HND published respectable Q4 2020 results with NPAT reaching VND531bn (USD23mn), declining only 6% YoY despite recording a 40% YoY slump in sales volume. This result was driven by a one-off event — a recognition of ~VND130bn (USD5.5mn) of delayed payment for FX losses incurred in 2015 and 2018 (recorded in revenue with no cost). In addition, HND received higher-than-expected compensation for the contracted volume that EVN did not mobilize in Q4 2020 amid the heavy storms in central Vietnam.