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

High-tech industries drive Ninh Binh’s trade value to over $32.4 bln

High-tech industries drive Ninh Binh’s trade value to over $32.4 bln

Several of the northern province's key export commodities recorded significant growth, with laptop exports up 90.3%, trucks 35.4%, and passenger vehicles with 10 or more seats 13.6%.

Statistics for the first six months of 2026 show that northern Ninh Binh province's total export turnover was estimated at $17.255 billion, representing a 52.3% increase year-on-year and reaching 53.3% of the annual target.

These figures reflect the steady recovery of internal production capacity among local enterprises. The primary engine of this growth is the high-tech processing and manufacturing sector, which maintained a growth rate of 27.68%.

Several of the province's key export commodities recorded significant growth. Notably, laptop exports surged by 90.3%, followed by trucks at 35.4%, and passenger vehicles with 10 or more seats at 13.6%. Electronic components, including camera modules and touch screens, maintained a steady growth of 9.5%. Additionally, traditional products such as cement and clinker contributed positively to the value chain with a 10.3% increase.

On the import side, the province’s total turnover for the first half of 2026 was estimated at $15.222 billion, up 45.6% compared to the same period last year. This growth was largely driven by the demand for machinery, equipment, and raw materials for production within private enterprises and Foreign Direct Investment (FDI) firms.

In total, Ninh Binh’s import-export turnover surpassed the $32.4 billion mark in the first half of 2026. The trade balance remained in a surplus, with a trade advantage of over $2 billion.

To achieve these results, the province has effectively implemented its import-export strategy, supporting businesses in utilizing incentives from various Free Trade Agreements (FTAs).

Over the past six months alone, local authorities have issued more than 5,000 sets of preferential Certificates of Origin (C/O) for exports to major and potential markets, including South Korea, Japan, India, China, ASEAN nations, and the European Union (EU).


US highlights potential in Việt Nam’s fruit market

US highlights potential in Việt Nam’s fruit market

The US was Việt Nam's second-largest supplier of agricultural products, with export turnover reaching US$4.7 billion in 2025, a remarkable increase from less than $3.5 billion in 2024, Fruitnet said, citing a new report by the US Department of Agriculture (USDA).

WASHINGTON – US agricultural exports to Việt Nam have increased significantly over the past two years, with improved market access creating new opportunities for fruit trade, according to Fruitnet.com website.

The US was Việt Nam's second-largest supplier of agricultural products, with export turnover reaching US$4.7 billion in 2025, a remarkable increase from less than $3.5 billion in 2024, Fruitnet said, citing a new report by the US Department of Agriculture (USDA).

In the final quarter of 2025, the US ranked as Việt Nam's second-largest supplier of fresh fruit, accounting for an 8.3 per cent market share, behind only China.

The USDA said in its report that "Việt Nam holds potential for increased US exports of fresh fruits, especially given recent US-Vietnamese reciprocal trade negotiations and improved market access for US suppliers."

US fresh fruit exports to Việt Nam reached $91.1 million in 2025. The main products included apples worth $47.1 million, cherries at $19.6 million, grapes at $17.6 million, and other fresh fruits valued at $1.7 million.

Recent trade negotiations have opened additional opportunities for US exporters. On March 16, 2026, Việt Nam granted market access for US mandarins from California and Florida. Experts estimate the potential value of US mandarin exports to Việt Nam at $5 million.

Earlier, on June 6, 2025, the Plant Production and Protection Department (PPPD) of Việt Nam granted approval for the export of fresh peaches and nectarines from California.

The decision followed negotiations between the USDA's Animal and Plant Health Inspection Service (APHIS) and PPPD, which confirmed that the production practices adopted by US stone fruit producers are both safe and effective. Experts estimate the annual market value for California peaches and nectarines to be $2.5 million, according to the department.

The USDA said Việt Nam’s macroeconomic profile combines rapid GDP growth, increasing consumer demand for goods and services, and expanding industrial manufacturing. Expanding incomes and industrial processing growth support demand for certain imported products.

The report described agricultural exports as "a significant and growing segment of bilateral trade", supported by both market demand and recent trade agreements.

A growing middle class, with modern retail and food processing sectors, drives demand for US agricultural goods, it said, adding Vietnamese consumers increasingly value US products for their quality and safety.


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.

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