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 Ninh targets $2.6bln in tourism revenue in 2026

Quang Ninh targets $2.6bln in tourism revenue in 2026

The northern province welcoming over 12.4 million tourists in the first six months of 2026, generating VND35.2 trillion ($1.34 billion) in tourism revenue.

Northern Quang Ninh province welcomed more than 12.4 million visitors in the first half of 2026, including over 2.6 million international arrivals, generating nearly VND35.2 trillion (approximately $1.34 billion) in tourism revenue.

Based on market developments, the provincial tourism sector has proactively updated its growth scenarios and focused on measures to stimulate demand, expand international markets, develop new tourism products and improve service quality.

The third quarter of 2026 has been identified as a key acceleration period, with a target of more than 5.8 million visitors, including around three million overnight visitors, and VND19.5 trillion in revenue.

To achieve these targets, Quang Ninh plans to restructure its visitor markets, focusing more on higher-spending segments. Alongside maintaining traditional markets such as China, South Korea and Japan, the province is stepping up efforts to attract Indian visitors through MICE and wedding tourism. It also plans to expand into the Russian, European and North American markets by promoting longer-stay beach and island resort products.

Based on the strong performance recorded in the first half of the year, Quang Ninh has raised its tourism target for 2026 from 22 million to nearly 22.5 million visitors. The province has also increased its tourism revenue target from approximately VND65 trillion to VND68.585 trillion (around $2.6 billion).


Quang Ninh allocates $380mln for new-style rural development

Quang Ninh allocates $380mln for new-style rural development

The program aims to transform the northern province’s countryside into a comprehensively developed, modern, and sustainable region.

The Quang Ninh Provincial People’s Council has officially passed a resolution regarding the medium-term public investment plan and regular budget expenditures for the 2026–2030 period.

The resolution focuses on the National Target Program for building new-style rural areas, sustainable poverty reduction, and socio-economic development in ethnic and mountainous regions, with a total budget of approximately VND9.785 trillion (nearly $372 million).

The program aims to transform Quang Ninh’s countryside into a comprehensively developed, modern, and sustainable region. Key objectives include improving the quality of life for residents, ensuring sustainable poverty reduction, developing synchronized infrastructure in ethnic minority and mountainous areas, and narrowing the development gap between different regions.

The program comprises four primary target groups: new-style rural development, sustainable poverty reduction, socio-economic development for ethnic minority and mountainous areas, and rural economic development.

Accordingly, the new-style rural development group will be implemented across 22 communes and two special zones, the sustainable poverty reduction group will cover 54 communes, wards, and special zones, and the socio-economic development for ethnic and mountainous areas will be carried out in 22 communes, wards, and special zones.


Vietnam’s steel industry records double-digit growth in first half of 2026

Vietnam’s steel industry records double-digit growth in first half of 2026

Domestic and export sales of crude steel reaching 14.81 million tons during the period, a year-on-year increase of 25.5%.

Vietnam’s steel industry posted double-digit growth in both production and sales in the first half of 2026, with hot-rolled coil (HRC) emerging as the main growth driver.

According to data from the Vietnam Steel Association (VSA), the country produced 15.18 million tons of crude steel in the first six months of 2026, up 26.9% year-on-year.

Domestic and export sales of crude steel reached 14.81 million tons during the period, an increase of 25.5% compared with the same period last year. Of this, crude steel exports amounted to 1.696 million tons, up 5.3%.

For finished steel products, production reached 18.21 million tons in the first half of the year, up 15.1%, while sales totaled 17.95 million tons, an increase of 14.2% year-on-year. The VSA reported growth across most product categories, with the exception of coated steel and cold-rolled steel, both of which recorded declines in production and sales.

By product category, HRC was the standout performer in the first half of the year. HRC production reached 5.397 million tons, up 41.9%, while sales rose 36.8% to 5.338 million tons. HRC exports also surged 62.2% year-on-year to 758,000 tons.

Construction steel also maintained positive growth, with production reaching 7.69 million tons, up 19.3%, while sales rose 15.1% to 7.64 million tons.


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