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

VN manufacturing sector improves with business confidence hitting 16-month high

VN manufacturing sector improves with business confidence hitting 16-month high

The S&P Global Vietnam Manufacturing Purchasing Managers' Index (PMI) rose to 54.5 in October, up markedly from a reading of 50.4 in September and signalling a solid monthly improvement in the health of the sector.

HÀ NỘI — Việt Nam’s manufacturing sector saw a strong rebound in October as the S&P Global Vietnam Manufacturing Purchasing Managers’ Index (PMI) rose to 54.5, up sharply from 50.4 in September, signalling a solid improvement in sector health. Business conditions strengthened to the greatest degree since July 2024, according to the latest S&P Global survey.

All five components of the headline PMI contributed to the upward movement in October.

New orders increased for the second consecutive month, and at a much faster pace than in September. The rate of expansion was the quickest since July 2024, reflecting improved customer demand.

New export orders also contributed to overall growth, rising for the first time in a year, albeit modestly.

Manufacturers responded to higher new orders by ramping up production, which increased at the fastest pace since July 2024. Output has now risen in each of the past six months.

Alongside stronger production growth, firms were more optimistic about the 12-month outlook for output. Business sentiment reached a 16-month high amid confidence that new orders will continue to rise and plans to expand production capacity.

The rise in new orders and higher production requirements also drove employment growth in October, the first in just over a year. Manufacturers increased workforce numbers in response to emerging signs of pressure on operating capacity. Backlogs of work rose for the first time in ten months, at the fastest pace in over three and a half years. Some firms linked this accumulation to both higher orders and stormy weather conditions.

Adverse weather and flooding also contributed to longer supplier delivery times, with lead times lengthening to the greatest extent since July.

Higher new orders and greater production requirements encouraged firms to expand purchasing activity for the fourth consecutive month. This rise in purchasing led to an accumulation of stocks of purchases, the first in just over two years. Stocks of finished goods decreased as firms used inventories to meet orders, although the reduction was slight and the smallest since January 2024 due to increased production.

Input cost inflation accelerated sharply in October, reaching its highest level since July 2024. Around 27 per cent of respondents reported higher prices for raw materials and supply shortages. Output price inflation also quickened, hitting a 40-month high.

Andrew Harker, economics director at S&P Global Market Intelligence, said: "The Vietnamese manufacturing sector moved up a gear in October, seeing much stronger increases in output and new orders during the month. Positively, the strength of the expansions was sufficient to enable firms to take on extra staff and build inventories of inputs.

"Whether these growth rates can be sustained in the months ahead remains to be seen, but there is clearly some positive momentum in the sector at present.

"Inflationary pressures built again, however, and are now relatively elevated. For now, customers are happy to look through price increases and commit to new orders, but this may start to wane should rates of inflation pick up further.”

Japan reports rising demand for Vietnamese pangasius

Japan reports rising demand for Vietnamese pangasius

Vietnamese tra fish (pangasius) is seeing surging demand in Japan, creating new opportunities for local exporters even as competition from Russia begins to emerge, according to the Vietnam Association of Seafood Exporters and Producers (VASEP).

In the first nine months of 2025, total export earnings of Vietnamese pangasius products to Japan reached US$34 million, up 14 percent from the same period last year.

Frozen pangasius fillets remain the leading export item, accounting for nearly $30 million out of the total, up 11 percent from a year earlier.

In addition, the export value of value-added processed pangasius rose 47 percent, reflecting strong consumer demand for these items in Japan.

Exports of other fresh, frozen, whole, and cut pangasius products also increased 39 percent, indicating a broader product mix in Vietnam’s trafish exports to the Japanese market.

In September alone, the export value of pangasius products to Japan rose 12 percent, reflecting stronger import demand as natural fish sources such as Alaska pollock and cod face reduced supply due to catch quotas.

Currently, Vietnam ranks third in Japan’s white fish market, behind the U.S. and Russia.

Within Japan’s white fish consumption structure, pangasius fillets are second only to Alaska pollock fillets and meat, becoming an increasingly popular alternative in the processed food industry, restaurant chains, and supermarkets across the country.

Recently, Vietnamese trafish has been added to the menu of Kura Sushi, a Japanese restaurant chain with more than 100 outlets nationwide.

Kazumasa Suzuki, director of Toyo Reizo Co., Ltd., a marine products general trading company in Japan, noted that demand for Vietnamese trafish in Japan is expected to grow further as consumers look for safe, high-quality, and reasonably priced seafood.

VASEP credits part of this growth to the Comprehensive and Progressive Agreement for Trans-Pacific Partnership, which provides tariff incentives that improve the price competitiveness of Vietnamese pangasius.

As Japan’s economy grows slowly, consumers are increasingly looking for products that combine stable supply with affordability.

However, competition is intensifying as Russia seeks to expand seafood exports to Asian markets, including Japan, to offset declining shipments to Europe.

In this context, VASEP recommends that Vietnamese firms diversify their processed product lines, invest in convenience items such as pre-cut, breaded, and pre-packaged pangasius fillets, and enhance traceability and quality certifications to build stronger trust and reputation in the Japanese market.

Vietnam pledges support for semiconductor investors: PM

Vietnam pledges support for semiconductor investors: PM

Prime Minister Pham Minh Chinh meets with a delegation from the Semiconductor Equipment and Materials International in Hanoi on November 6.

Vietnam will ensure macroeconomic stability and a supportive regulatory environment, pledging all possible support for investors to thrive, Prime Minister Pham Minh Chinh said while receiving a delegation from the Semiconductor Equipment and Materials International (SEMI) in Hanoi on November 6, the Vietnam News Agency has reported.

The meeting drew 32 executives from SEMI and its members that represent 3,700 companies across the global semiconductor supply chain.

PM Chinh proposed SEMI and global players to trust Vietnam’s investment climate and scale up investments, while proposing policies for mutual gains, a full semiconductor ecosystem, an R&D hub, and support to advance from testing and packaging into design, fabrication and manufacturing, plus training of quality engineers and integration of local firms into global semiconductor value chains.

Vietnam will continue improving its regulatory framework, developing modern and synchronous infrastructure, enhancing management capability and workforce quality, and streamlining administrative procedures, including establishing a national one-stop investment service portal, he said, adding that Vietnam aims for a domestic semiconductor ecosystem that supports efficient, long-term investment.

Dutch Ambassador to Vietnam Kees Van Baar, who is also chairman of the Southeast Asia Semiconductor Association, and representatives of international semiconductor companies said they were impressed with Vietnam’s recent socio-economic strides, especially its strategy for sci-tech and semiconductor industry, which align with global trends and SEMI’s directions. They also voiced confidence in Vietnam’s semiconductor development policies.

They pressed for sharper regulations, simpler administrative procedures, English-language one-stop investment services, SME supply-chain access, and infrastructure like clean energy and digital grids, along with coordinated value-chain growth spanning research, testing, manufacturing, packaging and artificial intelligence.

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