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

Hai Phong accelerates development of 24 industrial clusters

Hai Phong accelerates development of 24 industrial clusters

Total investment capital estimated at VND12.56 trillion ($478 million).

Northern Hai Phong city is investing in 24 industrial clusters with a combined area of more than 1,116 hectares with total investment capital of VND12.56 trillion ($478 million) as the northern port city seeks to expand its industrial land bank and sustain economic growth.

According to the municipal People's Committee, industrial-cluster projects in the eastern part of the city are progressing rapidly, while several projects in the western area continue to face delays due to land clearance challenges.

Of the 24 industrial clusters under development, 16 are located in eastern Hai Phong, covering approximately 713.5 hectares across Tien Lang, Kien Thuy, An Lao, An Duong, Thuy Nguyen and the Southern Coastal Economic Zone. The area hosts several large-scale projects, including the Le Thien–Dai Ban Industrial Cluster, the largest among them, spanning about 60 hectares with an investment of roughly VND1.25 trillion.

Meanwhile, eight industrial-cluster projects are being developed in western Hai Phong, covering a combined area of around 409 hectares.

City authorities said the 24 projects, once completed, will provide an additional 1,116.8 hectares of industrial land, helping expand the city's manufacturing base and enhance its capacity to attract secondary investment projects.


Singapore-backed giant to break ground on $216 mln wind farm project in central Vietnam

Singapore-backed giant to break ground on $216 mln wind farm project in central Vietnam

Nexif Ratch Energy SE Asia Pte. Ltd has committed to begin construction of its wind power project in Gia Lai in November this year, significantly earlier than the previously approved schedule of Q1/2027, as the central province pushes ahead with renewable energy development under the country's adjusted Power Development Plan VIII.

The over VND5.7 trillion ($216.5 million) Van Canh Binh Dinh Wind Power Plant project, located in Canh Lien commune, will have an installed capacity of 143 MW. It is expected to generate approximately 391.8 million kWh of electricity annually.

Nexif Ratch Energy, headquartered in Singapore, was established in December 2022 as a joint venture between Singapore-based Nexif Energy, which holds a 51% stake, and Thailand's RATCH Group, which owns the remaining 49%.

The company develops, acquires, builds and operates renewable energy projects across the Asia-Pacific region, with regional offices in Vietnam and the Philippines in addition to its Singapore headquarters.

Cyril Thibaut Ioan Dissescou, CEO of Nexif Ratch Energy SE Asia, previously toldThe Investorthat the Van Canh Binh Dinh project is one of the company's strategic investments in Vietnam and said the firm was committed to ensuring its successful implementation.

In Vietnam, Nexif Ratch Energy currently operates the 30-MW Minh Luong hydropower plant in Lao Cai province and the 49-MW Song Giang hydropower complex in Khanh Hoa province. It is also constructing the 80-MW Nexif Energy Ben Tre wind power project.

The company has additionally signed an MoU with authorities in Khanh Hoa province to study the development of the 102-MW Nexif Energy Khanh Hoa 1 wind farm.

Nearly 3,000 MW of power projects set for construction

The Nexif Ratch project is part of a broader wave of energy investments accelerating across Gia Lai.

According to commitments made by investors to provincial authorities, renewable energy projects scheduled to break ground in 2026 will have a combined capacity of approximately 2,971.6 MW, including wind, solar and hydropower developments.

October is expected to be the busiest month, with 29 projects slated to begin construction, including 17 wind farms, seven solar projects and five hydropower plants. Four additional projects are scheduled for September and five for November.

Among the largest projects is the 750-MW Hon Trau Wind Power Plant Phase 1, developed by VinEnergo Energy JSC, which is scheduled to start construction in December 2026. The developer has committed to bringing forward the start date by around six months from the previously approved timeline of Q3/2027.

The solar power segment includes 10 projects with a combined capacity of 751.8 MW.

