VIC announced H1 2022 NPAT-MI of VND5.6tn (USD245mn; +59% YoY) that was supported by (1) the improved operational performance of the leasing and hospitality segments and (2) divestment gains, including the stake sale of One Mount Group (OMG) in H1 2022 and transfer of VinWonders Nha Trang in Q2 2022. VIC’s underlying EBIT (including property bulk sales recognized as financial income) experienced a VND5.1tn (USD223mn) loss in H1 2022 vs a VND2.8tn (USD122mn) gain in H1 2021, which was mainly due to (1) the recognition of the accelerated depreciation of assets related to the ending of internal combustion engine (ICE) vehicle production amounting to VND4.3tn (USD187mn) in Q2 2022, and (2) a YoY decline in the property sales segment due to project recognition timing; these factors were partially offset by (3) a significant improvement in the hospitality segment. As H1 2022 financial income and NPAT-MI were 45% and 7% higher than our respective full-year forecasts, we foresee upside risk to our 2022F forecasts, pending a fuller review.