VIC posted Q4 2021 revenue of VND34.5tn (USD1.5bn; -4% YoY) and a net loss of VND6.0tn (USD259mn) vs Q4 2020 NPAT-MI of VND1.4tn (USD63mn), which were partly due to (1) COVID-19-related and charitable expenses of VND1.8tn (USD79mn) and (2) expenses of VND4.1tn (USD1.37bn) related to the cessation of internal combustion engine (ICE) production. If adding back these expenses, VIC would record Q4 2021 pro-forma PAT at a VND2.6tn loss (USD113mn) vs Q4 2020 PAT of VND1.7tn (USD74mn).