VEA released 2019 results with revenue of VND4.5tn (USD194mn, -37% YoY) and NPAT-MI of VND7.3tn (USD316mn, +4% YoY). The latter was mainly contributed by shared profits from associates of VND7.1tn (USD308mn, +4%). Operating loss surged by 7x YoY to VND456bn (USD20mn) in 2019, which was primarily due to an inventory provision of VND154bn (USD6.6mn) and one-off tax arrears of VND163bn (USD7.0mn) in Q4 2019 along with sluggish results of VEA’s core business.