GAS posted Q1 2021 results with revenue of VND17.6tn (USD764mn; +2.8% YoY) and NPAT-MI of VND2.0tn (USD87mn; -13.0% YoY), which was mainly due to a 15.4% YoY decline in sales volume that outweighed average fuel price rising 31.2% YoY to USD351/ton. The weak Q1 2021 sales volume resulted from lower gas demand from gas-fired power plants due to high water levels at reservoirs and new solar capacity that came online in late 2020. However, gas sales volume to industrial parks rose 14.0% YoY.