We attended NVL’s annual general meeting (AGM) on April 27, 2021. Shareholders approved management’s 2021 guidance for NPAT of VND4.1tn (USD178mn; +5% YoY). This earnings guidance is in line with our 2021F NPAT-MI forecast of VND4.06tn (USD176mn; +4% YoY). In 2021, the company plans to continue sales for ongoing projects and start developing new projects, including a residential project in eastern HCMC and hospitality projects in Binh Thuan, Ba Ria-Vung Tau and Lam Dong provinces.