Lumen Vietnam Fund
About Us

Vietnam Holding Asset Management

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 welcomes 19.5 million foreign visitors in ten months

Vietnam welcomes 19.5 million foreign visitors in ten months

China led the top ten source markets in the ten-month period with nearly 4.4 million arrivals, followed by South Korea with 3.4 million, Russia with 1.25 million, and Taiwan (China) with 1.07 million.

The Vietnamese tourism sector welcomed 19.5 million international arrivals in the first ten months of 2026, up 13.8 percent year-on-year.

According to the Vietnam National Authority of Tourism (VNAT)'s report, a stable environment, enhanced security, direct international flight connections, and favorable visa policies continue to attract global travelers. Diversified tourism products and rich resources also drove double-digit international growth.

The VNAT report also showed that European markets posted strong growth, significantly contributing to overall results alongside traditional Asian source markets.

China led the top ten source markets in the ten-month period with nearly 4.4 million arrivals, followed by South Korea with 3.4 million, Russia with 1.25 million, and Taiwan (China) with 1.07 million.

Other major source markets included the US with 808,700 arrivals, Cambodia 787,100, Japan 757,500, India 744,600, the Philippines 579,200, and Australia 543,000.

By region, Europe posted the highest growth rate at 51.5 percent, followed by Africa up 30.7 percent, Oceania up 21.5 percent, the Americas up 18.1 percent, and Asia up 7.3 percent. Europe registered the largest absolute surge, contributing an additional 1.09 million arrivals year-on-year.

Within Europe, Russia surged 150.0 percent, remaining the largest source market in the region. Other notable European markets included Poland up 45.8 percent, the Czech Republic up 21.9 percent, Switzerland up 23.1 percent, and Sweden up 21.4 percent.

Meanwhile, South Korean arrivals dropped 6.3 percent, signaling a need for targeted promotional policies and product development to retain competitiveness in this key traditional market.

Vietnam reached 19.5 million foreign arrivals in the first ten months of 2026, fulfilling nearly 78 percent of its 25-million annual goal. To secure the remaining 5.5 million visitors, VNAT is launching targeted promotions across key markets including China, South Korea, India, and Russia.

Recent high-level engagements further support this push. Vietnamese officials met with South Korean counterparts to simplify visas and expand high-end golf and culinary offerings. Concurrently, Vietnam is targeting high-spending Austrian tourists by pushing for improved air connectivity to unlock long-haul European growth.


Indian investor proposes $1.3 bln bio-methanol complex in Thanh Hoa

Indian investor proposes $1.3 bln bio-methanol complex in Thanh Hoa

An Indian investor has proposed a study for a $1.3 billion bio-methanol production complex using bamboo and luong in Thanh Hoa Province, requiring about 200 ha of land.

The Thanh Hoa Provincial People's Committee on November 5 held a working session with an Indian delegation to discuss investment research within the Nghi Son Economic Zone.

Provincial People's Committee Vice Chairman, Cao Van Cuong, hosted the delegation led by MeOH Tech & Applications Pvt CEO, Prashanth Srinivas, alongside representatives from NewEra Cleantech and Sao Thai Duong Investment JSC.

According to the preliminary proposal, the bio-methanol production complex involves a total estimated investment of approximately $1.3 billion. The facility requires about 200 ha of land and is designed for a daily output capacity ranging from 2,300 to 6,900 tons. The project aims to deeply process biomass resources, expanding outlets for local bamboo, luong, and planted forest products.

Thanh Hoa currently has about 72,000 ha of bamboo and luong, including more than 46,000 ha of restored and managed luong forests. The annual harvest output exceeds 65 million trees, with paper material supply reaching approximately 85,000 tons. Raw material supply is projected to remain stable through the 2027 to 2030 period.

Bio-methanol is produced from renewable biomass for use in chemical manufacturing and energy sectors. Alongside bio-methanol, the investor's plan includes producing bamboo pellets and derivative products.

The Management Board of Nghi Son Economic Zone and Industrial Parks has introduced Dong Vang Industrial Park as a potential site based on land requirements and project scale.

Mr. Cuong requested that the investor group clarify its financial qualifications, detailed raw material demands, production technology, and environmental safety processes. He emphasized that Thanh Hoa prioritizes large-scale, modern, and environmentally friendly projects aligned with green growth strategies.


