We attended QNS’s 2021 AGM on April 3, 2021, in Quang Ngai Province. The meeting focused on 2021 business guidance, the cash dividend payment for FY2020 and election of the Board of Directors for the 2021-2025 term.2021 business guidance includes revenue of VND8.0tn (USD345mn; +19% YoY) and NPAT of VND913bn (USD39mn; -13% YoY). We note that QNS has a history of surpassing its profit guidance. For example, QNS surpassed its NPAT-MI guidance in 2020 by 15%.