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’s steel industry records double-digit growth in first half of 2026

Vietnam’s steel industry records double-digit growth in first half of 2026

Domestic and export sales of crude steel reaching 14.81 million tons during the period, a year-on-year increase of 25.5%.

Vietnam’s steel industry posted double-digit growth in both production and sales in the first half of 2026, with hot-rolled coil (HRC) emerging as the main growth driver.

According to data from the Vietnam Steel Association (VSA), the country produced 15.18 million tons of crude steel in the first six months of 2026, up 26.9% year-on-year.

Domestic and export sales of crude steel reached 14.81 million tons during the period, an increase of 25.5% compared with the same period last year. Of this, crude steel exports amounted to 1.696 million tons, up 5.3%.

For finished steel products, production reached 18.21 million tons in the first half of the year, up 15.1%, while sales totaled 17.95 million tons, an increase of 14.2% year-on-year. The VSA reported growth across most product categories, with the exception of coated steel and cold-rolled steel, both of which recorded declines in production and sales.

By product category, HRC was the standout performer in the first half of the year. HRC production reached 5.397 million tons, up 41.9%, while sales rose 36.8% to 5.338 million tons. HRC exports also surged 62.2% year-on-year to 758,000 tons.

Construction steel also maintained positive growth, with production reaching 7.69 million tons, up 19.3%, while sales rose 15.1% to 7.64 million tons.


Vietnam's rice exports earn $2.38bln in 6M

Vietnam's rice exports earn $2.38bln in 6M

Rice export prices have shown signs of recovery, supported by solid demand from key markets such as the Philippines and China.

Vietnam exported 5.02 million tons of rice in the first half of 2026, earning $2.38 billion, according to data from the Vietnam Customs.

Compared with the same period last year, export volume rose 2.5%, while export value fell 9.2%.

In June alone, the country exported 755,900 tons of rice worth $375.8 million, down 10.2% in volume and 12.6% in value from the previous month.

However, Vietnam’s rice export prices have shown signs of recovery, supported by solid demand from key markets such as the Philippines and China.

According to the Vietnam Food Association (VFA), Vietnamese rice prices remained relatively high in July and increased from the previous month. As of July 22, Jasmine rice was quoted at $513-517 per ton, up about $8 from June 22. Fragrant rice with 5% broken grains was priced at $510-520 per ton, an increase of $20-30, while 100% broken fragrant rice was quoted at $348-352 per ton, up around $4.


Renewable energy becomes new 'strategic piece' for major Vietnamese firms

Renewable energy becomes new 'strategic piece' for major Vietnamese firms

Many leading corporations in Vietnam are expanding their presence in the wind and solar power sectors through huge investments, making renewable energy an increasingly important component of their long-term development strategies.

Businesses expand investment ecosystems

Renewable energy is no longer an exclusive domain for traditional power companies. The sector is witnessing a strong wave of participation from large enterprises across various industries.

With investment commitments ranging from several to tens of trillions of VND (VND1 trillion = $38 million), these companies are steadily expanding into solar and wind power projects, viewing renewable energy as a new growth driver within their long-term strategic plans.

One notable move comes from multi-sector conglomerate Taseco Group JSC. As part of the company's strategy to expand its investment ecosystem and pursue sustainable development, the company signed a memorandum of understanding with the Lai Chau province People's Committee to cooperate on researching, surveying and proposing solar power investment projects in the northern mountainous locality.

Under the agreement, Taseco will study and propose solar power projects with a planned total capacity of approximately 1,000 MW and an estimated total investment of VND22 trillion ($836.23 million), with implementation expected during the 2026-2030 period.

Steel giant Hoa Phat Group JSC (HoSE: HPG) has also officially entered the offshore wind power industry. According to a board resolution, Hoa Phat has contributed capital to establish Song Hau Offshore Wind Power JSC, which operates in renewable electricity generation, including both wind and solar energy.

The newly established company has charter capital of VND2 trillion ($76.02 million), of which Hoa Phat contributed VND600 billion, representing a 30% stake. The group has also authorized its CEO, Nguyen Viet Thang, to manage its entire capital contribution in the company.

In addition to Hoa Phat, KVS Investment JSC contributed VND600 billion (30%). Two individual shareholders, Tran Dinh Long and Tran Dang Khoa, each contributed VND400 billion (20% each). Khoa serves as the company's legal representative, chairman, and CEO.

Meanwhile, leading industrial park developer Kinh Bac City Development Holding Corporation (HoSE: KBC) announced that it had received notification from its member Sai Gon-Bac Giang Industrial Park JSC (SBG) that Sustainable Renewable Energy Co., Ltd. has officially become a subsidiary of SBG.

As a result, sustainable renewable energy is now indirectly controlled by Kinh Bac through a 96.46% ownership interest. The company has charter capital of nearly VND2.94 trillion ($111.76 million) and will develop the Van Canh 1 and Van Canh 2 wind power projects in the central province of Giai Lai, with a combined investment of nearly VND14.7 trillion ($558.79 million) and total installed capacity of 340 MW.

The most notable development comes from the Vingroup ecosystem, where VinEnergo Energy JSC has rapidly emerged as one of the fastest-growing non-utility companies in Vietnam's renewable energy sector.

In Gia Lai province, formed through the merger of the former Gia Lai and Binh Dinh provinces, VinEnergo has received approval to invest in the Thang Hung and Thang Hung Phase 2 wind power projects, with a combined capacity of 80 MW and total investment exceeding VND2.6 trillion ($98.83 million).

The company is also the investor of the Hon Trau Wind Power Plant – Phase 1, with total investment exceeding VND48.37 trillion ($1.84 billion), as well as the VND4.68 trillion Vinh Thuan Wind Power Plant.

Alongside its projects in Gia Lai, VinEnergo is studying and developing numerous large-scale renewable energy projects across multiple provinces throughout Vietnam.

Notably, it has continuously established new legal entities in Gia Lai, Ha Tinh, Dien Bien, and Lai Chau provinces to support research, development, and implementation of clean energy projects.

Renewable energy becomes long-term growth driver

After more than two decades of development, Taseco has built a diversified investment ecosystem comprising 29 subsidiaries, charter capital of VND1.35 trillion ($51.29 million), and total assets exceeding VND14.5 trillion ($551.08 million).

Building on its foundations in real estate, industrial infrastructure, and aviation services, the firm is continuing to expand into sectors with long-term growth potential, with renewable energy identified as one of its new strategic growth engines.

Similarly, Kinh Bac has identified renewable energy, artificial intelligence, and data centers as strategic sectors that will gradually become core business pillars, contributing an increasingly significant share of future revenue.

In addition, investments in advanced technology and clean energy not only diversify revenue streams but also enhance the competitiveness of existing industrial parks while attracting foreign direct investment (FDI) from high-tech industries seeking industrial infrastructure integrated with AI capabilities and green energy solutions.

Both Vingroup (HoSE: VIC) and VinEnergo aim to become leading developers of comprehensive, large-scale energy projects in Vietnam and international markets.

Under this strategy, the group plans to develop a diversified portfolio of sustainable green energy projects by applying advanced technologies and international standards for safety and quality.

Furthermore, VinEnergo intends to invest in Battery Energy Storage Systems (BESS) manufactured by EV maker VinFast, another subsidiary of Vingroup, creating integrated energy solutions that increase localization, enhance technological content, and strengthen the intellectual value embedded in Vietnamese-made products.

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