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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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

Việt Nam regards EAEU as trustworthy partner in AI development

Việt Nam regards EAEU as trustworthy partner in AI development

Deputy PM Hồ Quốc Dũng suggested Việt Nam and the EAEU establish a policy dialogue forum on the responsible use of AI, data protection standards and cybersecurity.

ASTANA — Việt Nam considers the Eurasian Economic Union (EAEU) a trustworthy partner in the development of artificial intelligence (AI) for mutual benefit, Deputy Prime Minister Hồ Quốc Dũng affirmed at the plenary session of the Eurasian Economic Forum held in Astana, Kazakhstan, on Thursday.

In his remarks, Dũng highlighted several of Việt Nam’s achievements in science – technology, innovation, e-government and the digital economy while sharing the country’s approach to AI development. He stressed that Việt Nam identifies science – technology, innovation and digital transformation as foundational drivers and strategic breakthroughs for entering a new era of development.

The Deputy PM also outlined several major directions for advancing the implementation of the free trade agreement (FTA) between Việt Nam and the EAEU amid emerging regional trends such as the digital economy and AI, alongside efforts to promote transcontinental transport corridors and the digitalisation of cross-border trade.

Dũng stressed that the existing agreement between Việt Nam and the bloc provides a solid basis for bilateral economic cooperation. In the current context, they should expand collaboration to new technological areas, including AI research and development covering smart agriculture, urban planning and transport, as well as stronger cooperation between research centres and educational institutions in training personnel in cybernetics and computer science.

The Deputy PM suggested the parties establish a policy dialogue forum on the responsible use of AI, data protection standards and cybersecurity.

On the same day, he held meetings with Chairman of the Board of the Eurasian Economic Commission (EEC) Bakytzhan Sagintayev, Deputy PM of Belarus Natalya Petkevich, and Vice President of Cuba Salvador Valdes Mesa.

Meeting with Sagintayev, Dũng affirmed Việt Nam’s commitment to cooperation with the EAEU and praised the practical benefits delivered by the EAEU – Việt Nam FTA to businesses and people on both sides over the past decade. He proposed a review of the agreement’s 10-year implementation to identify areas requiring improvement, including the removal of safeguard measures affecting Vietnamese fishery and apparel exports.

The EEC Chairman described the FTA with Việt Nam as a model of successful cooperation for the bloc, noting that trade turnover between the EAEU and Việt Nam reached US$8.3 billion last year. He pledged to work with member states to address Việt Nam’s concerns, while agreeing to strengthen cooperation in digital transformation and technology and to organise activities marking the 10th anniversary of the FTA signing.

At a separate meeting with the Belarusian Deputy PM, both sides expressed satisfaction with the progress in bilateral relations across politics, trade, tourism and other spheres, especially since Party General Secretary Tô Lâm's state visit to Belarus in May 2025.

Dũng called on Belarus, as an EAEU member state, to support the removal of safeguard measures on Việt Nam's textile – garment products and facilitate access to the EAEU market for the country's agricultural and fishery products. He also urged effective implementation of bilateral agreements, particularly the cooperation roadmap for 2026–2028.

The Belarusian Deputy PM stated that her country views Việt Nam as a strategic and reliable partner in Southeast Asia, and wishes to foster multifaceted cooperation. She voiced confidence that Việt Nam will become a key political, cultural and economic gateway linking Belarus with the wider region.

Petkevich also welcomed Vietnamese investments in Belarus and stronger cooperation between localities of the two countries.

Regarding safeguard measures, Belarus will positively consider raising thresholds for Vietnamese textile products, she noted, requesting that Việt Nam open its market further to some Belarusian agricultural and industrial goods. The official suggested that balancing bilateral trade could help address safeguard concerns.

During the meeting with the Cuban Vice President, Dũng described the Việt Nam – Cuba special friendship as a priceless common asset, saying the two countries should continue assisting each other to surmount difficulties.

The two sides agreed to effectively implement the projects on wet rice cultivation and renewable energy, and coordinate to organise activities marking the 100th birth anniversary of Cuban revolutionary leader Fidel Castro in 2026.

On Friday, Deputy PM Dũng is scheduled to meet a Russian deputy prime minister, visit Nazarbayev University and the International Science and Technology Centre, and hold a working session with the Vietnamese Embassy in Kazakhstan.

Green fuel transition gains momentum as E10 goes nationwide

Green fuel transition gains momentum as E10 goes nationwide

Starting June 1, E10 biofuel will officially be distributed nationwide under the Ministry of Industry and Trade (MoIT)’s roadmap, marking a major step in Vietnam’s green energy transition strategy, greenhouse gas emission reduction efforts and commitment to achieving net-zero emissions by 2050.

Under the ministry's Circular No. 50/2025/TT-BCT, all unleaded petrol sold on the domestic market from June 1 must be blended with ethanol to produce E10 for petrol-powered vehicles nationwide. Meanwhile, E5RON92 petrol will continue to be available until the end of 2030.

Expectations mixed with concerns​

Nguyen Duc Thanh, a ride-hailing driver in Hanoi’s Hoang Mai ward, said he previously used E5 petrol and is not overly concerned about switching to E10. His main concerns are fuel prices and consumption efficiency.

