VNM – Brief – [HOLD] – Gradually improved

In 2Q25, VNM’s revenue rose to VND16.7tn (+0.4% yoy) and NPAT decreased to VND2.5tn (-7.6% yoy). In 2H25m we expect VNM business results to be better than 1H25 with (1) revenue will grow in the low single digits due to improved consumer demand and (2) net profit will return to positive growth, driven by higher gross margin.