Aggregate NPAT-MI for 79 of the 81 stocks under our coverage increased 38% YoY in 2021 and achieved 99% of our full-year 2021 aggregate forecast — excluding airlines HVN and VJC, which have not yet reported. Excluding the eight stocks under our coverage that are traded on UPCoM or HNX, aggregate reported NPAT-MI for our HSX-listed coverage increased 35% YoY, also achieving 99% of our FY2021 forecast. Meanwhile, economic data for January 2022 indicates that the Vietnamese economy enjoyed a robust start to the new year. We maintain our VN-Index targets of 1,700 for end-2022 and 1,900 for end-2023. 

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