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 targets 95% of population aged 15 and above to have bank accounts

Vietnam targets 95% of population aged 15 and above to have bank accounts

The target is set in the draft National Financial Inclusion Strategy for the 2026-2030 period.

Vietnam targets 95 per cent of its population aged 15 and above to own bank accounts, the Government News quoted the draft National Financial Inclusion Strategy for the 2026-2030 period as reporting on March 12.

Other goals include the value of non-cash payments reaching 30 times higher than the nation's GDP, at least 30 per cent of adults having savings deposits, and at least 300,000 small and medium-sized enterprises (SMEs) having outstanding loans at credit institutions.

Meanwhile, during 2026-2030, Vietnam aims that outstanding credit for agricultural and rural development will account for at least 25 per cent of total credit while at least 75 per cent of adults will have credit history information.

In addition, insurance industry revenue is projected to reach 3.3–3.5 per cent of the nation's GDP.

Under the draft strategy, priorities will be given to:

(1) People living in rural, remote, border, and island areas;

(2) Poor households, near-poor households, low-income households, and middle-income households;

(3) Pupils and students;

(4) SMEs, cooperatives, business households, small and micro enterprises and business households and enterprises run by youth, women, vulnerable groups, ethnic minorities, and people in mountainous, border, and island areas;

(5) Developing synchronized, inclusive, and comprehensive strategic infrastructure, aligned with priority groups; and

(6) Promoting digital transformation, green transformation, and structural transformation in the implementation of the strategy.

As of the end of February this year, nearly 87 per cent of Vietnamese adults (aged 18 and above) currently own bank accounts, exceeding the set targets by 3-8 per cent, according to the State Bank of Vietnam.

Around 71 per cent of people aged 18 and above have credit history information, meaning they have conducted transactions, such as payments or loans, within the banking system.

Around 33 per cent of adults had savings deposits over the past 12 months.

Loans for agriculture and rural development accounted for about 24 per cent of total outstanding credit in the 2020-2025 period.

The number of non-cash payment transactions has increased by nearly 59 per cent annually, more than double the planned target.


Government okays plan to extend HCMC metro line to Long Thanh airport

Government okays plan to extend HCMC metro line to Long Thanh airport

The Vietnamese government has approved in principle a plan to extend a metro line in Ho Chi Minh City to the Long Thanh International Airport in the neighboring province of Dong Nai, under an emergency mechanism aimed at accelerating procedures.

The move follows a proposal from Dong Nai authorities and was endorsed by Prime Minister Pham Minh Chinh on Tuesday, according to the Government Office.

The emergency construction mechanism allows authorities to shorten certain procedures such as appraisal and bidding in order to accelerate project implementation, while still maintaining legal compliance, quality standards, and oversight responsibilities.

Under the plan, the Ministries of Construction and Finance, HCMC, and Dong Nai will study and implement the extension of the Ben Thanh-Suoi Tien metro in accordance with regulations while ensuring transparency and avoiding corruption, waste, or inefficiency during execution.

The government also asked HCMC authorities to work with relevant agencies to resolve issues involving contractors on the metro project and report matters beyond their authority to higher levels.

On Tuesday, Deputy Prime Minister Tran Hong Ha also tasked Dong Nai officials with coordinating with the Ministries of Construction and Finance to propose special mechanisms for the metro extension project to Long Thanh airport.

The 19.7-kilometer Ben Thanh-Suoi Tien line, HCMC’s first urban metro system, began operations in December 2024 after years of construction. The project cost more than VND43.7 trillion ($1.66 billion) and includes 14 stations, including three underground ones.

The line operates with 17 trains, each consisting of three carriages with capacity of around 930 passengers. In the initial phase, nine trains run daily from 5 a.m. to 10 p.m., providing roughly 200 trips with intervals of 8-12 minutes. Travel time between Suoi Tien station in Thu Duc commune and Ben Thanh station in downtown city is about 30 minutes.

The metro extension plan comes as Vietnam accelerates work on Long Thanh airport, a major aviation hub expected to ease congestion at the HCMC-based Tan Son Nhat airport. In late February, PM Chinh instructed ministries and the Airports Corporation of Vietnam (ACV) to ensure the first phase of Long Thanh airport is completed in the first half of 2026.

Currently, transport links between HCMC and Long Thanh airport rely mainly on road networks, particularly the frequently congested HCMC-Long Thanh-Dau Giay Expressway. The roughly 40-kilometer route from downtown city to the airport is expected to face heavier traffic once the airport becomes operational.

Ca Mau plans $2.6 bln transport infrastructure push through 2030

Ca Mau plans $2.6 bln transport infrastructure push through 2030

The move aiming to improve connectivity and support economic growth in Vietnam’s southernmost province.

Authorities in southernmost Ca Mau Province plan to mobilise more than VND65.6 trillion (about $2.6 billion) to develop key transport infrastructure projects between 2026 and 2030 in a bid to improve connectivity and support economic growth in Vietnam’s southernmost region.

According to the provincial People’s Committee, the plan aims to gradually complete the local transport network and strengthen links with neighbouring localities. Many existing roads in the province are narrow, have low load capacity or are frequently flooded due to high tides in the Mekong Delta, creating difficulties for freight transport and increasing logistics costs.

During the 2026–2030 period, the province plans to prioritise 18 major transport projects that have already been approved or are undergoing investment procedures, with total capital demand estimated at around VND28.7 trillion. Funding will come from central and local budgets as well as official development assistance.

Among the largest projects is a coastal road running through Ca Mau with an estimated investment of more than VND8.48 trillion, financed by loans from the Export-Import Bank of Korea. The route will form part of the coastal transport corridor in the Mekong Delta region.

Another regional project includes a coastal road section passing through former Bac Lieu province, now merged into Ca Mau province, and linking to the Nam Song Hau route, with total investment of more than VND3.76 trillion funded by loans from the Asian Development Bank.

In addition, Ca Mau has proposed new infrastructure projects worth about VND36.9 trillion, including a 55-km road linking Ca Mau and Bac Lieu urban areas with estimated investment of VND25.5 trillion.


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