VEB Plastspielwaren Berlin was a state-owned factory producing all kinds of toys in East Berlin in the 1970s and 1980s, including some plastic model cars. The range mainly consisted of 1/87th scale models of vehicles from the GDR, similar to the models made by unter auch Modellautos aus Plastik.
Das Programm umfasste in erster Linie Modelle im Massstab 1:87 nach DDR-Vorbildern, ähnlich der Modelle von Espewe. Furthermore, a historic Berlin bus from 1911 was modelled in 1/50th scale. VEB Plastspielwaren Berlin was the successor of the company Herr who had already released 1/87th scale model cars in the 1950s. After 1989, some of the models were still distributed by s.e.s for a while. Source: modelcars.mbeck.ch
What's it worth? Take a look at this Veb price guide: sold listings for a value indication.