• VTP announced its 9M 2022 results with revenue of VND16tn (USD669mn; +6% YoY) and NPAT-MI of VND257bn (USD10mn; +4% YoY). We attribute the slow recovery from the COVID-19 base in 2021 to (1) China continuing to implement zero-COVID measures, in turn dampening product flows to Vietnam, and (2) fuel costs peaking in early Q3 2022.
• VTP’s Q3 2022 revenue was VND5.1tn (USD210mn; +1% YoY) and its NPAT-MI was VND56bn (USD2.3mn; +76% YoY) — a slump from net profit of VND97bn (USD3.9mn) in Q2 2022. 

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