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

Việt Nam’s hi-tech exports surpass 50% as startup ranking hits record

Việt Nam’s hi-tech exports surpass 50% as startup ranking hits record

Việt Nam climbed five places to rank 50th globally in StartupBlink’s Global Startup Ecosystem Index 2026, its highest position ever.

HÀ NỘI — Hi-tech products accounted for 50.76 per cent of Việt Nam’s total exports in the first quarter, reported the Ministry of Science and Technology.

Notably, Việt Nam climbed five places to rank 50th globally in StartupBlink’s Global Startup Ecosystem Index 2026, its highest position ever.

The domestic innovation ecosystem continued to expand, with 963 sci-tech enterprises, 20 sci-tech exchanges and 37 innovation centres operating across 26 out of the 34 cities and provinces nationwide.

On digital transformation, the rate of fully online administrative procedures reached 50.2 per cent in May. The digital economy contributed an estimated 14.02 per cent of GDP in 2025, equivalent to about US$72.1 billion.

Việt Nam also held its position among the world’s leading countries for telecom infrastructure. Mobile broadband speeds hit 207.3 Mbps and fixed broadband averaged 287.33 Mbps, placing the country 11th globally in both categories.

To date, Việt Nam has recorded 110.5 million mobile broadband subscriptions, including 24.29 million 5G users, alongside 25.62 million fixed broadband subscriptions. Postal service revenue in May was estimated at VNĐ8.5 trillion, up 30 per cent from a year earlier.

May saw several key diplomatic and science events, including the Việt Nam–India Innovation Forum in New Delhi attended by Party General Secretary and State President Tô Lâm, talks between Việt Nam and Sri Lanka on cooperation in 6G, drones and satellite technology, and the third meeting of the Government Steering Committee on science, technology, innovation and digital transformation.


5-month retail and service revenue climbs 11.2% as tourism peaks

5-month retail and service revenue climbs 11.2% as tourism peaks

Despite a modest share of 1.3%, the travel and tourism industry reached an estimated VND40.6 trillion ($1.54 billion), posting a strong growth rate of 12.2%.

According to the latest report from the National Statistics Office, trade and service activities in May continued to record positive growth signals.

Total retail sales of goods and consumer service revenue at current prices in the month reached an estimated VND647.1 trillion ($24.56 billion), representing a 0.5% increase over the previous month and a robust 11.8% surge compared to the same period last year.

For the first five months of 2026, total retail sales and consumer service revenue totaled an estimated VND3,185 trillion ($121 million), up 11.2% year-on-year. When adjusted for price factors (inflation-adjusted), the total retail and service revenue increased by 6.1%, which is lower than the 7.2% growth recorded in the same period in 2025.

In terms of sectors, retail sales of goods during the first five months maintained the largest share at 75.9% of the total and rising 11.1% year-on-year. Within this segment, petroleum saw the highest growth at 12.7%; apparel increased by 10.2%; food and foodstuffs grew by 9.6%; household appliances up 7.5%; cultural and educational products rose by 5.6%; and other commodity groups jumped by 17.6%.

The accommodation and catering service sector generated an estimated VND400.4 trillion ($15 billion), accounting for 12.6% of the total and growing by 13.3% year-on-year. Notably, despite a modest share of 1.3%, the travel and tourism industry reached an estimated VND40.6 trillion ($1.54 billion), posting a strong growth rate of 12.2%.

These results are attributed to the effective combination of optimized visa policies, aggressive tourism promotion and stimulus campaigns, and improved service quality, which have collectively attracted a large number of domestic and international tourists.

Finally, revenue from other services in the first five months accounted for 10.2% of the total and increasing by 9.1% compared to the same period in 2025.

In terms of retail sales of goods, Quang Ninh province led the country with a 12.9% year-on-year increase. It was followed by Da Nang, Dong Nai, Can Tho, Hanoi, and Ho Chi Minh City.

For accommodation and catering services, An Giang province recorded the most spectacular breakthrough, with revenue soaring by 24.4%. Many other key tourism hubs also posted significant growth rates, including Ninh Binh, Da Nang, Hue, Quang Ninh, Hai Phong, Can Tho, HCM City, and Hanoi.

In the travel and tourism sector, Khanh Hoa province solidified its leading position with revenue skyrocketing by 33.8% compared to the same period last year. Other top-performing localities included Quang Ninh, Quang Ngai, Hue, Hai Phong, Hanoi, and HCM City.


Public investment disbursement reaches 21.6% of the annual plan within five months

Public investment disbursement reaches 21.6% of the annual plan within five months

The Government's public investment plan for 2026 totals VNĐ1.08 quadrillion, the largest on record and about VNĐ175 trillion higher than the 2025 plan, the ministry said.

HÀ NỘI — Việt Nam’s public investment disbursement reached VNĐ219.4 trillion (US$8.4 billion) in the first five months of 2026, equal to 21.6 per cent of the annual target set by Prime Minister Lê Minh Hưng, the Ministry of Finance said on Wednesday.

Of the total, VNĐ70.6 trillion came from the central government budget, achieving 19.4 per cent of the target while local government budgets contributed VNĐ148.7 trillion, equivalent to 22.9 per cent of their plan, the ministry said.

The Government’s public investment plan for 2026 totals VNĐ1.08 quadrillion, the largest on record and about VNĐ175 trillion higher than the 2025 plan, the ministry said.

More than VNĐ1 quadrillion has been allocated to ministries, government agencies and local authorities, leaving around VNĐ79.7 trillion, or 7.4 per cent of the National Assembly-approved plan, still unassigned.

By the end of May, ministries, agencies and localities had allocated more than VNĐ1 trillion to specific projects and tasks. Excluding additional funding from local budgets, detailed allocations reached VNĐ990.7 trillion, equivalent to 97.8 per cent of the amount assigned by the Prime Minister.

Unallocated capital stood at VNĐ22.7 trillion, or 2.2 per cent of the assigned plan, across 12 ministries, central agencies and 12 localities.

The ministry said delays were mainly caused by incomplete investment procedures and proposals to reallocate funds from projects with limited demand to those requiring additional capital.

The ministry identified shortages of construction materials as a major obstacle to faster disbursement, as demand has risen sharply alongside efforts to accelerate public investment projects.

It also cited higher material prices, which have exceeded approved budgets and required contract adjustments, as well as delays in land clearance linked to disputes over land ownership, compensation rates and resettlement plans.

In addition, many project owners were still completing design work, cost estimates, approvals and contractor selection in the early months of the year, limiting the volume of work eligible for payment.

The ministry said weaknesses in project preparation and planning had also contributed to delays, with some projects requiring revisions or capital reallocations.

It added that the capacity of some project management boards, investors and contractors remained limited, while some local administrations lacked dedicated public investment personnel.

To accelerate disbursement, the ministry urged ministries, agencies and local governments to speed up land clearance, ensure adequate supplies of construction materials and strengthen oversight of material prices.

It also called for stricter enforcement of administrative discipline, including penalties for officials and organisations that delay projects, and urged local authorities to ensure sufficient staffing for project management, particularly in remote and disadvantaged areas.

The ministry further instructed agencies to fully update public investment disbursement data on its digital monitoring system to support performance tracking and evaluation.


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