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 emerges as a premier destination for next-gen AI data centers

Vietnam emerges as a premier destination for next-gen AI data centers

Many "Big Tech" giants are shifting their infrastructure toward Southeast Asia, signaling the region’s high appeal for data center relocation.

Vietnam is emerging as an attractive hub for next-generation data center investment, poised to meet the surging demands of Artificial Intelligence (AI) in the coming years.

Speaking at the opening of the Data Center & Cloud Infrastructure Summit (DCCI Summit) 2026, organized by Viettel IDC on April 20, Mr. Le Ba Tan, CEO of Viettel IDC, highlighted the sustained positive growth of the Vietnamese data center market.

Thanks to a variety of favorable policies from the Party and the Government regarding land use, electricity, and tax incentives, Vietnam’s investment climate is becoming increasingly competitive. This has led to a wave of new data center projects scheduled for deployment in major metropolitan hubs such as Hanoi and Ho Chi Minh City.

According to data presented at the summit, the global data center market is projected to reach $627.4 billion by 2030, with the Asia-Pacific (APAC) region accounting for $174.8 billion. Regarding average market growth rates, Mr. Tan pointed out that while the global rate is 8.8% and APAC is 9.3%, Southeast Asia is expanding at approximately 14%.

"Vietnam is situated in a high-growth region for data centers, with a growth rate 1.5 times higher than the global average," said Mr. Tan.

Currently, there are approximately 11,000 data centers worldwide. However, specialized AI Data Centers, while accounting for less than 1% of the total number, already consume 25% of the industry’s total power. This reflects the massive "energy thirst" of AI—a trend expected to intensify over the next decade, when AI Data Centers could account for up to half of the entire sector's energy consumption.

The APAC region has plans to deploy approximately 19.4 GW of AI-related data center capacity, of which 3.7 GW is already under construction (roughly 20% of the target).

Many "Big Tech" giants are shifting their infrastructure toward Southeast Asia, signaling the region’s high appeal for data center relocation, said Mr. Tan.

In Vietnam, the total data center capacity currently stands at approximately 104 MW and is forecasted to increase five to six-fold, reaching nearly 600 MW by 2030.

Numerous large-scale projects are being fast-tracked, not only by domestic firms like Viettel but also by major international investors such as G42 and Microsoft, with significant deployment plans set for Ho Chi Minh City in the 2026–2027 period.


Roadmap set to shift international flights from Tan Son Nhat to Long Thanh

Roadmap set to shift international flights from Tan Son Nhat to Long Thanh

VOV.VN - The Airports Corporation of Vietnam (ACV) has proposed a roadmap to gradually transfer international flights from Tan Son Nhat Airport to Long Thanh Airport from late 2026, aiming for the new airport to handle more than 90% of international passengers in Ho Chi Minh City in 2027.

In a report submitted to competent authorities, ACV outlined a two-phase plan to transfer operations between Tan Son Nhat and Long Thanh, toward shifting most, and later all, international flights to Long Thanh.

Under the proposal, the first phase will run from the start of Long Thanh’s commercial operations through the 2026 winter flight schedule, from December 1, 2026 to March 27, 2027. During this period, all long-haul international flights, including cargo, will be transferred from Tan Son Nhat to Long Thanh, accounting for about 19% of total international passenger volume in Ho Chi Minh City.

An ACV representative said the early transfer of long-haul flights is intended to reduce pressure on Tan Son Nhat and to gradually test Long Thanh’s operational capacity in its initial stage.

In the second phase, from the 2027 summer flight schedule through 2030, ACV proposed transferring the remaining international flights to Long Thanh, except for short-haul routes under 1,000 km operated by Vietnamese airlines. If approved, Long Thanh could handle more than 90% of international passengers in Ho Chi Minh City in 2027.

After 2030, all regular international flights will be transferred to Long Thanh. Tan Son Nhat will mainly handle domestic flights, irregular international flights and charter services.

According to ACV, alongside accelerating progress on Component Project 3, the company is preparing operational conditions for Long Thanh across organisational structure, personnel, operational plans and trial runs.

ACV has established a branch, Long Thanh International Airport, to directly manage and operate the airport. Two specialised units, Long Thanh Air Cargo Services and Long Thanh Aviation Fuel Services, have also been set up to ensure operations are carried out in a coordinated manner.

On staffing, ACV said it has developed plans for training and assigning personnel to become familiar with equipment systems at Long Thanh. “Many employees have been assigned to work at Tan Son Nhat Airport to gain practical experience before commercial operations,” a company representative said.

For operational preparations, ACV has signed a consultancy contract with a consortium including Incheon International Airport Corporation and PIF Company to implement airport management, operations and operational transfer in line with international standards.

So far, ACV has finalized the first two phases, including operational concepts and core procedures, as well as commercial policies, business plans and financial strategy. The company is now implementing the third phase, including trial operations and operational transfer, with three trial runs planned for September, October and November 2026.

ACV said that once the plan for dividing operations between Long Thanh and Tan Son Nhat is issued, it will coordinate with relevant parties to keep the transition safe, efficient and smooth.


Vietnam, UNIDO sign deal for sustainable industrial development

Vietnam, UNIDO sign deal for sustainable industrial development

The Country Program for Inclusive and Sustainable Industrial Development for 2025–2028 has an estimated budget of $72 million.

Vietnam and the United Nations Industrial Development Organization (UNIDO) have signed a new Country Program for Inclusive and Sustainable Industrial Development for 2025–2028, marking a further step in their long-standing partnership.

The agreement was signed on April 20 in Hanoi by the Ministry of Finance and UNIDO.

With an estimated budget of $72 million, the program focuses on green industrial transformation, strengthening competitiveness and sustainable value chains, and improving industrial policies and institutions.

Since the official establishment of the partnership, UNIDO has collaborated with Vietnam to implement over 170 projects since 1978 in areas such as small and medium-sized enterprise development, quality infrastructure, energy efficiency, clean production, and sustainable supply chains. Based on this, within the framework of the new program, cooperation between the two parties will continue to be expanded through comprehensive intervention programs and activities, combining policy advice, technical support, and investment mobilization. The program is expected to open up new cooperation opportunities in the field of agricultural processing, particularly for value chains with potential such as rice and tea, focusing on value addition, meeting sustainable standards, enhancing resilience to climate change, and improving livelihoods in rural areas.


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