​People need sufficient information to feel confident, Thanh said.​

Consumer hesitation largely stems from the earlier rollout of E5 as when many users questioned the quality of biofuels.​

However, according to MoIT, most vehicles currently operating in Vietnam are compatible with E10. Authorities cited technical studies and international experience showing that around 90% of petrol-powered vehicles can use E10 without requiring engine modifications.​

Nguyen Phu Cuong, a resident of Hanoi's Long Bien ward, said transparency and fuel quality control are the most important factors. People will accept the transition if they clearly see the benefits and receive guarantees from authorities. If fuel quality differs between stations, it will be difficult to build trust.

Many vehicle owners in Hanoi also expect E10 adoption to help improve air quality, which remains a major issue in the capital. Environmental experts say ethanol-blended fuel enables cleaner combustion and reduces carbon monoxide and unburned hydrocarbon emissions compared to conventional petrol.

According to authorities, the introduction of E10 will be accompanied by tax and fee adjustments to make it more competitively priced than traditional fossil fuel. The MoIT is proposing revisions to environmental protection and excise taxes to encourage consumers to switch to biofuel.

In Hanoi, many fuel distributors said they have completed upgrades to storage tanks and fuel pumps in preparation for E10 sales from the start of June.

The ministry noted that E10 is already widely used in more than 60 countries, including the US, Japan, the Republic of Korea, Thailand and Brazil.

​Preventing speculation and fraud

Representatives from Hanoi’s market surveillance sub-department said market management teams will coordinate with the municipal Department of Industry and Trade, quality standards authorities and economic police to inspect E10 implementation at fuel retail outlets from June 1. Inspections will focus on fuel quality, price listing, supply stability and acts such as hoarding or selling fuel products that do not meet regulations.

Authorities will strictly handle cases involving fuel speculation, improper fuel sales or arbitrary suspension of sales that disrupt market supply.

Market surveillance officers stressed that the transition to E10 must be implemented in a synchronised manner to prevent profiteering during the policy transition period.

Energy experts described the rollout of E10 as an inevitable trend as Vietnam accelerates its emissions reduction and green transition agenda.

Dr. Ngo Tri Long, an economic expert, said E10 carries not only environmental significance but also positive implications for national energy security. By increasing the ethanol ratio in petrol, Vietnam can reduce dependence on imported fossil fuel while promoting domestic ethanol production.

Technical experts also noted that most modern engines can use E10 normally if the fuel meets quality standards. However, owners of older vehicles or cars with deteriorating fuel systems are advised to conduct regular maintenance checks to avoid corrosion of rubber components or the dissolution of residue inside fuel tanks.

According to specialists, E10 offers clear environmental benefits by helping reduce CO2 emissions, fine dust particles and other toxic pollutants from transport exhaust, a major source of urban pollution in cities such as Hanoi and Ho Chi Minh City.

They added that if implemented methodically, E10 could serve as a stepping stone toward wider adoption of higher-ethanol biofuels such as E15 and E20 in the future.

However, analysts stressed that the biggest challenge remains building public confidence. International experience shows that reasonable pricing, stable quality and transparent market management are essential for biofuels to gain broad consumer acceptance.


Western Australia, Vietnam expand cooperation across key sectors

Western Australia, Vietnam expand cooperation across key sectors

VOV.VN - Vietnamese Consul General in Perth Pham Hai Anh on May 28 received David Morgan, Chairman of the Western Australia Vietnam Business Council (WAVBC), at the Consulate General headquarters in Perth.

During the meeting, the two sides discussed measures to deepen cooperation between Vietnam and Western Australia in key areas including trade, investment, science and technology, tourism and people-to-people exchanges.

Pham Hai Anh stressed that the strong political relationship between Vietnam and Australia should continue to be translated into substantive and effective economic and investment cooperation programmes commensurate with the potential and needs of both sides.

Appreciating WAVBC’s role as a bridge in promoting economic and trade links between Vietnam and Western Australia, the consul general called for closer coordination to step up information sharing on investment opportunities and support business connectivity.

Priority areas include science and technology, strategic minerals and high-tech agriculture, alongside stronger promotion of cooperation potential through tourism, cultural activities and people-to-people exchanges.

Congratulating Pham Hai Anh on officially assuming his post in Western Australia, David Morgan said the state holds considerable cooperation potential but remains relatively little known in Vietnam. Likewise, the Australian business community still lacks sufficient information about the capabilities of Vietnamese partners.

WAVBC’s priority in the coming period is to strengthen business connectivity, particularly among small and medium-sized enterprises, Morgan told his guest.

He added that the council places special emphasis on younger entrepreneurs in order to build a solid foundation for future cooperation.

Morgan also noted that technology, innovation, artificial intelligence (AI) and automation will be priority areas for cooperation in the coming period.

At the end of the meeting, the two sides agreed to maintain close coordination in implementing the above directions while further boost locality-to-locality cooperation, particularly business connectivity between Ho Chi Minh City and Perth through representative organisations.

They also concurred to intensify delegation exchanges, networking activities and regular information sharing.


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