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.

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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

Belgium’s ASCO Industries plans $100 mln aircraft parts plant in central Vietnam

Belgium’s ASCO Industries plans $100 mln aircraft parts plant in central Vietnam

ASCO Industries plans to invest an initial $20 million in an aircraft components factory in Vietnam’s central city of Danang, with the investment potentially rising to $100 million for expansion.

The plan was revealed by ASCO Industries CEO Jerome Morhet at a meeting with Danang People’s Committee Chairman Nguyen Manh Hung last Thursday in Brussels.

The talks took place on the sidelines of a high-level meeting between Vietnamese officials and leading European businesses to discuss investment cooperation and the development of the city’s aerospace industry.

ASCO Industries specializes in manufacturing high-precision structures and components for the aircraft manufacturing industry.

Under an agreement signed in July 2026 between ASCO Industries and the Danang-Tech Park and Industrial Zones Authority (DSEZA), the Belgium company plans to build a 6,000-square-meter aircraft components factory with an initial investment of $20 million. The investment could increase to $100 million in the future.

Morhet is scheduled to meet DSEZA officials in early December 2026 to advance the factory development plan. The facility is expected to begin operations in 2027.

City officials outlined Danang's advantages and strategy for developing high-tech industries, emphasizing the attraction of projects with advanced technology, high added value, and the potential to integrate into global supply chains.

Hung asked DSEZA to engage with ASCO to implement the discussions and cooperation agreement, and to report the results to the city mayor before November 15, 2026.

In the first nine months of 2026, Danang attracted $681.55 million in foreign investment, including $522.2 million in newly-registered capital across 100 projects, according to the municipal government.

By far, the coastal city has had 1,162 foreign-invested projects with total registered capital of $11.28 billion.


Over $172 mln electromechanical contract awarded for Bac Ai hydropower project

Over $172 mln electromechanical contract awarded for Bac Ai hydropower project

The Bac Ai Pumped-Storage Hydropower Project in Khanh Hoa Province is Vietnam's first pumped-storage hydropower development, incorporated into the National Power Development Plan for the 2021–2030 period with a vision to 2050.

Vietnam Electricity (EVN) and the Voith Hydro Shanghai and Powerchina Zhongnan Consortium (comprising two members: Voith Hydro Shanghai Ltd. and Powerchina Zhongnan Engineering Corporation Limited) on October 26 held in Hanoi a signing ceremony for Package No. 01TB-BA: Provision of Electromechanical Equipment for the Bac Ai Pumped-Storage Hydropower Project in Vietnam's south central Khanh Hoa Province.

Package No. 01TB-BA is the main equipment and materials procurement package of the project, conducted through an open international competitive bidding process. The contractor selection was carried out in strict compliance with state bidding regulations and aligned with the requirements of international lending institutions. The qualified and experienced consortium awarded the contract is the Voith Hydro Shanghai and Powerchina Zhongnan Consortium, with a contract value of over VND4.462 trillion (nearly $173 million) and an execution period of 51 months, ensuring adherence to the project’s overall timeline.

The Bac Ai Pumped-Storage Hydropower Project in Khanh Hoa Province is Vietnam's first pumped-storage hydropower development, incorporated into the National Power Development Plan for the 2021–2030 period with a vision to 2050.

EVN's Board of Directors approved the investment project with a capacity of 1,200 MW across four generating units. Financing for the project is sourced from EVN’s equity and arranged loans from the German Reconstruction Credit Bank (KfW) and the European Investment Bank (EIB).

Once operational, the project will serve as a peaking power source on the national power system's load curve. It will help flatten peak-to-trough demand fluctuations by pumping water to store energy during off-peak hours, generating power during peak demand periods, and providing frequency regulation and reactive power compensation for the grid.


