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

Germany's VFT Bio Fuels UG eyes $3.1 bln green steel complex in southern Vietnam

Germany's VFT Bio Fuels UG eyes $3.1 bln green steel complex in southern Vietnam

Vietnamese industrial park developer IMG Phuoc Dong and Germany’s VFT Bio Fuels UG have signed a memorandum of understanding to study the development of a $3.1 billion green steel complex in the southern province of Tay Ninh.

The deal was signed as part of an investment promotion program between Tay Ninh authorities and German businesses last month.

Under the proposal, the project will cover 250 hectares at Tan Lan 3 Industrial Park and have an annual production capacity of 11 million tons of steel, targeting both the Vietnamese and European markets.

The project is planned to be developed in two phases and will employ advanced technologies to establish an integrated production process aimed at improving energy efficiency, reducing emissions, and meeting international environmental standards.

Once fully operational, the complex is expected to create between 500 and 10,000 jobs, contributing to local socio-economic development and supporting the formation of a green industrial ecosystem in Tay Ninh.

In addition to producing high-quality steel, the project is expected to generate around $100 million in annual revenue from carbon credits by significantly reducing carbon emissions during production.

The proposed investment comes as IMG Phuoc Dong develops Tan Lan 3 Industrial Park as a green and modern industrial zone designed to meet the requirements of international investors.

The industrial park’s development strategy focuses on attracting high-tech manufacturing, supporting industries and high value-added sectors, while encouraging the use of renewable energy, energy-saving solutions, and environmentally friendly infrastructure.

Beyond its infrastructure and planning advantages, Tan Lan 3 Industrial Park is expected to develop into a modern manufacturing ecosystem that could strengthen southern Vietnam’s competitiveness in attracting foreign investment.

The current Tay Ninh province was formed following an administrative merger with the former Long An province last year. According to the Ministry of Finance, Tay Ninh received nearly $2 billion in newly-registered foreign direct investment, ranking fourth nationwide. By far, the province has had 2,190 valid foreign-invested projects valued at $27.5 billion.

ADB keeps Vietnam’s growth forecast unchanged, highest in Southeast Asia

ADB keeps Vietnam’s growth forecast unchanged, highest in Southeast Asia

Vietnam's GDP growth projection remains unchanged at 7.2 percent in 2026 amid global energy crisis.

The Asian Development Bank (ADB) has maintained its growth forecast for Vietnam, projecting that the country will remain the fastest-growing economy in Southeast Asia, with GDP growth of 7.2 percent in 2026 and 7.0 percent in 2027, the Government News quoted the bank’s Asian Development Outlook (ADO) July 2026 report as reporting on July 9.

Vietnam's positive outlook is underpinned by sustained growth in the manufacturing sector, resilient exports and investment, and steady domestic demand.

Vietnam's growth projections are among the highest in developing Asia and the Pacific, where economic growth is forecast at 4.9 percent in 2026, down from the ADB's 5.1 percent forecast in April due to the downside risks stem primarily from prolonged disruptions in energy market caused by the conflict in the Middle East.

For 2027, ADB raised its regional growth forecast to 5.1 percent, up from 4.8 percent in its late-April update and matching its April projection.

The ADB warned of significant downside risks to the regional growth outlook, including a renewed escalation of geopolitical conflicts, prolonged uncertainty in energy markets, tighter global financial conditions, a re-pricing of AI-related stocks, and a deeper property market downturn in China.

Regional inflation is projected to accelerate to 4.6 percent in 2026, compared with the ADB's 3.6 percent forecast in April, though lower than the 5.2 percent projection in the late-April update. Inflation is expected to ease to 3.4 percent in 2027.


Beyond FDI, Vietnam leverages foreign resources to build up domestic capacity

Beyond FDI, Vietnam leverages foreign resources to build up domestic capacity

Nearly 40 years after opening its economy to tap international resources for national development, Vietnam is shifting its focus from simply attracting more foreign investment to using it more effectively to strengthen domestic capacity, the central message of the Politburo’s Resolution No. 10-NQ/TW.

