DHG released its 2020 results with net revenue of VND3.8tn (USD161mn; -4% YoY) and NPAT-MI of VND740bn (USD32mn; +16% YoY). In Q4 2020 alone, net revenue fell 5% YoY to VND1.2tn (USD52mn) while NPAT-MI advanced 2% YoY to VND211bn (USD9mn). We attribute the robust bottom-line growth in 2020 – despite muted revenue – mainly to (1) cost-cutting initiatives amid COVID-19’s disruptions – which led to a decline in SG&A – and (2) a GPM improvement.