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

Mirae Asset Securities

Leading full-service brokerage firm in Vietnam. 

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External broker reports(aggregated public sources)

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"><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 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  

Vietcombank

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