Vietnam, Poland step up economic, investment, and tech ties under Strategic Partnership

Vietnam, Poland step up economic, investment, and tech ties under Strategic Partnership

Prime Minister Le Minh Hung and his Polish counterpart Donald Tusk on October 26 agreed to upgrade bilateral relations between Vietnam and Poland to a Strategic Partnership, adopted the joint Action Plan for the 2026-30 period and set a target to raise bilateral trade turnover to $6 billion by 2030.

Vietnam and Poland have identified the economy, trade, and investment as key pillars of their newly established Strategic Partnership, while agreeing to bolster cooperation in science and technology, innovation, digital transformation, and the rollout of a Joint Action Plan for the 2026–2030 period.

During their talks in Hanoi on October 26, Prime Minister Le Minh Hung and his Polish counterpart Donald Tusk agreed to upgrade bilateral relations between Vietnam and Poland to a Strategic Partnership, adopted the joint Action Plan for the 2026-30 period and set a target to raise bilateral trade turnover to $6 billion by 2030 during the latter’s official visit to Vietnam from Ocotober 24-26.

Both sides affirmed their readiness to further deepen cooperation across these sectors, aiming toward a balanced, sustainable, and mutually beneficial trade structure.

Accordingly, the two sides will push for the reduction of non-tariff trade barriers, including sanitary and phytosanitary (SPS) measures, while stepping up coordination between their customs authorities to further facilitate market access for each other's goods.

In agriculture, the two Prime Ministers encouraged relevant agencies to convene the Vietnam – Poland Working Group on Agricultural Cooperation at least once every two years, with the next meeting scheduled no later than April 2027.

Both leaders also underscored the necessity of fully and effectively implementing the EU – Vietnam Free Trade Agreement (EVFTA) to better leverage the cooperation opportunities and potential brought by the pact.

Key sectors drawing significant mutual interest include advanced technology, industry, agriculture, consumer goods, and services.

Beyond trade and investment, Vietnam and Poland agreed to boost cooperation in science, technology, research, innovation, and digital transformation.

In education and training, the two countries will promote cooperation agreements and academic exchanges among universities, research institutes, experts, and students, while encouraging the teaching of the Vietnamese and Polish languages in their respective higher education institutions.

Healthcare and pharmaceutical cooperation were also prioritized, notably through enhanced coordination between the regulatory bodies of both nations to facilitate the prompt and effective execution of joint research and innovation projects.

The two Prime Ministers welcomed the launch of direct flights between Vietnam and Poland operated by LOT Polish Airlines, creating more favorable conditions for people-to-people exchanges.

Rolling out the 2026–2030 action plan

Alongside economic and developmental partnerships, Vietnam and Poland agreed to strengthen defense and security cooperation in line with each nation’s needs, capabilities, and domestic legislation.

In defense, both sides intend to step up experience sharing, defense industry cooperation, defense equipment procurement, and officer training, while enhancing coordination within multilateral frameworks, including United Nations peacekeeping operations.

On security, the two countries agreed to intensify joint efforts to prevent and combat transnational crime, cyber fraud, high-tech crime, drug trafficking, human trafficking, and money laundering, alongside collaboration on addressing illegal migration, safeguarding critical infrastructure, and exchanging information in accordance with each country's laws.

Addressing regional and international matters, both sides emphasized the central role of the United Nations and the importance of upholding an international order based on the UN Charter and international law.

The two Prime Ministers agreed to enhance dialogue and coordination at regional and multilateral forums, continuing to deepen cooperation within the framework of Vietnam – EU relations, especially following the upgrade of Vietnam – EU ties to a Comprehensive Strategic Partnership.

Vietnam and Poland also consented to promote cooperation within the Poland – ASEAN framework following Poland’s accession to the Treaty of Amity and Cooperation in Southeast Asia (TAC), as well as under ASEAN – EU cooperation frameworks. Vietnam welcomed and expressed strong support for Poland’s deeper engagement with ASEAN.

To substantiate cooperation directions under this new framework, Vietnam and Poland agreed to adopt the Joint Action Plan for the 2026–2030 period to implement their Strategic Partnership.


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