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

Capital inflow drives expansion of HCMC’s hospitality and entertainment ecosystem

Capital inflow drives expansion of HCMC’s hospitality and entertainment ecosystem

BIG Investment Group Joint Stock Company (BIG) has announced a $5 million equity investment commitment from Brookland Group & Partners Limited, a global strategic private equity firm.

BIG Investment Group Joint Stock Company (BIG) has announced a $5 million equity investment commitment from Brookland Group & Partners Limited, a global strategic private equity firm.

Brookland Group & Partners Limited, headquartered in Dubai and Singapore, has deployed over $12 billion across 24 jurisdictions. The two parties officially signed their strategic cooperation agreement on August 7.

This marks BIG’s first successful international capital raise, occurring as the company prepares to transition from the UPCoM to the Ho Chi Minh City Stock Exchange (HOSE) by September 2026. This move to Vietnam’s main board will require BIG to adhere to more stringent standards regarding information disclosure, corporate governance, and free-float ratios.

The $5 million investment is structured as equity, meaning it will not incur debt on BIG’s balance sheet or dilute the ownership of existing shareholders. The investment is equivalent to approximately 38% of the group’s charter capital and is more than triple its projected 2025 after-tax profit of VND36.6 billion ($1.4 million).

This capital will serve as the primary funding source for BIG’s expansion into the hotel, F&B, and entertainment sectors in central HCM City. Individual acquisitions and deals will be supported by separate funding arrangements upon completion.

In 2025, the country welcomed 21.2 million international visitors. The Government has set a target of 25 million international arrivals this year and 35 million by 2030, following a steady average growth rate of 10% per year since 2011.

The hospitality market is reflecting this momentum. Real estate consultancy JLL forecasts a sharp increase in hotel transactions this year, primarily within the 4- and 5-star segments in Hanoi and HCM City. According to JLL, foreign investors are seeking yields of 7–9% in Vietnam’s hotel assets—significantly higher than the 3–4% yields found in developed markets such as Japan and Australia.

HCM City, with a population of over 14 million, is striving to become one of Asia’s leading hubs for MICE (Meetings, Incentives, Conferences, and Exhibitions) tourism and the "night economy," with the Saigon River serving as the central axis for nightlife development.

Local tourism authorities acknowledge that the city currently faces a shortage of high-quality venues operating after 10 pm, and lacks large-scale entertainment complexes comparable to those in Singapore and Bangkok.


Chip boom pushes Vietnam closer to “high-income” status: Nikkei Asia

Chip boom pushes Vietnam closer to “high-income” status: Nikkei Asia

The rapid development of the semiconductor industry is reshaping Southeast Asia’s economic trajectory, creating opportunities for Vietnam and the Philippines to move closer to the ranks of high-income economies, according to Nikkei Asia.

Vietnam’s semiconductor industry offers the country an opportunity to shift from a growth model heavily reliant on low-cost labour and manufacturing toward more technology-intensive, higher value-added sectors, the paper said.

In the World Bank’s income classification updated in July, Vietnam was placed in the upper-middle-income group. Nikkei Asia said that to further raise income levels, the country needs to gradually reduce its reliance on low-cost labour and develop high-tech industries capable of generating greater added value.

Vietnam has raised incomes through an export-driven growth model. Its network of free trade agreements with countries and regions worldwide has helped attract foreign investment and establish manufacturing hubs for electronic components and electrical equipment.

In June, LG Innotek from the Republic of Korea announced plans to build a semiconductor substrate manufacturing plant in Vietnam with an estimated investment of around US$1 billion.

Vietnam is also seeking to expand its participation in the semiconductor value chain, moving beyond downstream activities such as assembly, packaging and testing into more technology-intensive areas, including chip design and the fabrication of integrated circuits on semiconductor wafers.

Under the country’s semiconductor industry development strategy, Vietnam aims to train more than 50,000 engineers and graduates for the sector by 2030.​

Nikkei Asia said the development of the semiconductor and electronics industries could provide an additional impetus for Vietnam’s economic growth amid rising global demand for products supporting artificial intelligence (AI).

To capitalise on the opportunity, Vietnam needs to continue improving the quality of its workforce and strengthening research and development capacity, while enhancing its ability to participate in higher value-added stages of global supply chains.

Meanwhile, the Philippines is also seeking to expand its semiconductor industry, which remains concentrated mainly in assembly, packaging and testing. Semiconductors and electronic products currently account for more than half of the country’s total merchandise exports. The Philippines is likewise seeking to upgrade its semiconductor industry as global demand for AI-related chips continues to grow.


Total investment in Vietnam by Foxconn expected to hit $5bln

Total investment in Vietnam by Foxconn expected to hit $5bln

Taiwanese technology giant Foxconn plans to invest an additional $265 million in its manufacturing operations in Vietnam as part of its long-term investment strategy, bringing its total investment capital in Vietnam to nearly $5 billion.

Foxconn plans to invest an additional $265 million in its manufacturing operations in Vietnam as part of its long-term investment strategy, according to a recent filing by the Taiwanese technology giant with the Taiwan Stock Exchange (TWSE), as cited by TNGlobal.

The additional capital will be injected into Foxconn’s Vietnamese subsidiaries through the issuance of new shares.

The largest investment, worth $117 million, will go to Competition Team Technology (Vietnam) Co., Ltd., which manufactures televisions, components and other electronic products. Following the transaction, Hon Hai Precision Industry will hold a 61.55% stake in the company, while Foxconn Singapore Pte Ltd will own the remaining 38.45%.

Another $114 million will be invested in Foxconn EV Energy & Component (Vietnam) Co., Ltd., which manufactures components and energy-related products for electric vehicles. Hon Hai will directly hold a 23.53% stake, while Foxconn Singapore will own 76.47%.

The third capital increase, worth around $33 million, will be made at FuKang Technology Co., Ltd., a Foxconn manufacturing facility in Vietnam. The company specializes in producing tablets for Apple and other electronic products.

In a filing dated August 18, Foxconn said Foxconn Singapore had acquired additional shares in FuKang Technology worth $358.4 million between October 2025 and August 2026, raising its ownership to 100%. Its total investment in the company has reached $710.4 million.

With the newly announced investments, Foxconn’s total investment in Vietnam is expected to approach $5 billion.


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,
Ho Chi Minh City,

Vietnam