The adoption of the Foreign Investment Law in 1987 ushered in a new development vision for Vietnam. Moving away from a largely closed economy, the country embraced integration into the world as part of the Doi Moi (Renewal) process. The immediate priorities were to break the blockade and embargo, and attract capital, technology and management expertise to gradually revive the economy and put it on a path toward dynamic growth.

The past four decades have validated that decision. Vietnam has transformed from a capital-starved economy dependent on external assistance into one of the world’s most open economies, deeply connected to regional and global markets. Foreign trade turnover now exceeds 180% of GDP, and the foreign-invested sector contributes around 75% of the total. Tens of thousands of investment projects have fuelled growth, accelerated industrialisation, generated employment, expanded export markets, and brought in advanced technology and modern management practices.

At the same time, those achievements have highlighted a new challenge: how to turn external resources into stronger domestic capacity, greater technological capability, improved competitiveness and a more self-reliant economy.

This shift reflects not only demands in reality but also an evolution in Vietnam’s development thinking. As national objectives change, development policies must change with them.

With that in mind, the Politburo issued Resolution No. 10-NQ/TW on developing the foreign-invested economic sector. Instead of concentrating mainly on attracting foreign capital, the resolution emphasises building a foreign-invested sector that is closely integrated with the domestic sector to create new growth drivers for the country.

While foreign investment was once regarded primarily as a supplementary source of capital, the foreign-invested sector is now recognised as an organic component of the Vietnamese economy, developing alongside the state, private and cooperative sectors in support of national development. This marks not only a broader policy framework but also a fundamental change in how the FDI sector is viewed in the country’s new stage of development.

That thinking is embodied in six major shifts set out in Resolution No. 10-NQ/TW: from attracting foreign investment to developing the foreign-invested sector; from prioritising capital volume to prioritising quality, efficiency and value added; from input-based incentives to performance-based incentives; from developing isolated FDI projects to forming a comprehensive ecosystem for international capital flows; from managing investment to creating a favourable environment for investment and development; and from competition in investment attraction among localities to nationally coordinated development.

Together, these six shifts pursue a single goal: transforming the foreign-invested sector into a force that strengthens national capacity and competitiveness rather than merely adding more capital to the economy.

The resolution sets targets for 2030 and a vision for 2045, placing less emphasis on the sheer scale of FDI inflows.

Vietnam aims to attract US$200–300 billion in registered FDI by 2030, including US$150–200 billion in disbursed capital. More significantly, 75% of newly registered capital is expected to come from developed economies with strengths in advanced technology and modern governance. Localisation rates in key industries are targeted at 45–50% while around 10,000 Vietnamese firms are expected to join the supply chains of foreign-invested enterprises. The country also aims to upgrade its stock market to emerging-market status before 2030.

These targets indicate that success will no longer be measured simply by the number of projects or the amount of capital attracted. Instead, it will be assessed by the extent of technology transfer, the rise of Vietnamese businesses within global value chains, and the share of value added retained in the domestic economy.

Experience has shown that chasing project numbers alone can trigger competition based on incentives, land and low costs while placing pressure on the environment. Domestic firms have often remained outside higher-value segments, technology transfer has been limited, and localisation rates have stayed below the level needed for sustainable development.

That is why Party General Secretary and State President To Lam emphasised that the spirit of Resolution No. 10-NQ/TW is clear: foreign investment is intended not to replace domestic strength, but to reinforce it and enhance self-reliance; not merely to deliver fast growth, but to achieve sustainable, inclusive and high-quality development.

As Vietnam enters a new stage of development with a renewed mindset, it is determined not to pursue investment at all costs. Instead, the country will proactively select and work closely with high-quality investors that are committed to long-term operations, comply with the law, respect the legitimate interests of workers, communities and the nation, share technology, develop human resources, support Vietnamese enterprises and help elevate Vietnam’s position in global value chains.


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