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

Rong Viet Securities

External broker reports(aggregated public sources)

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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

Vietnam International Bank / Equity Bottom-Up

<ul><li>We conducted a valuation for VIB stock and estimate its fair value at VND 24,100 per share, equivalent to a projected 2025F and 2026F P/B of 1.7x and 1.5x, respectively.</li><li>Earnings are supported by the bank's strategic shift, expanding into corporate lending amid a slow recovery in retail credit.</li><li>VIB’s new direction is expected to create opportunities to boost credit growth and expand non-interest income through the development of products and services targeting corporate clients. </li></ul><p><em>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.</em></p>

We conducted a valuation for VIB stock and estimate its fair value at VND 24,100 per share, equivalent to a projected 2025F and 2026F P/B of 1.7x and 1.5x, respectively.Earnings are supported by the bank's strategic shift, expanding into corporate lending amid a slow recovery in retail credit.VIB’s new direction is expected to create opportunities to boost credit growth and expand non-interest income through the development of products and services targeting corporate clients. 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.

VIB - Strategic Shift: Poised for Transformation

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

Mirae Asset Securities

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.

Thematic (Sector/Industry)

<ul><li>Credit expansion showed signs of moderation in 3Q25 as lending approached the annual target.</li><li>Total system credit rose 13.4% YTD by end-9M25 (10M25: +15.09%), up 3.5%p QoQ (1Q25: +3.9%p; 2Q25: +6.0%p), nearing the SBV’s full-year guidance of 16%.</li><li>The deceleration was partly seasonal, reflecting subdued corporate and retail loan demand during this period. </li></ul><div class="content-highlight"><em>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.</em></div>

Credit expansion showed signs of moderation in 3Q25 as lending approached the annual target.Total system credit rose 13.4% YTD by end-9M25 (10M25: +15.09%), up 3.5%p QoQ (1Q25: +3.9%p; 2Q25: +6.0%p), nearing the SBV’s full-year guidance of 16%.The deceleration was partly seasonal, reflecting subdued corporate and retail loan demand during this period. 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 - 3Q25 Update and Outlook - Task on Track

MD, Leaf & Ledger Limited

Leaf & Ledger Limited

Formed in 2024, Leaf & Ledger is a European advisory and research firm serving institutional investors and managers. We focus on real assets and private markets, with public-market read-throughs where material. Our work emphasises valuation signals, market structure, and execution topics that translate technical assessment into underwriting and strategy.

Insight That Moves Capital

Cross Asset Strategy

<ul>
<li>
<strong> Release sparks sell-off:</strong> Vietnam’s government inspectorate released findings October 17th. Despite widespread anticipation of the findings, Vietnamese equities were down sharply following the release.</li>
<li>
<strong> Fault lines and risk nodes:</strong> 5 listed banks, Masan entities, T&amp;T Group, project vehicles, and Novaland affiliates. Issues include disclosure failures, off-plan proceeds use, arrears, and single-buyer concentrations.</li>
<li>
<strong> Signal and policy path:</strong> Expect a stricter rulebook and more active supervision. The core system remains intact, but governance discounts rise, and issuance windows narrow as controls are rebuilt.</li>
</ul>



 Release sparks sell-off: Vietnam’s government inspectorate released findings October 17th. Despite widespread anticipation of the findings, Vietnamese equities were down sharply following the release.

 Fault lines and risk nodes: 5 listed banks, Masan entities, T&amp;T Group, project vehicles, and Novaland affiliates. Issues include disclosure failures, off-plan proceeds use, arrears, and single-buyer concentrations.

 Signal and policy path: Expect a stricter rulebook and more active supervision. The core system remains intact, but governance discounts rise, and issuance windows narrow as controls are rebuilt.


