We attended LPB’s AGM on April 29 in Ho Chi Minh City. The main agenda included the bank’s 2021 business plans and the election of a new member to the Board of Directors (BOD). 2021 targets include (1) credit growth of 20.3% vs our current assumption of 25% — however, the bank notes that it might adjust its 2021G credit growth following the receipt of updated credit quotas from the State Bank of Vietnam (SBV) — (2) funding growth 15% vs our current forecast of 23% and (3) 2021 PBT of VND3.2tn