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 seeks stable jet fuel supplies from China amid Middle East disruptions

Vietnam seeks stable jet fuel supplies from China amid Middle East disruptions

Vietnam has called on China to help maintain stable jet fuel supplies for its airlines as ongoing tensions in the Middle East continue to disrupt global energy supply chains.

Director of the Civil Aviation Authority of Vietnam (CAAV) Uong Viet Dung has sent a letter to Song Zhiyong, head of the Civil Aviation Administration of China (CAAC), regarding the issue.

The move follows high-level exchanges between the two countries, particularly the recent state visit to China by General Secretary of the Communist Party of Vietnam Central Committee and State President To Lam, which reaffirmed the importance of comprehensive bilateral cooperation across sectors.

According to Dung, the crisis in the Middle East has caused significant disruptions to global and regional oil supply chains, adversely affecting airline operations due to jet fuel shortages. Vietnamese carriers are also facing similar challenges.

On the basis of the long-standing friendship and cooperation between the two nations, as well as close ties between their aviation authorities, the CAAV has asked the CAAC to direct relevant fuel suppliers to ensure sufficient and stable supplies for Vietnam.

These suppliers include Sinopec, PetroChina, and China National Offshore Oil Corporation, which are key players in providing aviation fuel to Vietnamese importers under existing contracts.

The Vietnamese aviation authority expressed hope that support from the CAAC and Chinese fuel providers will help local airlines maintain stable operations on routes between the two countries, thereby meeting growing travel demand and facilitating people-to-people exchanges.


Vung Tau international cruise port proposed to boost marine tourism

Vung Tau international cruise port proposed to boost marine tourism

VOV.VN - Ho Chi Minh City has proposed a VND3.15 trillion (about US$110 million) international cruise port in Vung Tau, as part of a broader list of investment projects for 2026–2030 aimed at boosting marine tourism and regional connectivity.

The project is among around 250 initiatives unveiled by Ho Chi Minh City People's Committee to attract investment over the next five years.

Spanning roughly 73 hectares, the proposed port would include a passenger terminal, parking facilities, internal transport infrastructure and green spaces. A 420-metre berth is designed to accommodate cruise ships of up to 225,000 gross tonnage, alongside a marina capable of handling around 280 yachts.

Additional components include access bridges, anchorage areas and service facilities, with connectivity to the Vung Tau–Thi Vai shipping channel, a key maritime route in southern Vietnam.

The project to serve as a catalyst for cruise tourism development, while enhancing regional logistics and transport links.

Ho Chi Minh City said it is prioritising investments aligned with its 2030 development strategy and 2045 vision, focusing on high-tech industries, innovation, digital economy and green growth.

In tourism, the city aims to develop high-end, integrated tourism ecosystems, combining cultural industries, entertainment and hospitality, while strengthening regional linkages to attract international visitors.


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