We attended VHC’s AGM in Dong Thap Province on April 29, 2021. The meeting focused on the company’s 2021 business outlook as well as its strategic directions for the next five years. One key strategic directions is to diversify VHC’s businesses beyond its traditional pangasius fish fillet segment. For 2021, management guides for revenue of VND8.6tn (USD371mn; +22% YoY) and NPAT of VND700bn (USD30mn; -3% YoY). These targets are equivalent to 103% and 79% of our respective forecasts.