- VNM announced its 9M 2021 results, including revenue of VND45.1tn (USD2bn; flat YoY) and NPAT-MI of VND8.3tn (USD362mn; -6% YoY), which achieved 74% and 76% of our respective full-year forecasts. These results imply revenue of VND16.2tn (USD704mn; +4% YoY) and NPAT-MI of VND2.9tn (USD127mn; -5% YoY) in Q3 2021. We note that in 2018 and 2019 (Q4 2020 earnings were abnormally low owing to record flooding in central Vietnam), 9M NPAT-MI accounted for 78%-79% of VNM’s full-year NPAT-MI. 

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