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 top steelmaker Hoa Phat doubles capacity at southern Vietnam plant

Vietnam's top steelmaker Hoa Phat doubles capacity at southern Vietnam plant

Hoa Phat Group (HoSE: HPG) has doubled the designed capacity of its steel plant in the southern province of Tay Ninh, underscoring its expansion ambitions amid rising domestic steel demand.

The provincial Department of Agriculture and Environment has granted an environmental permit to Hoa Phat Long An Steel Products JSC for its steel manufacturing facility located in the expanded Thuan Dao Industrial Park in Long Cang commune. The new permit, which has a validity of seven years, replaces an environmental licence issued in late 2025.

Accordingly, the factory covers nearly 147,000 square meters and is classified as a Group A investment project under Vietnam’s public investment criteria and a Group I project under the Law on Environmental Protection.

The revised licence allows the plant to raise its designed capacity to 810,000 tons of steel products annually, more than double the original capacity of 400,000 tons announced when the facility was inaugurated in April.

The expanded capacity includes 400,000 tons of galvanized steel sheets and steel coils; 350,000 tons of black steel pipes and galvanized steel pipes per year; and 60,000 tons of hot-dip galvanized pipes per year.

Hoa Phat inaugurated the Tay Ninh steel pipe plant in April with a total investment of VND2 trillion ($75.6 million). The 15-hectare factory focuses on manufacturing black steel pipes, galvanized steel pipes, hot-dip galvanized products, and large-diameter pipes, with products meeting international standards such as ASTM, BS EN and JIS to serve infrastructure projects and export markets.

Hoa Phat’s steel products have already been supplied to major infrastructure projects, including Long Thanh International Airport (Dong Nai city) and Terminal T3 at Tan Son Nhat International Airport (HCMC).

The capacity expansion comes as Hoa Phat continues to report strong production growth.

In the second quarter of 2026, the group produced more than 3.6 million tons of crude steel, up 48% from a year earlier and 9% higher than the previous quarter. Sales of construction steel, high-quality steel, hot-rolled coil (HRC), and steel billets reached 3.5 million tons during Q2, a 35% increase from the same period last year.

In the first six months of 2026, Hoa Phat produced nearly seven million tons of crude steel, up 36% year-on-year, while sales of HRC, construction steel, high-quality steel and billets climbed 32% to 6.5 million tons.

The group also sold 453,000 tons of steel pipes in the first half of the year, up 13% from the same period of 2025, while sales of galvanized steel products fell 5% to 189,000 tons.

Vietnam's ethanol demand nears 11 billion liters, creating export opportunities for US suppliers

Vietnam's ethanol demand nears 11 billion liters, creating export opportunities for US suppliers

Vietnam's roll-out of E10 biofuel blend is expected to drive ethanol consumption to nearly 11 billion liters this year, creating significant export opportunities for the United States, which is already the Southeast Asian country’s largest ethanol supplier, according to the U.S. Department of Agriculture (USDA).

The USDA said in a recent report that Vietnam is emerging as a promising market for U.S. agricultural products, including ethanol.

According to the report, the United States was Vietnam's largest ethanol supplier in 2025, with exports worth US$4.3 million, accounting for 58 percent of the Southeast Asian country’s ethanol imports by value.

Citing projections from the International Energy Agency, the USDA said Vietnam's ethanol demand is expected to reach around 2.9 billion gallons, equivalent to nearly 11 billion liters, this year and continue growing in the coming years.

The increase is primarily driven by Vietnam's nationwide roll-out of E10 biofuel blend.

From June 1, 2026, all RON95 gasoline sold in the country must contain 10 percent ethanol, replacing conventional RON95 gasoline, while E5 RON92 continues to be available.

E10 consists of approximately 10 percent ethanol and 90 percent conventional gasoline.

Ethanol can be produced from corn, cassava, sugarcane, or wheat.

Before the policy took effect, Vietnam reduced its most-favored-nation import tariff on ethanol from 10 percent to five percent, facilitating ethanol imports.

Besides ethanol, the USDA identified Vietnam as an increasingly important market for distillers dried grains with solubles, a livestock feed ingredient and a by-product of ethanol production.

U.S. exports of distillers dried grains with solubles to Vietnam reached $272 million in 2025, up four percent from the previous year.

According to calculations by Vietnam's Ministry of Industry and Trade, the country currently requires between 92,000 and 100,000 cubic meters of fuel ethanol each month to blend E10 gasoline.

Domestic fuel ethanol production, however, stands at only about 25,000 cubic meters per month, enough to meet just 25-30 percent of demand.

The remaining supply will need to be imported.


EVFTA supports strong growth in Vietnam-Nordic trade

EVFTA supports strong growth in Vietnam-Nordic trade

VOV.VN - Vietnam's exports to Sweden, Denmark, Norway and Latvia posted strong year-on-year growth in the first half of 2026, supported by the EU-Vietnam Free Trade Agreement (EVFTA).

According to Nguyen Thi Hoang Thuy, Head of the Vietnam Trade Office in Sweden, which also covers Denmark, Norway, Iceland and Latvia, trade and investment ties between Vietnam and the Nordic markets continued to obtained positive results during the six-month period of the year.

Vietnam Customs data showed that exports to all four markets increased from a year earlier, led by Norway with growth of 47.2%, followed by Latvia at 36.9%, Denmark at 29.9% and Sweden at 19.6%. Imports from Denmark and Latvia also rose, while imports from Sweden and Norway declined.

EVFTA has continued to deliver practical benefits by reducing tariffs and trade barriers, improving market access and providing a more stable framework for economic cooperation between Vietnam and the European Union (EU).

The agreement enables a wide range of Vietnamese products, including garments, footwear, wood products, seafood, coffee, electronics, machinery and processed industrial goods, to benefit from preferential tariffs when they meet rules of origin. It has also helped strengthen importers' confidence, support long-term business relationships, diversify supply sources and deepen Vietnamese companies' participation in supply chains.

To meet the stringent standards of the Nordic market, many Vietnamese companies have accelerated their green transition.

Cao Huu Hieu, Director General of the Vietnam National Textile and Garment Group (Vinatex), said the group is investing in textile and dyeing production, green and circular manufacturing, and digital technologies to meet environmental, traceability and sustainability requirements. These efforts are expected to become one of Vinatex's new growth drivers for 2026-2030 while helping the group remain competitive in demanding markets, including the Nordic region, he added.

In investment, Sweden, Denmark, Norway, Iceland and Latvia had a combined 359 valid foreign direct investment projects in Vietnam with total registered capital of about US$4.44 billion as of the end of the first half of 2026, according to the Vietnam Trade Office in Sweden.

Denmark and Sweden remained the two largest investors among the five countries, while Norway, Iceland and Latvia also maintained investment projects in Vietnam.

Alongside these positive developments, a series of new EU regulations taking effect from 2026, including the Carbon Border Adjustment Mechanism (CBAM), the EU Deforestation Regulation (EUDR), the Packaging and Packaging Waste Regulation (PPWR), the General Product Safety Regulation (GPSR) and the Digital Product Passport, will require exporters to meet higher standards.

Experts said EVFTA is entering a new phase of competition as the EU expands trade ties with other partners. In the coming years, Vietnam's ability to maintain and expand its market share in the EU, including the Nordic region, will depend increasingly on supply chain management, data transparency, compliance with sustainability standards and strict control of product origin.

The results recorded in the first half of 2026 provide a solid foundation for Vietnam and its Nordic partners to enhance business links, pursue new business opportunities and expand commercial cooperation.


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