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

UOB raises Vietnam's 2026 GDP Growth forecast to 8.5%

UOB raises Vietnam's 2026 GDP Growth forecast to 8.5%

The country's first-half GDP growth reaching 8.18%.

Vietnam's economy accelerated in the second quarter of 2026, prompting Singapore-based UOB Bank to upgrade its full-year GDP growth forecast to 8.5% from 7.0%, citing stronger-than-expected economic performance and robust demand for artificial intelligence (AI).

According to UOB's latest report on Vietnam's economic growth in the first half of 2026, the country's GDP expanded 8.39% year-on-year in the second quarter, up from 7.94% in the first quarter. This lifted first-half GDP growth to 8.18%.

The result significantly exceeded UOB's previous expectations despite prolonged geopolitical tensions in the Middle East and elevated energy prices, reflecting broad-based expansion across the industrial, construction, services and agricultural sectors.

Manufacturing remained the primary driver of growth in the second quarter, supported by surging global demand for AI-related products. Citing data from Vietnam's National Statistics Office, UOB said industrial production rose 10.8% in the first six months of the year, compared with 8.7% in the same period of 2025. Manufacturing and processing output increased 11.4%, making the largest contribution to overall industrial growth.

The bank also noted that global supply chain diversification continued despite geopolitical uncertainty and rising energy costs. Registered foreign direct investment (FDI) reached nearly $34.7 billion in the first half of 2026, up 61% from $21.5 billion a year earlier.

According to UOB, the strong growth in registered FDI points to a healthy pipeline of future disbursements and reinforces expectations that 2026 could become Vietnam's record year for attracting foreign investment.

UOB said Vietnam remains the fastest-growing economy in ASEAN, with regional peers posting growth of between 2.8% and 6.0% in the first quarter and likely recording slower expansion in the second quarter. Supported by stronger-than-expected first-half growth, sustained AI momentum and easing energy prices, the bank raised its 2026 GDP forecast to 8.5%.


Samsung Display ultra-thin glass supplier breaks ground on second plant in northern Vietnam

Samsung Display ultra-thin glass supplier breaks ground on second plant in northern Vietnam

South Korea's Dowooinsys Vina, a subsidiary of NP Group, has begun construction of its second manufacturing plant in Thai Nguyen province, expanding production capacity for ultra-thin glass (UTG) used in Samsung Display's foldable smartphone panels.

The new facility, located in Song Cong II Industrial Park, represents an investment of $130 million and is expected to increase the company's total production capacity in Vietnam to a maximum 3 million UTG units per month once fully equipped.

The groundbreaking ceremony was held on Wednesday, following the commissioning of Dowooinsys Vina's first plant. According to Thai Nguyen authorities, the company's initial investment phase was $120 million, bringing the combined investment for the two phases to $250 million.

Tran Van Hau, Vice Chairman of the Thai Nguyen People's Committee, said the company had disbursed about $90 million by the time construction of the second plant began.

Dowooinsys Vina to boost ultra-thin glass capacity to 3 million units a month

UTG is a key protective material used in foldable display panels. Thai Nguyen authorities said the company currently supplies 100% of its UTG output to Samsung Display, making it part of the South Korean electronics giant's global supply chain.

According to Dowooinsys, the second factory is designed to add production capacity of up to 2 million UTG units per month. Combined with the existing plant's capacity of 1 million units, the company's total monthly output in Thai Nguyen could reach 3 million units after all production equipment is installed.

The new facility will be built on a site covering approximately 25,300 square meters, with nearly 17,600 sqm of floor space. During the first construction phase, the company plans to complete the factory building, clean rooms, utility systems, electrical infrastructure and fire protection systems by January 2027.

Construction costs for the initial phase are estimated at 26 billion won (about $17.3 million). Dowooinsys said the construction will be financed through the Vietnamese subsidiary's existing funds without financial support from its parent company or external borrowing, while production equipment will be installed in line with market demand.

CEO Ok Kyung-seok said the second plant represents a strategic investment to prepare for continued growth in the global UTG market. He said the company would continue expanding into new markets while strengthening research and development to reinforce its leadership position in the industry.


South Korean supplier plays key role in foldable display supply chain

Dowooinsys was established in South Korea on March 25, 2010, and specializes in the research, manufacturing and sale of ultra-thin glass.

According to the company's listing prospectus filed with the Korea Exchange, New Power Plasma was Dowooinsys's largest shareholder, holding approximately 27% before its initial public offering. Following the company's public listing in July 2025, the stake declined to 23.1%. A disclosure dated April 3, 2026 showed New Power Plasma's ownership had increased to 27.1%.

On its website, Dowooinsys said it began mass production of UTG in 2019. The technology was first commercialized in Samsung's Galaxy Z Flip, the foldable smartphone launched in February 2020.

UTG remains the company's flagship product for foldable smartphones, while development is underway for larger information technology devices, including tablets and laptops.

Dowooinsys Vina's investment project in Vietnam was originally licensed in 2022 with registered capital of $30 million, covering about 45,000 sqm and designed to produce 900,000 units annually.

Thai Nguyen authorities now state that the first investment phase totals $120 million, although publicly available information does not specify when or how the registered capital was revised from the initial amount.

In 2025, Dowooinsys Vina generated revenue of more than $62 million and employed 672 workers, including 650 Vietnamese employees.

At the groundbreaking ceremony, Thai Nguyen's Vice Chairman Tran Van Hau called on the company to expand recruitment and training of local workers and strengthen cooperation with businesses in the province to gradually increase the localization rate.

Germany's VFT Bio Fuels UG eyes $3.1 bln green steel complex in southern Vietnam

Germany's VFT Bio Fuels UG eyes $3.1 bln green steel complex in southern Vietnam

Vietnamese industrial park developer IMG Phuoc Dong and Germany’s VFT Bio Fuels UG have signed a memorandum of understanding to study the development of a $3.1 billion green steel complex in the southern province of Tay Ninh.

The deal was signed as part of an investment promotion program between Tay Ninh authorities and German businesses last month.

Under the proposal, the project will cover 250 hectares at Tan Lan 3 Industrial Park and have an annual production capacity of 11 million tons of steel, targeting both the Vietnamese and European markets.

The project is planned to be developed in two phases and will employ advanced technologies to establish an integrated production process aimed at improving energy efficiency, reducing emissions, and meeting international environmental standards.

Once fully operational, the complex is expected to create between 500 and 10,000 jobs, contributing to local socio-economic development and supporting the formation of a green industrial ecosystem in Tay Ninh.

In addition to producing high-quality steel, the project is expected to generate around $100 million in annual revenue from carbon credits by significantly reducing carbon emissions during production.

The proposed investment comes as IMG Phuoc Dong develops Tan Lan 3 Industrial Park as a green and modern industrial zone designed to meet the requirements of international investors.

The industrial park’s development strategy focuses on attracting high-tech manufacturing, supporting industries and high value-added sectors, while encouraging the use of renewable energy, energy-saving solutions, and environmentally friendly infrastructure.

Beyond its infrastructure and planning advantages, Tan Lan 3 Industrial Park is expected to develop into a modern manufacturing ecosystem that could strengthen southern Vietnam’s competitiveness in attracting foreign investment.

The current Tay Ninh province was formed following an administrative merger with the former Long An province last year. According to the Ministry of Finance, Tay Ninh received nearly $2 billion in newly-registered foreign direct investment, ranking fourth nationwide. By far, the province has had 2,190 valid foreign-invested projects valued at $27.5 billion.

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