VRE reported positive Q1 2021 results on a year-on-year (YoY) basis with net revenue of VND2.2tn (USD96.8mn; +32% YoY) and NPAT-MI of VND781bn (USD34.0mn; +59% YoY). These strong results were mainly driven by a recovery in the retail leasing business amid Vietnam’s successful containment of COVID-19. VRE’s Q1 2021 results are equivalent to 21% and 27% of our respective full-year forecasts for revenue and NPAT-MI.