Vietnam Equities: GI Bond Probe Triggers 8% Index Slide

<ul><li>In this review, VIB – previously placed on the watchlist for removal, due to its failure to satisfy the minimum FOL threshold of 65% (Section 3.7) – may be completely removed from the index, as it continues to fall short of this requirement.</li><li>In the past, the restriction stemmed from VIB actively lowering its foreign room to 5% (from 21%) after its strategic shareholder’s divestment, with plans to reopen it upon onboarding new strategic foreign investors.</li><li>Until now, VIB has not provided any official disclosure on whether this restriction will be eased in the near term. </li></ul><div class="content-highlight"><em>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.</em></div>

In this review, VIB – previously placed on the watchlist for removal, due to its failure to satisfy the minimum FOL threshold of 65% (Section 3.7) – may be completely removed from the index, as it continues to fall short of this requirement.In the past, the restriction stemmed from VIB actively lowering its foreign room to 5% (from 21%) after its strategic shareholder’s divestment, with plans to reopen it upon onboarding new strategic foreign investors.Until now, VIB has not provided any official disclosure on whether this restriction will be eased in the near term. 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>Vietnam’s banking sector remained on a concrete footing in 2Q25, continuing the momentum established in 1Q25. </li><li>Credit growth reached 9.9% YTD in 1H25, marking a sharp acceleration of 6%p (1Q25: 3.9%).</li><li> This surge in credit expansion was not merely market-driven, but also stemmed from decisive policy guidance. </li></ul><div class="content-highlight"><em>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.</em></div>

Vietnam’s banking sector remained on a concrete footing in 2Q25, continuing the momentum established in 1Q25. Credit growth reached 9.9% YTD in 1H25, marking a sharp acceleration of 6%p (1Q25: 3.9%). This surge in credit expansion was not merely market-driven, but also stemmed from decisive policy guidance. 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 - 2Q25 Update and Outlook - Dual Mandate

Vietnam

Vietnam International Commercial Joint Stock Bank provides banking services. The Bank offers deposits, loans, insurance, mobile, internet, and other banking services. Vietnam International Commercial serves customers in Vietnam.

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Vietnam International Bank (VIB VN)

VIB - Strategic Shift: Poised for Transformation

We conducted a valuation for VIB stock and estimate its fair value at VND 24,100 per share, equivalent to a projected 2025F and 2026F P/B of 1.7x...

Rong Viet Securities

Banking Sector - 3Q25 Update and Outlook - Task on Track

Total system credit rose 13.4% YTD by end-9M25 (10M25: +15.09%), up 3.5%p QoQ (1Q25: +3.9%p; 2Q25: +6.0%p), nearing the SBV’s full-year guidance of...

Mirae Asset Securities

Vietnam Equities: GI Bond Probe Triggers 8% Index Slide

Vietnam's government inspectorate private debt probe release sparks equity sell-off, as governance concerns in listed banks and companies signal...

EC

Forecast – HoSE Indexes Review in 4Q25

In this review, VIB – previously placed on the watchlist for removal, due to its failure to satisfy the minimum FOL threshold of 65% (Section 3.7)

Mirae Asset Securities

Banking Sector - 2Q25 Update and Outlook - Dual Mandate

Vietnam’s banking sector remained on a concrete footing in 2Q25, continuing the momentum established in 1Q25. Credit growth reached 9.9% YTD in...

Mirae Asset Securities

Price Gauge

52-week Range

Market Cap (USDm)

P/E

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VIB - Strategic Shift: Poised for Transformation

We conducted a valuation for VIB stock and estimate its fair value at VND 24,100 per share, equivalent to a projected 2025F and 2026F P/B of 1.7x...

Rong Viet Securities

Banking Sector - 3Q25 Update and Outlook - Task on Track

Total system credit rose 13.4% YTD by end-9M25 (10M25: +15.09%), up 3.5%p QoQ (1Q25: +3.9%p; 2Q25: +6.0%p), nearing the SBV’s full-year guidance of...

Mirae Asset Securities

Vietnam Equities: GI Bond Probe Triggers 8% Index Slide

​Vietnam's government inspectorate private debt probe release sparks equity sell-off, as governance concerns in listed banks and companies signal...

EC

Forecast – HoSE Indexes Review in 4Q25

In this review, VIB – previously placed on the watchlist for removal, due to its failure to satisfy the minimum FOL threshold of 65% (Section 3.7)

Mirae Asset Securities

Banking Sector - 2Q25 Update and Outlook - Dual Mandate

Vietnam’s banking sector remained on a concrete footing in 2Q25, continuing the momentum established in 1Q25. Credit growth reached 9.9% YTD in...

Mirae Asset Securities

Vietnam's government inspectorate private debt probe release sparks equity sell-off, as governance concerns in listed banks and companies signal...