VJC released Q4 2020 results with revenue of VND4.4tn (USD190mn; -68% YoY) and NPAT-MI of VND995bn (USD43m; +85% YoY). For full-year 2020, VJC’s revenue was VND18.2tn (USD784mn; -64% YoY), achieving 70% of our 2020 forecast. NPAT-MI in 2020 was VND70bn (U