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.

Signatory of:

signatory
Learn More
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 sees market upgrade as starting point for new stock market development cycle: PM

Vietnam sees market upgrade as starting point for new stock market development cycle: PM

From September 21, Vietnam’s stock market will officially be classified as a “Secondary Emerging Market” under FTSE Russell’s classification framework.

Vietnam views its upgrade to emerging-market status as the starting point for a new phase of higher-quality, larger-scale and more professional development of its stock market, according to Prime Minister Le Minh Hung.

He made the remark during a reception in Hanoi on September 17 for Ms. Fiona Bassett, Chief Executive Officer of FTSE Russell, and a delegation representing global investment institutions visiting and working in Vietnam.

The delegation included executives from global investment funds, including BlackRock and Vanguard, the world’s two largest asset managers. Vanguard’s emerging-market index funds have committed to investing in and adding Vietnamese stocks to their portfolios from September 21, 2026.

At the meeting, Prime Minister Hung praised FTSE Russell for monitoring, assessing and supporting Vietnam’s stock market, helping promote greater transparency, efficiency and alignment with international standards. From September 21, Vietnam’s stock market will officially be classified as a “Secondary Emerging Market” under FTSE Russell’s classification framework.

The government will focus on maintaining the new status through transparent and regular dialogue with market participants and FTSE Russell, ensuring reforms operate smoothly and addressing any issues identified during future assessments.

Vietnam also plans to accelerate the introduction of a central counterparty (CCP) mechanism, effectively address issues raised by global securities firms and custodians, and strengthen support for companies in adopting environmental, social and governance (ESG) standards, greater disclosure and OECD corporate governance principles.

Prime Minister Hung said cooperation with FTSE Russell and global partners would help Vietnam’s stock market maintain its new classification and further strengthen its regional position. He also asked FTSE Russell to continue providing objective, accurate and comprehensive assessments reflecting the actual conditions of Vietnam’s economy and capital market.


PM pushes to remove legal overlaps and bottlenecks, unlock resources

PM pushes to remove legal overlaps and bottlenecks, unlock resources

Chairing the September thematic session on lawmaking, Prime Minister Le Minh Hung called for the thorough resolution of overlapping and inadequate regulations, the unlocking of resources, the protection of the legitimate rights and interests of citizens and businesses, and greater efficiency in state management.

Chairing the Government's September thematic session on lawmaking, Prime Minister Le Minh Hung called for the thorough resolution of overlapping and inadequate regulations, the unlocking of resources, the protection of the legitimate rights and interests of citizens and businesses, and greater efficiency in state management.

The session, held on September 16, considered and gave opinions on eight draft laws and resolutions scheduled to be submitted to the second session of the 16th National Assembly.

The Government leader asked ministers to personally direct the full incorporation of appropriate comments from Government members, the Ministry of Justice's appraisal opinions, and the conclusions reached at the session. Ministries were instructed to urgently finalize the dossiers for the draft laws and resolutions and report them to the Deputy Prime Minister in charge before September 21.

Regarding the draft amendment to the Land Law, the PM described it as a particularly important legislative project with a direct and far-reaching impact on socio-economic life.

The draft must also ensure consistency with the Housing Law, the Law on Real Estate Business and other relevant legislation. The Government will accelerate the development and integration of land databases based on the principle of maximum transparency and promote transactions in the market. It will also continue decentralizing and delegating authority while simplifying administrative procedures according to the principle of “one point of contact, one-stop service.”

For the draft revised Housing Law, PM Hung assigned the Ministry of Construction to continue studying and refining mechanisms concerning the useful life of apartment buildings, different types of rental housing, and accompanying financial mechanisms.

The regulations should aim to simplify procedures for investment in, development of and access to housing, meeting people's need for stable, long-term accommodation. At the same time, they should clearly establish criteria for restricting the subdivision and sale of residential land plots and preventing speculation.

