We lower our target price by 12% to VND112,000/share but upgrade our rating for VIC to BUY from OUTPERFORM as the company’s share price has corrected 27% over the last three months. Our decreased target price is mainly due to a downward revision to 2022F ICE car sales and applying a lower multiple of 7.0x (instead of 10.0x as previously) to our 2022F EV revenue forecast.