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

Mirae Asset Securities

External broker reports(aggregated public sources)

Leading full-service brokerage firm in Vietnam. 

Content available is external broker reports authored by a third party outside the Smartkarma network and has been aggregated by an online aggregator through publicly available sources and is displayed by Smartkarma in this format for user's convenience and general informational purposes only. Content does not constitute investment or financial advice and Smartkarma makes no representation or warranty regarding its accuracy or contents. Original third party author retains all copyright and other proprietary rights in the content. Access or use of third party links not controlled by Smartkarma are at the user's own risk.

Equity Bottom-Up

<ul><li>Credit growth continued to expand positively in 3Q25. As of 9M25, total bank credit rose 12.3% YoY (vs. 7.2% in 2Q25).</li><li>Although this pace remains somewhat below the sector average, the divergence is not unusual given the bank’s diversified earnings base.</li><li>For 2025, total credit is expected to grow 15.6% YoY (+1.2%p from the previous forecast) to around VND1.7mn bn, followed by a moderated expansion of 12.2% YoY in 2026 (unchanged from the prior projection).</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>

Credit growth continued to expand positively in 3Q25. As of 9M25, total bank credit rose 12.3% YoY (vs. 7.2% in 2Q25).Although this pace remains somewhat below the sector average, the divergence is not unusual given the bank’s diversified earnings base.For 2025, total credit is expected to grow 15.6% YoY (+1.2%p from the previous forecast) to around VND1.7mn bn, followed by a moderated expansion of 12.2% YoY in 2026 (unchanged from the prior projection).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.

Bank for Foreign Trade of Vietnam (VCB VN/Buy/TP:70,800) - Cushion pre-packed  

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 but lower our target price (TP) by 5.3% to VND73,500/share.</li><li>Our lower TP is driven by (1) a 7.1% decrease in our aggregate 2025-2029F earnings forecast (respective changes of -3.4%/-8.5%/-5.5%/-7.1%/-9.1% for 2025/26/27/28/29F), (2) an increase in cost of equity due to an updated beta, and (3) a lower target P/B assumption.</li><li>These are partially offset by the positive impact of rolling our TP horizon forward to end-2026F.</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 but lower our target price (TP) by 5.3% to VND73,500/share.Our lower TP is driven by (1) a 7.1% decrease in our aggregate 2025-2029F earnings forecast (respective changes of -3.4%/-8.5%/-5.5%/-7.1%/-9.1% for 2025/26/27/28/29F), (2) an increase in cost of equity due to an updated beta, and (3) a lower target P/B assumption.These are partially offset by the positive impact of rolling our TP horizon forward to end-2026F.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 [BUY +25.3%] - EPS Growth to Improve in 2026-27; Attractive Valuation

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

Rong Viet Securities

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Looking at relevant, up-to-date information from multiple perspectives with the support of intensive data and analyses, RongViet's research is effective, practical and widely used for investing purposes.

Content available is external broker reports authored by a third party outside the Smartkarma network and has been aggregated by an online aggregator through publicly available sources and is displayed by Smartkarma in this format for user's convenience and general informational purposes only. Content does not constitute investment or financial advice and Smartkarma makes no representation or warranty regarding its accuracy or contents. Original third party author retains all copyright and other proprietary rights in the content. Access or use of third party links not controlled by Smartkarma are at the user's own risk.

<ul><li>Profit growth is poised to resume double-digit in the medium term, after years of prudent operation.</li><li>VCB is the leading state-owned bank in the entire system in terms of demand deposit size (leading to absolute advantages in the industry in terms of low funding costs), asset quality (since 2014) and profit scale (since 2018).</li><li>These achievements stem not only from its strong brand and credibility as a state-owned bank, coupled with its historical role as Vietnam’s first bank tasked with international trade responsibilities-enabling it to attract major corporate clients and FDI capital flows-but also from its disciplined and prudent management approach. </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.

