VRE announced its Q4 2022 results with net revenue of VND2.1tn (USD88.3mn; +4% QoQ & +52% YoY) and NPAT-MI of VND791bn (USD33.5mn; flat QoQ) vs only VND122bn (USD5.2mn) in Q4 2021. We note that earnings in Q3 and Q4 2021 were a very low base due to the fo