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External broker reports(aggregated public sources)

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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