We maintain our target price (TP) at VND24,300/share but downgrade our rating to MARKET PERFORM from BUY as VIB’s share price has risen 37.4% over the past three months. Our TP is unchanged because we trim our average earnings forecast by 0.2% during 2020-2024F, which is mainly driven by an average 4.2% higher projection for provision expenses during 2020-2024F that is partly offset by an average 4.0% reduction in our assumptions for operating costs. We revise up our 2020F NIM expectation