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

LUMEN VIETNAM FUND

LUMEN VIETNAM FUND

We wish all our loyal readers of the Vietnam Blog a Happy New Year.

May the Year of the Fire Horse bring you good health, much success, and many wonderful moments.

Your Vietnam Team

Happy Lunar New Year 2026! Chúc Mừng Năm Mới 2026!

Vietnam’s foreign trade exceeds $130 bln in early 2026

Vietnam’s foreign trade exceeds $130 bln in early 2026

The figure representing an increase of 36.93% year-on-year.

Vietnam’s total foreign trade turnover reached $41.67 billion in the first half of February, rising 31.77% year-on-year, according to the Vietnam General Department of Customs.

The latest figures brought the country’s total trade value so far this year to $130.18 billion, representing an increase of 36.93% compared to the same period last year.

Export revenue in the first half of February stood at $20.36 billion, up 12.79% from the first half of January. The growth was largely driven by the manufacturing and processing sector, particularly high-tech products. The foreign-invested sector contributed $15.8 billion, accounting for nearly 78% of total exports.

Meanwhile, import turnover reached an estimated $21.31 billion, resulting in a trade deficit of $947.92 million for the period.

Vietnam becomes China’s leading green lobster supplier

Vietnam becomes China’s leading green lobster supplier

With an export volume of 24,067 tons, accounting for approximately 34.5% of the market share in China, Vietnam has risen to the top position in green lobster exports to this market.

In 2025, Vietnam’s green lobster exports to China recorded a breakthrough year, reaching a turnover of $840 million—a staggering 131% increase compared to 2024.

With an export volume of 24,067 tons, accounting for approximately 34.5% of the market share in China, Vietnam has risen to the top position in green lobster exports to this market. This achievement surpasses Canada, which held the top spot for many years but saw its exports fall to 15,355 tons, representing roughly 22% of the market share.

One of the primary factors driving this shift was trade policy. Starting March 20, 2025, China imposed an additional 25% tariff on various Canadian seafood products, including lobsters. As a high-value yet price-sensitive commodity, this tariff rendered Canadian products less competitive, forcing importers to seek alternative sources.

At that critical juncture, Vietnam emerged with distinct advantages, including geographical proximity, rapid delivery times, and flexibility in shipment sizes—all of which are essential factors for the live and fresh seafood segment.

According to data from Vietnam Customs, 2025 was a breakout year for Vietnamese lobsters, particularly in the mainland China and Hong Kong markets. The total export value of Vietnamese shrimp and lobster products to these two markets reached $1.3 billion, a 55% increase over 2024. Specifically, green lobsters contributed $840 million to this figure, acting as the primary engine of growth. This momentum continued into early 2026; in January alone, green lobster exports to mainland China and Hong Kong exceeded $100 million, up 6% over the same period last year.

However, the landscape is expected to shift again starting March 1, 2026, as China lifts the 25% tariff on Canadian lobsters and crabs following a bilateral agreement. This move is predicted to ignite a new round of fierce competition, as Canada has a strong incentive to regain its market share, particularly within high-end restaurant chains and the premium gift market.

The Vietnam Association of Seafood Exporters and Producers (VASEP) noted that despite the export surge, domestic lobster farmers still face significant hurdles. Intense competition from Australia, Canada, the United States, and Southeast Asian neighbors such as the Philippines, Indonesia, and Malaysia has placed heavy pressure on domestic procurement prices.

Furthermore, China's decision to lift the ban on Australian lobsters will further squeeze Vietnam’s market share. In addition to price competition, the Chinese market is tightening regulations regarding quality standards and the registration of processing facilities.

To maintain growth momentum, VASEP suggests that Vietnamese enterprises must closely align with market trends by stabilizing quality, standardizing product specifications, optimizing logistics for live goods, and strengthening direct ties with modern distribution systems.

VASEP remarked that while 2025 proved China is willing to "buy big" as the premium segment recovers, 2026 will be a true test of resilience. In an increasingly competitive environment, the suppliers who can maintain quality, delivery speed, and strong ties to distribution channels will be the ones who successfully defend their market share.

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