We raise our target price (TP) by 39% to VND35,700/share but downgrade our rating to UNDERPERFORM from MARKET PERFORM as VIB’s share price has risen 58% over the past three months. Our higher TP is driven by 1) a higher valuation produced by the residual income method that is derived from an average 27% increase in our NPAT-MI forecasts for 2021-2025F and 2) applying a higher target forward P/B of 1.65x vs previously 1.30x. Our higher 2021-2025F NPAT-MI is underpinned by an average 17.0%