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

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.


Machinery imports surge on production expansion demand

Machinery imports surge on production expansion demand

VOV.VN - Vietnam’s imports of machinery and equipment rose sharply in early 2026, signalling robust investment activity and expanding production capacity.

Preliminary data from Vietnam Customs show that total imports of machinery and equipment reached US$18.56 billion as of April 15. In the first half of April alone, imports amounted to US$3.06 billion.

In March, the import value surged 37.3% compared to February and 14.6% year on year to over US$5.55 billion. For the first quarter of 2026, total imports of this category stood at nearly US$15.5 billion, up 22.7% from the same period last year.

China was the largest supplier, with shipments valued at nearly US$9.72 billion, up 25% year on year. Imports from this big market reached almost US$3.36 billion in March alone.

Other key suppliers included Japan, with nearly US$1.2 billion (down 2.3%), and Republic of Korea, with over US$1.15 billion (up 4.9%). Imports from ASEAN countries exceeded US$1 billion, rising 59.5%, while shipments from the EU generated US$862 million, up 19.3%. Imports from Taiwan (China) totalled US$407 million, an increase of 20%.

Machinery and equipment ranked as Vietnam’s second-largest import category, following computers, electronic products and components, which recorded nearly US$57 billion in import value as of mid-April.

The surge in machinery imports is largely driven by new investment projects and production expansion, particularly in the foreign-invested sector.

In 2025, total registered foreign direct investment (FDI) into Vietnam hit US$38.42 billion, up 0.5% year on year, marking the second-highest level on record. Notably, disbursed FDI rose 7.2% to a record US$25.35 billion, indicating strong investor commitment.

Rising machinery imports suggest that businesses are scaling up production, laying the groundwork for export growth in the coming quarters. Trade performance for the rest of the year is expected to remain positive as these investments begin to yield results.


Work starts on $2bn container terminal in Da Nang

Work starts on $2bn container terminal in Da Nang

Da Nang City, central Vietnam on Saturday broke ground on the Lien Chieu container terminal project, which carries a price tag of more than VND45 trillion (US$2 billion), marking a significant step in the city’s long-term economic and logistics strategy.

The project, invested by a consortium of Hateco Group, Hateco Seaport Company and APM Terminals B.V. of the Netherlands, will be executed over a 10-year period from 2026 to 2036, divided into three phases.

Designed to meet international standards, the Lien Chieu container terminal will feature eight berths spanning a total length of 2,750 meters.

The terminal is capable of accommodating vessels of up to 18,000 TEU and will have a projected annual capacity of 5.7 million TEU, equivalent to roughly 74 million metric tons of cargo.

Within three years of its initial operational phase, throughput is expected to reach some four million TEU annually.

Strategically located along international maritime routes, the mammoth terminal sits at the terminus of the East-West Economic Corridor, a critical trade axis linking Vietnam with Southeast Asia and the Mekong subregion.

Beyond its function as a seaport, Lien Chieu container terminal is envisioned as a comprehensive logistics ecosystem, including integrated barge terminals, warehousing, customs inspection facilities, and container handling services, all connected directly to the national railway network to facilitate multimodal transport.

Tran Van Ky, a representative from the consortium, said that the terminal will adopt a ‘green and smart port’ model, incorporating advanced technologies such as the Internet of Things (IoT) and artificial intelligence (AI) to optimize operations.

Automation systems, clean energy usage, and ecofriendly equipment are expected to reduce emissions and align with both domestic and international environmental standards, positioning the terminal within global green supply chains.

Chairman of the municipal administration Nguyen Manh Hung described the project as a strategic collaboration between public investment and private sector commitment, in line with national policies promoting private economic development.

He emphasized that the terminal would serve as a catalyst for the city’s growth, helping to complete a modern logistics network while reducing transportation costs for businesses.

Also, the project is expected to support sustainable urban expansion, separating cargo traffic from tourism flows and reinforcing Da Nang’s role as an international gateway.

Speaking at the groundbreaking ceremony, Deputy Prime Minister Pham Gia Tuc highlighted the project as a milestone in implementing Vietnam’s strategy for sustainable marine economic development.

He noted that the terminal would stimulate logistics services, industrial growth, and port-based urbanization, while also strengthening national defense and enhancing the country’s global standing.

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