HVN announced 2020 results with revenue of VND41tn/USD1.8bn (-59% YoY) and a net loss of VND11tn/USD468mn vs net profit of VND2.3tn/USD99mn in 2019. 2020 revenue was equal to 92% of our forecast while the 2020 net loss was 25% lower than our forecast. The gap between our 2020 NPAT-MI forecast and the actual number was mainly contributed by the strong recovery of HVN’s gross margin in Q4 2020 to 6.3% vs -24% in 9M 2020 and in our 2020 forecast. The recovery of gross margin was largely driven by