VTP announced its Q1 2022 results with revenue rising 12% YoY but NPAT-MI sliding 5% YoY. The weak bottom line was mainly due to (1) lower labor productivity as a result of COVID-19-related employee absences — which led to lower delivery profit margins — and (2) a shortage of e-commerce products imported from China via unofficial border trade amid this country’s zero-COVID-19 policy, per management.