VNM – Brief – [HOLD] – 2Q24: Results of brand repositioning

In 2Q24, VNM reported net revenue of VND16,656bn (+9.6% yoy; 104% of our forecast) attributed to positive sales in both domestic and oversea markets. VNM’s blended gross margin rose to 42.4% (+200 bps yoy) thanks to raw material costs. Hence, NPAT to surge to VND16,656 (+20.9% yoy).