We reiterate a MARKET PERFORM (M-PF) rating and a target price (TP) of VND46,600 per share for VIC with 7.6% total return. Continuing deliveries at key residential projects will maintain growth momentum in H2, boosting our 2017F earnings to VND3.5 trillion (USD153 million, +43% vs 2016). Management aims to launch the first VinCity projects in Q4 2017. Along with on-going launches, we expect pre-sales acceleration in H2 which should maintain growth of 2017F total contract sales