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

US hikes pepper imports from Vietnam, slashes purchases from elsewhere

US hikes pepper imports from Vietnam, slashes purchases from elsewhere

The U.S. imports of Vietnamese pepper increased by 22.1% year-on-year in the first seven months of 2026 even as its purchases from other countries fell by as much as 17-59%.

Vietnam’s shipments amounted to 44,100 tons during the period, with value rising by 21% to US$331 million, according to the United States International Trade Commission.

In volume terms, Vietnam accounted for 80.4% of the U.S. imports of 54,900 tons, up from 69% a year ago.

Overall, the U.S. imported pepper worth $407 million in the seven months, up 5.4%.

Imports from two other major suppliers, Indonesia and India, declined by 59.3% and 17.2% in volume.

Shipments from Brazil and China rose 6.8% and 4.8%, but they accounted for only 4% and 0.9% of the supply.

Vietnam’s Agency for Foreign Trade said pepper exports to the U.S. rose thanks to steady supply, improved quality, and lower prices.

The average price of Vietnamese pepper fell marginally to $7,499 per ton while that of Indonesian exports went up 18% to $8,691.

Vietnam also offers a wide range of pepper products for different market segments, including whole black peppercorns catering to food manufacturers, ground pepper, white pepper, and packaged products for the restaurant and retail sectors, the agency added.

The Vietnam Pepper and Spice Association expected shipments to the U.S. to continue to rise in the remaining months of the year.

But businesses need to explore new processing methods to add value to their products while ensuring food safety, traceability, and quality, it added.

Healthy and sustainable development for real estate market to be promoted

Healthy and sustainable development for real estate market to be promoted

Vietnam completed 170 housing projects with 46,962 units and commenced construction on 128 others with a total of 183,293 units from the beginning of 2026.

The Ministry of Construction will continue to closely monitor the real estate market in the final quarter of 2026 and propose timely measures to stabilise the market and promote healthy, sustainable development, the ministry said at its regular press conference on October 15.

The ministry highlighted a 10.31% year-on-year increase in the construction sector’s value added during the first nine months of the year.

In real estate, Vietnam completed 170 projects with 46,962 units and commenced construction on 128 others with a total of 183,293 units from the beginning of 2026. Of the new units, 140,492 were social housing apartments, while 42,801 were rental units.

Nationwide, 947 social housing projects, comprising 910,933 units with a combined investment of approximately VND841.34 trillion ($32 billion), are currently under development. The number of social housing projects completed, launched or approved in principle has reached 91% of the target under the national programme to build at least one million social housing units by 2030.

Rental housing development has also made progress. A total of 114 social housing projects incorporating 63,970 rental units are under development. More than 8,300 rental units have been completed, equivalent to 48% of the annual plan. The ministry expects 18,049 units to be completed by the end of 2026, reaching 105% of the assigned target.

Meanwhile, 395km of expressways were completed and fully opened to traffic nationwide in the first nine months, bringing Vietnam’s total expressway network to 3,345km.


Pangasius exports to Middle East up 7%, led by Saudi Arabia

Pangasius exports to Middle East up 7%, led by Saudi Arabia

Vietnamese pangasius exports to the Middle East raked in US$113 million during the eight- month period of 2026, up 7% year-on-year, with Saudi Arabia leading the growth through a 52% surge.

According to the Vietnam Association of Seafood Exporters and Producers (VASEP), pangasius export turnover to the Middle East reached US$113 million during throughout the reviewed period, up 7% from the same period in 2025.

The upward momentum strengthened in recent months, with August exports alone reaching US$20 million, a 24% increase year-on-year.

VASEP noted that these figures indicate purchasing power for pangasius in the Middle East is gradually recovering following a slowdown in March 2026, though recovery rates remain uneven across regional markets.

Saudi Arabia stands out as the top destination. Cumulative eight-month pangasius exports to this market fetched US$37 million, up 52% year-on-year. In August alone, export turnover hit US$7 million, marking a 93% surge compared to the same period last year.

"With its large import volume and outstanding growth rate, Saudi Arabia serves as the main growth engine for Vietnam's pangasius exports to the Middle East in 2026," VASEP assessed.

The association added that compared to March, regional demand for pangasius has improved noticeably. Nevertheless, recovery is spearheaded primarily by a few key markets, most notably Saudi Arabia. Meanwhile, several other Middle Eastern nations maintain small import shares without clear signs of rebound. Consequently, regional demand has yet to show a uniform recovery.


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