We revised downward our 2018 and 2019 earnings forecasts by 15% and 16% to VND8.5tn (USD367mn, +31.1% YoY) and VND10.2tn (USD442mn, +20.2% YoY), respectively. The cut was mainly due to 20% and 22% lower net fee income (NFI) assumptions for 2018 and 2019, respectively, with transaction banking and bancassurance trimmed by c.20% for both years. With lower earnings forecasts and a reduction in our 2019 target P/B from 2.4x to 2.1x, we reduce our TP by 20% to VND34,800. However, we maintain a BUY