HVN reported Q2 2020 revenue that was down 75% YoY to VND6.0tn (USD259mn) with a net loss of VND4.0tn (USD170mn) vs net profit of VND79bn (VND3.4mn) in Q2 2019 and VND2.3tn (USD100mn) in full-year 2019. HVN’s H1 2020 revenue was VND25tn/USD1bn (-50.2% YoY), achieving 39.7% of our 2020 forecast. In H1 2020, HVN incurred a net loss of VND6.5tn/USD280mn (-612% YoY) vs our forecast of a VND4.2tn loss in 2020F.