We upgrade VRE to BUY from OUTPERFORM as its share price retreated 13% over the last three months amid negative sentiment caused by the new COVID-19 wave in Vietnam. We keep our target price almost unchanged at VND38,800/share due to a 9% cut in our 2021F NPAT-MI forecast that is more than offset by 1) increasing our 2020-2024F CAGR for retail gross floor area (GFA) to 14% from previously 13% and 2) rolling over our target price horizon to mid-2022. We lower 2021F NPAT-MI by 9% to VND2.6tn (USD