VEA announced Q1 2021 results with revenue of VND976bn (USD42mn; -2% YoY) and NPAT-MI of VND1.4tn (USD62mn; +9% YoY). We attribute the YoY profit increase to stronger auto sales and productivity at VEA's automobile JVs, including Honda Vietnam, Toyota Vietnam and Ford Vietnam. Based on our estimate, the passenger car industry’s sales soared 26% YoY in Q1 2021.