We attended ACB’s AGM on June 16, 2020, with the main agenda of discussion being 2020 business plans, granting the BOD authorization to issue international bonds and moving the bank’s listing to HOSE from HNX. The AGM disclosed an initial credit growth quota of 11.75% for 2020, a customer deposit growth target of 12%, NPL to be kept below 2.0% and consolidated profit before tax (PBT) of VND7.6tn (+1.6% YoY). PBT guidance is 1.7% lower than our forecast.