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

Vietnam proposes new expressways to strengthen regional connectivity

Vietnam proposes new expressways to strengthen regional connectivity

Two large ring-road expressways in the northern midland and mountainous region have been proposed to connect multiple international border gates, and to ease traffic pressure on existing expressways...

Vietnam's Road Administration has submitted a proposal to the Ministry of Construction to revise the national road network plan for 2021–2030, with a vision to 2050, including the addition of several expressways and adjustments to project timelines to improve regional connectivity and support economic development.

A key proposal is the inclusion of two large ring-road expressways in the northern midland and mountainous region.

The 327-km Northern Mountainous Ring Road would run from Ta Lung International Border Gate in Cao Bang through Lang Son, Thai Nguyen, Tuyen Quang and Lao Cai to Son La. The four-lane expressway is proposed for construction after 2030.

The Road Administration also proposed adding the 378-km Northern Midland Ring Road linking Tan Thanh, Lang Son, Thai Nguyen, Tuyen Quang, Lao Cai and Son La. The Lang Son–Thai Nguyen section has been recommended for priority investment before 2030 to accelerate regional connectivity.

According to the agency, the two routes would connect multiple international border gates, ease traffic pressure on existing expressways, and support the development of logistics, industrial parks, tourism and cross-border trade.

The revised plan also proposes three new expressways: the 85-km Ha Tinh–Cau Treo route linking the North–South Expressway with Cau Treo International Border Gate (in Ha Tinh province); the 45-km Hue–A Luoi route connecting western Hue with the North–South Expressway; and the 141-km Phan Thiet–Bao Loc–Gia Nghia–Bu Prang expressway to strengthen links between the Central Highlands, the south-central coast and Vietnam's southern key economic region.


Public investment disbursement accelerates in June

Public investment disbursement accelerates in June

Public investment disbursement in June estimated at VND137.6 trillion ($5.3 billion), marking the highest monthly figure so far this year.

Vietnam's public investment disbursement gathered pace in June, with the value of funds released nearly doubling from the previous month as many major infrastructure projects entered peak construction, according to the Ministry of Finance.

Public investment disbursement in June was estimated at VND137.6 trillion ($5.3 billion), marking the highest monthly figure so far this year, as a result.

As of June 30, total public investment disbursement nationwide had reached VND356.9 trillion, equivalent to 35.5% of the annual plan assigned by the Prime Minister. While the disbursement rate was broadly unchanged from the same period last year, the total amount disbursed increased by more than VND38.4 trillion, reflecting the expansion of public investment.

Monthly data showed a clear acceleration in implementation during the first half of the year. Disbursement rose from VND34.0 trillion in April to VND75.1 trillion in May before surging to nearly VND137.6 trillion in June.

Transport infrastructure development remained one of the government's top priorities. By the end of June, disbursement for key transport projects had reached VND59.3 trillion, equivalent to 24.2% of the allocated annual budget, as authorities sought to accelerate the construction of strategic infrastructure to support long-term economic growth.


Fisheries sector grows over 4.8%, driven by high-tech aquaculture

Fisheries sector grows over 4.8%, driven by high-tech aquaculture

By focusing on high added value and deep international integration, Vietnam strives to become one of the world's top three seafood producers and exporters by 2045.

Vietnam's fisheries sector maintained positive growth momentum in the first half of 2026, with GDP value-added reaching 4.88% and contributing 1.56% to the national GDP.

Aquaculture remains the primary driver of this growth, powered by high-tech applications, stable consumption markets, and a recovery in exports, while capture fisheries maintained steady growth amid a shift toward sustainable development.

According to the National Statistics Office, aquaculture continues to play a leading role in the industry’s expansion, with second-quarter production estimated at 1.68 million tons, a 5.8% increase over the same period last year.

For the first six months of the year, cumulative aquaculture production reached nearly 3 million tons, up 5.7%. This included 1.98 million tons of farmed fish (up 4.4%), 702,500 tons of shrimp (up 8.1%), and 306,600 tons of other aquatic species (up 9.1%).

Notably, marine farming saw strong growth of 11.7%, while other seafood categories grew by 12.1%, specifically led by a 52.7% surge in oyster production.

The National Statistics Office noted that these results reflect the industry's shift toward sustainability—maintaining reasonable capture levels while focusing on increasing added value through expanded cultivation and scientific application to meet both domestic and export demands. With this momentum, the fisheries sector is expected to remain a vital contributor to the growth of the agriculture, forestry, and fisheries region throughout 2026.

This progress coincides with a recent review by the Ministry of Agriculture and Environment's Department of Fisheries regarding the Fisheries Development Strategy to 2030, with a vision to 2045.

For the 2021-2025 period, the industry has successfully met and exceeded several key targets, transitioning strongly toward a model of "reduced exploitation and increased cultivation," which creates a solid foundation for the next phase of development.

During the 2021-2025 period, total fisheries production maintained an average annual growth of 2.6%, surpassing the 9.8-million-ton target set for 2030.

The production structure continues to move toward sustainability: capture fisheries decreased by an average of 0.9% per year to preserve resources, remaining at 3.8 to 3.9 million tons, while aquaculture grew by an average of 5.2% per year, rising from 4.89 million tons in 2021 to 6.11 million tons in 2025.

National programs have been implemented to modernize aquaculture through high-tech integration, climate change adaptation, enhanced traceability, the issuance of farm codes, VietGAP certification, and digital transformation.

Looking ahead to the 2026-2030 period, the sector aims to accelerate its transformation into a "green, clean, and responsible" industry. By focusing on high added value and deep international integration, Vietnam strives to become one of the world's top three seafood producers and exporters by 2045.


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