VNM released 9M 2020 results, including net revenue of VND45.2tn (USD1.9bn; +7% YoY) and NPAT-MI of VND8.9tn (USD383mn; +6% YoY). For Q3 2020, revenue reached VND15.6tn (USD668mn; +9% YoY) while NPAT amounted to VND3.1tn (USD132mn; +14% YoY). These results tracked slightly ahead of our forecasts, which we attribute primarily to soft advertising expenses in Q3 2020.