External broker reports(aggregated public sources), Rong Viet Securities

Rong Viet Securities

External broker reports(aggregated public sources)

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Equity Bottom-Up

<ul><li>PBT hit a record VND17,420bn (+48% QoQ, +58% YoY) – the highest in VCB's history and across the entire sector.</li><li>Key drivers: NII of VND19,142bn (+35% YoY); non-interest income more than doubled QoQ on a spike in other income (VND4,118bn) from the revaluation of VCB's investment after it raised its stake in the VCB-Bonday-Benthanh joint venture, turning it into a subsidiary; and credit provisions fell 80% QoQ to VND503bn.</li><li>Profitability turned upward after several quarters of decline. Quarterly NIM expanded for the fourth straight quarter to 2.97% (+10bps QoQ, +30bps YoY), driven by loan-book restructuring combined with the repricing effect.</li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

PBT hit a record VND17,420bn (+48% QoQ, +58% YoY) – the highest in VCB's history and across the entire sector.Key drivers: NII of VND19,142bn (+35% YoY); non-interest income more than doubled QoQ on a spike in other income (VND4,118bn) from the revaluation of VCB's investment after it raised its stake in the VCB-Bonday-Benthanh joint venture, turning it into a subsidiary; and credit provisions fell 80% QoQ to VND503bn.Profitability turned upward after several quarters of decline. Quarterly NIM expanded for the fourth straight quarter to 2.97% (+10bps QoQ, +30bps YoY), driven by loan-book restructuring combined with the repricing effect.Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

VCB - NIM and liquidity improve; 2026F forecast raised

External broker reports(aggregated public sources), Mirae Asset Securities

Mirae Asset Securities

Mirae Asset Securities Co.,Ltd. provides comprehensive wealth management services. The Company offers fixed income securities brokerage, securities dealing, equity underwriting, and other services. Mirae Asset Securities also deals with mergers and acquisitions, foreign currency, and financial derivatives

Thematic (Sector/Industry)

<ul><li>System-wide credit growth accelerated in 2Q26, although growth was highly differentiated across banks.</li><li>By end-1H26, system-wide credit grew 8.37% YTD, accelerating from 3.18% in 1Q26, before reaching nearly 9.1% by mid-August.</li><li>Growth among LBs stood at 9.3% YTD in 1H26, mainly driven by top-tier privately owned banks with stronger credit quotas and balance-sheet capacity, led by VPB (+23.2%), HDB (+21.8%), TCB (+15.2%), and MBB (+13.2%), while major SOCBs such as BID, CTG, VCB and VIB remained in the ~5% range. </li></ul><div class="content-highlight">Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.</div>

System-wide credit growth accelerated in 2Q26, although growth was highly differentiated across banks.By end-1H26, system-wide credit grew 8.37% YTD, accelerating from 3.18% in 1Q26, before reaching nearly 9.1% by mid-August.Growth among LBs stood at 9.3% YTD in 1H26, mainly driven by top-tier privately owned banks with stronger credit quotas and balance-sheet capacity, led by VPB (+23.2%), HDB (+21.8%), TCB (+15.2%), and MBB (+13.2%), while major SOCBs such as BID, CTG, VCB and VIB remained in the ~5% range. Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Banking Sector - 2Q26 Update and Outlook - Let Execution Compound

External broker reports(aggregated public sources), Vietcap

Vietcap

We specialize in consulting both individual and institutional clients, providing them with effective financial solutions that are tailored to their specific needs.

<ul><li>We maintain our BUY rating and increase our target price (TP) by 6.8% to VND78,500/share as we roll our TP horizon forward to mid-2027 while largely maintaining our aggregate earnings forecast for the 2026-2030F period.</li><li>Given its best-in-class customer base and robust funding/capital positions, VCB is well positioned to achieve resilient credit and earnings growth despite rising macro challenges. </li><li>VCB is currently trading at a trailing P/B of 2.17x, implying a 51% premium to the median P/B of its peers in our coverage vs a 5-year average premium of 99%.</li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

We maintain our BUY rating and increase our target price (TP) by 6.8% to VND78,500/share as we roll our TP horizon forward to mid-2027 while largely maintaining our aggregate earnings forecast for the 2026-2030F period.Given its best-in-class customer base and robust funding/capital positions, VCB is well positioned to achieve resilient credit and earnings growth despite rising macro challenges. VCB is currently trading at a trailing P/B of 2.17x, implying a 51% premium to the median P/B of its peers in our coverage vs a 5-year average premium of 99%.Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

VCB - Earnings Growth Acceleration Intact Despite Macro Risks

VCB [BUY +29.3%] - Earnings Growth Acceleration Intact Despite Macro Risks

<ul><li>Q4-FY25 pre -tax profit was broadly flat year -on-year, and full -year 2025 pre -tax profit growth came in at only 4% YoY.</li><li>The primary reasons for the weak Q4 -FY25 result: non -interest income fell 22% YoY, and provisioning costs surged against a very low base in the same period last year (Q4-FY24: net provision reversal of VND 32 bn).</li><li>Credit balance reached approximately VND 1.66 quadrillion, up more than 15% YTD, while deposit funding reached VND 1.68 quadrillion, up more than 10% YTD. </li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Q4-FY25 pre -tax profit was broadly flat year -on-year, and full -year 2025 pre -tax profit growth came in at only 4% YoY.The primary reasons for the weak Q4 -FY25 result: non -interest income fell 22% YoY, and provisioning costs surged against a very low base in the same period last year (Q4-FY24: net provision reversal of VND 32 bn).Credit balance reached approximately VND 1.66 quadrillion, up more than 15% YTD, while deposit funding reached VND 1.68 quadrillion, up more than 10% YTD. Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

VCB - Good Accumulate Opportunity as Valuation Hits Cyclical Trough

Vietnam

Joint Stock Commercial Bank for Foreign Trade of Vietnam, known as Vietcombank, is a major commercial bank in Vietnam offering a wide range of products and services, including traditional banking activities like capital management, credit provision, and project financing, as well as modern services such as foreign exchange, derivatives, card services, and digital banking. It accepts deposits from organizations and individuals, provides various loans, and offers investment and savings insurance. The company is headquartered in Hanoi, Vietnam, and was founded on April 1, 1963.

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Vietcombank (VCB VN)

VCB - NIM and liquidity improve; 2026F forecast raised

PBT hit a record VND17,420bn (+48% QoQ, +58% YoY) – the highest in VCB's history and across the entire sector. Key drivers: NII of VND19,142bn...

Rong Viet Securities

Banking Sector - 2Q26 Update and Outlook - Let Execution Compound

System-wide credit growth accelerated in 2Q26, although growth was highly differentiated across banks. By end-1H26, system-wide credit grew 8.37%...

Mirae Asset Securities

VCB - Earnings Growth Acceleration Intact Despite Macro Risks

VCB is currently trading at a trailing P/B of 2.17x, implying a 51% premium to the median P/B of its peers in our coverage vs a 5-year average...

Vietcap

VCB [BUY +29.3%] - Earnings Growth Acceleration Intact Despite Macro Risks

VCB is currently trading at a trailing P/B of 2.17x, implying a 51% premium to the median P/B of its peers in our coverage vs a 5-year average...

Vietcap

VCB - Good Accumulate Opportunity as Valuation Hits Cyclical Trough

The primary reasons for the weak Q4 -FY25 result: non -interest income fell 22% YoY, and provisioning costs surged against a very low base in the...

Rong Viet Securities

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