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

Monetary policy to be adaptive

Monetary policy to be adaptive

Ms. Nguyen Thi Hong, Governor of the State Bank of Vietnam, tells Vietnam Economic Times / VnEconomy’s Phan Linh about the need for adaptive monetary policies to meet the government’s 2025 targets of 8 per cent GDP growth and inflation of below 4.5 per cent amid global uncertainties and trade tensions.

How will monetary policy be affected by the complex global and domestic landscape forecast for 2025?

Analysts anticipate significant challenges in 2025 as the global economy remains uncertain and fraught with risk. While global inflation is declining, its stability remains uncertain, with potential upwards pressure, particularly given Vietnam’s high degree of economic openness. Commodity prices are expected to fluctuate due to geopolitical tensions, rising food security concerns, and the impact of natural disasters and extreme weather events.

In this context, international organizations such as the International Monetary Fund (IMF), the World Bank (WB), and the ASEAN+3 Macroeconomic Research Office (AMRO) have noted Vietnam’s limited room for further monetary easing and recommend leveraging its available fiscal space to support growth.

For the State Bank of Vietnam (SBV), past successes in monetary policy, particularly in inflation control, have bolstered its credibility and anchored inflation expectations. However, inflation risks in 2025 cannot be underestimated, especially amid persistent global and domestic uncertainties. Underestimating these risks and reacting too slowly with monetary policy could have negative repercussions for economic activity.

To achieve the socio-economic development goals set by the National Assembly (NA) and the government for 2025, a well-coordinated approach is essential, harmonizing monetary policy, fiscal policy, and other macro-economic strategies to ensure sustainable growth while maintaining key economic balances.

What are the SBV’s key policy objectives for 2025?

Given the current outlook, the SBV’s monetary policy management in 2025 will focus on several core measures.

First, it will focus on closely monitoring global and domestic economic developments to implement a proactive, flexible, and effective monetary policy. This will involve coordinating closely with fiscal policy to support economic growth, promote business activities, and maintain macro-economic stability while keeping inflation under control.

Second, monetary policy tools will be managed flexibly in response to macro-economic trends, ensuring financial market stability and providing liquidity support to credit institutions when necessary. Interest rates and exchange rates will be adjusted in alignment with macro-economic balances, inflation control, and overall monetary policy objectives.

Third, credit policies will be designed to align with macro-economic and inflationary conditions, ensuring an adequate supply of credit to meet the capital needs of the economy while maintaining financial stability.

The government has set a GDP growth target of 8 per cent in 2025 as a foundation for double-digit growth in subsequent years. Given the economy’s heavy reliance on credit, what are your thoughts on credit allocation this year?

Vietnam’s credit-to-GDP ratio is among the highest globally and has drawn warnings from the WB. International organizations such as the IMF, the WB, and AMRO have pointed out that Vietnam has limited room for further monetary policy easing and have recommended leveraging its available fiscal space to support growth.

In this context, the SBV will guide credit institutions to ensure safe and efficient credit growth, directing capital flows towards production, business activities, and priority sectors. At the same time, it will implement targeted credit programs and policies for specific industries and sectors in line with the directives of the government and the Prime Minister. Notably, it will strictly control credit in high-risk areas while facilitating access to bank credit for individuals and businesses, thereby effectively fulfilling its mandate assigned by the Party and the government.

During the Q&A session before the NA in November 2024, you mentioned that the economy’s high level of risk is putting pressure on non-performing loans (NPLs) in credit institutions, making it difficult to reduce lending rates. What is your forecast for risk levels in 2025?

NPLs in the credit institution system arise from various factors.

First, the domestic economy has been affected by negative global developments, and production industries in general are still facing many difficulties.

Second, while the stock and bond markets show signs of improvement, their recovery has been slow. The real estate market, after a period of rapid growth, has revealed existing problems and latent risks.

Third, the legal system still exhibits shortcomings, especially in land management, bankruptcy, corporate dissolution, civil enforcement, and law enforcement mechanisms. There are also insufficient mechanisms and policies to incentivize domestic and foreign investors to participate in asset resolution and NPL sales. The NPL market has not developed as expected.

Fourth, borrowers may have poor financial health or be experiencing business losses, using loan funds for improper purposes and inefficient investments, leading to an inability to repay debts to credit institutions.

Fifth, some institutions still face management shortcomings in relation to the scale, credit growth speed, and risk levels. The quality of credit approval and appraisal processes has been inadequate.

In light of these realities, the SBV has instructed entities within the system to strictly implement directives regarding monetary and credit activities, as well as credit regulations, to improve business performance, ensure system safety, and stabilize the money market.

