We increase our target price (TP) by 7.5% to VND98,000/share and maintain our MARKET PERFORM rating for VCB. Our higher TP is mainly due to a higher valuation produced by the residual income method that is derived from an average 4.1% increase in our recurring NPAT-MI forecasts for 2021-2025F and an increase in our target P/B of 3.24x vs 3.11x previously. We maintain our assumption for a projected 337.5 million share issuance through a public/private placement to occur in June 2022.