ACV posted Q3 2020 results with revenue plummeting 69% YoY to VND1.4tn (USD62mn) and NPAT-MI plunging 94% YoY to VND141bn (USD6.1mn). These weak results were due to the negative impact of COVID-19 that significantly lowered international passenger numbers (ACV’s main earnings driver). ACV’s results improved sharply in Q3 as the company recorded a loss of VND354bn (USD15mn) in Q2. We believe the improvements were thanks to domestic travel restrictions being lifted in Vietnam starting in mid-May