VIB released strong results for Q1 2020 with NPAT-MI of VND860bn (USD36.9mn; +32.8% YoY), completing 22.3% of our 2020 full-year forecast. Annualized ROA and ROE from Q1 2020 numbers were 1.8% and 24.8%, respectively. Net interest income (NII) surged by 29.9% YoY despite a 10-bp YoY decline in NIM. VIB achieved credit growth of 4.02% in 3M 2020. NIM was 3.90% (+8 bps QoQ), driven by a 23-bp YoY increase in interest-earning asset yields (IEA) to 8.89% (+1 bp QoQ)