- VIC announced 9M 2023 results with revenue of VND134tn (USD5.6bn; +122% YoY) and NPAT-MI of VND2.2tn (USD93mn; -67% YoY), fulfilling 83% and 56% of our respective full-year forecasts. The result of the property sales segment and Q3 2023 other gains (from the Chairman’s grants of VND7tn (USD291mn) to VinFast (Nasdaq: VFS)) were ahead of our projections, while the performance of other businesses was broadly in line with our expectations. However, given Q3 high unrealized FX loss, we foresee a downside risk to our 2023F NPAT-MI forecast, pending a more comprehensive review. Please also find more details in Figure 1 and in our October 24 VHM Earnings Flash, October 24 VRE Earnings Flash, and October 6 VinFast Note.

- VIC has raised around VND52tn (USD2.2bn) funding so far this year (as of October 24), which includes (1) USD239mn of VFS’s proceeds from the de-SPAC process and investment from VFS’s strategic investor Gotion Inc., (2) grants from the Chairman (VND7tn/USD291mn in 9M  2023), (3) new bond issuances (VND11.4tn/USD475mn domestic bonds), and (4) bank borrowings.

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