We raise our target price (TP) by 12.5% and maintain our BUY rating for VPB as we (1) roll over our TP to YE2021 and (2) cut our cost of equity assumption, more than offsetting our 4.4% trim in our aggregate net income forecast for 2020-2024 relative to our previous forecast. VPB’s restructured loan level remained at VND27.8tn as of end-Q3 relative to VND28.0tn in Q2. We maintain our assumption that restructured loans will not exceed VND33.5tn. We expect VPB will accelerate write-offs