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

Central Vietnam province Gia Lai to have 600MW pumped storage hydropower plant

Central Vietnam province Gia Lai to have 600MW pumped storage hydropower plant

Gia Lai province is accelerating procedures to begin construction of the 600-megawatt Vinh Thanh pumped storage hydropower project, with a total investment of nearly VND11 trillion ($417.49 million).

According to a leader of the provincial Department of Industry and Trade, the Gia Lai People’s Committee has instructed relevant agencies to support and create conditions for Vinh Thanh Pumped Storage JSC to start construction in early 2027, aiming for operation by 2030.

The project’s main components include a newly built upper reservoir with a capacity of 4.3 million cubic meters, a lower reservoir utilizing the existing Dinh Binh irrigation lake, a bidirectional water tunnel system, and reversible turbines. For grid connection, the project will construct a double-circuit 500 kV transmission line linking the plant to the Binh Dinh 500 kV substation.

The project was approved in principle by the Gia Lai People’s Committee for research and survey in late February 2025. After more than a year of study, on April 23, the investor - Vinh Thanh Pumped Storage JSC, together with its French partners, reported survey and research results, concluding that the project is highly feasible.

Once operational, the plant is expected to generate an average of 783 million kWh per year, contributing to energy security and helping stabilize the national power system.

In addition, the project is projected to contribute VND320-350 billion ($13.28 million) annually to the local budget, create 300-500 jobs during construction and 40-50 jobs during operation, and promote socio-economic development, supporting the province’s goal of sustained double-digit economic growth in the coming years.

Legally, the project, located in the former Vinh Thanh district of Binh Dinh province (now Vinh Thanh commune, Gia Lai province after the July 2025 merger), has been approved by the Prime Minister under the revised Power Development Plan for 2021-2030, with a vision to 2050 under Decision No. 768 dated April 15, 2025, and its implementation plan was passed by the Ministry of Industry and Trade under Decision No. 1509 dated May 30, 2025.

The Gia Lai People’s Committee has also incorporated the project into the revised provincial master plan for 2021-2030, with a vision to 2050 under Decision No. 2832 dated November 28, 2025. The initial timeline projected operation during 2031-2032, but local authorities are working to accelerate progress and bring the plant online by 2030.

Vinh Thanh Pumped Storage JSC was established on November 4, 2024, with headquarters on Hoang Van Thu street, Quy Nhon Nam ward, Gia Lai province (formerly Quy Nhon town, Binh Dinh province). Its main business activity is power generation.

The company has a charter capital of VND50 billion ($1.9 million). Its founding shareholders include Tong Phan Long (VND5 billion, 10%), Bui Tien Trung (VND20 billion, 40%), and Le Duc Thoa (VND25 billion, 50%).

The legal representative is Le Duc Thoa (from Thanh Hoa province), who serves as director. He is also the legal representative of La Vuong Wind Power JSC (in Gia Lai) and Gia Nghia Green Renewable Energy Investment and Trading JSC (in Thanh Hoa).


Nearly 200km of expressway from Quang Ngai to Cu Mong Tunnel to open on April 29

Nearly 200km of expressway from Quang Ngai to Cu Mong Tunnel to open on April 29

Just in time for the April 30 holiday, a stretch of the North - South expressway from Quang Ngai to the Cu Mong Tunnel will officially open to traffic…

Just in time for the April 30 holiday, a stretch of the North - South expressway from Quang Ngai to the Cu Mong Tunnel will officially open to traffic, significantly accelerating travel along the North-South corridor.

Project Management Unit 2 (under the Ministry of Transport) was quoted by the Government News as announcing that the main route of the Quang Ngai – Hoai Nhon component project will be officially operational starting at 11:30 am on April 29.

The main section being opened in this phase spans approximately 88km. The expressway section begins at Km1050+00 (Nghia Giang commune, Quang Ngai province), where it connects with the Da Nang – Quang Ngai section of the North-South Expressway, and ends at Km1138+00, connecting to the Hoai Nhon – Quy Nhon section of the expressway.

The project began in January 2023 with a total investment of over VND21.110 trillion (nearly $802 million) from the State budget. To date, key items on the main route have been completed, most notably three major mountain tunnels: Tunnel No. 1 (Duc Pho), Tunnel No. 2 (Huan Phong), and Tunnel No. 3 (Binh De).

Under the current traffic organization plan for this initial phase, the expressway section will operate with four lanes and a roadbed width of 17 meters. The maximum speed is set at 90 km/h, with a minimum speed of 60 km/h.

In addition to the Quang Ngai – Hoai Nhon section, April 29 will also see the opening of the Hoai Nhon – Quy Nhon component project and Package 11-XL (Km0+200 - Km19+800) of the Quy Nhon – Chi Thanh component project.

The Hoai Nhon – Quy Nhon section of the expressway has a total length of 70.1km whilst the Quy Nhon – Chi Thanh section of the expressway has a total length of 61.7km (excluding the 5.1km section through the Cu Mong Tunnel). Both projects commenced construction on January 1, 2023.


Construction begins on $150 mln Phan Thiet Airport

Construction begins on $150 mln Phan Thiet Airport

Once operational, the airport will significantly reduce travel time from major hubs such as Hanoi, Ho Chi Minh City, and Da Nang, as well as other domestic tourist destinations...

The People's Committee of Lam Dong province, central Vietnam, and Sun Group officially held a groundbreaking ceremony for the civil aviation component of the Phan Thiet Airport project on April 27.

Located in Mui Ne Ward, the Phan Thiet Civil Airport project has a total investment of over VND3.9 trillion (approximately $150 million).

Spanning nearly 75 ha, the facility is designed to meet Grade 4E standards, allowing it to accommodate modern wide-body aircraft. In its first phase, the airport is expected to have a design capacity of 2 million passengers per year.

The project reached the construction stage just five months after completing investment procedures, with a projected construction timeline of two years.

The centerpiece of the project is an 18,000-sq.m passenger terminal, featuring an architectural design inspired by traditional Champa culture.

The airport is designed to handle regular domestic flights and will also have the capability to facilitate non-scheduled international flights. This is aimed at providing direct access for international tourists to the Mui Ne - Phan Thiet tourism hub.

Phan Thiet Airport is a dual-use facility (serving both military and civil purposes) covering a total area of over 543 ha. The project was first planned in 2013, and to date, the military infrastructure invested by the Ministry of Defense has been completed and is currently in use for training operations.

According to the timeline, the provincial authorities approved the investment policy for the civil component in late 2025, and investor selection was finalized by March 2026.

Once operational, the airport will significantly reduce travel time from major hubs such as Hanoi, Ho Chi Minh City, and Da Nang, as well as other domestic tourist destinations, thereby enhancing accessibility for travelers.


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