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

Vietnam lowers electricity price, first time in almost 20 years

Vietnam lowers electricity price, first time in almost 20 years

Vietnam’s average retail electricity price will fall 2% starting Sunday, the first decrease in nearly two decades of increases.

Average retail price is now at VND2,159.90 per kilowatt-hour, according to the Vietnam Electricity.

This is the first decrease in the average electricity price in nearly 20 years, excluding five rounds of reductions in electricity bills and prices to support people and businesses affected by Covid-19.

Between 2023 and 2025, electricity prices rose by 18.2% in four adjustments. The last increase was made in May 2025.

Before those increases, electricity prices had remained unchanged for more than four years, from March 2019 to May 2023.

EVN said the reduction followed a review of its operations and efforts to calculate and cut costs as much as possible. The adjustment is intended to support people and businesses, help stabilize the macroeconomy and ensure social welfare.

At a National Assembly session on economic and social issues on the morning of Oct. 31, Deputy Prime Minister Nguyen Van Thang said the government had directed EVN to cut costs as much as possible to lower average retail electricity prices by about 2%.

He said the electricity price reduction, together with a plan to cut the special consumption tax on gasoline to zero, would provide about 0.07 percentage points of additional room to control inflation and work toward the 4.5% target set by the National Assembly.

CPI rises 4.57% in first 10M of 2026

CPI rises 4.57% in first 10M of 2026

Transport sector making the biggest contribution to the overall CPI increase, driven by petrol price hike.

Vietnam’s consumer price index (CPI) increased by 0.20 per cent in October compared with the previous month, while average CPI for the first 10 months of 2026 rose 4.57 per cent year-on-year, according to a report released by the National Statistics Office on November 3.

Of the 11 major groups of consumer goods and services, seven recorded price increases in October, while four saw declines.

Among the groups posting increases, transport recorded the largest rise, at 2.66 per cent, making the biggest contribution to the overall CPI increase, adding 0.27 percentage points. This was mainly driven by a 6.86 per cent increase in petrol prices and a 0.75 per cent rise in diesel prices, following adjustments in line with international fuel market trends.

Meanwhile, lower prices in four consumer groups helped moderate overall inflation.

Culture, entertainment and tourism recorded the sharpest decline, at 0.87 per cent. October marked the low season for both domestic and international tourism, with domestic travel service prices falling 1.27 per cent, outbound tourism services dropping 1.03 per cent, and hotel and guesthouse accommodation prices decreasing 1.72 per cent.

Notably, prices in the food and catering services group fell 0.24 per cent, directly reducing overall CPI by 0.09 percentage points.

Core inflation declined 0.05 per cent month-on-month in October but rose 4.04 per cent year-on-year. On average, core inflation increased 4.24 per cent in the first 10 months of 2026, below the corresponding 4.57 per cent rise in headline CPI.


Vietnam’s FDI attraction hits $54.85 billion in 10M

Vietnam’s FDI attraction hits $54.85 billion in 10M

This marking the highest level recorded since 2009.

Vietnam attracted $54.85 billion in registered foreign direct investment (FDI) this year, as of October 31, 2026, up 74 per cent from the same period last year and the highest level recorded since 2009, according to a report released by the National Statistics Office on November 3.

The strong growth was largely driven by a surge in newly registered investment. During the 10-month period of 2026, Vietnam licensed 3,478 new projects, up 4.7 per cent year-on-year, with registered capital reaching $30.73 billion, 2.2 times the figure recorded in the same period of 2025. This indicates a growing concentration of investment in large-scale, high-technology projects.

Investor confidence was also reflected in additional capital commitments by existing investors. A total of 1,079 previously licensed projects registered capital increases worth $16.13 billion, up 33.2 per cent year-on-year.

Foreign investors also made 2,616 capital contribution and share purchase transactions worth $7.99 billion, an increase of 49.6 per cent. Of these, 828 transactions added $3.28 billion to companies’ charter capital, while 1,788 share purchases worth $4.71 billion did not increase charter capital.

Manufacturing and processing continued to attract the largest share of FDI. The sector secured $14.61 billion in newly registered capital, accounting for 47.5 per cent of the total. Including adjusted capital, its combined registered investment reached $24.19 billion, or 51.6 per cent of the $46.86 billion in new and adjusted project capital.

Among 80 countries and territories with newly licensed projects, Singapore ranked first with $9.52 billion, representing 31 per cent of newly registered capital. South Korea followed with $5.81 billion (18.9 per cent), ahead of Luxembourg with $4.99 billion (16.2 per cent). Other major investors included Hong Kong (China), with $3.57 billion; China with $2.77 billion; Japan with $1.58 billion; and the Netherlands with $438.5 million.

Disbursed FDI in the first 10 months was estimated at $24.08 billion, up 13.1 per cent year-on-year and the highest disbursement recorded for the same 10-month period in the past five years.


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