VCB released strong results for 2018 with PBT of VND18.3tn (USD796mn, +61.4% YoY), achieving 108.7% of our full-year forecast. In particular, Q4 2018 achieved PBT of VND6.6tn (USD287mn, +146.9% YoY). FY2018 ROA and ROE were 1.4% and 25.1%, respectively. NIM rose strongly by 29 bps YoY, spot-on with our forecast. VCB was one of four banks in our coverage that did not request a credit top-up from the SBV and achieved full-year credit growth of 14.8%. The bank reported 2018 NIM of 2.77%, which wa