chi Minh City branch in early April, further strengthening collaboration to expand market reach. 
• Most recently, CIMC Group visited VIMID to sign a major order agreement, marking the beginning of a closer strategic partnership between the two corporations.

Confidence ahead of the 2024 Annual General Meeting

The upcoming VIMID 2024 Annual General Meeting of Shareholders will be a key milestone, reinforcing shareholder confidence, attracting potential investors, and laying the groundwork for the company’s next phase of growth.

With a spirit of transparency and collaboration, the 2024 meeting serves as an important opportunity for VIMID to listen to shareholder feedback, integrate diverse perspectives, and refine its future strategic roadmap. The company deeply values the continued trust, partnership, and support of its shareholders as it strives to maintain its position as Vietnam’s leading brand in medium- and heavy-duty trucks, and achieve its Top 3 national market share goal for the 2021–2025 period.

During the meeting, shareholders will review and approve key agenda items including: The Board of Directors’ Report, 2023 Business Report, 2024 Business Plan, Profit Distribution Plan for 2023 and Dividend Payout Plan for 2024, The proposal for listing VIMID shares on the Ho Chi Minh City Stock Exchange.

With the positive business momentum and an improving economic outlook, VIMID’s 2024 meeting is expected to be a great success, setting a clear, forward-looking direction for the company’s growth in the year ahead.

Event details: 8:00 AM, April 20, 2024. At Room P406, 4th Floor, Nam Cuong Building, Nguyen Thanh Binh Street, Duong Noi Ward, Ha Dong District, Hanoi.

For more information regarding the meeting, please contact: Mr. Le Tung Lam – Investor Relations Department. Tel: 024.6666.1788 (Ext: 210)