Recovery needs time – Vietnam’s banking sector has been seen asset quality and capital issues since 2013 while the relatively better managed bank stocks have gained 25%-120% over the 2013 to current period. This came against a backdrop of GDP growth above 6%, rising leverage (over 14x equity multiplier), strong FDI inflows and a benign USD rate environment. Even now the best in class banks (less than 30% of system-wide assets) need one to three years to build provision buffers