- VEA announced Q3 2022 results including revenue of VND1.2tn (USD50.3mn; +55% YoY) and NPAT-MI of VND1.9tn (USD77.5mn; +155% YoY). 9M 2022 revenue and NPAT-MI were VND3.5tn (USD142.1mn; +23% YoY) and VND5.1tn (USD207.7mn; +31% YoY), completing 82% and 81% of our full-year forecasts, respectively. These results tracked ahead of our expectations.

- VEA’s robust NPAT-MI growth in 9M 2022 was driven by a 33% YoY surge in shared profits from associates, which we attribute to stellar passenger car (4W) sales growth from Toyota Vietnam and Honda Vietnam of 69% YoY and 78% YoY, respectively. As a result, Toyota Vietnam’s earnings (10% of VEA’s Q3 2022 NPAT-MI) jumped 70% YoY and 30% YoY in Q3 and 9M 2022, respectively. In addition, Honda’s profit soared 177% YoY and 30% YoY in Q3 and 9M 2022, respectively, from a 2021 low base