We upgrade our rating from OUTPERFORM to BUY following a 54% increase in our target price (TP) to VND32,400/share. Our higher TP is driven by (1) a 9.6% aggregate increase in our projection for 2021-2025F NPAT as we assume faster progress in legacy asset clearance and lower our assumption for the expected loss based on our expectation for successful collateral sales with higher selling prices; (2) our higher valuation produced by the market cap to deposits approach