When analysing the month of July, it is appropriate to divide the month into two separate parts. In the first 8 business days of the month, major indexes fell by more than 7%. Since then, equities have rebounded strongly and indexes finished the month unchanged. The Vietnamese Government stated that Vietnam has recorded robust socio-economic development in the first seven months of the year, with stable macro-economy, and good control over inflation, in the context of the escalating US-China trade war. Over the month, Hanoi index is stable and Ho Chi Minh index is down by 0.4%. Our reference portfolio ended up the month with a 0.7% loss. Anh Thomas returns over the long run are still impressive. Since being launched, Anh Thomas portfolio overall return is +302.3%, greatly outperforming both Hanoi and Ho Chi Minh indexes (+53.8% and +140.4% respectively).