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

Quang Tri's proposed FTZ requires investment of up to $4.4bln

Quang Tri's proposed FTZ requires investment of up to $4.4bln

The proposed free trade zone in the central province would follow a multi-site, smart model, connecting seaports, border gates and East-West transport corridors.

Central Quang Tri province has proposed developing a free trade zone in three phases, with total investment estimated at VND77.23 trillion–VND114.13 trillion ($2.9–4.4 billion).

The provincial steering committee for the pilot free trade zone project recently held a meeting to review and refine the second draft of the proposal.

Under the proposal, the Quang Tri Free Trade Zone would follow a multi-site, smart model, connecting seaports, border gates and East-West transport corridors. It would create an integrated ecosystem linking logistics, trade, industry, services and digital infrastructure.

The model would go beyond simple goods transshipment, with the province seeking to develop logistics services that generate greater added value through warehousing, sorting, packaging, inspection, processing, re-export and related commercial services.

Quang Tri is also proposing 35 policy mechanisms across 12 groups covering investment and trade support, logistics, infrastructure development, and the management and operation of the free trade zone.


Việt Nam: Southeast Asia's second-largest aviation market

Việt Nam: Southeast Asia's second-largest aviation market

Việt Nam moved into second place with 7.3 million seats, up 10 per cent from a year earlier, the fastest growth rate among the Southeast Asian aviation markets analysed by OAG.

HÀ NỘI — Việt Nam has overtaken Thailand to become Southeast Asia's second-largest commercial aviation market by available seats in August, according to OAG, a global provider of aviation data and analytics.

Việt Nam moved into second place with 7.3 million seats, up 10 per cent from a year earlier, the fastest growth rate among the Southeast Asian aviation markets analysed by OAG.

The increase reflected rising travel demand in Việt Nam, as well as the advantage of a market with several major airports serving passengers across different parts of the country, OAG said.

Another factor highlighted by OAG was cooperation between Vietnamese tourism businesses and airlines. Tour operators often booked large blocks of seats and ran joint promotional and marketing campaigns, helping airlines fill flights more quickly.

The development of new destinations was also creating more room for Việt Nam's international air network to expand.

Thailand ranked third with 7.2 million seats, down 1.7 per cent year on year.

In its August Southeast Asia Aviation Market Briefing, OAG said Indonesia remained the region's largest aviation market, with 11 million seats, up 4.3 per cent year on year.

Capacity also declined in Malaysia and the Philippines, with 5.4 million and 4.8 million seats, down 6.4 per cent and 5.7 per cent, respectively.

Total airline capacity in Southeast Asia increased by 0.8 per cent year on year to 51 million seats in August, OAG said. Domestic capacity rose by 1.4 per cent and accounted for 45 per cent of the region's commercial aviation market, while international capacity was almost unchanged, increasing by 0.4 per cent to 28.2 million seats and accounting for 55 per cent of the market.

The growth in capacity comes as passenger traffic through Việt Nam's airports continues to rise. More than 76 million passengers passed through the country's airports between January and July, up 7 per cent from the same period last year, according to the Civil Aviation Authority of Vietnam (CAAV).

International travel was the strongest growth driver, with nearly 30 million passengers, an increase of more than 11 per cent year on year, almost three times the growth rate of domestic travel. Domestic passenger traffic exceeded 46 million, up more than 4 per cent.

Vietnamese airlines carried nearly 35 million passengers during the seven-month period, up more than 3 per cent year on year. International passengers accounted for more than 11 million, up 1 per cent, while domestic passengers exceeded 23 million, rising more than 4 per cent.

The CAAV expects Việt Nam's aviation sector to serve about 94 million passengers and handle 1.6 million tonnes of cargo in 2026, representing year-on-year increases of 13 per cent and 9.3 per cent, respectively.

To support these targets, aviation authorities plan to optimise runway scheduling, improve airport operational efficiency and strengthen oversight of airline operations to maintain aviation safety.

The regulator will also support airlines in expanding their fleets and increasing capacity, particularly during peak travel periods.

The CAAV will continue working with foreign aviation authorities to facilitate additional international routes while monitoring global economic conditions, geopolitical developments and fuel price fluctuations that could affect the aviation market.

Infrastructure development is another priority. Authorities are accelerating major airport planning and construction projects and preparing to reopen Liên Khương Airport and Cà Mau Airport following upgrades.

They are also advancing preparations for the future operation of Long Thành International Airport and Quảng Trị Airport, which are expected to expand Việt Nam's long-term aviation capacity and support continued market growth.

Foreign credit institutions allowed to conduct int’l payments via accounts in Vietnam

Foreign credit institutions allowed to conduct int’l payments via accounts in Vietnam

Under a new circular from the State Bank of Vietnam, such payments and money transfers can be conducted from September 19, 2026.

Under Circular No. 39/2026/TT-NHNN, issued recently by the State Bank of Vietnam, foreign credit institutions are allowed to conduct international payments and money transfers via accounts in Vietnam from September 19, 2026.

The Circular has supplemented regulations on the use of foreign currency and Vietnamese Dong accounts opened by non-resident foreign credit institutions at authorized banks in Vietnam, thereby completing the legal framework for correspondent account activities between domestic and foreign credit institutions.

The new policy is consistent with international practices and meets the practical requirements of cross-border payment activities amid increasingly deep international integration, thus facilitating the provision of international payment and money transfer services.

Additionally, foreign credit institutions may also conduct collection and payment transactions in accordance with Circular No. 16/2014/TT-NHNN, issued in 2014 by the central bank.

Other matters related to the use of accounts will be agreed upon in writing by two parties in compliance with Vietnamese law.

According to the new Circular, Vietnamese banks must provide guidance to customers, inspect and retain transaction documents, assume responsibility for the services they provide, and fully comply with regulations on foreign exchange management, cashless payments, as well as anti-money laundering and counter-terrorist financing.

Meanwhile, authorized banks where foreign credit institutions opened accounts must assume responsibility for providing payment and money transfer services through these accounts, while complying with regulations on cashless payments, foreign exchange management and other relevant legal provisions.



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