We cut our target price by 7% to VND23,000/share due to a downward revision in our earnings forecast for 2021-2022F and unchanged forecast for 2023-2025F. In addition, we maintain our BUY rating for NT2. We view NT2 as a good dividend play as we expect its DPS to rise from VND1,500 in 2021F to VND2,000 in 2022F and VND3,000 in 2023F.