HVN held its 2021 AGM in Hanoi on July 14, 2021, with the presence of 67 shareholders, representing 96.1% of the company’s total shares. The airline guides for 2021 revenue of VND37tn/USD1.6bn (-12% YoY) and a net loss of VND14.5tn/USD622mn vs a loss of VND11tn/USD472mn in 2020. The airline’s 2021 revenue guidance accounts for 84% of our projected revenue while the loss guidance is 1.4x larger than our 2021 forecast loss for HVN. As a result, we see potential downside risk to our forecasts,