Divided into lots, 'big guy' VEAM determined to sell all 1,492 cars

After many unsuccessful attempts to lower the starting price of thousands of cars for auction, this time the 'big guy' VEAM decided to divide them into smaller lots and sell them all to recover capital.

Recently, Vietnam Auction Joint Stock Company continued to announce the auction of 1,492 cars authorized by VEAM Automobile Factory - Vietnam Engine and Agricultural Machinery Corporation - JSC.

These cars are divided into 552 lots. The total starting price of all 1,492 cars is more than 303.2 billion VND (excluding VAT).

The invitation to participate in the auction of cars manufactured and distributed by VEAM Automobile Factory clearly states: "This is an inventory car of VEAM Automobile Factory - Vietnam Engine and Agricultural Machinery Corporation - JSC in Thanh Hoa".

Even though the inventory has been there for many years, VEAM Automobile Factory still emphasizes that the specifications and quality of the vehicle are equivalent to the typical model, with a warranty period of 12 months or 30,000 km from the date of delivery to the auction winner, whichever comes first.

Thousands of VEAM cars have been left exposed to the sun and rain at a parking lot in Thanh Hoa for many years. Photo: Le Duong

The VEAM Motor website also posted an announcement of the car auction at the VEAM auto factory. Accordingly, the cars auctioned this time include: trucks, dump trucks, tractors, passenger cars and special-purpose vehicles.

The company said it will divide the lots from 1 car or more and confirmed that all cars have complete legal documents.

Previously, according to VietNamNet, thousands of newly assembled cars of VEAM Automobile Factory were put up for sale many times but still remained unsold. VEAM's leadership said that they would be determined to release inventory openly and transparently according to market mechanisms, avoiding waste and maximizing capital recovery for the business.

The total inventory is 2,622 VEAM brand vehicles, with a cost price of over VND966 billion. Of which, there are 2,221 vehicles in stock from 2017 or earlier with a cost price of VND878 billion.

Since 2021, VEAM has put this batch of vehicles up for auction many times but for many reasons has not been able to "liberate" them.

The most recent time was in August 2025, when Vietnam Auction Joint Stock Company announced the auction of 2,071 cars authorized by VEAM Automobile Factory. The total starting price of the entire lot of cars (excluding VAT) was nearly 430.6 billion VND, a significant decrease compared to previous auctions.

'Big guy' auctions 2,071 cars After many times lowering the starting price of the auction but still unsold, the cars are left exposed to the sun and rain in Thanh Hoa, this time VEAM Automobile Factory is selling 2,071 cars that have been in stock for many years with a starting price of 430.6 billion VND.

Source: https://vietnamnet.vn/nhieu-lan-dau-gia-van-e-ong-lon-veam-lai-rao-ban-lo-1-492-o-to-2446035.html