We maintain our BUY rating and increase our target price (TP) by 0.6% due to raising our aggregate net income forecast for 2021-2025 by 2.2%. We decrease our 2021F net income (before MI) by 1% vs our previous forecast to VND13.9tn (USD604mn; +33.9% YoY) as a result of (1) a 2.4% increase in our provision charges assumption and (2) 1.3% drop in our NII assumption to cover the impact of a lending rate cut in H2 2021. 2021 NPAT-MI is forecast to increase 29.8% YoY.

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