Vietnam’s benchmark stock markets surged nearly 50% last year and this trend has continued this month. There is little doubt that Vietnamese stocks are currently rising at an unsustainable rate. This month was also marked by the closure of Ho Chi Minh Stock Exchange trading for two days due to technical issues. It was the first time that such an incident happened in a decade. The exchange returned to normal trading later on without consequences. On the economic side, Vietnam Manufacturing PMI rose this month to the highest level since April last year, indicating solid conditions in the manufacturing sector. Over the month, Ho Chi Minh index is up by 13.4% and Hanoi index is up by 7.7%. Our reference portfolio recorded an 8.7% monthly gain. Anh Thomas returns over the long run are impressive. Since being launched, Anh Thomas portfolio overall return is +393.3%, greatly outperforming both Hanoi and Ho Chi Minh indexes (+82.4% and +180.4% respectively).