Yes, V-sync is enabled. I also forced V-sync ON in Catalyst driver settings (just to be sure it's on) - still got no luck.
Even on lowest video settings with all other video options disabled (except V-sync) the problem remains.
I'm starting to think that this game somehow doesn't recognise that my GPU is dualcore and treats it as a singlecore which hits general performance.
Radeon 7990 is generaly a sandwitch of two 7970 working on one PCB so perhaps the problem lays somewhere here between the game, GPU driver and GPU architecture.
However, it is the very first time I am experiencing such problem - none of my games did work with so bad performance. I've been also betatesting Grim Dawn since it's early beta stage but it worked fine on highest possible video settings (so it's not a GPU problem I guess).