We attended VNM’s analyst meeting on August 4, 2022, during which management provided details on the company’s H1 2022 business performance and near-term outlook.

Management witnessed improvement in the momentum of sales growth in June-July 2022 as commodity prices eased. Overall, management expects further improvement in growth and profit margins in H2 2022 vs H1 2022; nevertheless, management believes it will be challenging to achieve its AGM guidance for NPAT-MI of VND9.7tn (USD423mn; -7.7% YoY) in FY2022. Below are our more detailed takeaways.