VIB released robust results for 2020 with NPAT-MI of VND4.6tn/USD199mn (+42.1% YoY), surpassing our 2020 full-year forecast by 8.8%. The strong earnings were primarily driven by remarkable growth in net interest income (NII) and net fee income (NFI) of 36.7% YoY and 32.9% YoY, respectively, which outweighed respective increases of 29.9% YoY and 50.1% YoY in OPEX and provision expenses. FY2020 ROE and ROA were 28.8% and 2.1%, respectively.