Lumen Vietnam Fund
About Us

Vietnam Holding Asset Management VNHAM

Is a Cayman Islands based investment advisor with a representative office in Ho Chi Minh City.

As an active investment advisor with a fundamental and value based approach, VNHAM seeks attractive risk-adjusted returns by combining rigorous financial analysis with interactive sustainability research.

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Vietnam
Why VNHAM

Focused and Active Value Investment in Vietnam

Sustainable Partnership with long-term relationships for shared growth. Systematic Approach as the methodical and adaptable management focused on long-term stability and growth. Achievement-Focused on commitment to results that bring maximum value and support sustainable development.

Experienced team

Decades of industry expertise

Value approach

Disciplined value investment combined with active portfolio trading

Result focused

Agile portfolio management to yield optimal return
Team

The Board of VietNam Holding Asset Management (VNHAM) plays a very active role in the management of the company. Members bring to our organization a wealth of professional experience in Vietnam, Asia, and the global financial community. The directors remain in close and regular contact with dedicated and advanced communication system, and physical meetings.

The Ho Chi Minh City team is headed by Chief Representative, Head of Advisory, and Head of Research.


In a frontier market like Vietnam, it is essential for an investment advisor company to have staff on the ground. VNHAM has always strived to hire qualified and motivated professionals, who share our distinctive values.

News

The latest news from our company and the world

We are happy to share with you information about our upcoming events, our achievements and the results of our work. Also, our team monitors and offers you news from official verified channels.

News

Vietnam

AQUIS-Fondsmanager Timpanaro: "Vietnam ist ein bisschen die Schweiz von Asien"

​​Hören Sie rein: Mario Timpanaro, der Fonds Manager hinter dem Lumen-Vietnam-Fonds von AQUIS Capital, spricht über die Bedeutung der Diversifikation im heutigen Markt, die potenziellen Vorteile vietnamesischer Aktien in Zeiten geopolitischer Spannungen und die besonderen Merkmale seines Fonds. Er gibt zudem einen Ausblick auf die kommende e-fundresearch.com Fonds-Dialog Roadshow in Österreich und teilt seine neuesten Erkenntnisse von einem Research-Trip nach Vietnam.

Click on the link for the full article.

These factors promise superior growth

​​In our newest market report, we present you the top 3 opportunity factors for Vietnam’s economy and an interview with fund manager Mario Timpanaro.

Click on the link for the full article.

Die China + 1-Strategie gibt unserem Vietnam-Fonds den Turbo

​​Die „Vietnams Bambus-Politik“, dem geschickten Balancieren zwischen völlig unterschiedlichen Handels-Partnern. Erlaubt dem Land jetzt von den geopolitischen Unsicherheiten, vor allem von der „China + 1“-Strategie, zu der sich viele westliche Unternehmen entschieden haben, zu profitieren.

Lesen Sie das Interview mit Mario Timpanaro zum Thema Vietnam

Click on the link for the full article.

Blog

Car sales reach over 163,000 in H1

Car sales reach over 163,000 in H1

Sales of imported vehicles up 29% while domestically assembled units up 13%.

Members of the Vietnam Automobile Manufacturers’ Association (VAMA) sold 163,021 cars in the first six months of 2025, soaring 21% compared to the same period last year.

Of which, sales of imported vehicles increased by 29% year-on-year, while domestically assembled units by 13%.

Passenger car sales increased 18%, which commercial vehicles and special-purpose vehicles made a 28% increase both.

In June alone, some 31,977 vehicles were sold, up 9% over May and 20% year-on-year.

Passenger cars accounted for the largest market share, with 22,934 vehicles, up 14.6% over the previous month. Meanwhile, commercial vehicles reached 8,782, down 2%, while specialized vehicles reached 261, up 23% over the previous month.

Sales of domestically assembled cars reached 14,355 vehicles, up 4% over the previous month, and sales of imported cars hit 17,622 vehicles, up 14% over the previous month.

Corporate bond market shows signs of recovery in H1

Corporate bond market shows signs of recovery in H1

The total issuance value estimated at VND248.6 trillion ($9.45 billion) in the period.

The corporate bond market in the first half of 2025 showed signs of significant recovery, according to the latest report released by FiinRatings.

The total value of issued corporate bonds in the period was estimated at VND248.6 trillion ($9.45 billion), marking a year-on-year increase of 71.2%.

In June alone, VND105.5 trillion ($4 billion) worth of corporate bonds were issued, skyrocketing 52.4% compared to the previous month.

The growth rate demonstrates the recovery of the market after suffering deterioration in 2023 and early 2024.

Public offerings in the first half accounting for VND27.9 trillion ($1.06 billion) or 11.2% of the total, and equal to 76.8% of the public offering value of the whole 2024.

During this period, bank bonds constituted 76.3% of the total issuances.

Meanwhile, in the non-financial sector, real estate dominated, with 67.3% of the issuances.

Chinese construction major PCG eyes $383 mln underwater tunnel project in northern Vietnam

Chinese construction major PCG eyes $383 mln underwater tunnel project in northern Vietnam

Pacific Construction Group (PCG), one of China’s leading construction firms, has expressed interest in developing a VND10 trillion ($383 million) underwater road tunnel in Quang Ninh, a coastal province in northern Vietnam.

The proposed tunnel would cross Cua Luc Bay, running parallel to the Bai Chay Bridge in Ha Long ward, PCG said during a meeting with provincial authorities on Thursday.

According to the plan, the project will span 2,750 meters, including a 1,000-meter immersed section and 1,140 meters of access tunnel.

Designed to accommodate six traffic lanes with a maximum speed of 60 km/h, the structure will be built at a depth of up to 17 meters below sea level and will be engineered to withstand earthquakes of up to magnitude 6.

Construction is expected to take place between 2025 and 2030, and the investor will sort out appropriate investment and payment models under Vietnam’s Public-Private Partnership (PPP) law.

During the meeting, PCG chairman Yan Jiehe described Quang Ninh as a strategic destination for investment, adding that the company has established a representative office in the province.

Local authorities pledged favorable conditions for the Chinese firm to complete investment procedures for the project as soon as possible.

PCG has operated in Vietnam since 2019, with a local subsidiary registered with $500 million in charter capital. The group has been seeking investment opportunities in transport infrastructure, logistics, and industrial zones across several provinces, including Bac Ninh, Lao Cai, and Lang Son.

In May 2025, the company was part of a consortium, along with local corporations Vingroup and Sun Group, received a contract to build the Tu Lien bridge across the Red River in Hanoi.

Contact

Please get in touch with us

If you would like to get in touch with us, please reach out to us and we’ll get back to you.

Cayman Islands

VietNam Holding Asset Management

Mario Timpanaro – Director

Collas Crill Corporate Services,
Willow House, Cricket Square,
PO Box 709, Grand Cayman Y1-1107,

Cayman Islands

Ho Chi Minh City – Representative Office

VietNam Holding Asset Management

Tran Kim Phuong – Chief Representative

Zen Plaza, Floor 1, Unit 106,
54-56 Nguyen Trai, Ben Thanh Ward,
District 1, Ho Chi Minh City,

Vietnam