We raise our target price (TP) by 13.9% to VND91,200/share but reiterate a MARKET PERFORM rating for VCB. Our higher TP is mainly driven by a decrease in our discount rate from 14.2% to 13.0% and the positive effect of rolling over our TP to end-2021. However, we trim our earnings forecasts by an average of 0.3% during 2020-25F.