Lumen Vietnam Fund
About Us

Vietnam Holding Asset Management

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.

Signatory of:

signatory
Learn More
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

HCM City to announce 12 investment projects worth over $13bln at Autumn Economic Forum

HCM City to announce 12 investment projects worth over $13bln at Autumn Economic Forum

The 2026 Autumn Economic Forum is scheduled to take place in the southern city on October 26-29.

Ho Chi Minh City plans to announce 12 new investment projects with a combined registered capital of more than $13 billion at the Autumn Economic Forum 2026, scheduled for October 26–29, according to an announcement made by Mr. Le Truong Duy, director of the Ho Chi Minh City Centre for the Fourth Industrial Revolution (HCMC C4IR), at a press briefing on October 20.

The projects span logistics, energy, infrastructure and related industries.

The forum is themed “The Spirit of Cooperation in a New Era” and positioned around “The Convergence of New Global Growth Poles”. It is expected to attract more than 1,500 domestic and international delegates.

The event will focus on policy dialogue, investment connections, technology and innovation, as the city seeks new growth drivers and aims to attract greater international capital flows.

The forum will begin on October 26 with the CEO 500 Conference, themed “The Convergence of FDI, Technology and Global Financial Flows”. More than 500 business leaders from Vietnam and overseas are expected to attend. Discussions will examine shifts in international investment flows driven by technological advances and the restructuring of global supply chains.

The main forum activities will take place on October 27–28 under a co-branded cooperation framework with the World Economic Forum (WEF).

Alongside investment networking, the forum is scheduled to announce 10 new members of the Vietnam International Financial Centre in Ho Chi Minh City (VIFC-HCMC) on October 28.


Petronas expands energy ties, eyes new investment opportunities in Vietnam

Petronas expands energy ties, eyes new investment opportunities in Vietnam

Malaysia’s Petroliam Nasional Berhad (Petronas) is looking to deepen its partnership with Vietnam National Industry – Energy Group (Petrovietnam), with cooperation spanning oil and gas exploration and production, liquefied natural gas (LNG) supplies and renewable energy to help meet Vietnam’s growing energy de

Aimy Zairin Mohamed, Petronas Country Chairman for Vietnam, outlined the group’s plans at a press briefing in Ho Chi Minh City on October 20, highlighting opportunities to expand collaboration across established and emerging energy sectors.

The partnership is expected to build on existing oil and gas operations while exploring new resources and diversifying energy supplies. Renewable energy, hydrogen, carbon capture and storage (CCS), innovation and digital transformation are also among the areas identified for closer cooperation.

According to the executive, Petronas and Petrovietnam will continue working together to explore and develop hydrocarbon resources, including through the PM3 Commercial Arrangement Area (PM3 CAA), which straddles the maritime boundary between Vietnam and Malaysia.

A key agreement signed in April 2025 provides for a 20-year extension of the production-sharing contract and upstream gas sales agreement for the area, through 2047. The PM3 CAA is estimated to hold up to 60 million barrels of oil equivalent in remaining reserves, while gas produced there is transported to Vietnam through the Ca Mau gas pipeline system.

Beyond existing operations, the two groups have been implementing a joint technical study agreement since April 2025 to assess hydrocarbon exploration potential in several offshore blocks through geological and geophysical analysis.

Petronas is also seeking opportunities to develop additional resources, including projects in Blocks 102 and 106 offshore in the Song Hong Basin. These efforts form part of the broader scope for cooperation as the two groups explore opportunities to develop Vietnam’s energy resources.

LNG is another important component of the partnership. In April 2025, Petronas delivered its first LNG cargo to PetroVietnam Gas Joint Stock Corporation (PV GAS), supplementing domestic gas supplies and helping meet electricity and fuel demand from industrial customers.

Mohamed said Petronas would continue working with its partners to explore oil and gas resources in Vietnam’s sedimentary basins. The group’s LNG supply capacity and the proximity of supply sources to the Vietnamese market could also help address rising demand amid constraints on supply.

In addition to conventional energy and LNG, renewable energy is emerging as another area for closer cooperation. Under a Strategic Alliance Agreement (SAA), Petronas and Petrovietnam aim to expand collaboration into renewable energy, hydrogen, CCS, innovation and digital transformation.

