- VTP announced its H1 2023 results with revenue of VND9.7tn (USD413mn; -14% YoY) and NPAT-MI of VND173bn (USD7.4mn; -14% YoY), achieving 52% and 47% of our respective full-year forecasts. We currently expect VTP’s earnings will continue to recover in H2 2023. As such, we do not foresee any material risk to our current projections, pending a fuller review. 

- Service revenue was relatively flat YoY in H1 2023, which we believe was due to (1) a high base in H1 2022 resulting from pent-up demand and orders following the COVID-19 pandemic and (2) weaker growth in consumer spending due to economic headwinds in H1 2023. However, we believe these factors were partly offset by VTP having a contract to provide delivery services for TikTok Shop since February 2023. According to third-party market research firm Metric, TikTok Shop became Vietnam’s second-largest e-commerce marketplace in terms of sales revenue in Q2 2023.