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 capable of producing 1 million barrels of SAF daily: expert

Vietnam capable of producing 1 million barrels of SAF daily: expert

Key actions include refining policies to support the SAF ecosystem, ensuring sustainable feedstock supplies, selecting appropriate technologies, and developing supply chains and supporting infrastructure.

Vietnam has a potential to produce roughly 1 million barrels of SAF daily between 2030 and 2050 by leveraging its vast agricultural waste from rice and cassava.

This assessment was shared by Mr. Sharmine Tan, Boeing’s Southeast Asia Sustainability Lead, at the international workshop titled "Sustainable Aviation Fuel (SAF): Policy Framework and Market Development in ASEAN" held on June 25, according to a report by the Government News.

Speaking at the event, Deputy Minister of Construction Le Anh Tuan noted that the green transition and sustainable development within the aviation sector are becoming increasingly urgent. This urgency aligns with Vietnam's commitment to achieving net-zero emissions by 2050 and its official participation in the Carbon Offsetting and Reduction Scheme for International Aviation (CORSIA) starting in 2026.

According to Ms. Nguyen Thi Phuong Hien, Deputy Director of the Ministry of Construction's Institute of Strategy and Development, Vietnam's aviation industry is maintaining one of the fastest growth rates in Asia. Current consumption of traditional Jet A-1 fuel stands at approximately 2.8 to 3 million tons annually. Demand for air transport is forecasted to continue rising sharply, potentially driving fuel consumption to 4 million tons by 2030 and reaching 11 million tons by 2050.

"The biggest barrier to the development of SAF in Vietnam remains the economic challenge, as SAF production requires massive capital investment and cutting-edge technology," Ms. Hien remarked.

Currently, the production cost of SAF is 2 to 5 times higher than that of conventional Jet A-1 fuel, while investment incentive mechanisms are still being refined. Vietnam also faces several hurdles, including the lack of a formal SAF adoption roadmap, the absence of appropriate support mechanisms, difficulties in mobilizing sustainable raw materials, and challenges regarding traceability and meeting international certification standards.

Sharing this perspective, Mr. Philip Goh, CEO of the Asia-Pacific Sustainable Aviation Centre (APSAC), noted that SAF is projected to account for less than 1% of total global aviation fuel consumption by 2025. This is primarily due to its high cost compared to conventional fuels and the fact that production is concentrated in only a few countries. Furthermore, market instability and uncertain demand make investors hesitant to fund production without guaranteed long-term off-take agreements.

To drive SAF development, Ms. Hien suggested that Vietnam needs to establish a roadmap tailored to its practical conditions. Key actions include refining policies to support the SAF ecosystem, ensuring sustainable feedstock supplies, selecting appropriate technologies, and developing supply chains and supporting infrastructure. She also emphasized the need to mobilize investment, create risk-sharing mechanisms, expand international cooperation, and accelerate technology transfer alongside high-quality human resource development.

Echoing these views, Mr. Subash S, Deputy Regional Director for Asia-Pacific at the International Civil Aviation Organization (ICAO), stated that each nation must build an SAF roadmap aligned with its specific reality, based on its potential feedstock, energy sources, market demand, and existing infrastructure.

Developing SAF cannot be the sole responsibility of the aviation industry; it requires a coordinated policy framework involving transport, energy, environment, finance, industry, and investment. SAF must be integrated into existing national policies, with the Government playing a leading role by committing to SAF usage in state-managed activities, said Mr. Subash S.

Mr. Philip Goh added that Vietnam possesses immense potential for feedstock derived from agricultural by-products and biomass waste, such as rice straw, husks, bagasse, and other sources. APSAC is prepared to support research on materials and policies suitable for Vietnam, while providing training and capacity-building for government officials and connecting Vietnam with ICAO, regional partners, and the global aviation industry.


Land data seen as key digital infrastructure for next growth phase

Land data seen as key digital infrastructure for next growth phase

Among the country's core data assets, land information is considered particularly important because of its links to urban planning, investment, credit markets, real estate transactions and public asset management.

HÀ NỘI — Efforts are being accelerated to build a national land database, viewing land information as a critical component of the country's digital infrastructure and a foundation for a new data-driven growth model.

Under Resolution 57-NQ/TW on breakthroughs in science, technology, innovation and digital transformation, data has been identified as a new factor of production. While highways, seaports and airports serve as physical infrastructure supporting the movement of goods, policymakers increasingly regard data as a soft infrastructure underpinning the digital economy.

Among the country's core data assets, land information is considered particularly important because of its links to urban planning, investment, credit markets, real estate transactions and public asset management. The Government aims to complete a national land database by 2026 as part of broader efforts to modernise governance and improve economic efficiency.

Data challenge

Despite its strategic importance, building a comprehensive national land database remains a significant challenge for Việt Nam.

Land administration has long been associated with a high volume of administrative procedures, disputes and complaints. Experts said one of the main reasons is the fragmented nature of land information systems, which often lack standardisation and effective integration across Government agencies.

Associate Professor Đặng Hùng Võ said transparency is essential for the development of a modern land market. Transaction costs rise and market risks could increase without standardised and publicly accessible information on land-use rights, planning, land prices and legal status, he said.

The consequences are evident in daily business activities.

Trần Văn Minh, a resident of Bắc Ninh Province said it took him almost a month to complete procedures to verify land information for a bank loan because he had to visit multiple agencies to cross-check documents.

