Credit cycle is likely to turn a corner in 2018 - We are counter consensus and believe that State Bank of Vietnam (SBV) is likely to start raising rates towards Q4 2017- Q1 2018. The sovereign macroeconomic situation allows SBV the policy room to delay raising rates until H2 2018 (with three rate rises factored in for the Fed Funds Rate (FFR) in 2017 alone). We believe the credit expansion cycle shall near its end starting H2 2018 with clear visibility of adverse inflationary