Vietcap cuts its target for Vietcombank stock

Published on 10/08/2026 at 11:06 | Editorial responsibility: Rafael Müller, Editor-in-Chief AD HOC NEWS

Pretax profit hit VND 29,222 billion in 2026's first half, up 33.50 percent. Vietcombank stock had a VND 76,500 target on September 25, 2026.

Vietcombank, VN000000VCB4, Illustration mit AI erstellt.

Vietcombank (ISIN VN000000VCB4) had its target cut to VND 76,500 on September 25, 2026, as Business Forum reported. The reduction was 2.50 percent, while Vietcap retained its Buy recommendation.

Profit growth meets one-off income

Vietcombank's pretax profit reached VND 29,222 billion in the first half of 2026, up 33.50 percent year over year, according to VietTimes on October 4, 2026. Net interest income rose to VND 36,793 billion, up 32.10 percent, while non-interest income increased to VND 10,759 billion, up 47.70 percent.

The composition matters. Net income from other operating activities reached VND 4,916 billion, compared with VND 1,816 billion in the same period of 2025, and second-quarter net income from this line rose 252.00 percent, VietTimes reported.

Credit costs remain a counterweight

Credit provisions increased 91.80 percent to nearly VND 2,996 billion in the first half of 2026, according to VietTimes. That creates a clearer split in the earnings story: recurring net interest income improved, but a fair-value gain linked to the consolidation of Vietcombank-Bonday-Benthanh also lifted reported profit.

The bank began consolidating the business on June 9, 2026, after increasing its ownership to 100 percent. The transaction generated a one-time gain of about VND 232 billion, while the fair-value reassessment supported the sharp increase in other operating income, VietTimes said.

Target reflects valuation pressure

Vietcap's lower target followed a higher assumed risk-free rate of 7.00 percent and an updated beta, even as its 2026 to 2030 profit forecasts rose 5.60 percent. The target of VND 76,500 implied 31.67 percent upside to the VND 58,100 market price cited for September 24, 2026, excluding a 4.50 percent dividend, Business Forum reported.

For investors, the key question is earnings quality rather than headline growth alone. Vietcombank combines a 33.50 percent first-half pretax profit increase with stronger core interest income, but the 252.00 percent jump in other operating income and higher provisions make the target revision a more cautious valuation signal.

Vietcombank listing and market profile

Vietcombank trades under ticker VCB on the Ho Chi Minh Stock Exchange and belongs to the VN30 index. The bank's 2026 second-quarter non-performing loan ratio was 0.61 percent, while its loan-loss coverage ratio was 279.28 percent, based on figures published by Taichinh.