BVSC anticipates robust earnings growth for ACB in 2025, forecasting TOI to hit VND36,904 bn (+9.2% YoY) and NPAT-MI to reach VND18,819 bn (+11.1% YoY). By applying the Residual Income Model and P/B Multiple analysis, we value ACB’s stock at VND 31,300 per share, implying a potential upside of +22% and leading to an OUTPERFORM recommendation. The bank’s ROE is expected to remain high (19%–21%) during the 2025-2030 forecast period, supported by: (1) A sustainable business strategy prioritizing risk management and the strengthening of asset quality; and (2) Tailwinds from government initiatives designed to foster long-term stable growth, including Resolution 68-NQ/TW on developing the private economy and the legalization of Re 42 to improve NPL recovery rates.

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