The Vietnam–Malaysia–Singapore (VMS) project is one concrete example of this cooperation. In May 2025, the parties signed a joint development agreement to study the feasibility of exporting electricity generated from Vietnam’s renewable energy resources to Malaysia and Singapore.

The project focuses on offshore wind potential, with a proposed subsea cable transmission route connecting to the power grid on the Malay Peninsula.


Vietnam treasures time-tested friendship, multifaceted cooperation with Denmark: Top leader

Vietnam treasures time-tested friendship, multifaceted cooperation with Denmark: Top leader

During their meeting in Copenhagen on October 19 (local time), General Secretary and President To Lam and King Frederik X highlighted the expansion of bilateral economic, trade and investment cooperation.

General Secretary and President To Lam and his spouse Ngo Phuong Ly met with King Frederik X and Queen Mary in Copenhagen on October 19 (local time), as part of their state visit to Denmark.

The top Vietnamese leader was quoted by the Vietnam News Agency as stating at the meeting that Vietnam attaches importance to and wants to further deepen its traditional friendship and multifaceted cooperation with Denmark, one of its key partners in Northern Europe and Europe as a whole.

King Frederik X warmly welcomed the General Secretary and President and his spouse on their state visit to Denmark, noting that it coincides with the 55th anniversary of diplomatic relations between the two countries (1971–2026) and marks an important milestone in their friendship and cooperation. The King shared fond memories of Vietnam and its people from his visits in 2009, 2011 and 2022, highlighting the Danish Royal Family’s special bond with the country, including the cherished memories of living in Hanoi of late Prince Henrik – his father, the news agency reported.

Congratulating Denmark on its development achievements, General Secretary and President Lam praised the country’s efforts to build a prosperous and modern society with a high quality of life, and take the lead in green development, innovation and social welfare. He expressed his confidence that, under King Frederik X’s reign and with the efforts of the Government and people, Denmark will continue to prosper and strengthen its important role and standing in Europe and the world.

He spoke highly of Denmark’s valuable support since the establishment of bilateral diplomatic relations in 1971 as well as in Vietnam’s post-war reconstruction, national development, Doi moi (Renewal), international integration and ongoing green transition.

Both leaders welcomed the positive development of the bilateral relations, particularly since the establishment of the Comprehensive Partnership in 2013 and the Green Strategic Partnership in 2023. Economic, trade and investment cooperation has continued to expand, with Danish companies such as LEGO, Pandora and Carlsberg operating and expanding their business in Vietnam, contributing to socio-economic development, job creation, technology transfer and sustainable green growth.

The Vietnamese leader highlighted King Frederik X’s significant contributions to the bilateral ties, noting that the King’s visit to Vietnam in 2011 as Crown Prince, marking the 40th anniversary of diplomatic relations, and his visit in 2022 with then Crown Princess Mary helped advance the bilateral ties and paved the way for the Green Strategic Partnership established in 2023.

King Frederik X shared General Secretary and President Lam’s views on leveraging the two countries’ complementary strengths and expanding cooperation in trade, investment, science and technology, innovation, energy transition, green and marine economy, education and training, and people-to-people exchanges. The Vietnamese leader expressed his hope that the King will continue encouraging Danish businesses and organizations to strengthen cooperation and investment in the Southeast Asian country.

The two sides noted that, beyond practical cooperation, the bilateral ties are underpinned by friendship, trust and close people-to-people connections built over generations. General Secretary and President Lam praised the Danish Royal Family’s role in promoting cultural and artistic exchanges and people-to-people links, expressing his wish that both countries will further nurture these shared values and deepen their friendship.

On this occasion, the General Secretary and President invited King Frederik X and Queen Mary to visit Vietnam soon to witness the country’s remarkable transformation and the further expansion of bilateral relations.

General Secretary and President To Lam and his spouse Ngo Phuong Ly, as well as King Frederik X and Queen Mary expressed their confidence that Vietnam–Denmark friendship and cooperation will grow further, bringing benefits and prosperity to the people of both countries and contributing to peace, stability, cooperation and sustainable development in the regions and the world.


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