VIC posted 9M 2018 net revenue growth of 47% YoY to reach VND84.7tn (USD3.7bn), largely driven by robust growth of property sales. NPAT-MI slid by 26% YoY to VND1.7tn (USD74mn), mainly due to (1) substantially higher tax expenses, including an one-off payment associated with a transaction in which Vincommerce (a VIC subsidiary) sold its stake in Vinhomes (VHM) in Q2 2018, (2) expansion costs in the consumer retail segment and (3) continuing headwinds in the hospitality segment.