Despite its current amazing performance fighting the pandemic, Vietnam’s economy has naturally been severely impacted during the crisis and especially during the lockdown period. This should not come as a surprise to anyone. The necessary lockdown had tangible impact on the economy with a collapse in activity never seen before. This is a crisis which is unique and there is considerable uncertainty about its overall impact. Many countries around the world now face multiple crises at the same time: a health crisis obviously but also a deep financial crisis. However, according to the General Statistics Office; which works under the Vietnamese Ministry of Planning and Investment and acts as an advisor for the Government; Vietnam’s GDP had grown by 0.4% in the April-June period year on year. This is an amazing performance given the extraordinary circumstances the World faces. One should not underestimates that the Vietnamese government has an extremely strong incentive to have a strong economy as fast as possible since the Communist Party’s congress is planned to take place next year. The current government will want to do anything in their will to show that they have brightly handled this crisis which is not only a health crisis but also an economic one. The last projections are quite optimist for the south Asian country with an economy that is expected to rebound strongly. UBS also recently stated that they believe that Vietnam’s outlook is “one of the brightest” in all Asia. Vietnamese stocks have been in a consolidation phase since the end of May. Over the month, Ho Chi Minh index is down by a bit more than 4% and Hanoi index remained mainly unchanged. Our reference portfolio is down by 1.2% this month. Anh Thomas returns over the long run are quite impressive. Since being launched, Anh Thomas portfolio overall return is +310.8% greatly outperforming both Hanoi and Ho Chi Minh indexes (+59.0% and +107.3% respectively).