PVT released 2019 official results with revenue and reported NPAT-MI increasing 2.9% YoY and 4.5% YoY, respectively. However, recurring NPAT-MI rose 13.0%YoY, which was bolstered by 1) higher crude and oil product transport volume for Nghi Son refinery (NSR) as it operated at a higher utilization rate of 70% vs 45% in 2018 and 2) capacity expansions in 2019 for the crude/oil product, chemicals and LPG segments by 34%, 32% and 23%, respectively.