VNM announced its 2021 results, including revenue of VND60.9tn (USD2.6bn; +2% YoY) and NPAT-MI of VND10.5tn (USD458mn; -5% YoY), which achieved 98% and 97% of our respective forecasts. These results imply revenue of VND15.8tn (USD688mn; +10% YoY) and NPAT-MI of VND2.2tn (USD95mn; flat YoY) in Q4 2021.