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.

Signatory of:

signatory
Learn More
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 moves to restructure FDI policies to attract high-quality investment

Vietnam moves to restructure FDI policies to attract high-quality investment

Under a draft amendment to the Investment Law, the Ministry of Finance proposing expanded market-access conditions and fundamental changes to investment incentives.

The Ministry of Finance has submitted to the Government a draft amendment to the Investment Law, proposing a range of measures to attract higher-quality FDI, with expanded market-access conditions and fundamental changes to investment incentives.

The ministry said a major bottleneck is that foreign investors in some sectors are required to establish joint ventures without specific limits on foreign ownership. This creates unnecessary administrative procedures and compliance costs while discouraging high-quality investment.

Under the draft, the Government would be authorised, depending on socio-economic conditions and management requirements, to allow foreign investors to hold up to 100% of charter capital or apply more favourable market-access conditions in sectors subject to restrictions.

For strategic projects with major impacts on economic, scientific and technological development and innovation, the Government could also ask the National Assembly to consider easing market-access conditions, provided national security, defence and national interests are protected.

The Ministry of Finance said the proposed changes would simplify investment procedures and improve transparency while helping Vietnam meet stricter requirements for an upgrade of its stock market classification.

The draft also proposes additional support for supply chains, production, product and technology improvements, initial investment and fixed-asset development.

A new Investment Support Fund would provide direct post-investment assistance to projects meeting technology and economic spillover criteria. Support would cover high-quality workforce training, research and development, social infrastructure for workers, high-tech product development and integration into domestic supply chains.

The combination of removing market-access barriers and introducing flexible investment support mechanisms aligned with international standards is expected to provide fresh momentum for Vietnam to capitalize on the next wave of global supply-chain relocation, according to the Ministry.


Corporate bond issuance reaches $12.2bln in 7M

Corporate bond issuance reaches $12.2bln in 7M

The banking sector recorded the largest issuance volume, accounting for 48.5% of the total.

The total value of corporate bonds issued in Vietnam reached nearly VND322.3 trillion ($12.2 billion) in the first seven months of 2026, up 2.7% from the same period last year, according to MB Securities.

Private placements continued to dominate, accounting for 86.6% of total issuance, or approximately VND279.1 trillion.

The banking sector recorded the largest issuance volume at VND156 trillion, down 34.5% year on year and accounting for 48.5% of the total. The average maturity increased to 5.2 years, with bonds with maturities of five to 10 years making up 48% of total issuance.

Real estate companies accounted for 43.8% of total issuance, with VND141.1 trillion worth of bonds issued, representing a sharp 224% increase from the same period last year. The average maturity of real estate bonds stood at 3.3 years.

Corporate bond yields continued to rise during the period. The weighted average issuance interest rate across the market was estimated at around 9.5% in the first seven months, up 270 basis points from 6.8% recorded in the same period of 2025.

Meanwhile, companies repurchased approximately VND168.8 trillion worth of corporate bonds ahead of maturity during the seven-month period, an increase of 11% year on year. Banks accounted for the bulk of early redemptions, representing 86.5% of the total and rising 49.7% from a year earlier.

An estimated VND30.9 trillion worth of corporate bonds are due to mature in the third quarter of 2026, down 47% year on year. Real estate bonds account for the largest share, at around 61%, or VND18.9 trillion.


Singapore is Vietnam's biggest FDI source in 2026

Singapore is Vietnam's biggest FDI source in 2026

Singapore was Vietnam's largest source of foreign direct investment in the first seven months of 2026, accounting for 35.6%, or US$7.5 billion, of total registered investment.

Since 2020, Singapore has consistently ranked first among countries and territories investing in Vietnam. Its investors registered more than $8.994 billion in 2020, followed by $10.7 billion in 2021, $6.455 billion in 2022, $6.8 billion in 2023, $10.2 billion in 2024, nearly $9.4 billion in 2025 and $7.477 billion in the first four months of 2026.

Cumulatively, Singapore is Vietnam’s second-largest foreign investor, with more than 4,500 valid projects and total registered capital of $97 billion across various sectors including manufacturing, logistics, finance and high technology. The overall largest foreign investor in Vietnam is South Korea.

More than five decades since establishing diplomatic relations in 1973, Vietnam and Singapore have developed increasingly trusted political ties, closely aligned interests and dynamic cooperation, according to the Ministry of Foreign Affairs.

Political trust has been translated into practical cooperation, notably through the establishment of a Strategic Partnership in 2013 and its upgrade to a Comprehensive Strategic Partnership in 2025. This was reinforced by General Secretary of the Communist Party of Vietnam Central Committee and President To Lam’s visits to Singapore in 2025 and 2026, and Singaporean Prime Minister Lawrence Wong’s trip to Vietnam in 2025.

The official visit to Singapore by Politburo member and Standing Member of the Party Central Committee’s Secretariat Tran Cam Tu from Aug. 24 to 25, at the invitation of Singapore’s People’s Action Party, and his co-chairmanship of the first Vietnam–Singapore Strategic Dialogue further demonstrate the high level of political trust between the two parties and countries, providing a strong stepping stone for deeper bilateral cooperation.

The network of 28 Vietnam–Singapore Industrial Parks (VSIP) nationwide is a prominent symbol of successful cooperation. The latest one was the VSIP Da Nang project, which was approved by Da Nang city in July, covering nearly 250ha with total capital of about VND3.73 trillion (US$138 million) and a 50-year operating term.

Beyond VSIP, major Singaporean investors such as Mapletree, Keppel Land, CapitaLand, Banyan Tree, Grab, Shopee, UOB and KinderWorld have also established a strong presence in Vietnam and continued expanding their investments.

The strong investment flow also reflects close bilateral relationship, particularly since the two countries upgraded ties to a Comprehensive Strategic Partnership in March 2025.

Vietnam remained Singapore’s 10th-largest trading partner in the first seven months of 2026, with bilateral trade reaching nearly S$33 billion (US$26 billion), up 43.1% year on year, according to Enterprise Singapore.

Singapore’s exports to Vietnam, meanwhile, rose 9% to S$17.8 billion while its imports surged 126.8% to S$15.1 billion, highlighting the role of transshipment and re-export activities in their trade ties.

Economic experts said Vietnam’s appeal is also linked to Singapore’s role as a regional financial, logistics and investment hub where numerous investment funds and multinational corporations are based. Some capital registered as Singaporean investment is in fact international capital managed, channeled or invested through the city-state.

Economist Vo Tri Thanh, director of the Institute for Brand and Competitiveness Strategy, noted that the two economies share a high degree of international integration and are among ASEAN’s leading economies in negotiating and signing bilateral and multilateral free trade agreements, creating a favorable framework for trade and investment.

An increasing number of Singaporean SMEs and startups are also entering Vietnam. While their projects may be smaller in scale, Singapore’s average investment capital is generally higher than the overall average for FDI projects in Vietnam, potentially creating opportunities for Vietnamese businesses.

Deputy Minister of Foreign Affairs Nguyen Manh Cuong said Tu’s visit is expected to generate substantive progress in three areas: strategic exchanges and coordination between the two parties, technological connectivity, and personnel training cooperation.

"We firmly believe that the visit by the Standing Member of the Party Central Committee’s Secretariat and the first Strategic Dialogue will provide fresh momentum, making the Vietnam–Singapore Comprehensive Strategic Partnership deeper, more effective and more sustainable, for the benefit of the peoples of both countries and a united and prosperous ASEAN," Cuong said.


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