The PM also asked the ministry to study and report to the National Assembly on a proposal to pilot a mechanism under which the State could buy back commercial housing projects from developers that are no longer capable of implementing them or are unable to transfer them to another party.

Regarding the draft revised Law on Real Estate Business, the Ministry of Construction was tasked with completing mechanisms to make the real estate market a public, transparent, healthy, stable and sustainable channel for allocating land resources.

The draft law should clearly define criteria for identifying speculative activities and market manipulation, while ensuring legal certainty and protecting the rights and interests of market participants, particularly homebuyers.

It should also provide for the connection and sharing of real estate data with land, planning, tax, notarization, population and credit databases.

For the law amending and supplementing a number of provisions of the Investment Law, the Government's objective is to continue removing institutional barriers and bottlenecks while ensuring policies that are stable, transparent and easy to implement, as well as fair and consistent treatment of investors.

Investment incentives and support policies should focus on attracting high-quality and high-tech projects that involve technology transfer and linkages with domestic enterprises. At the same time, overlapping provisions with laws on land, construction, planning, bidding and the environment must be definitively resolved.

Easing difficulties for production and ensuring major economic balances

Alongside lawmaking, PM Hung directed several key and urgent socio-economic tasks, with a particular emphasis on achieving the country's growth target.

Ministries and sectors were instructed to continue promoting public investment and removing obstacles so that delayed and long-standing projects can be put into operation. They must also ensure progress on key projects and works, particularly in infrastructure, transport, science and technology, and energy, while maintaining macroeconomic stability, controlling inflation and safeguarding major economic balances.

The Prime Minister asked the Ministry of Finance to coordinate with the Ministry of Industry and Trade and local authorities to assess the situation facing businesses, particularly small and medium-sized enterprises, and promptly address their difficulties and obstacles in order to facilitate production and business activities.

Regarding the fuel and electricity markets, the Ministry of Industry and Trade was instructed to closely monitor developments and ensure adequate reserves and supplies from now until the end of the year. It was also asked to urgently submit amendments to Decree No. 83 on petroleum trading, finalize the amended and supplemented Power Development Plan VIII, and complete the overall plan for restructuring the electricity sector.

Vietnam-Australia Forum highlights leadership capacity for two-tier local governance

Vietnam-Australia Forum highlights leadership capacity for two-tier local governance

Nearly 300 delegates gathered in the central city of Da Nang to share insights on public leadership, workforce development, and local governance models at the Vietnam-Australia Forum 2026.

Opening the forum, themed “Enhancing Local Leadership Capacity for an Effective Two-Tier Governance Model,” on September 16 in central Da Nang city, Assoc. Prof. Dr. Doan Trieu Long, Director of the Ho Chi Minh National Academy of Politics Region III, highlighted Australia’s successful track record in administrative reform, state apparatus efficiency, and local governance.

Dr. Long noted that Australian practices provide valuable references for Vietnam to explore innovative approaches to institutional reform and establish effective mechanisms to bolster national and local governance performance.

Discussions focused on emerging leadership demands, organizational management, and policy implementation to support Vietnam’s two-tier local administration system. Participants shared practical experience in developing leadership talent, managing human resources, delivering public services, and implementing evidence-based decision-making.

A central focus was how state agencies can foster essential leadership skills and qualities to deliver effective public services, meet citizen expectations, and maintain public trust amid ongoing institutional and administrative reforms.

Ms. Naomi Cook, Acting Deputy Ambassador of Australia to Vietnam, expressed Australia's readiness to support Vietnam’s public sector governance.

“Australia is delighted to share its experience in leadership development and institutional connectivity to assist Vietnam in enhancing governance and public sector efficiency,”shesaid.

“However, public sector reform is a continuous journey. As public expectations, technology, and society evolve constantly, Australia also continuously learns alongside and from its partners.”

The forum serves as a flagship initiative of the Vietnam-Australia Centre (VAC), implemented with support from the Australian Embassy in Vietnam and the Ho Chi Minh National Academy of Politics.


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,
Ho Chi Minh City,

Vietnam