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.

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

E10 biofuel to be distributed nationwide from next month

E10 biofuel to be distributed nationwide from next month

E10 biofuel will officially be distributed nationwide from June 1 under the Ministry of Industry and Trade’s roadmap on energy transition and environmentally friendly fuel use.

Under Official Dispatch No. 1507/TTTN-XD, petroleum wholesalers and distributors have been requested to prepare supply sources, blending systems, infrastructure and retail networks for the rollout of E10 petrol nationwide.

E10 contains 10% bioethanol and 90% conventional gasoline. According to the ministry, the fuel helps improve combustion efficiency, reduce fuel consumption and cut harmful emissions.

Under Circular No. 50/2025/TT-BCT, unleaded petrol must be blended into E10 petrol for nationwide use from June 1, while E5 RON 92 will continue to be supplied until the end of 2030.

The ministry said localities and businesses have actively prepared infrastructure and supply plans to ensure stable distribution during the transition.


Hanoi starts construction of $6.3bln urban corridor along National Highway 1A

Hanoi starts construction of $6.3bln urban corridor along National Highway 1A

The 36.3km project stretching from Ring Road 1 to the Cau Gie interchange, passing through 18 wards and communes in Hanoi.

Authorities in Hanoi on May 19 broke ground on a major urban infrastructure and redevelopment project along National Highway 1A, aimed at expanding urban space and reshaping the southern gateway of the capital.

The project will develop a new urban corridor stretching from Ring Road 1 to the Cau Gie interchange of the National Highway 1A, with total investment estimated at nearly VND162 trillion (approximately $6.3 billion).

Spanning about 36.3 kilometers, the route will pass through 18 wards and communes in Hanoi. The starting point connects to the Kim Lien tunnel area, while the endpoint links to the Cau Gie interchange in Chuyen My Commune.

The roadway will feature a cross-section of up to 90 meters, including 10 main traffic lanes and six parallel service lanes, with a designed speed of 80 kilometers per hour.

Construction and related infrastructure are expected to be completed by 2027, contributing to the city’s long-term transport development strategy under Hanoi’s 100-year master plan.

Beyond easing traffic congestion at the southern entrance to the capital, the project is also envisioned as a new urban development axis integrating transport infrastructure with urban renovation and redevelopment along the National Highway 1A corridor.


Vietnam pushes to build groundwork for domestic high-speed rail technology capability by 2028

Vietnam pushes to build groundwork for domestic high-speed rail technology capability by 2028

Vietnam is accelerating efforts to develop homegrown technological capabilities for its planned high-speed railway network as the government seeks to reduce dependence on foreign contractors and turn the multi-billion-dollar infrastructure program into a catalyst for industrial upgrading.

At a meeting with several major Vietnamese corporations in Hanoi last Friday, Construction Minister Tran Hong Minh said the initiative is intended not only to support the proposed North-South high-speed railway, but also to establish a domestic railway industry capable of handling the full value chain, from surveying and design to construction, component manufacturing, operations and maintenance.

“The greater value lies in using the project to build industrial and technological capacity, as well as a highly skilled workforce,” Minh said at the meeting.

Le Van Duong, director of the department of science, technology, environment and construction materials under the Ministry of Construction, said Vietnam has accumulated experience in major infrastructure projects such as expressways, long-span bridges, tunnels, and underground works.

However, substantial gaps remain in high-speed rail technology, particularly in specialized standards, ballastless track systems, testing facilities, and skilled engineering personnel, he added.

Vietnam still relies heavily on foreign consultants, technologies and contractors for complex railway systems, Duong noted, adding that reducing such dependence is critical if the country wants greater autonomy in future strategic infrastructure projects.

The ministry said the technology development program will be implemented as a national science and technology initiative involving government agencies, universities, research institutes and private enterprises. Businesses are expected to play a central role in technology transfer, localization and commercialization, while the state will coordinate and commission research programs.

At the meeting, millitary-run telecoms giant Viettel Group said it could contribute to the development of centralized operating systems, signaling technology, train control systems, operations control centers, and smart management platforms for high-speed rail operations.

Meanwhile, steelmaker Hoa Phat Group (HoSE: HPG) proposed participating in the production of railway tracks, large-span steel structures and mechanical components for construction and maintenance.

Minister Minh asked the department to finalize a detailed task list by May 15, including deliverables, lead agencies and research coordinators. Relevant agencies, institutes and companies were also asked to submit registrations by May 25 for consolidation and reporting to the government in coordination with the Ministry of Science and Technology.

The minister also ordered the establishment of an industry-level steering committee and a specialized scientific council to coordinate implementation. Between May 25 and May 30, ministry officials and project leaders are expected to survey defense industry facilities and manufacturing enterprises to assess their capacity to support equipment manufacturing, technology integration and related research tasks.

Vietnam aims to complete priority technology development tasks by 2028, a milestone officials describe as critical for establishing initial self-reliance in high-speed rail construction technologies.

The push comes as Vietnam advances preparations for the North-South high-speed railway, the country’s largest-ever infrastructure project. The planned line is expected to connect Hanoi and Ho Chi Minh City while serving as the backbone of a broader modernization drive for Vietnam’s transportation network and industrial base.



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