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

Nearly 100 tonnes of Vietnamese farm produce exported to Middle East

Nearly 100 tonnes of Vietnamese farm produce exported to Middle East

VOV.VN - LuLu Group International, a leading Middle Eastern retail conglomerate, has imported a second shipment of agricultural products from Vietnamese suppliers, demonstrating strong confidence among Middle Eastern importers in Vietnam’s production capacity, quality standards and ability to meet orders.

The latest charter flight, arranged under the direction of LuLu Group chairman and managing director M.A. Yusuff Ali, was deployed to ensure faster delivery of Vietnamese farm produce to the United Arab Emirates (UAE).

The Middle Eastern retail group, which operates the LuLu Hypermarket chain, continues to operate dedicated charter flights for Vietnamese agricultural exports to the region. The model not only helps strengthen the position of Vietnamese products within one of the region’s leading retail systems, but also creates broader positive effects for exports to Gulf Cooperation Council (GCC) markets as a whole.

The latest shipment, carried by Ho Chi Minh City-based MAY Exports Vietnam, transported 98 tonnes of Vietnamese agricultural products from Tan Son Nhat International Airport to the Middle Eastern market.

For fresh produce, timing is crucial to maintaining quality and freshness when products reach consumers. The continued operation of charter flights has significantly shortened transport times, reduced risks during transit and helped maintain supply chain stability between Vietnam and the Middle Eastern market.

Beyond commercial significance, the cargo flights also highlight Vietnam’s growing role in the global agricultural supply chain. Efforts to maintain stable cargo flows amid complex geopolitical conditions reflect the proactiveness, flexibility and effective coordination between Vietnamese exporters and major international distribution groups.

The successful operation of the second charter flight has also created expectations for regular cargo routes between Vietnam and the Middle East in the future.

Earlier, on April 18, the first charter flight arranged by LuLu Group transported about 98 tonnes of fresh fruit and vegetables from Tan Son Nhat International Airport to the Middle East.


Việt Nam cements status as world’s No.2 coffee producer, robusta powerhouse

Việt Nam cements status as world’s No.2 coffee producer, robusta powerhouse

Việt Nam cements its position as the world’s second-largest coffee producer and leading robusta supplier, latest data by the United States Department of Agriculture (USDA) showed.

HÀ NỘI — Việt Nam is expected to maintain its position as the world’s second-largest coffee producer and the leading supplier of robusta coffee in the 2025/26 crop year, latest data by the United States Department of Agriculture (USDA) showed.

Coffee production is forecast to recover to 30.8 million 60kg bags in 2025/26 thanks to favourable weather conditions and improved investment in farms.

Nearly 95 per cent of the country’s output is expected to remain robusta, reinforcing Việt Nam’s dominant role in the global instant coffee and commercial blend market. Bean exports are projected to rise by 2.3 million bags to 24.6 million bags on higher supplies.

The USDA data showed Brazil remains the world’s largest coffee producer with output forecast at 63 million bags in 2025/26. Colombia, Indonesia and Ethiopia complete the global top five producers.

Coffee remains one of Việt Nam’s key agricultural export earners. According to the Ministry of Agriculture and Environment, coffee export revenue reached US$3.6 billion in the first four months of 2026, making it the country’s largest agricultural export product by value during the period.

In April alone, coffee exports were estimated at 198,800 tonnes worth $845.8 million.

Export volume rose 15 per cent year-on-year, but export value declined 7.8 per cent due to lower global prices.

Average export prices in the four-month period fell 19.8 per cent year-on-year to an estimated $4,555 per tonne.

Germany, Italy and Spain remained Việt Nam’s three largest coffee export markets, accounting for 15.3 per cent, 8.2 per cent and 7.4 per cent of total market share, respectively. However, export turnover to these markets declined compared to the same period last year.

According to the International Coffee Organisation (ICO), global coffee prices have remained elevated over the past two years as tightening supplies and adverse weather conditions hit major producing countries, particularly Brazil, Việt Nam and Colombia.

However, prices have recently eased from last year’s peaks amid expectations of stronger global supplies, particularly from Brazil.

Industry analysts said Việt Nam has benefited from shifting global consumption patterns as coffee roasters increasingly substitute more expensive Arabica beans with Robusta amid prolonged supply shortages and volatile weather in major producing countries.

The USDA said global coffee production is forecast to reach a record 178.8 million bags in 2025/26, up 3.5 million bags from the previous year, largely driven by recovery in Việt Nam and record output in Indonesia and Ethiopia. Meanwhile, global consumption is projected to rise to a record 173.9 million bags.

