VPB – Strong growth, attractive valuation
Posted: Aug 12, 2026
- Backed by (i) superior credit growth offsetting NIM compression, (ii) solid non-interest income growth, and (iii) well-controlled costs, VPB’s PBT is expected to grow 39.8%/22.0% YoY in 2026-2027.
- Asset quality and the provision buffer are forecast to improve by end-2026 versus the beginning of the year.We recommend ADD on VPB with a target price of VND 39,400/share.
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