Notable among them is the 400-MW KN Ia Ly-Gia Lai solar power plant, which is scheduled to begin construction in November 2026. Although the project remains behind the original target of Q2/2026, investors have pledged to accelerate implementation.

Several other solar projects, including Phu Thien (32 MW), Chu Ngoc-EVNLICOGI 16 Phase 2 (20 MW), Ia Blu 3 (40 MW), Ia Blu 4 (40 MW), Nhon Hoa 1 (49 MW) and Nhon Hoa 2 (90 MW), have also committed to earlier construction schedules.

Wind power remains the dominant segment, accounting for around 2,150 MW of planned capacity across 24 projects.

Several projects have pledged to start construction months ahead of approved timelines.

The 50-MW Ia Boong-Chu Prong Wind Power Plant, for example, was initially approved for groundbreaking in Q2/2027 but is now expected to start construction in November 2026. The 143-MW Vinh Thuan Wind Power Plant has similarly moved its planned start date forward from Q1/2027 to October 2026.

In addition to renewable energy projects, five hydropower developments with a combined capacity of nearly 70 MW are scheduled to begin construction in October 2026. These include the Se San 4A Expansion (29 MW), Dak Ayuonh (12 MW), Lo Pang (6.5 MW), Krong Ja Taun (5.5 MW), and Ayun 2 (16.8 MW) projects.

Gia Lai is widely regarded as one of Vietnam's most promising provinces for renewable energy development.

Following the government's approval of the adjusted Power Development Plan VIII, local authorities have accelerated investment approval procedures and sought to facilitate project implementation.

However, provincial officials said several projects that had already received investment approval have experienced delays, with investors failing to proactively coordinate with relevant agencies to resolve administrative and regulatory obstacles.

To address the issue, Gia Lai authorities have urged investors to expedite outstanding procedures and ensure all conditions for construction are met in line with their committed timelines.

Binh Dinh and Gia Lai provinces were merged last July to form the new Gia Lai which borders Dak Lak, Quang Ngai, Cambodia, and the East Sea.


Government bond auctions mobilise US$1.27 billion in May

Government bond auctions mobilise US$1.27 billion in May

The State Treasury raised VND33.63 trillion (US$1.27 billion) in Government bonds across 17 auctions conducted by the Hanoi Stock Exchange (HNX) in May.​

In the first five months of 2026, total capital mobilised via Government bonds reached VND159.2 trillion, equivalent to 72% of the State Treasury’s second-quarter issuance target and 32% of its annual plan.

Demand remained concentrated in medium- and long-term instruments, with 10-year and five-year bonds accounting for the bulk of issuance. The two tenors represented 54% and 45% of the total issuance value, respectively amounting to VND18.25 trillion and VND15 trillion.

The State Treasury offered bonds with maturities ranging from 3 to 30 years during the month. Successful bids were secured for 3, 5, 10, 15, and 30-year bonds, while winning yields edged up by between 2 and 14 basis points from the final auction in April.

At the last auction in May, winning yields were recorded at 3.49% for three-year bonds, 4% for five-year bonds, 4.25% for 10-year bonds, 4.27% for 15-year bonds and 4.5% for 30-year bonds.​

On the secondary market, the total listed value of Government bonds stood at nearly VND2.7 quadrillion at the end of May, up 2% month on month. Average trading value, however, slipped 6.59% to VND14.96 trillion per session.

Outright transactions accounted for 74.4% of total trading value, while repos made up 25.63%. Foreign investors contributed 4.3% of overall market turnover, up 0.8 percentage points from the previous month, but remained net sellers with net outflows of VND137 billion.

​HNX data showed that yields on bonds with maturities of 10–15 years posted the strongest increase during the month, reaching 3.97%. In contrast, the sharpest declines were seen in the three- to five-year and seven-year segments, where yields fell to 2.65% and 3.63%, respectively.​

Bonds with maturities of seven to 10 years were the most actively traded, accounting for 20.6% of total market value. They were followed by 20-year bonds with a 15.5% share and five-year bonds with 7.3%.


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