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.

Signatory of:

signatory
Learn More
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 retail giant Target to source products from Vietnam for first time

US retail giant Target to source products from Vietnam for first time

U.S. retail giant Target will source products from Vietnamese suppliers in home goods, household textiles, children's products, personal care, and beauty products at the Vietnam International Sourcing Expo 2026 in Ho Chi Minh City.

This will be Target's first participation in the Vietnam International Sourcing Expo 2026, scheduled to take place from September 3 to 5 in Ho Chi Minh City, according to the Ministry of Industry and Trade's Foreign Market Development Department.

U.S. retail giant Walmart has also confirmed that it will attend the event to source products from Vietnam.

Target's participation in the expo will give Vietnamese businesses an opportunity to showcase their manufacturing capabilities and connect directly with the retailer's sourcing team.

The retailer is seeking household and consumer products such as stuffed toys, ceramic products for food use, dinnerware, tableware, household textiles made from synthetic fabrics, and plastic kitchenware.

For children's products, Target is looking for baby bags, nursery and travel accessories, textiles, seasonal products, and products with customized designs.

In personal care and beauty, the retailer is interested in hair and scalp care products, bath and body care products, skincare products, beauty tools, make-up tools, accessories, and packaging products.

The company is also looking for household cleaning products, candles, air fresheners, and home fragrance products.

In the long term, Target is interested in products for pets, health and wellness, furniture, and equipment and supplies for babies and young children.

Target is seeking not only existing products but also suppliers capable of participating in product design and development, as well as original equipment manufacturing (OEM), original design manufacturing (ODM), and private-label production.

The retailer gives priority to suppliers with manufacturing facilities in Vietnam, large export volumes, and experience supplying international retail chains.

Experience working with companies such as IKEA, Walmart, Costco, Home Depot, Nitori, Amazon, Sephora, and Ulta would be an advantage.

Target currently operates more than 2,000 stores in the United States, generated about US$105 billion in revenue in 2025, and has more than 45 private labels.

The retailer sells a wide range of products, including fashion, beauty, household goods, furniture, and everyday essentials.

In addition to manufacturing capabilities, suppliers are expected to meet requirements related to quality management, product safety, social responsibility, environmental standards, raw materials, and product origins.

Vietnamese businesses seeking to connect with Target should prepare company profiles in English, product samples, information about their factories and production capacity, export markets, international customers, certifications, and OEM/ODM capabilities.

At the Vietnam International Sourcing Expo 2026, scheduled to be held at the Saigon Exhibition and Convention Center in Ho Chi Minh City, Vietnamese businesses will have opportunities to showcase their manufacturing capabilities, learn about buyers' requirements, and participate more deeply in the supply chains of major international markets through business-to-business matchmaking activities.


Bac Ninh attracts over $2.7 bln into semiconductor industry

Bac Ninh attracts over $2.7 bln into semiconductor industry

The presence of global giants is laying the groundwork for the northern province to gradually build a semiconductor ecosystem.

Northern Bac Ninh province has so far attracted 33 projects in the fields of semiconductors, semiconductor materials, and manufacturing of supporting equipment and components, with a total registered capital exceeding $2.742 billion, the online newspaper of Radio the Voice of Vietnam cited figures from the Provincial Department of Science and Technology as reporting.

Of these, six projects focus on semiconductors and semiconductor materials, while 27 others involve the production of ancillary equipment and components for the industry. Many of these are large-scale investments from major international technology corporations.

Notable examples include Amkor Technology’s project with a total investment of $1.6 billion; Hana Micron Vina with $669 million; Micro Commercial Components with $115 million; Hana Micron Vietnam with $37.46 million; and Synergie Cad Vietnam Co., Ltd. with $21.21 million. Additionally, FPT’s semiconductor testing and packaging technology project has an investment capital of VND50 billion ($1.9 million).

The presence of these global giants is laying the groundwork for the locality to gradually build a semiconductor ecosystem. This development facilitates stronger links between electronics enterprises and the semiconductor industry while enhancing the province's ability to integrate into global supply chains.

Bac Ninh’s success in attracting semiconductor investment is significantly bolstered by its well-established electronics industry. Currently, the province is home to approximately 1,282 electronics companies, employing a workforce of around 481,948 people.

By 2025, the industrial production value of electronics enterprises in the province is projected to reach approximately VND1.85 quadrillion ($71 billion). This established industrial base serves as a crucial advantage, allowing electronics firms to transition into the semiconductor sector and form a highly integrated production and supply network.

In addition to this corporate foundation, the province’s industrial park system continues to be expanded and refined to meet the requirements of high-tech projects. Among the 39 industrial parks that have received investment policy approval, 23 are currently operational.


Vietnamese households' bank deposits surpass $421bn

Vietnamese households' bank deposits surpass $421bn

Household deposits at credit institutions reached VND11.07 quadrillion (US$424.57 billion) at the end of June, up 7.1 percent from the end of 2025, according to the State Bank of Vietnam (SBV).

Household bank deposits have surpassed VND11 quadrillion for the first time. Photo: Le Thanh / Tuoi Tre

Household deposits increased by around VND242 trillion ($9.2 billion) in June alone and by about VND733 trillion ($27.9 billion) in the first six months of the year.

Meanwhile, deposits by economic organizations reached around VND6.37 quadrillion ($242 billion) at the end of June, up more than 3.09 percent from the end of 2025. Their deposits increased by around VND203 trillion ($7.7 billion) in June.

Household deposits therefore grew more than twice as fast as deposits by economic organizations in the first half of the year.

Credit growth puts pressure on interest rates

Total deposits by households and economic organizations reached around VND17.44 quadrillion ($663 billion) at the end of June.

Meanwhile, total money supply, including cash and bank deposits circulating in the economy, exceeded VND20.4 quadrillion ($775 billion), up 4.99 percent from the end of 2025.

Outstanding credit across the banking system topped VND20.15 quadrillion ($766 billion) as of July 29, up 8.38 percent from the end of 2025, the central bank said.

Can Van Luc, a member of the National Monetary and Financial Policy Advisory Council, said capital demand remained high, particularly as Vietnam targets double-digit economic growth.

The gap of around VND1.4 quadrillion ($53 billion) between deposits and outstanding credit is putting pressure on interest rates, he said.

Prime Minister Le Minh Hung on Thursday chaired a meeting with the SBV and credit institutions to review monetary policy and banking operations during the first seven months of the year and discuss measures for the coming period.

Hung asked the central bank to maintain appropriate policy interest rates and increase market liquidity to help credit institutions access lower-cost funding.

The SBV was also told to manage the exchange rate flexibly in line with market developments, coordinate monetary policy tools and intervene when necessary to stabilize the foreign exchange market, while continuing to closely manage the gold market.

Credit institutions must cut operating costs, stabilize interest rates and make substantive reductions in lending rates, the prime minister said.

Rising deposit rates attract savers

Household deposits have increased as some banks raise deposit rates, particularly for medium-term and long-term maturities.

Six-month deposit rates at some banks have reached nine percent per year, depending on deposit conditions and size.

N., a resident in Hanoi, said she deposited VND300 million ($11,400) at SHB earlier this week for six months at an annual interest rate of nine percent.

The rate for the same amount at the same bank is now around 0.1 percentage point higher than it was two weeks ago, she said.

Economist Nguyen Thuong Lang said the growth in deposits showed that banks remained an important channel for households to hold their money.

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