We attended VRE’s annual general meeting (AGM) on Tuesday, May 26. Shareholders approved 2020 guidance with revenue growing 7% YoY while NPAT drops 12% YoY to VND2.5tn (USD108.6mn) mainly due to the negative impact of COVID-19 on 2020 business performance — especially in H1 2020. Shareholders approved VRE’s non-convertible bond issuance plan for a maximum of VND4.3tn (USD187mn), without providing further details.