1. Q1 2025 results: - Revenue: VND16.1tn (USD629.7mn; +14% YoY; 21% of our full-year forecast). - NPAT-MI: VND2,174bn (USD85.3mn; +21% YoY; 22% of our full-year forecast). - We see potential downside risks to our 2025F forecasts as the technology segment