Lumen Vietnam Fund
About Us

Vietnam Holding Asset Management

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

$105 mln packaging plant opens in Vietnam central

$105 mln packaging plant opens in Vietnam central

Phase 1 of the VND2.67 trillion ($105 million) A&C International Packaging Plant in the central province of Quang Tri has officially opened, featuring a capacity of 1 billion aluminum cans annually to boost local manufacturing and jobs.

A&C International Packaging Joint Stock Company on November 6 held the inauguration ceremony for Phase 1 of its plant at Quan Ngang Industrial Park in Gio Linh Commune, central Quang Tri Province.

The project spans nearly 10 hectares and is developed in two phases. Phase 1 carries an investment of nearly VND2.3 trillion ($90.5 million), while Phase 2 represents nearly VND400 billion ($15.7 million). Upon full completion, the facility will boast a total designed capacity of 1 billion aluminum cans per year, with Phase 1 delivering 700 million units and Phase 2 adding 300 million units.

As a major industrial project in Quan Ngang Industrial Park, the plant aims to establish an aluminum packaging manufacturing hub serving both domestic and export markets. The investment aligns with Camel Group's long-term strategy to complete its supply chain and secure an active source of aluminum packaging production.

According to Mr. Le Quang Thinh, Member of the Board of Directors and representative of A&C International Packaging Joint Stock Company, the enterprise invested in a fully automated, closed-loop production line imported from the United States and European countries. Alongside expanding capacity, the plant focuses on technical innovation, material conservation, and developing highly recyclable aluminum packaging to meet escalating market demands.

Notably, the project commenced operations six months ahead of schedule. According to the Q3/2026 report, the investor disbursed over VND1.78 trillion ($70 million), accounting for approximately 67 percent of the total registered capital.

Beyond boosting manufacturing capacity for the packaging industry, the facility creates job opportunities for the local workforce. Ahead of the inauguration, the company hired 100 workers, primarily local residents. As production expands, the plant plans to recruit hundreds more employees to support operations.

Speaking at the ceremony, Mr. Le Duc Tien, Vice Chairman of the Quang Tri Provincial People’s Committee, emphasized that the true value of an investment project lies not only in registered capital but also in manufacturing capacity, product off-take, job creation, and long-term societal contributions.

He urged the enterprise to complete remaining items and implement Phase 2 as planned, while prioritizing occupational safety, environmental protection, workforce training, and employee welfare.

Local government departments were tasked with resolving operational hurdles and improving industrial park infrastructure to facilitate stable production and market expansion for the business.


Da Nang approves $288m shipping channel project

Da Nang approves $288m shipping channel project

The channel is expected to lower logistics costs and attract further investment to central Da Nang city and the wider central region.

Central Da Nang city's authorities have approved the VND7.585 trillion ($288 million) investment project to develop the Cua Lo shipping channel.

The project will involve constructing a 6.58km navigation channel, with a width of 140 metres and a design depth of 13.2 metres.

It will also include a maritime signalling system and a pilot boarding and disembarking area capable of accommodating vessels of up to 50,000 DWT.

The development is expected to improve maritime access to the East Sea for the Central Highlands, southern Laos, northeastern Cambodia and Thailand. It will directly serve Chu Lai Open Economic Zone and surrounding areas, while supporting economic restructuring in Da Nang.

Cargo throughput along the route is projected to reach 7.5–9 million tons annually by 2030, 14 million tons by 2040 and 22 million tons by 2050.

The project will be implemented under a build-transfer (BT) contract. Construction is scheduled to run from the fourth quarter of 2026 to the fourth quarter of 2028.

Once operational, the channel is expected to lower logistics costs and attract further investment to southern Da Nang and the wider central region.


MIK Group starts 50-ha high-rise residential project in northern Vietnam city

MIK Group starts 50-ha high-rise residential project in northern Vietnam city

Vietnamese property developer MIK Group has broken ground on The Harbor Skyline, a nearly 50-hectare high-rise residential development on Vu Yen island in Hai Phong, marking the debut of its I Series apartment brand in the northern port city.

The groundbreaking ceremony took place on Wednesday, and the developer has not disclosed further details on its total investment or construction schedule.

The launch also marks MIK Group's expansion into Hai Phong with its I Series, a premium apartment brand that has become a core part of the company's high-rise residential portfolio.

MIK Group develops two main apartment lines, M Series and I Series, targeting different market segments and housing needs. I Series includes projects such as Imperia Smart City, Imperia Signature Co Loa, Imperia Ocean City, Imperia Sky Park, and Imperia Sensa Park.

The line accounts for an estimated 70-80% of MIK Group's total high-rise apartment portfolio. The company has brought around 17,000 I Series apartments to market and plans to develop a further 200,000 units in the coming years.

A company representative described Hai Phong as the next step in MIK Group's expansion. The city, home to LG's Vietnam plant, is one of the region's major economic hubs, supported by industrial manufacturing, seaport operations and logistics.

Major developers intensify competition in Hai Phong

MIK Group's entry comes as Hai Phong's real estate market becomes increasingly crowded with large developers seeking to secure land and establish a presence across residential, commercial and resort segments.

Vingroup has established a substantial footprint through projects including the 877-hectare Vinhomes Royal Island on Vu Yen island, Vinhomes Duong Kinh, and the Happy Home Trang Cat social housing development.

Local developer Hoang Huy Group has built a strong position through projects such as Hoang Huy New City and Hoang Huy Green River in Thuy Nguyen.

DOJI Land entered the high-rise market with developments including Diamond Crown Hai Phong and Golden Crown Hai Phong, while Masterise Homes is targeting the premium apartment segment, particularly in Thuy Nguyen.

Other developers are expanding their presence through large-scale urban and resort developments. Van Phu Invest is developing the 30-hectare Vlasta Thuy Nguyen project, while Geleximco is behind the 480-hectare Dragon Ocean international tourism area in Do Son. BRG Group is developing the 350-hectare Ruby Coastal City resort township.

The growing presence of these developers reflects Hai Phong's appeal as an investment destination, supported by its industrial base, port infrastructure, and expanding urban economy.


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,
Ho Chi Minh City,

Vietnam