We increase our TP by 1% to VND64,850/share as we revise up our earnings by 2%/5%/4% for 2019F/2020F/2021F while maintaining a target 2019 P/B at 2.7x. Thus, we hold a MARKET PERFORM rating for VCB. Our earnings revisions are mainly driven by +3%/+4%/+4% changes in projections for NII which are partly offset by +4%/-4%/+0% adjustments for provision expenses for 2019F to 2021F, respectively.