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

Vietnam welcomes 2.5 million foreign tourists in January

Vietnam welcomes 2.5 million foreign tourists in January

This marking the highest monthly figure ever.

Vietnam welcomed nearly 2.5 million foreign visitors in January 2026, the highest monthly figure ever, according to the National Statistics Office.

The figure represents an increase of 21.4% compared to the previous month and 18.5% against the same period last year.

Asia continued to be Vietnam's largest source market, accounting for over 1.8 million visitors, up 12.3%. Europe posted the fastest growth among major regions, with arrivals jumping 59% to 424,000. Visitor numbers from the Americas, Oceania and Africa also rose sharply, up 14.2%, 13% and 45.4%, respectively.

The growth is attributed to visa policy reforms, enhanced tourism promotion efforts and a broader range of tourism products.

In 2026, Vietnam targets 25 million foreign visitors, 150 million domestic tourists and total tourism revenue of about VND1.125 quadrillion ($46.5 billion).

State Treasury raises over $1bln through bond auctions in January

State Treasury raises over $1bln through bond auctions in January

Most of the bonds were issued with five-, 10- and 15-year maturities, carrying annual interest rates of 3.3%, 4.04% and 4.12%, respectively.

The State Treasury mobilised more than VND26.7 trillion ($1.02 billion) through 18 government bond auctions in January, fulfilling 24% of the first-quarter target and 5.2% of the annual plan, according to the Hanoi Stock Exchange (HNX).

Most of the bonds were issued with five-, 10- and 15-year maturities, carrying annual interest rates of 3.3%, 4.04% and 4.12%, respectively. Ten-year bonds dominated the issuance, accounting for 95% of the total volume, equivalent to nearly VND24.7 trillion.

On the secondary market, the total listed value of government bonds reached more than VND2.57 quadrillion ($98.1 billion) as of January 30. The average daily trading value climbed 31.41% month-on-month to VND17.027 trillion ($650 million).

Total retail sales of goods, service revenue up 9.3 per cent in January

Total retail sales of goods, service revenue up 9.3 per cent in January

Retail sales of goods in January was estimated at VNĐ487.4 trillion, accounting for the largest share and increasing 9.3 per cent year-on-year.

HÀ NỘI — Việt Nam’s total retail sales of goods and consumer service revenue in January was estimated at VNĐ632.4 trillion (US$24.43 billion), up 2.6 per cent month-on-month and 9.3 per cent year-on-year, according to newly released data from the National Statistics Office (NSO) under the Ministry of Finance.

The 9.3 per cent rise matched the growth rate from the same month last year. Adjusted for prices, real growth came in at 6.3 per cent. This is a very positive sign, especially since January 2026 didn’t align with the Lunar New Year, unlike last year, when the same period saw a surge in Tết-related spending.

The NSO noted that the favourable start in January has created a solid foundation for achieving growth targets in the trade and services sectors throughout the year.

Retail sales of goods in January was estimated at VNĐ487.4 trillion, accounting for the largest share and increasing 9.3 per cent year-on-year. Growth was driven by many categories, including household appliances and equipment, which rose 9.4 per cent thanks to early-year shopping demand and promotional programmes by retailers. Transport vehicles (excluding automobiles) increased 9.3 per cent. Food and foodstuffs grew 7.7 per cent, garments 7.6 per cent, and cultural and educational goods 5.5 per cent.

Several localities recorded strong retail growth, notably Cần Thơ and Quảng Ninh (both up 10.7 per cent), Hải Phòng (10.5 per cent), and Huế (10.1 per cent).

Benefiting from a surge in international arrivals and stable domestic tourism demand, the services sector posted a robust performance. Revenue from accommodation and catering services was estimated at VNĐ75.4 trillion, up 9.4 per cent. Lâm Đồng led the country with a sharp rise of 21.3 per cent, followed by Quảng Ninh (19.8 per cent) and Thanh Hóa (19.6 per cent).

Travel and tourism services recorded the fastest growth, reaching VNĐ7.5 trillion, up 14 per cent year on year. Quảng Ninh continued to stand out with a 25.2 per cent increase, while Đà Nẵng rose 18.3 per cent and HCM City 17.9 per cent. Other services generated an estimated VNĐ62.1 trillion in revenue, up 8.9 per cent, with HCM City posting an 11.4 per cent rise.

According to the office, these results reflect strong and decisive direction by the Government and the tourism sector in restructuring source markets, diversifying tourism products, renewing promotion and marketing efforts, and especially implementing increasingly open visa policies, which have helped attract both domestic and 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