Vietnam offers one of the strongest structural growth outlooks among developing markets, led by industrialization and urbanization. We remain bullish on the market for H2 2021 & 2022 but expect the pace of gains to moderate vs the surge in the VN-Index since Q1 2020.We increase our VN-Index targets from 1,350/1,500 to 1,450/1,600 for end 2021/22, respectively, in line with the latest ‘bottom-up’ revisions to our analysts’ target prices for stocks under our coverage. Our VN-Index EPS growth