We raise our target price (TP) by 59% and maintain our BUY rating for VPB as we (1) lift our aggregate net income forecast for 2021-2025 by 26% relative to our previous forecast and (2) lift our target P/B to 2.1x vs 1.35x previously (see page 7 for details). We lift our 2021F net income by 22% vs our previous forecast to VND11.8tn (USD508mn; +13.6% YoY) as (1) our 13% lift in pre-provision operating profit (PPOP) more than offsets (2) a 7% lift in our provision charges assumption.