PVT released Q4 2021 results with revenue of VND2.1tn (USD90mn; -2.4% YoY) and reported NPAT-MI of VND197bn (USD9mn; -34.2% YoY), which we attribute to 1) surging operating costs due to long delays at ports and other COVID-19-related expenses and 2) transportation demand declining YoY. 

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