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

Vietjet leads Southeast Asia in emissions efficiency

Vietjet leads Southeast Asia in emissions efficiency

Vietjet has been ranked the lowest-emission airline on intra-Southeast Asian routes, according to the Flight Emissions Review 2025 released by global aviation data and analytics firm Cirium.

The report shows that Vietjet recorded emissions of 64.5 grams of CO₂ per Available Seat Kilometre (ASK), outperforming regional peers such as Singapore Airlines (66.7 grams) and Lion Air (67.1 grams). The ranking focuses exclusively on flights operating within Southeast Asia, where short- and medium-haul routes pose greater challenges for fuel optimisation.

Cirium’s assessment is based on its EmeraldSky methodology, which uses CO₂/ASK as a key metric for carbon emissions per seat offered per kilometre flown, an industry-standard indicator of operational efficiency.

Under comparable operating conditions, Vietjet’s leading position highlights its ability to optimise performance across its entire operational chain, including aircraft configuration, route network design and load management.

A key factor underpinning this achievement is the airline’s modern fleet. Vietjet primarily operates Airbus A320 and A321 aircraft, including fuel-efficient “NEO” variants that reduce fuel consumption by approximately 15–20% compared to earlier models. With one of the youngest fleets in the region, the airline has significantly lowered fuel burn and CO₂ emissions per flight.

In parallel with fleet investment, Vietjet has intensified advanced technologies in operations. These include data-driven flight analysis platforms such as SkyBreathe and fuel optimisation initiatives like SFCO2, which help enhance efficiency across its network.

The airline’s sustainability efforts have also gained international recognition. Earlier this year, Vietjet was named among the world’s Top 7 most sustainable airlines by AirlineRatings, reflecting its strong performance in emissions reduction, fuel efficiency and green aviation development. The carrier has also been acknowledged for its environmental, social and governance (ESG) achievements in markets such as Taiwan (China).

The Flight Emissions Review is an annual ranking by Cirium that independently evaluates the world’s 100 largest airlines based on actual operational data. It enables transparent comparisons of emissions performance across different markets and operational scales, providing a valuable benchmark for the global aviation industry as it advances toward more sustainable growth.

Hanoi to pilot petrol motorbike ban on 11 streets starting from July 1

Hanoi to pilot petrol motorbike ban on 11 streets starting from July 1

In phase 1, the restricted zone will include 11 specific streets: Trang Tien, Hang Khay, Le Thai To, Hang Dao, Hang Ngang, Hang Buom, Ma May, Hang Bac, Hang Mam, Nguyen Huu Huan, and Ly Thai To.

The Hanoi People’s Committee has released a draft proposal to pilot a "Low Emission Zone" (LEZ) within the city's Ring Road 1 to curb air pollution.

According to the draft plan, the LEZ will span nine wards located within Ring Road 1: Hoan Kiem, Cua Nam, Ba Dinh, Giang Vo, Ngoc Ha, Hai Ba Trung, O Cho Dua, Tay Ho, and Van Mieu-Quoc Tu Giam.

Hanoi plans to implement the LEZ in three distinct phases:

In phase 1 (July 1, 2026 – December 31, 2026), the pilot will begin in Hoan Kiem Ward. The restricted zone will include 11 specific streets: Trang Tien, Hang Khay, Le Thai To, Hang Dao, Hang Ngang, Hang Buom, Ma May, Hang Bac, Hang Mam, Nguyen Huu Huan, and Ly Thai To.

During this phase, gas-powered motorbikes will be prohibited from circulating during specific weekend hours: from 6pm to midnight on Fridays, and from 6am to midnight on Saturdays and Sundays. The ban also applies to gas-powered motorbikes and scooters operating via digital ride-hailing platforms.

In phase 2 (January 1, 2027 – December 31, 2027), the city will expand the pilot area to include both Hoan Kiem and Cua Nam wards. This will encompass the core Hoan Kiem zone from Phase 1 plus 14 surrounding streets in Cua Nam ward, such as Nguyen Du, Tran Hung Dao, Tran Quang Khai, Dien Bien Phu, and Le Duan.

In phase 3 (January 1, 2028 – December 31, 2029), the LEZ will be expanded to encompass the entire area within Ring Road 1. This zone covers over 26 sq.km with a perimeter of 25 km and a population of approximately 625,000 people.

The boundaries of Ring Road 1 are defined by several major routes, including Hoang Cau, De La Thanh, Xa Dan, Dai Co Viet, Tran Khat Chan, Yen Phu, and Lac Long Quan, among others.

According to recent statistics, Hanoi currently has approximately 6.9 million motorbikes, with about 450,000 of those operating specifically within the Ring Road 1 area.


S Korea’s Deputy PM eyes AI, semiconductor cooperation with Vietnam

S Korea’s Deputy PM eyes AI, semiconductor cooperation with Vietnam

In particular, the South Korean delegation praised the Vietnam-Korea Institute of Science and Technology (VKIST) as a flagship model for bilateral cooperation.

Vietnam encourages South Korean enterprises to bolster new investments and expand their operations in the country, particularly in priority sectors such as infrastructure, high-tech electronic manufacturing, semiconductors, big data, biotechnology, and smart cities.

Deputy Prime Minister Ho Quoc Dung made these remarks while hosting South Korea’s Deputy Prime Minister and Minister of Science and ICT, Mr. Bae Kyung Hoon, in Hanoi on April 22.

The meeting was held as part of the state visit to Vietnam by South Korean President Lee Jae Myung to Vietnam between April 21-24.

The Vietnamese Deputy PM urged ministries and agencies from both nations to continue their close coordination to ensure the effective operation of cooperation mechanisms. He emphasized the need to translate policy agreements into concrete, practical projects that yield tangible benefits.

South Korean Deputy PM Bae Kyung Hoon, for his part, highlighted that many major South Korean corporations highly value Vietnam's development potential and high-quality human resources. He noted that the two sides are currently expanding cooperation across various fields, including agriculture, human resource training, and the implementation of Official Development Assistance (ODA) projects.

In particular, the South Korean delegation praised the Vietnam-Korea Institute of Science and Technology (VKIST) as a flagship model for bilateral cooperation.

Deputy PM Bae Kyung Hoon expressed his expectation that VKIST would continue to evolve into a symbol of the enduring partnership between the two countries.

The South Korean side committed to strengthening support and coordination for the effective implementation of projects related to VKIST. The goal is to transform the institute into more than just a research facility, serving as a vital bridge for business collaboration between the two nations. VKIST is also envisioned as a foundation for joint human resource training programs, specifically in software development and Artificial Intelligence (AI).

The South Korean Deputy PM further emphasized the vast potential of Vietnam's young workforce and expressed his hope for enhanced cooperation in cutting-edge sectors such as AI and the semiconductor industry—key areas of focus for the South Korean Government.


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