Vietnam urges Airbus to consider aircraft maintenance hubs at Long Thanh, Gia Binh airports

Vietnam urges Airbus to consider aircraft maintenance hubs at Long Thanh, Gia Binh airports

Vietnamese Prime Minister Le Minh Hung has called on Airbus to consider setting up an aircraft maintenance, repair and overhaul (MRO) center in Vietnam, particularly near the under-construction Long Thanh and Gia Binh international airports, as the country seeks to expand its aviation industry.

Hung made the call during a meeting with Airbus's president international Wouter van Wersch in Hanoi on Wednesday, marking 40 years since the European aircraft manufacturer began operating in Vietnam.

The PM praised Airbus's four decades of cooperation with Vietnam, noting that the company supplies a substantial portion of the fleets operated by Vietnamese airlines and has also partnered with the country in satellite observation.

Vietnam's population of more than 100 million, rising incomes and large-scale infrastructure investment are creating substantial demand for aviation development and fleet expansion, Hung said. Major projects include Long Thanh and Gia Binh international airports, alongside new economic zones and logistics infrastructure.

He urged Airbus to deepen its partnership with Vietnam through projects commensurate with the country's growing aviation ambitions and the company's capabilities. Cooperation should cover aerospace projects, technology development and transfer, research, high-skilled workforce training, manufacturing capacity, aviation safety oversight, and flight operations, Hung elaborated.

In addition to considering an MRO center in Vietnam, Hung called on Airbus to support Vietnamese airlines in implementing existing aircraft supply agreements as they expand their fleets and open new routes. He also urged the aircraft maker to work closely with Vietnamese authorities to advance cooperation in the space sector.

The prime minister noted he expected Airbus to help promote France to ratify the EU-Vietnam Investment Protection Agreement (EVIPA).

Hung reaffirmed the Vietnamese government's commitment to improving the business environment and facilitating foreign investment in accordance with Vietnamese law. He expressed confidence that the partnership with Airbus would enter a more substantive and productive phase after 40 years of cooperation.

Wouter van Wersch, for his part, said Vietnam plays an important role in Airbus's global success. Around 230 Airbus aircraft are currently in operation in Vietnam, with another 220 expected to enter service in the coming years, he revealed.

He said Vietnam's continued investment in aviation infrastructure, including Long Thanh and Gia Binh airports, and the development of a broader aviation ecosystem would create significant opportunities for Airbus.

The executive described Vietnam as a top priority for the group, affirming Airbus’s desire to strengthen its long-term partnership with the country beyond aircraft supply, including efforts to build local industry capabilities.

Marking the 40th anniversary of its presence in Vietnam, Airbus reaffirmed its long-term commitment to the country through cooperation in commercial aviation, space and industrial manufacturing, technology transfer, and manpower development. The group also expressed interest in expanding collaboration in digital transformation and artificial intelligence.

The under-construction Gia Binh International Airport project is located in Bac Ninh city, a neighbor of Hanoi. It has a total estimated investment of more than VND196 trillion ($7.51 billion), with phase one requiring approximately VND146.2 trillion ($5.6 billion).

The development will be carried out in two phases. In phase 1, from now to 2027, essential facilities will be completed to serve the APEC Summit in 2027. From 2026-2030, remaining phase 1 works will be finalized to ensure full operational capacity of 30 million passengers and 1.6 million tons of cargo per year.

For phase 2, from 2031-2050, construction will focus on expanding capacity to 50 million passengers and 2.5 million tons of cargo annually.

The Long Thanh International Airport project is located in Dong Nai province, a neighbor of Ho Chi Minh City.

The first passenger flights touched down at Long Thanh airport on December 19, 2025, marking the inaugural civil aviation operation at Vietnam’s largest airport.

Phase one will see the terminal have a capacity of 25 million passengers per year and also handle 1.2 million tons of cargo annually. Phase 2, scheduled by 2035, will expand capacity to 50 million passengers and 1.5 million tons of cargo by adding a second runway and terminal.

In the final phase, Long Thanh is expected to reach full operational capacity of 100 million passengers and five million tons of cargo per year by 2050.


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