VIB released robust results for 9M 2020 with NPAT-MI of VND3.2tn/USD138mn (+38.1% YoY), completing 90% of our 2020 full-year forecast. The strong earnings are primary driven by remarkable growth in net interest income (NII) and net fee income (NFI) of 30.8% YoY and 28.3% YoY, respectively, which outweighed respective increases of 29.8 YoY and 27.1% YoY in OPEX and provision expenses. Overall, 9M 2020 tracks ahead our FY 2020 forecast. Annualized ROE and ROA were 28.6% and 2.2%, respectively.