We maintain our target price at VND80,100/share and reiterate a MARKET PERFORM rating for VCB. However, we trim our 2020-24F earnings by an average of 1.3%. Our cut of 0.7% in 2020F earnings is mainly driven by 9% lower projection for net fee income as we expect a surge in commission fees related to its tie-up with FWD will not likely materialize until 2021F after spending 2020 bedding in the arrangement, which is partly offset by a 15.4% reduction in our provision expense forecast for 2020