- We maintain our BUY rating and our target price (TP) of VND114,500/share.

- We decrease our aggregate 2025-2029F earnings forecast by 4.8% with respective cuts of 2.6%/4.6%/9.4%/6.1%/1.5% for 2025/26/27/28/29F, primarily due to (1) a 4.4% cut in our aggregate 2025-2029F NII forecast with a lower NIM assumption partially offset by higher assumed credit growth, (2) a 115% increase in aggregate 2025-2029F provision expenses, and (3) a 17.8% decrease in aggregate 2025-2029F OPEX.

- The negative impact of lower earnings forecasts on our valuation is offset by the positive impact of a decrease in our assumption for VCB’s cost of equity due to an updated equity beta.

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