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

Two casinos pay over $46mn in taxes in Vietnam's Da Nang

Two casinos pay over $46mn in taxes in Vietnam's Da Nang

Major businesses in Da Nang City, central Vietnam have recorded positive business and production results since the beginning of 2026 and largely fulfilled their tax obligations, with several companies paying thousands of billions of dong in taxes, according to the Da Nang Tax Department.

As of August 2026, Vinpearl JSC had paid more than VND12.3 trillion (US$470 million) in taxes.

Asia Park Co., Ltd. had paid VND7.2 trillion ($275 million), while Truong Hai Group had paid nearly VND7.5 trillion ($286 million).

The No. 2 Branch of Heineken Vietnam Brewery - Da Nang Co., Ltd. had paid VND3.2 trillion ($122 million).

Notably, two major casino operators in Da Nang had together paid more than VND1.2 trillion ($46 million) in taxes.

Nam Hoi An Development Co., Ltd. had paid VND879 billion ($33.6 million), while Silver Shores Investment and Development Co.,Ltd. had paid VND359 billion ($13.7 million).

The city's gross regional domestic product (GRDP) grew 10.31 percent in the January-September period, according to the Da Nang City Statistics Office.

Tourism continues to grow

The services sector remained the biggest contributor to Da Nang's economic growth, with tourism, accommodation, food and beverage services, transport and retail all posting strong growth.

The city welcomed around 15.86 million overnight visitors in the first nine months, up 26.4 percent year on year.

International arrivals exceeded 7.73 million, up 28.7 percent, while domestic visitors totaled nearly 8.13 million.

Revenue from accommodation, food and beverage, and travel services reached nearly VND57 trillion ($2.17 billion), up more than 25 percent.

Businesses are expanding beyond traditional tourism products to develop wedding tourism, conferences and seminars, as well as cultural and sporting events and ecological experiences in the western part of the city.

The use of digital maps, visitor data and automated tour guides is also being promoted to diversify visitor experiences and help tourists access destinations.

Major projects boost investment, state revenue

Investment and construction also continued to provide significant momentum for Da Nang's growth.

Total social investment in the first nine months was estimated at VND88 trillion ($3.36 billion), up more than 42 percent year on year.

Investment by the non-state sector increased by more than 60 percent, showing that private investment continued to gain momentum.

Several large-scale projects, including Da Nang Downtown, the Lang Van integrated resort and entertainment complex, Ba Na Complex, and the Hoa Xuan Eco-urban Area, are being accelerated.

As of September 20, Da Nang had attracted around VND187.6 trillion ($7.16 billion) in newly registered and additional domestic investment, up nearly 68 percent.

Foreign direct investment (FDI) also surged to $686.6 million, more than double the figure recorded in the same period last year.

The city licensed 111 new FDI projects with total registered capital of $523.4 million.

These figures show that businesses, particularly large-scale projects in tourism, urban development and services, are playing an increasingly important role in expanding Da Nang's growth potential.

By September 25, state budget revenue collected in Da Nang had reached VND69.16 trillion ($2.64 billion), up 71.4 percent year on year.

Domestic revenue accounted for more than 93 percent of the total.

Revenue from housing and land made a significant contribution, along with higher revenue from non-state industrial and commercial businesses, foreign-invested enterprises and state-owned enterprises.

The higher revenue has enabled Da Nang to allocate more resources to development investment.

Development investment spending in the first nine months rose more than 50 percent year on year, while the city also increased resources for education, healthcare, science and technology.

Credit growth reaches 16.69% by September

Credit growth reaches 16.69% by September

Total outstanding credit reaching VND20.75 quadrillion ($789 billion) as of September 30, 2026.

Vietnam’s total outstanding credit reached VND20.75 quadrillion ($789 billion) as of September 30, 2026, up 11.59% from the end of 2025 and 16.69% year on year, Deputy Governor of the State Bank of Vietnam (SBV) Pham Thanh Ha said at a press briefing of the SBV on October 7.

