HVN announced Q1 2020 results with revenue of VND7.5tn (USD322mn; -60% YoY) and a net loss of VND4.9tn (USD210mn; 1.9x larger than the loss in Q1 2020). Q1 2021 revenue was equal to 14% of our 2021F forecast while the Q1 2021 net loss was equal to 97% of our forecast net loss for 2021F.