VHC announced its 2019 results with net revenue of VND7.9tn (USD340mn, -15% YoY) and NPAT-MI of VND1.2tn (USD51mn, -18% YoY). In Q4 2019, revenue plunged 20% YoY, which was mainly due to a 17% YoY fall in export prices along with weaker domestic sales, per our estimate. Meanwhile, NPAT-MI plummeted 51% YoY amid a seven-ppt GPM compression that was primarily owing to lower selling prices, in our view.