VIC posted 2018 net revenue growth of 37% YoY to reach VND123tn (USD5.2bn), mainly spearheaded by robust growth of property sales. However, 2018 NPAT-MI dropped by 25% YoY to VND3.3tn (USD74mn), mainly due to (1) substantially higher tax expenses, (2) rising costs due to the expansion of consumer retail and hospitality and (3) an initial loss from manufacturing (Automobile and Smartphone).