Business results in 9M/2023 are in line with investors' expectations, credit growth was slower than the same period, NIM was narrowed, non-performing loans continues to increase and non-interest income segment stagnates, causing bank profits in 9 months decrease slightly. However, signs of improvement in credit growth and significant reduction in ost of capital in Q3/2023 could make positive impact on bank's interest income business in the following quarters. We expect Vietnam's GDP growth in 2024 to return to 6% level, and credit growth therefore reached 13-14% YoY. Pre-tax profits of the banking group listed on HOSE in 2024 are forecast to grow by 17% YoY. The bank's valuation continues to be attractive in the long term.
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