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 spends over $4bn on meat, fishery imports in eight months

Vietnam spends over $4bn on meat, fishery imports in eight months

Imports of meat and meat products reached more than US$1.918 billion during the January–August period, up 26.3 percent from the same period last year, while fishery imports stood at $2.13 billion, down slightly by one percent.

Vietnam spent more than $4 billion importing meat, meat products and fishery products in the first eight months of 2026, with meat imports rising 26.3 percent year on year, according to the Customs Department.

Imports of meat and meat products reached more than $1.918 billion during the January–August period, up 26.3 percent from the same period last year, while fishery imports stood at $2.13 billion, down slightly by one percent.

Total spending on imports of the two groups therefore exceeded $4 billion after eight months.

India remained Vietnam's largest supplier of meat and meat products, accounting for 20.29 percent of the latter's total import volume. Imports from this market reached 120,800 tonnes worth $521.28 million, up 26.5 percent in volume and 55.8 percent in value year on year.

Imports of meat and meat products also increased in both volume and value from several other suppliers, including the US, Brazil, Spain, Canada, Germany, Türkiye, Japan and New Zealand.

Meanwhile, imports from Russia, the Republic of Korea, Poland, the Netherlands and Italy declined in both volume and value compared with the same period in 2025.

Vietnam mainly purchases poultry, pork, buffalo and beef, along with various edible offal products.

Based on complete data for the first seven months of the year, fresh, chilled or frozen poultry meat and edible offal accounted for 36.49 percent of Vietnam's total meat import volume, making it the largest category.

Fresh and frozen buffalo meat accounted for 18.89 percent of import volume and 29.28 percent of import value, while fresh, chilled or frozen pork made up 18.82 percent and 10.9 percent, respectively. Edible offal from pigs, buffaloes and cows accounted for 14.73 percent of volume and 7.03 percent of value. Fresh, chilled or frozen beef represented 5.85 percent of volume and 13.78 percent of value.

Other meat products accounted for 5.22 percent of import volume but 26.01 percent of total import value, statistics show.

In particular, Vietnam imported 112,000 tonnes of fresh, chilled or frozen pork worth $185.5 million, up 27.1 percent in volume but down 20.9 percent in value year on year. The average import price stood at $1,638 per tonne, down 38.4% from the same period last year.

The country's spending on meat imports in the first eight months of this year was nearly equivalent to the full-year figure for 2025, and far exceeded the $1.43 billion recorded in 2023 and nearly $1.8 billion in 2024.

In 2025, Vietnam imported 978,000 tonnes of meat worth more than $2 billion, representing increases of 11.6 percent in volume and 12.2 percent in value from 2024, reported the Customs Department.

With 17 free trade agreements currently in force, import tariffs on many meat products have fallen to zero, creating favourable conditions for imports. Exporters from the EU, India, Poland and other markets continue to view Vietnam as a promising destination.

However, the growing volume of imported meat is also putting considerable competitive pressure on domestic suppliers.

Thai industrial giant WHA plans $105mn industrial park in Da Nang

Thai industrial giant WHA plans $105mn industrial park in Da Nang

Authorities of Da Nang City in central Vietnam have worked with Thailand’s WHA Group on a proposed 400-hectare industrial park with an estimated investment of VND2.71 trillion (US$105 million) in the city.

Chairman of the Da Nang People's Committee Nguyen Manh Hung chaired a meeting on Wednesday with WHA Group and a delegation studying investment opportunities for several projects in the city.

At the meeting, WHA reported on its proposals for several projects in Da Nang, with a focus on developing and operating infrastructure for the WHA Da Nang industrial park.

Under the plan approved by Da Nang, the industrial park will follow a multi-sector model, prioritizing industries such as automobiles, mechanical engineering, electrical and electronics manufacturing, telecommunications, healthcare, high-tech industries, logistics and other environmentally friendly sectors.

The project will cover about 400 hectares in Thang Binh Commune and Dong Duong Commune.

The project is proposed to have an operating term of 50 years from the date the land is leased and the land-use purpose is changed.

Construction is expected to take 72 months from the date the state hands over the land.

City leaders said they will expedite relevant procedures to help WHA Group secure approval for its investment proposal.

Departments and agencies have been asked to closely coordinate and proactively prepare for land clearance, including land inventory, compensation, support and resettlement, to ensure the project stays on schedule.

A leader of the Da Nang High-Tech Park and Industrial Zones Authority told Tuoi Tre (Youth) online newspaper that WHA is a major Thai investor in industrial park infrastructure development.

Vietnam's fruit, vegetable exports eye 10 billion USD milestone

Vietnam's fruit, vegetable exports eye 10 billion USD milestone

To reach 9.5–10 billion USD, the most important thing is to strictly comply with market requirements, according to an insider.

Hanoi (VNA)– Vietnam's fruit and vegetable exports reached 6.02 billion USD in the first eight months of 2026, putting the sector on track to approach the 10 billion USD mark for the full year if quality and traceability are maintained.

The strong performance came as Vietnam's total agro-forestry-fishery exports neared 49.31 billion USD during the period, up 7% from a year earlier. Fruit and vegetable shipments alone hit around 6.02 billion USD, up 24.9% year-on-year.
Dang Phuc Nguyen, Deputy Secretary General of the Vietnam Fruit and Vegetable Association, forecast that the fruit and vegetable exports could bring home 9.5–10 billion USD this year.
September and October are expected to be peak months, with monthly export revenue potentially exceeding 1 billion USD, he said.
Durian remains the biggest growth driver. Exports of the fruit are projected to generate around 4–4.5 billion USD this year, accounting for roughly 40–45% of total fruit and vegetable earnings.
China continues to be Vietnam's largest market, accounting for 58.9% of total shipments. The US ranks second with 7.6%, followed by the Republic of Korea (RoK) with 4.2%.
In the first seven months of 2026, fruit and vegetable exports to China rose 33.1% year-on-year, while those to the US and the RoK increased 14.4% and 9.6%, respectively.
Nguyen Van Muoi, Chairman of the Tropical Agriculture Business Club, said China remains the largest market thanks to its strong demand and geographical proximity.
While diversifying export markets is necessary, China will be difficult to be replaced in the short term, he said. India offers potential opportunities, but more time is needed to expand exports there due to differences in consumer preferences.
Quality – key to reaching target
As durian serves as the main driver of fruit and vegetable exports, maintaining quality has become crucial to achieving the growth target.
“To reach 9.5–10 billion USD, the most important thing is to strictly comply with market requirements,” Nguyen said, stressing the need for transparent traceability and clear production and packaging unit codes.
For durian, the sector needs to shift from rapid expansion in growing areas and output toward higher quality, he added.
According to Muoi, products must meet standards, have traceable origins, and undergo quality control from the growing areas. Meeting VietGAP requirements should serve as a foundation before producers move toward higher international standards.
At the August 2026 Government press conference, Deputy Minister Dang Ngoc Diep said the Ministry of Agriculture and Environment will step up trade promotion and diversify export markets, with a focus on expanding market share in promising destinations such as India, Australia and New Zealand.
The ministry also plans to promote the export of frozen durian, processed products and other suitable fruit and vegetable products, Diep added.
The results recorded in the first eight months provide a solid basis for fruit and vegetable exports to reach 9.5–10 billion USD this year. By making the most of peak harvest seasons, expanding processing and maintaining strict quality control from growing areas to border gates, Vietnam's fruit and vegetable sector could set a new export record in 2026 while laying a stronger cornerstone for sustainable growth in the years ahead.​

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