VEA announced H1 2020 results that included revenue of VND1.8tn (USD77mn; -21% YoY) and NPAT-MI of VND2.3tn (USD98mn; -33% YoY). In Q2 2020 alone, NPAT-MI slumped 55% YoY as associate profits tumbled 63% YoY. We attribute these weak results to COVID-19's disruptions to the operation and sales of VEA's automobile JVs — including Honda Vietnam, Toyota Vietnam and Ford Vietnam — in Q2 2020. We note that almost all motorbike (2W) and auto (4W) makers shut down their production in Vietnam for mo