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BID [BUY +23.8%] - Potential turnaround offers attractive risk/reward profile - Update

We reiterate our BUY rating with a TP of VND25,000 (no change), offering a total return of +23.8% as it is poised to be a leading beneficiary of the new NPL draft regulations. We believe that BID is potentially the most attractive turnaround story in the Vietnamese banking sector (subject to execution risks).