We attended NLG’s annual general meeting (AGM) on April 24, 2021. Shareholders approved management’s 2021 guidance for revenue of VND5.0tn (USD216mn; +124% YoY) and NPAT-MI of VND1.15tn (USD50mn; +38% YoY), which are 29% and 8% higher than our respective 2021 forecasts of VND3.8tn (USD167mn; +73% YoY) and VND1.07tn (USD47mn; +28% YoY).