NT2 released weak Q2 2021 results with reported NPAT of VND25bn (USD1mn; -90% YoY). These results were mainly driven by (1) a reduction in NT2’s fixed component in its power purchasing agreement (PPA) price that was applied retrospectively from January 1, 2021, (2) lower sales volume (-23% YoY), and (3) lower contracted volume (-12% YoY) and no non-contracted volume due to low competitive generation market prices. NT2’s H1 2021 reported NPAT was VND139bn (USD6mn; -68% YoY), equivalent to 31%