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

Vietnam’s footwear exports gain $29 bln in 2025

Vietnam’s footwear exports gain $29 bln in 2025

The country ranking as the second largest footwear exporter worldwide.

Vietnam earned nearly $29 billion from footwear exports in 2025, up 5% year-on-year, according to the Vietnam Leather, Footwear and Handbag Association (Lefaso).

The foreign-invested (FDI) sector remained the main growth driver, contributing $22.82 billion, or 80% of total export value, representing a sharp 17% increase compared to the previous year.

With these results, Vietnam ranked as the world’s third-largest footwear producer and the second-largest exporter.

The United States continued to be Vietnam’s biggest footwear market, importing products worth $11.01 billion. It was followed by the European Union with $6.88 billion, China with $1.78 billion, Japan with $1.61 billion, and the Republic of Korea with $776 million.

The sector now comprises nearly 3,000 enterprises and employs about 1.5 million workers, with an annual production capacity of approximately 1.3–1.4 billion pairs of shoes.

Vietnam's credit-to-GDP ratio at 145%, tripling 'BB' peers' median of 52%

Vietnam's credit-to-GDP ratio at 145%, tripling 'BB' peers' median of 52%

Vietnam's credit growth of 19.1% in 2025 increased from 15.1% in 2024, lifting the country's credit to the economy to 145% of the GDP by end-2025, Fitch Ratings said in a Wednesday commentary.

145% is almost triple the median of 52% for other countries with similar long-term foreign-currency issuer default rating (IDR) at "BB", the credit rating agency stressed.

While rapid credit growth can boost activity in the short term, it can also steer lending into low-return or speculative uses, which can inflate asset prices and raise the risk of a later correction that can hurt banks, investment and overall growth. These dynamics are a key constraint on the sovereign credit profile even if near-term growth remains strong, according to Fitch.

The State Bank of Vietnam, the country's central bank, has set a 2026 credit growth target of 15%, below the 2025 outcome. There remains a risk that the target could be lifted materially, to support the ambitious growth objectives, as the authorities did in 2025, causing a faster build-up of leverage, it noted.

Fiscal stimulus could be another option the authorities might explore if growth falls short of the target. Vietnam’s general government debt remains lower than the ‘BB’ median of 51.4%, and Fitch expects it to rise to 33.5% in 2026 from an estimated 32.6% in 2025, partly due to stepped-up public infrastructure spending.

Besides, Fitch pointed out that To Lam was recently confirmed the General Secretary of the Communist Party of Vietnam for a second term. The leadership will likely support effective execution of policy priorities, including lifting productivity through support for technology and innovation, greener growth and continued infrastructure spending.

Investor approved for Ca Na LNG Power Plant project

Investor approved for Ca Na LNG Power Plant project

The project will include a 1,500 MW gas-fired power plant and an LNG terminal with a capacity of 1 to 1.2 million tons per year.

Under a recent decision of the People’s Committee of Khanh Hoa Province in South central Vietnam, an investor has been selected for the Ca Na LNG Power Plant project.

Accordingly, the Trung Nam - Sideros Rive Joint Venture has been awarded the investment and construction contract with a total capital of over VND57.384 trillion (over $2.2 billion), funded directly by the investor.

The Ca Na LNG Power Plant will be constructed in Ca Na Commune, spanning an area of approximately 265 ha.

The project’s primary objective is the commercial generation of electricity. Specifically, it will include a 1,500 MW gas-fired power plant and an LNG terminal with a capacity of 1 to 1.2 million tons per year, alongside other auxiliary facilities to ensure national energy security.

In addition, the project involves the construction of an LNG import port, a 2,400-meter-long eastern breakwater, and various supporting infrastructure works for the import terminal.

The project is scheduled to be completed and operational by December 31, 2030. The operational lifespan of the project is 50 years, starting from the date the investor is granted land allocation, land lease, or permission for land-use conversion by the competent authorities.

The plant is situated adjacent to Phase 1 of the Ca Na Industrial Zone (a 378-hectare site developed by the Trung Nam Ca Na Industrial Zone Infrastructure Investment Joint Stock Company) and the Ca Na General Seaport. This project cluster is expected to attract investment toward green energy usage and selective manufacturing activities that meet green and sustainable criteria.

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