VNM released 2020 results, including net revenue of VND59.6tn (USD2.6bn; +6% YoY) and NPAT-MI of VND11tn (USD476mn; +5% YoY). In Q4 2020, revenue reached VND14.4tn (USD619mn; +1% YoY) while NPAT amounted to VND2.2tn (USD94mn; -1% YoY). 2020 revenue missed our forecast by 2%; however, a one-off gain from revaluation of investments in associate companies helped NPAT-MI to achieve 100% of our forecast. We are awaiting management comments on this one-off item.