We attended VHM’s annual general meeting (AGM) on Friday, June 25, 2021. A total of 121 shareholders/authorized persons were present, accounting for 92% of VHM’s total shares. Shareholders approved 2021 guidance for revenue of VND90tn (USD3.9bn; +26%YoY) and NPAT of VND35tn (USD1.5bn; +24% YoY). The NPAT guidance is 12% higher than our 2021F NPAT forecast of VND31.2tn (USD1.4bn; +10% YoY), which we mainly attribute to higher bulk sales at mega Vinhomes projects. We also note that VHM’s 2019/20