The report noted that high coffee prices have enabled Vietnamese farmers to increase spending on fertilisers and farming inputs, helping improve yields despite climate pressures.

Domestic coffee prices in April fell to around VNĐ85,000-87,000 per kilogramme, dropping below the VNĐ90,000 threshold recorded a month earlier, amid expectations of a bumper crop in Brazil.

The Ministry of Agriculture and Environment said forecasts of a record Brazilian harvest and the possibility of global oversupply in 2026 have weighed on market sentiment. Some international consultancy firms projected global oversupply could reach around 10 million bags next year.

At the same time, domestic trading activity has remained subdued as many Vietnamese farmers continue holding back sales in anticipation of higher prices. As a result, some exporters seeking to fulfil contracts have started sourcing coffee beans from Brazil and Indonesia.

Analysts said coffee prices could continue moving sideways or experience short-term corrections in the near future, although concerns over shipping disruptions in the Strait of Hormuz and broader Middle East tensions could still support global prices by driving up freight, insurance and logistics costs.

USDA report forecast Việt Nam will export a total of 27.9 million bags of coffee in 2025/26, including roasted and soluble products, second only to Brazil globally.

With Europe and North America remaining the world’s largest coffee-consuming markets and demand continuing to expand in Asia, analysts expect Việt Nam to remain a critical supplier in the global coffee value chain in the coming years.

Vietnam’s aquatic product exports aim for US$12 billion target

Vietnam’s aquatic product exports aim for US$12 billion target

Vietnam’s aquatic product exports continued to show positive recovery signs in the first four months of 2026 and are moving towards the goal of US$12 billion for the whole year.

According to the Vietnam Association of Seafood Exporters and Producers (VASEP), the seafood export turnover during the January-April period was estimated at US$3.7 billion, up nearly 15% year-on-year.

The result reflected a positive start for the sector, especially in key exports such as shrimp, tra fish, squid, octopus, crab, molluscs and other high-value aquatic products. However, growth remained uneven across products and markets. While exports to China surged by more than 50%, shipments to some other markets recovered slowly. Exports to the US notably declined over 7% due to increasing trade barriers.

​Shrimp remained the leading export item, earning about US$1.5 billion in the first four months, up 15% year-on-year and accounting for more than 40% of total aquatic product export value. Growth was driven by the recovery of several Asian markets, rising lobster exports and positive signals from processed and value-added shrimp products.

Despite the rebound, Vietnamese shrimp continued to face fierce price competition from Ecuador, India and Indonesia. In the US market, the shrimp industry remained under pressure from anti-dumping and countervailing duties, administrative reviews and cautious purchasing behaviour among importers.

Mai Van Hoang, Chairman of the Vietnam Shrimp Association, said shrimp remains Vietnam’s largest aquatic export item, generating more than US$4.6 billion in 2025, with further growth potential ahead. However, he warned that shrimp farming areas are shrinking, particularly in central coastal provinces, while expanding farming zones remains difficult due to land planning for real estate and tourism projects.

​Hoang stressed that Vietnam must improve self-sufficiency in breeding stock to maintain the competitiveness of its aquatic product sector. Currently, the country imports up to 90% of parent shrimp stock. Farming areas should also shift from traditional extensive farming to intensive, high-tech models to improve productivity and reduce costs, he added.

​Meanwhile, tra fish (pangasius) exports were valued at US$734 million in the reviewed period, up 19% year-on-year, maintaining their position as the second-largest export category. With consumers tightening their spending and becoming more price-sensitive, tra fish retained an advantage thanks to their affordability.

Growth opportunities for tra fish remain strong in China, the Association of Southeast Asian Nations (ASEAN), the Middle East, and the EU. However, import markets are also tightening technical barriers related to farming standards, traceability and food safety.

In contrast, tuna exports fell about 6% to an estimated US$286 million due to rising raw material costs and stricter technical requirements, including regulations regarding traceability and illegal, unreported and unregulated (IUU) fishing.

VASEP General Secretary Nguyen Hoai Nam said global aquatic product demand remains stable, particularly in major import-dependent markets such as the US, EU, Japan and China, creating room for Vietnam’s seafood exports to grow by 8-10% this year.

However, the sector still faces mounting challenges, including shortages of raw materials and labour, high production costs, disease outbreaks, trade defence investigations and increasingly stringent environmental and sustainability standards in key export markets.


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