We raise our target price (TP) by 6.4% to VND65,200/share and maintain our BUY rating for TCB following a 1.6% aggregate increase in our 2021-2025F net income forecast. We increase our 2021F NPAT-MI by 1.1% to VND16.8tn (USD729mn; +36.0% YoY) relative to our previous forecast as a result of (1) a 1.0% increase in projected net interest income (NII) following an 8-bp increase in 2021F NIM, (2) 66.2% increase in 2021F gains from FX trading due to a higher-than-expected H1 2021 results