We raise our target price (TP) by 40.1% to VND50,000/share but downgrade our rating to SELL from UNDERPERFORM as VIB’s share price has increased ~76.2% over the last three months. Our higher TP is mainly due to a higher valuation produced by the residual income method that is derived from (1) a 27.7% aggregate increase in our 2021-2025F NPAT-MI, (2) a 50-bp decrease in our in-house cost of equity and (3) the positive effect of rolling over our TP to mid-2022. We also generate a higher valuation