We attended VIC’s annual general meeting (AGM) on Thursday, June 24, 2021. A total of 146 shareholders/authorized persons were present, accounting for 89% of VIC’s total shares. Shareholders approved 2021 guidance for revenue growth of 53% YoY to VND170tn (USD7.4bn) and NPAT of VND4.5tn (USD196mn; flat YoY). The NPAT guidance is lower than our 2021F forecasts for VND5.5tn (USD237mn; +20% YoY) in NPAT and VND4.5tn (USD197mn; -17% YoY) in NPAT-MI.