Expected increase in Government spending to support construction. In 5M 2020, total sales volume of construction steel, galvanized steel sheet, and cement declined 10%, 4%, and 7% YoY, respectively, amid COVID-19. We expect Government spending will be fast-tracked from H2 2020 to facilitate economic growth post COVID-19 with an accumulated VND700tn (USD30.4bn) in public investment ready to be disbursed. We expect overall construction material volume to achieve flat to 3% YoY growth in 2020. Desp