GVR held its AGM on June 25, 2021, in Ho Chi Minh City. Shareholders approved GVR’s 2021 business plans for total income (including revenue, financial income and other income) of VND26.9tn (USD1.2bn; +4% YoY) and NPAT of VND4.6tn (USD202mn; -10% YoY), representing 98% and 85% of our respective full-year forecasts. We attribute the gap between our 2021F NPAT forecast and GVR’s guidance to our higher forecast for financial income from divestments as management guides for only VND350bn (USD15m)