Profit growth is poised to resume double-digit in the medium term, after years of prudent operation.VCB is the leading state-owned bank in the entire system in terms of demand deposit size (leading to absolute advantages in the industry in terms of low funding costs), asset quality (since 2014) and profit scale (since 2018).These achievements stem not only from its strong brand and credibility as a state-owned bank, coupled with its historical role as Vietnam’s first bank tasked with international trade responsibilities-enabling it to attract major corporate clients and FDI capital flows-but also from its disciplined and prudent management approach. 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.

<ul><li>We maintain our BUY rating and increase our target price (TP) by 6.0% to VND77,600/share.</li><li>Our higher TP is driven by (1) a 2.7% increase in our aggregate 2025-2029F earnings forecast (respective changes of -0.8%/+2.9%/+3.9%/+3.2%/+3.1% for 2025/26/27/28/29F) and (2) a higher target P/B assumption.</li><li>The increase in our earnings forecast is primarily due to (1) a 0.7% increase in our aggregate 2025-2029F NII forecast due to slightly higher credit growth assumptions despite slightly more conservative NIM assumptions, and (2) a 9.1% increase in our aggregate 2025-2029F NOII following stronger-than-expected FX performance in H1 2025.</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 6.0% to VND77,600/share.Our higher TP is driven by (1) a 2.7% increase in our aggregate 2025-2029F earnings forecast (respective changes of -0.8%/+2.9%/+3.9%/+3.2%/+3.1% for 2025/26/27/28/29F) and (2) a higher target P/B assumption.The increase in our earnings forecast is primarily due to (1) a 0.7% increase in our aggregate 2025-2029F NII forecast due to slightly higher credit growth assumptions despite slightly more conservative NIM assumptions, and (2) a 9.1% increase in our aggregate 2025-2029F NOII following stronger-than-expected FX performance in H1 2025.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.

Vietcombank (VCB) - EPS Growth to Accelerate with Strong Credit, NIM Recovery - Update

<ul><li>PBT reached VND 10.9 trillion (+1% YoY), achieving 25% of the full-year plan.</li><li>Key growth drivers included a 12% YoY increase in non-interest income, a 50% YoY reduction in provisioning expenses, and credit growth of 1.2% YTD (15.6% YoY).</li><li>However, these factors were offset by a sharp 50 bps YoY decline in Net Interest Margin (NIM) to 2.65%. </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 reached VND 10.9 trillion (+1% YoY), achieving 25% of the full-year plan.Key growth drivers included a 12% YoY increase in non-interest income, a 50% YoY reduction in provisioning expenses, and credit growth of 1.2% YTD (15.6% YoY).However, these factors were offset by a sharp 50 bps YoY decline in Net Interest Margin (NIM) to 2.65%. 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.

Vietnam

JSC Bank for Foreign Trade of Vietnam is a commercial bank.  The Bank attracts deposits and offers consumer and corporate loans, and foreign exchange services, and sponsors credit cards.

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Vietcombank (VCB VN)

Bank for Foreign Trade of Vietnam (VCB VN/Buy/TP:70,800) - Cushion pre-packed

Although this pace remains somewhat below the sector average, the divergence is not unusual given the bank’s diversified earnings base.

Mirae Asset Securities

VCB [BUY +25.3%] - EPS Growth to Improve in 2026-27; Attractive Valuation

We maintain our BUY rating but lower our target price (TP) by 5.3% to VND73,500/share. Our lower TP is driven by (1) a 7.1% decrease in our...

Vietcap

VCB - Solidifying The Leading Position

Profit growth is poised to resume double-digit in the medium term, after years of prudent operation. VCB is the leading state-owned bank in the...

Rong Viet Securities

Vietcombank (VCB) - EPS Growth to Accelerate with Strong Credit, NIM Recovery - Update

We maintain our BUY rating and increase our target price (TP) by 6.0% to VND77,600/share. Our higher TP is driven by (1) a 2.7% increase in our...

Vietcap

VCB - Moderate but Solid Growth

Key growth drivers included a 12% YoY increase in non-interest income, a 50% YoY reduction in provisioning expenses, and credit growth of 1.2% YTD...

Rong Viet Securities

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