VEA released 2020 results with revenue of VND3.7tn (USD158mn; -18% YoY) and NPAT-MI of VND5.6tn (USD243mn; -23% YoY). In Q4 2020, NPAT-MI sank 16% YoY but rose 15% QoQ. We attribute the QoQ profit increase in Q4 2020 to stronger vehicle sales for VEA's au