- We attended VIC’s annual general meeting (AGM) on May 17. The Q&A session focused on VinFast’s production and capital raising plan.

- Shareholders approved 2023 guidance for revenue of VND190tn (USD8.1bn; +87% YoY) and NPAT of VND2tn (USD85mn; flat YoY). The revenue and NPAT guidance are 13% and 25% higher than our respective 2023F forecasts for revenue of VND168tn (USD7.1bn; +65% YoY) and NPAT of VND1.6tn (USD68mn; -22% YoY).

- Shareholders approved a plan to issue up to VND5tn (USD212mn) of domestic convertible bonds via a public offering and/or private placement with a maximum five-year maturity term, coupon rate of a maximum 15% per annum and an undetermined conversion price. The bonds are expected to be issued within 12 months after AGM approval.

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