VIC posted 2020 revenue of VND110tn (USD4.8bn; -15% YoY) with a solid performance from property sales. If excluding the consumer retail segment in 2019 and including 2020 revenue from three bulk sales transactions that were recorded as financial income, VIC’s 2020 underlying revenue would increase 34% YoY to reach VND137tn (USD6.0bn). NPAT-MI dropped 32% YoY to VND5.1tn (USD223mn) in 2020, which was equivalent to 76% of our forecast.