According to Mr. Ha, lending rates remain under upward pressure, although the pace of increase has slowed and rates have broadly stabilised around a new level. As of September 20, the average deposit rate for newly generated transactions stood at 6.38% per year, up 1.15 percentage points from the end of 2025.

Looking ahead to the final quarter, Mr. Pham Chi Quang, director of the SBV’s Monetary Policy Department, said rapid changes in the policies of major central banks in the world were adding pressure on Vietnam’s monetary policy.

With global interest rates trending higher, Vietnamese rates are unlikely to remain completely insulated from the broader trend, Mr. Quang said. The challenge is compounded by the economy’s continued need for substantial credit to support high growth.

Credit growth reached 19.07% in 2025, the highest level in 15 years. While strong economic growth requires continued credit expansion, rapid lending growth can also increase inflationary pressures.

The SBV will therefore continue to use monetary policy tools to support economic growth while limiting additional pressure on inflation.

Exchange rates will also remain a key policy variable. As a highly open economy, Vietnam could face imported inflation if exchange-rate movements are not effectively managed amid elevated global inflation.

The SBV will closely monitor money supply channels, inflation developments and exchange-rate movements to ensure timely policy responses in the coming period.


Austria's VAMED plans €1.2 bln Vietnam investment, explores hospital ship in Phu Quoc island

Austria's VAMED plans €1.2 bln Vietnam investment, explores hospital ship in Phu Quoc island

Austria's VAMED Engineering GmbH plans to invest EUR1.2 billion in Vietnam over the next five years and is exploring a hospital ship project in Phu Quoc island to expand healthcare capacity and support international events.

The plans were discussed during a meeting on Wednesday between Vietnamese Deputy Prime Minister Pham Thi Thanh Tra and César Louis-Philip Marseille, managing director of VAMED Engineering GmbH and a member of the board of VAMED+WWH Group of Germany.

Stressing that Vietnam is one of VAMED's important partners in Southeast Asia, Marseille said the planned investment of €1.2 billion over the next five years is expected to create thousands of jobs and promote knowledge and technology transfer, he added.

VAMED also wants to expand cooperation through concessional financing projects, public-private partnerships, and partnerships with private-sector investors. The group plans to supply medical products from Austria and Germany to Vietnamese partners.

Notably, VAMED proposed studying a hospital ship in Phu Quoc off Vietnam's southern province of An Giang, subject to the necessary conditions.

The company said the model would be a new approach for Vietnam's healthcare system and could provide medical services to large numbers of patients while strengthening the country's healthcare capacity.

Deputy PM Tra, in reply, welcomed the proposal, noting that Vietnam's long coastline and diverse healthcare needs create conditions for developing mobile healthcare models at sea. Such facilities could also help Vietnam respond to natural disasters and other emergencies, she said.

The proposed medical ship in Phu Quoc is also consistent with Vietnam's efforts to combine healthcare and tourism, particularly as the island prepares to host the APEC Economic Leaders' Week in 2027.

Tra said the project should be designed as a long-term healthcare asset rather than being developed solely to serve the APEC event. It should help strengthen local medical capacity, support the organization of international events, and improve healthcare services for the wider population.

She asked VAMED to quickly complete a detailed proposal covering technology, operations, and implementation mechanisms for the project.

Tra required the Ministry of Health to work with other ministries, agencies, and An Giang authorities to assess the hospital-ship concept, including its feasibility, technical requirements, standards, regulations, and other conditions needed for implementation.

The An Giang People's Committee was tasked with coordinating with relevant agencies to review the project's documents, investment conditions, and procedures.

In addition to the hospital ship proposal, Tra suggested VAMED invest in elderly healthcare and care facilities in Vietnam as the country faces growing demand for healthcare services.

VAMED has operated in Vietnam since 1997. Over nearly three decades, the group has deployed about €158 million in official development assistance (ODA) funding and implemented 10 major projects, helping upgrade medical equipment at 15 military hospitals, as well as Bach Mai Hospital, Cho Ray Hospital, and Hue Central Hospital. VAMED has also supported the development of medical-waste incineration facilities serving 25 local hospital clusters.


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