We maintain our BUY rating as we like VTP’s ability to ride on Vietnam’s booming e-commerce.We trim our target price (TP) by 4% as we cut aggregate 2020F-2022F NPAT-MI by 7% due to softer consumer spending amid the current resurgence of COVID-19 in Vietnam and VTP's new delivery fee scheme, which points to lower fee rates. In our view, VTP aims to strengthen its market share; however, this new fee scheme will hurt its profit margins.