At the same time, we consistently require that credit institutions ensure safe, effective, and healthy credit growth, limiting the increase and emergence of NPLs and ensuring operational safety. We also direct credit towards production sectors, priority areas, and sectors that drive economic growth while tightly controlling high-risk areas.

With the new provisions in the Law on Credit Institutions 2024, it is expected that the handling of non-performing loans will become more efficient and effective in the near future. Additionally, the State Bank of Vietnam will continue to implement credit solutions that are in line with macro-economic developments, inflation, and the credit capital needs of the economy. It will direct credit institutions to grow credit safely and effectively, channel credit into production and business sectors and priority areas, and implement specific credit programs and policies for certain industries and sectors according to guidelines from the government and the Prime Minister. It will also strictly control credit in high-risk sectors and create favorable conditions for people and businesses to access bank credit.

Bac Giang province targets $1.5 bln in FDI attraction in 2025

Bac Giang province targets $1.5 bln in FDI attraction in 2025

Investment attraction prioritizing high technology, smart production, AI and green transition.

Northern Bac Giang province targets to attract $1.5 billion of foreign direct investment (FDI) capital in 2025, according to Chairman of the provincial People's Committee Nguyen Viet Oanh, the Vietnam News Agency has reported.

The province will focus on attracting investment in the industrial sector, aiming to develop an industrial ecosystem that connects industrial zones with urban and service areas with synchronized, modern technical and social infrastructure, the newly-elected chairman said.

It aims to lure large-scale processing and manufacturing projects that apply high technology, smart production, AI, green transition, and clean technology, particularly in those in the semiconductor industry, which have a high value and connect global production and supply chains.

Last year, the province attracted total investment capital worth over $2.23 billion, including over $507 million of registered capital from 73 FDI projects.

Central bank cuts interest rate on bills for first time in 2025

Central bank cuts interest rate on bills for first time in 2025

According to data from the financial data provider Wichart, the SBV issued VNĐ19.6 trillion of bills in the past week. The interest rate on the bills decreased by 0.1 percentage point, from 4 per cent to 3.9 per cent on February 14.

HÀ NỘI — The State Bank of Vietnam (SBV) has reduced the interest rate on bills for the first time in 2025.

According to data from the financial data provider Wichart, the SBV issued VNĐ19.6 trillion of bills in the past week. The interest rate on the bills decreased by 0.1 percentage point, from 4 per cent to 3.9 per cent on February 14.

In the interbank market, overnight interest rates have also decreased from 5.54 per cent to 4.25 per cent, and interest rates for terms from one week to one month have also declined to 4.45 per cent and 4.67 per cent, respectively.

According to experts, though the pressure on foreign exchange rate is lowering, the SBV will continue to issue bills as needed to control the exchange rate as long as the risk of a rising rate persists.

To cool down the exchange rate, the SBV can also take measures to keep interbank interest rates at a high threshold to ensure the interest rate gap between the Vietnamese đồng and the US dollar in the future.

The USD/VNĐ exchange rate has gradually decreased since January. On the interbank market, the US dollar was traded at VNĐ25,085 on January 24, 2024 (the last working day of January before the country started the Lunar New Year holiday), a decrease of 1.6 per cent compared to the end of 2024.

Some factors that helped the exchange rate cool down include the SBV’s sale of US dollars under forward contracts, a decrease in the dollar index (DXY) and the country’s rising foreign currency supply from remittance sources.

Commenting on the exchange rate, Viet Capital Securities Company (VCSC) analysts forecast a number of factors that may put pressure on the USD/VNĐ exchange rate this month. First, abundant liquidity in the banking system can reduce interbank interest rates and put pressure on the exchange rate. Secondly, the SBV on February 11 increased the dollar selling rate by 1 per cent to VNĐ25,698 from VNĐ25,450 per dollar. Finally, demand for US dollars from the State Treasury has increased, as it has to pay for dollar-denominated bonds.

However, VCSC analysts believe that rising foreign currency supply from FDI, remittances and trade surplus can help support the USD/VNĐ exchange rate.

Tiền Phong Securities (TPS) forecasts that the USD/VNĐ exchange rate will continue to see increasing pressure this year and may reach VNĐ26,000 per dollar by the end of the year, especially as the US Federal Reserve slows its interest rate cuts. Meanwhile the stronger dollar may reduce the attractiveness of the Vietnamese market for international investors.

However, TPS experts noted that based on the Government's strong economic growth orientation this year and the world’s unstable political and trade situation, the scenario in which the USD/VNĐ exchange rate is limited to VNĐ26,000 per dollar can be seen as positive. — BIZHUB/VNS

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