Since April, stocks have been under pressure due to fears of a US-led trade war and of VND currency devaluation. Yesterday, Donald Trump came to an agreement with the President of the EU Commission to ease trade tensions. Furthermore, the SBV injected more than USD2bn into the banking system in the six days leading up to July 20 to support the VND (see our note in yesterday's report) and, in fact, the USD/VND interbank exchange rate did fall by VND53. One would have expected that Vietnam stocks