ACV posted Q4 2020 results with revenue plummeting 65% YoY to VND1.7tn (USD73mn) and NPAT-MI plunging 85% YoY to VND349bn (USD15mn). These weak results were due to the negative impact of COVID-19, which dramatically lowered ACV’s international passenger numbers. ACV’s results continued to improve in Q4 as the company recorded a loss of VND354bn (USD15mn) in Q2 and NPAT-MI of VND141bn (USD6.1mn) in Q3 2020. We believe the improvement was mainly driven by rising domestic travel activities.