We attended HVN’s AGM on June 20, 2017. Investors focused on its competition with Vietjet Air and the expected negative growth in earnings. Net revenue grew 6.4% in 2016 to VND70.5 trillion (USD3.1 billion) driven by strong passenger and cargo growth (21.2% and 30.6%, respectively) and a sharp drop in airfare related to a decrease in fuel price.