We trim our target price (TP) by 8.2% to VND80,100/share and reiterate a MARKET PERFORM rating for VCB as a result of an average decline of 11.3% in our 2020-2024 earnings forecasts — coupled with a one-ppt upward revision in our cost of equity assumption. We also roll forward our valuation to mid-2021. Our cut in earnings forecasts is mainly driven by an average 6.2% lower projection for net interest income and an average 15.4% higher assumption for provision expenses during 2020-24F. 2020-22