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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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

lumen vietnam fund

LUMEN VIETNAM FUND

Wishing You All a Prosperous and Joyful New Year!
Happy New Year!
Chúc Mừng Năm Mới!
việt nam's digital tech sector boasts nearly 74,000 companies

Việt Nam's digital tech sector boasts nearly 74,000 companies

The total revenue of Việt Nam's digital tech companies reached nearly US$158 billion in 2024, a 10.2 per cent year-on-year increase.

HÀ NỘI — As of late 2024, Việt Nam had 73,788 digital technology enterprises, marking a 10.1 per cent increase from the same period in 2023. Nearly 1.26 million workers are employed in the Information and Communication Technology (ICT) sector.

Total revenues for Việt Nam's digital tech companies reached nearly US$158 billion in 2024, a 10.2 per cent year-on-year increase, according to the Ministry of Information and Communications (MIC).

Significantly, around 1,900 digital tech enterprises reported revenue from international markets. Total overseas revenue surged by 54 per cent compared to 2023, reaching $11.5 billion in 2024.

Export revenue from hardware and electronics was estimated at $133.2 billion, up 10.4 per cent from 2023. Additionally, the domestic value-added ratio in the ICT sector accounted for an estimated 31.8 per cent of total industry revenue, a 3.1 per cent increase from the previous year.

This highlights the improving capabilities of Việt Nam's local tech enterprises, which significantly contribute to the country’s tech value chain.

Globally, Việt Nam has maintained prominent rankings across five categories of digital tech products. The country ranked second in smartphone exports, fifth in computer component exports, sixth in computer devices, eighth in electronic devices and components and seventh in software outsourcing services.

To foster the sector's development, Việt Nam established a digital tech enterprise community in 2019 under the 'Make in Việt Nam' vision, focusing on research, innovation and domestic production.

Looking forward, MIC projects ICT industry revenue to reach $169.3 billion this year, an 11.4 per cent increase from 2024. Hardware and electronics exports, the industry’s key segment, are expected to hit $148.5 billion, growing 12.3 per cent year-on-year.

To solidify the digital tech industry as a cornerstone of the economy, MIC is finalising the Law on Digital Technology Industry.

This legal framework is set to provide a solid foundation, ensuring businesses and investors have the confidence to grow and innovate in Việt Nam.

Source: VNS

Photo: hanoitimes.vn

banks selling mortgaged assets to recover bad debts

Banks selling mortgaged assets to recover bad debts

Many banks are rushing to sell mortgaged assets to recover bad debts, as these types of debts are forecast to increase slightly this year.

HÀ NỘI — Many banks are rushing to sell mortgaged assets to recover bad debts, as these types of debts are forecast to increase slightly this year.

VietinBank has recently announced a plan to auction off assets to recover debts from Bio-Zem Joint Stock Company. The auctioned asset is a 145sq.m apartment in Hà Nội’s Ciputra Urban Area. VietinBank offers a starting price of VNĐ8.8 billion for this asset.

Agribank has also announced the auction of two luxury villas in the Ciputra Urban Area owned by another individual. The first property, which is a 400sq.m villa, is mortgaged for loans to Thành An Trading Company Limited and Dung Phát Trading and Construction Company Limited. The starting price for the asset is VNĐ166.5 billion, a decrease of more than VNĐ38 billion compared to the previous offering in August 2024.

The second property is a 230sq.m villa and is secured for a loan from Minh Ngoc International Import-Export Investment Trading Company Limited. The starting price of this property is VNĐ75.3 billion, a decrease of more than VNĐ17 billion compared to the offering in August 2024.

BIDV has recently announced the auction of all debts of Phú Sơn Cement Joint Stock Company. One of the assets securing the loan is VIP Hanoi International Primary School.

Phú Sơn Cement Joint Stock Company's debt at BIDV as of November 15, 2024 is more than EUR19.7 million (US$20.5 million), of which the principal balance is EUR7 million and interest debt is more than EUR12.7 million.The value of the debt after conversion at November exchange rates is more than VNĐ529 billion, and BIDV wants to sell the debt at a starting price equal to the value of the debt.

Banks are also selling cars to recover debts.

GPBank has announced the auction of a used Audi car at a starting price of more than VNĐ1.3 billion.

BIDV has also chosen an organisation to auction assets including 14 KIA trucks. All of these vehicles were registered in 2019 in Hà Nội for a starting price of more than VNĐ1 billion.

In a recent report on the banking industry, Việt Dragon Securities Company (VDSC) said that bad debts might continue to increase slightly this year, after a circular allowing banks to reschedule debt repayment periods and maintain the debt group for certain sectors expired at the end of 2024.

Specifically, the outstanding debts that were restructured under Circular 02/2023/TT-NHNN as of the end of August 2024 stood at about VNĐ126 trillion. Part of this outstanding debt may become bad debt this year.

However, VDSC analysts believe that the rise in bad debt after Circular 02 expires will not greatly affect the ability to control bad debts on the banks’ balance sheet, because many banks have taken relatively sufficient measures to stabilise it. In the list of 10 banks that VDSC monitors, the restructured debt balance has gradually decreased and stabilised at around VNĐ40 trillion in the past year.

VDSC estimates the provisioning ratio and restructured debt balance to be above 50 per cent. The expiration of Circular 02 is expected to affect bad debts at a few private banks in 2025.

Source: vietnamnews.vn

Photo: cafef.vn

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