GVR posted strong Q1 2021 results with revenue up 77% YoY to VND4.9tn (USD209mn) and NPAT-MI surging 262% YoY to VND818bn (USD35mn). GVR’s top-line growth in Q1 was mainly driven by the natural rubber segment, while the bottom line was driven by a GPM expansion of 10 ppts YoY and a 69% YoY plunge in financial expenses thanks to provision reversals in Q1 2021.