NPAT up 14.7% YoY in H1 2020; credit quality metrics are holding up. Vietnamese listed banks closed out the second quarter delivering surprisingly decent first half YoY profit growth of 14.7%. However, we consider asset quality trends during the second quarter as more consequential due to the quarter starting with COVID-19-related social distancing in place. In assessing asset quality, we prefer to use the leading indicators identified in our recently published mid-year 2020 strategy report