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

Aviation industry soars back to pre-pandemic levels

Aviation industry soars back to pre-pandemic levels

The first quarter of 2025 saw a total of over 20.7 million passengers transported, up 9.2 per cent year-on-year.

HÀ NỘI — As Việt Nam emerges from the shadows of the COVID-19 pandemic, the air transport sector has shown remarkable resilience and growth, surpassing pre-pandemic passenger levels.

According to recent data from the Civil Aviation Authority of Vietnam (CAAV), the first quarter of 2025 saw a total of over 20.7 million passengers flying, up 9.2 per cent year-on-year.

Notably, domestic travel accounted for over nine million passengers, a rise of 5.4 per cent, while international travel surged to over 11.7 million, a robust 12.3 per cent increase.

This resurgence in air travel signifies a complete recovery for Việt Nam’s aviation industry, which had been heavily impacted during the pandemic.

The figures not only reflect a return to pre-COVID activity, but also demonstrate a growth trend, with international passenger numbers increasing by 11 per cent and domestic numbers by 5.8 per cent compared to 2019 levels.

During the peak travel season for Tết, from January 14 to February 12, the market saw approximately 7.3 million passengers, up 11.7 per cent from the previous year.

Similarly, cargo transport totalled 329,000 tonnes, reflecting a 12.4 per cent increase from the same period last year. This includes over 60,000 tonnes for domestic transport, which rose by 2.8 per cent, and 269,000 tonnes for international transport, marking a significant 14.8 per cent over last year.

The CAAV has praised this growth, emphasising that it comes despite ongoing challenges, such as a shortage of aircraft among Vietnamese airlines.

Major airports, including Nội Bài, Đà Nẵng and Tân Sơn Nhất, have experienced significant increases in passenger volume and cargo traffic.

Tân Sơn Nhất International Airport recorded a daily high of over 1,000 flights without any congestion, ensuring smooth operations and safety.

To manage the growing demand, the CAAV held meetings with airlines to coordinate flight slots and optimise operations. It has focused on ensuring efficient flight scheduling, especially during peak periods like Tết with the proactive approach aiming to enhance operational efficiency and passenger experience.

Looking ahead to the next few months, the CAAV has outlined several strategic priorities. These include finalising the legal framework for the civil aviation sector and expediting the operational readiness of Long Thành International Airport.

The completion of Long Thành International Airport is particularly crucial, as it is expected to alleviate congestion at existing airports and accommodate future growth in passenger traffic.

Deputy Minister of Construction Lê Anh Tuấn has stressed the importance of collaboration among various governmental agencies to facilitate these developments.

$485mln Van Phong - Nha Trang expressway opens to traffic

$485mln Van Phong - Nha Trang expressway opens to traffic

The 83-km expressway in south-central Khanh Hoa province is one of the 12 componets of the North-South Expressway project.

The Van Phong – Nha Trang expressway, one of the 12 component projects of the eastern North - South expressway, was inaugurated and officially opened to traffic on April 19.

The Van Phong – Nha Trang expressway, which stretches more than 83 km in south-central Khanh Hoa province, was built with 4 lanes and with a total investment capital estimated at over VND11.8 trillion ($458 million).

It was designed with a maximum speed limit of 120 km per hour. However, during the initial phase, the speed is limited at 90 km per hour.

The project is expected to contribute to the completion of 3,000km of expressways nationwide by 2025 as targeted by the Government.

Kinh Bac City Development pays extra $265 mln in land use fee for mega urban project in northern Vietnam

Kinh Bac City Development pays extra $265 mln in land use fee for mega urban project in northern Vietnam

Kinh Bac City Development Holding Corporation (HoSE: KBC), a leading industrial real estate developer in Vietnam, has paid an additional VND6.85 trillion ($265 million) in land use fees for a major urban development project in the northern port city of Hai Phong.

With this additional funding, the total land use fees allocated by KBC for its VND69.04 trillion ($2.7 billion) Trang Cat urban area project have reached nearly VND17.8 trillion ($688 million), the company reported.

The Trang Cat project is being developed by KBC’s subsidiary, Trang Cat Urban Development Co., and will cover nearly 585 hectares in Hai An District, within the Dinh Vu-Cat Hai Economic Zone. It is located near the expressway that connects Hai Phong with Quang Ninh and Hai Duong provinces, as well as the capital city of Hanoi.

The development will include more than 25,800 housing units, comprising 8,655 terraced houses, 3,256 villas, 7,178 apartments, and over 5,940 social housing units. It is projected to accommodate more than 90,110 residents.

KBC stated that it plans to break ground on a 50-hectare social housing site in May.

In terms of broader business performance, KBC reported leasing 68 hectares of industrial land in the first quarter, representing over 30% of its full-year target.

Despite recent trade tensions and tariff uncertainties, some investors have temporarily paused their plans but have neither canceled nor returned leased land to the company, the firm said.

Hai Phong is increasingly appealing to local real estate giants. Vinhomes (HoSE: VHM), a subsidiary of Vingroup, has made a significant mark with the Vinhomes Royal Island urban area project.

Hoang Huy Group, a local powerhouse, is developing a range of housing projects, including Hoang Huy Commerce and Hoang Huy Riverside, contributing to the affordable and mid-range housing segment.

Other notable names such as Him Lam and BRG Group are also investing in Hai Phong’s urban expansion, reinforcing the city's role as a dynamic growth engine in northern Vietnam.

KBC shares closed at VND20,800 ($0.8) each on Friday.

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