- VEA announced its Q4 2022 results, including revenue of VND1.3tn (USD53.7mn; +7% YoY) and NPAT-MI of VND2.5tn (USD106.4mn; +34% YoY). 2022 revenue and NPAT-MI were VND4.7tn (USD201.2mn; +18% YoY) and VND7.6tn (USD322.1mn; +32% YoY), completing 103% and 108% of our full-year forecasts, respectively. 

- VEA’s strong NPAT-MI growth in 2022 was driven by a 35% YoY jump in shared profits from associates, which we attribute to robust vehicle sales from Honda Vietnam with passenger car (4W) and motorbike sales of 41% YoY and 21% YoY, respectively. As a result, Honda Vietnam’s earnings (79% of VEA’s 2022 NPAT-MI) experienced strong growth of 52% YoY and 37% YoY in Q4 and 2022, respectively. In addition, profit from Ford and others soared 103% YoY and 3.5x YoY in Q4 and 2022, respectively, which was mainly due to the sales recognition of Ford’s new SUV model Territory in Q4 2022.