We increase our target price (TP) by 11.1% to VND108,900/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 (1) derived from a 1.2% aggregate increase in our NPAT-MI forecasts for 2021-2025F, (2) a decrease in our in-house cost of equity from 13.0% to 12.5% and (3) the positive effect of rolling over our TP to mid-2022. The target P/B approach also provides a higher valuation due to the positive