HPG released preliminary Q3 2021 results with revenue of VND38.9tn (USD1.7bn; +56% YoY) and PAT of VND10.4tn (USD450.0mn; +173% YoY). We attribute these strong Q3 2021 earnings to 1) resilient sales volume — especially for hot rolled coil (HRC) — amid the fourth wave of COVID-19 in Vietnam as well as 2) construction steel and HRC prices remaining high in Q3 2021. For 9M 2021, HPG recorded revenue of VND105.8tn (USD4.6bn; +64% YoY) while PAT reached VND27.1tn (USD1.2bn; +206% YoY).