Company Insight

Outlook for 2026-2027

For 2026, we revised the credit growth for 2026 to be around 12%, in line with current quota (13%) and around 15% for 2027F. NIM would gradually improved from trough to 2.8-2.9% for 2026-2027. NPL controlled under 1% with credit cost averagely around 0.5% for the period. Profit before tax of VCB would achieve VND56,902bn (+29.2% YoY) and VND62,424bn (+9.7% YoY). The private placement of the 6.5% stake is still in progress; if successfully completed, it would further strengthen VCB’s CAR.

Based on our Residual Income (RI) valuation approach and peer comparison using the P/B multiple, we update our 12M target price for VCB to VND78,300 per share