- VEA announced its H1 2023 results, including revenue of VND2.0tn (USD84mn; -12% YoY) and NPAT-MI of VND3.1tn (USD133mn; -1% YoY), each completing 45% of our respective full-year forecasts and broadly aligned with our expectations. We currently do not foresee any material risk to our projections, pending a fuller review. 

- In Q2 2023, VEA’s earnings rebounded 32% QoQ, which was driven by a 34% YoY increase in shared profits from associates and 19% QoQ higher nonoperating profits, the latter of which were mainly derived from short-term bank deposits. 

- The QoQ improvement in Q2 2023’s profit from associates was derived from (1) Honda Vietnam’s profit (72% of VEA’s Q2 2023 NPAT-MI) increasing 27% QoQ and (2) Ford Vietnam’s profit jumping by 2.0x YoY and 1.9x QoQ. These factors were partially offset by Toyota Vietnam’s profit decreasing by 58% YoY and 5% QoQ in Q2 2023. 

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