Vietnamese stocks have brutally stopped their rise in July. Vietnam is struggling with the fourth wave of covid-19 and the country has been slow to procure vaccine until now. Due to the gravity of the new wave, the government has applied strict social distancing measures for all Southern cities; people are asked to stay home in the evenings and all non-necessary delivery has to stop. Of course, this will negatively impact the economy at least in the short term. Over the month, Ho Chi Minh index is down by 7.0% and Hanoi index is down by 2.6%. Our reference portfolio is down by 6.7% this month. Anh Thomas returns over the long run are quite impressive. Since being launched, Anh Thomas portfolio overall return is +603.0% greatly outperforming both Hanoi and Ho Chi Minh indexes (+356.2% and +229.2% respectively).