VPBank (HOSE: VPB) | Q2 2025 Update, BUY – 1Y Upside +20.6%

Impressive H1 Performance And Is Well-Positioned For A Strong FY 2025

We revise up our 12-month target price for VPB to VND 28,500/share, representing a 20.7% increase from our previous target of VND 23,600/share.

This upward adjustment primarily reflects an upgrade in our FY2025 credit growth forecast from +22.4% to +29.1%, driven by VPB accelerated disbursements across multiple segments, particularly corporate lending in H1 2025. Credit expansion, supported by a low-interest rate environment and recovering capital demand, has strengthened the bank’s earnings prospects.

As of 29 July 2025, VPB shares have delivered strong performance, rising +26.3% YTD and +24.9% since our initial report released on 14 May 2025. With the revised target price of VND 28,500/share, implying a further +20.6% upside from the closing price of VND 23,600/share on 29 July 2025, we maintain our BUY recommendation for VPB.