We see potential in VGC stock over the next 6–12 months based on: (i) improved efficiency from the restructuring of its operating model; (ii) a recovery in the construction materials segment, along with the prospect of anti-dumping duties helping ease price competition in the glass segment, thereby significantly improving gross profit margins; and (iii) some unofficial rumors regarding a resolution to finalize institutional frameworks and policies to attract FDI inflows. We recommend OUTPERFORM for VGC with a target price of VND 57,812/share, implying an upside of +27% compared to the closing price on March 25, 2026.