We upgrade our rating from MARKET PERFORM to BUY as we believe VTP will benefit from Vietnam's booming e-commerce industry in the long term thanks to its wide postal network, investments in technology and new business initiatives. Our rating upgrade is also due to (1) VTP’s better-than-expected improvements in cost efficiency, (2) the Government’s investigation on anticompetitive pricing practices and (3) a 13% correction in share price over the past three months. We raise our target price