VJC reported Q3 2020 revenue declining 79% YoY to VND2.8tn/USD121mn and a loss of VND971bn/USD42mn vs net profit of VND1.7tn/USD73mn in Q3 2019. For 9M 2020, VJC’s revenue was VND13.8tn (USD594mn; -64% YoY), achieving 51% of our 2020 forecast. The loss in 9M 2020 was VND925bn (USD40mn; -125% YoY) vs our forecast net profit of VND5bn in 2020F.