We maintain a BUY rating for VRE while cutting our target price by 7% to VND36,200/share as a 32% cut in our 2021F NPAT-MI forecast amid the disruption caused by the fourth wave of COVID-19 is partially offset by lower net debt at end-June 2021 vs end-March 2021. VRE reported resilient H1 2021 with NPAT-MI reaching VND1.2tn (USD50.8mn; +40% YoY), which was broadly in line with our expectation. We note that VRE spent VND424bn (USD18.4mn) for a tenant support package in H1 2021 vs VND675bn (U