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

Roadmap set to shift international flights from Tan Son Nhat to Long Thanh

Roadmap set to shift international flights from Tan Son Nhat to Long Thanh

VOV.VN - The Airports Corporation of Vietnam (ACV) has proposed a roadmap to gradually transfer international flights from Tan Son Nhat Airport to Long Thanh Airport from late 2026, aiming for the new airport to handle more than 90% of international passengers in Ho Chi Minh City in 2027.

In a report submitted to competent authorities, ACV outlined a two-phase plan to transfer operations between Tan Son Nhat and Long Thanh, toward shifting most, and later all, international flights to Long Thanh.

Under the proposal, the first phase will run from the start of Long Thanh’s commercial operations through the 2026 winter flight schedule, from December 1, 2026 to March 27, 2027. During this period, all long-haul international flights, including cargo, will be transferred from Tan Son Nhat to Long Thanh, accounting for about 19% of total international passenger volume in Ho Chi Minh City.

An ACV representative said the early transfer of long-haul flights is intended to reduce pressure on Tan Son Nhat and to gradually test Long Thanh’s operational capacity in its initial stage.

In the second phase, from the 2027 summer flight schedule through 2030, ACV proposed transferring the remaining international flights to Long Thanh, except for short-haul routes under 1,000 km operated by Vietnamese airlines. If approved, Long Thanh could handle more than 90% of international passengers in Ho Chi Minh City in 2027.

After 2030, all regular international flights will be transferred to Long Thanh. Tan Son Nhat will mainly handle domestic flights, irregular international flights and charter services.

According to ACV, alongside accelerating progress on Component Project 3, the company is preparing operational conditions for Long Thanh across organisational structure, personnel, operational plans and trial runs.

ACV has established a branch, Long Thanh International Airport, to directly manage and operate the airport. Two specialised units, Long Thanh Air Cargo Services and Long Thanh Aviation Fuel Services, have also been set up to ensure operations are carried out in a coordinated manner.

On staffing, ACV said it has developed plans for training and assigning personnel to become familiar with equipment systems at Long Thanh. “Many employees have been assigned to work at Tan Son Nhat Airport to gain practical experience before commercial operations,” a company representative said.

For operational preparations, ACV has signed a consultancy contract with a consortium including Incheon International Airport Corporation and PIF Company to implement airport management, operations and operational transfer in line with international standards.

So far, ACV has finalized the first two phases, including operational concepts and core procedures, as well as commercial policies, business plans and financial strategy. The company is now implementing the third phase, including trial operations and operational transfer, with three trial runs planned for September, October and November 2026.

ACV said that once the plan for dividing operations between Long Thanh and Tan Son Nhat is issued, it will coordinate with relevant parties to keep the transition safe, efficient and smooth.


Vietnam, UNIDO sign deal for sustainable industrial development

Vietnam, UNIDO sign deal for sustainable industrial development

The Country Program for Inclusive and Sustainable Industrial Development for 2025–2028 has an estimated budget of $72 million.

Vietnam and the United Nations Industrial Development Organization (UNIDO) have signed a new Country Program for Inclusive and Sustainable Industrial Development for 2025–2028, marking a further step in their long-standing partnership.

The agreement was signed on April 20 in Hanoi by the Ministry of Finance and UNIDO.

With an estimated budget of $72 million, the program focuses on green industrial transformation, strengthening competitiveness and sustainable value chains, and improving industrial policies and institutions.

Since the official establishment of the partnership, UNIDO has collaborated with Vietnam to implement over 170 projects since 1978 in areas such as small and medium-sized enterprise development, quality infrastructure, energy efficiency, clean production, and sustainable supply chains. Based on this, within the framework of the new program, cooperation between the two parties will continue to be expanded through comprehensive intervention programs and activities, combining policy advice, technical support, and investment mobilization. The program is expected to open up new cooperation opportunities in the field of agricultural processing, particularly for value chains with potential such as rice and tea, focusing on value addition, meeting sustainable standards, enhancing resilience to climate change, and improving livelihoods in rural areas.


Foxconn pours additional $58.3 mln into northern Vietnam unit

Foxconn pours additional $58.3 mln into northern Vietnam unit

Taiwan’s Hon Hai Precision (Foxconn), a key electronics supplier to Apple, said it will invest an additional $58.32 million in its Vietnamese subsidiary, Fushan Technology (Vietnam), according to a filing to the Taiwan Stock Exchange.

Foxconn’s unit Chief Expertise Limited will implement the investment, bringing Foxconn’s total investment in Fushan Technology (Vietnam) to $226.29 million while maintaining 100% ownership.

The move is aimed at “long-term investment.” However, the filing did not specify which items the funds would be allocated to.

Before the latest capital hike, Fushan Technology (Vietnam), located at VSIP Bac Ninh Industrial Park in the northern province of Bac Ninh, had been featured in an expansion plan in late 2025.

According to an environmental impact assessment filing for the expansion of its Bac Ninh plant, Fushan Technology (Vietnam) said it plans to install additional production lines to add products such as Xbox gaming devices, electronic components and chargers for smart ring wearables, while lifting smartphone capacity by 30 million units a year to 140 million units annually.

The document also shows the facility would produce up to 100,000 unmanned aerial vehicles (UAVs) each year, with full operations planned from April 2026.

Fushan Technology (Vietnam) was established in November 2011 as Nokia Vietnam. It was renamed Microsoft Mobile Vietnam in December 2014 after US tech giant Microsoft acquired Nokia that year.

In 2017, Microsoft sold its handset business to FIH Mobile, part of the Foxconn ecosystem, after which Microsoft Mobile Vietnam was renamed Fushan Technology (Vietnam) as it is known today.

Fulian receives fresh hundreds of millions in capital injection

Beyond Fushan Technology (Vietnam), another wholly-owned unit of Foxconn in northern Vietnam - Fulian Precision Technology Component - also posted a strong capital increase in Q1/2026.

In January, Fulian Precision Technology Component was approved to raise its charter capital from VND8.48 trillion ($322.08 million) to VND9.13 trillion ($346.77 million), before increasing it further to VND9.46 trillion ($359.3 million) in February.

In March, Foxconn poured a further $287 million into Fulian Precision Technology Component via its subsidiary Ingrasys (Singapore) Pte. Ltd. Following this, Foxconn’s total investment in Fulian Precision Technology Component rose to about $668.5 million, while maintaining 100% ownership. The move ranks among the group’s largest disclosed investments in Vietnam so far this year.

Since beginning its investment in Vietnam in 2007, Foxconn has established a presence in Bac Ninh, Hanoi, Quang Ninh and Nghe An, with Bac Ninh emerging as its key hub.

Speaking at the opening ceremony of the Foxconn Vietnam headquarters office in Hanoi last week, Pham Hoang Son, Chairman of the Bac Ninh People's Committee, said Foxconn has run 20 projects in Bac Ninh with total investment of about $4 billion, creating around 130,000 jobs.

Beyond its economic contributions, Foxconn has also advanced technology transfer, workforce training and the development of a high-tech electronics ecosystem in the locality, he added.

The establishment of the company’s Vietnam headquarters office is a strategic step to enhance operational efficiency and strengthen engagement with regulators and partners, according to Foxconn Vietnam CEO Chou I Wen.

He added that Vietnam is not only a key manufacturing hub, but also an increasingly notable destination for innovation in the region.

Michael Chiang, rotating CEO of Foxconn, said the inauguration not only marks an expansion of operations but also reaffirms the group’s long-term commitment to Vietnam.

Amid shifting global economic dynamics, Vietnam - particularly Hanoi - is playing an increasingly strategic role in Foxconn’s development network, he stressed.

Foxconn is committed to further expanding investment, advancing technology transfer, developing a high-quality workforce, strengthening cooperation with domestic firms, and contributing to the growth of high-tech industries and sustainable supply chains in Vietnam, the CEO said.

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