Phạm Thị Lan Hương, a small business owner in HCM City, said obtaining planning information remained time-consuming, limiting businesses' ability to make timely investment decisions. She said if data were publicly available and synchronised on digital platforms, businesses would be much more proactive.

According to the Ministry of Agriculture and Environment, Việt Nam has about 106 million land parcels, representing a vast volume of information covering ownership, land-use rights, attached assets, planning, land prices and other socio-economic data.

For years, however, much of that information has been stored in different formats across multiple administrative levels.

As part of a nationwide campaign to standardise and enrich land data, authorities had reviewed nearly 62 million land parcels by early 2026. More than 24 million parcels met criteria for being accurate, complete, clean, usable, consistent and shareable, according to the ministry.

The figures highlight both significant progress in the digital transformation of the land sector and the scale of work that remains to be completed.

To accelerate the process, the Government has issued a series of directives aimed at speeding up cadastral mapping, land registration, record digitisation and database construction.

In Directive 05/CT-TTg, Prime Minister Lê Minh Hưng instructed ministries, agencies and local authorities to prioritise resources for completing the national land database by 2026, describing it as a key component of Việt Nam's national digital transformation programme.

The government's objective extends beyond digitising paper records. Authorities aim to create a centralised and unified platform capable of connecting with databases on population, taxation, business registration, finance and other specialised government systems.

"Soft infrastructure" for growth

Dr Cấn Văn Lực, a member of the National Financial and Monetary Policy Advisory Council, said that data has been becoming a critical production resource in the digital economy. Developing national databases, including land data systems, could help lower transaction costs, improve market transparency and create new drivers of economic growth.

From a real estate perspective, experts said a comprehensive and reliable land database could help curb speculation fuelled by incomplete or inaccurate information.

Sharp land-price increases seen in several localities in recent years have highlighted how limited transparency could contribute to speculative activity and herd behaviour in the property market.

Nguyễn Văn Đính, chairman of the Vietnam Association of Realtors, said a sustainable real estate market depends on transparent and accessible information.

He said when people could easily access planning, legal and pricing data, investment decisions would become more rational, helping to reduce abnormal market fluctuations.

Authorities said the benefits of a national land database would extend well beyond property transactions.

One of the most significant changes is the ability to reuse data across government systems. Instead of repeatedly submitting the same information, citizens and businesses would be able to complete procedures through interconnected digital platforms.

The Ministry of Agriculture and Environment is promoting the sharing of land-use right certificate data with administrative processing systems as part of broader efforts to streamline public services.

Financial institutions could also benefit from faster verification of collateral assets, while real estate developers could reduce the time required to complete project documentation. Tax authorities would gain improved tools for monitoring land-related transactions, and local governments could rely on more accurate information for urban planning and development management.

As a result, officials view the land database not merely as a resource for the natural resources sector but as a platform capable of generating efficiency gains across multiple areas of the economy.

Indonesia market opens new horizons for Vietnamese food

Indonesia market opens new horizons for Vietnamese food

Indonesia’s middle class has reached approximately 47 million people, with over 60% of the total population within the working-age bracket, creating a young and vibrant consumer market.

With a population of over 285 million and surging food demand, Indonesia represents a highly promising market for Vietnamese food enterprises. However, to conquer ASEAN's largest economy, businesses must overcome strict technical barriers, Halal certification requirements, and implement a systematic market entry strategy.

At the workshop "Indonesia Market Trends and Opportunities for Vietnam's Food Industry," organized by the Ho Chi Minh City Investment and Trade Promotion Center (ITPC) on June 24, experts noted that Indonesia is more than just a potential export destination. The country could also serve as a new growth engine for Vietnamese firms amid the current volatility of global trade.

Deputy Director of ITPC Le Anh Hoang stated that with its massive population, Indonesia is the largest economy in Southeast Asia and one of the region’s biggest consumer markets.

"The rapid expansion of the middle class, combined with modern consumption trends, is driving an increasing demand for processed foods, convenience foods, health-conscious products, and items with natural origins," said Mr. Hoang.

Notably, the upcoming upgrade of Vietnam-Indonesia relations to a Comprehensive Strategic Partnership in 2025 is viewed as a vital foundation to further boost trade and investment cooperation between the two nations. Furthermore, bilateral trade turnover has maintained positive growth in recent years, providing a favorable environment for Vietnamese businesses to expand their presence in Indonesia, particularly in the food and consumer goods sectors.

Vietnam’s Trade Counselor in Indonesia Gian The Cuong advised that Vietnamese enterprises should look beyond the total population and instead identify key regional hubs and specific consumer characteristics.

"Java is currently home to about 160 million people—more than half of the national population—while Sumatra has over 60 million. These are the two largest economic and consumer hubs that Vietnamese businesses should focus on first," Mr. Cuong suggested.

In particular, Indonesia’s middle class has reached approximately 47 million people, with over 60% of the total population within the working-age bracket, creating a young and vibrant consumer market. This demographic is the primary target for processed foods, beverages, nutritional products, and modern consumer goods.

According to the Vietnam Trade Office in Indonesia, the country’s total food and beverage market value is currently among the largest in Southeast Asia.

However, Indonesia is not an easy market to penetrate. One of the most significant hurdles today is the requirement for Halal certification. As the world’s largest Muslim-majority nation, Indonesia is progressively refining and tightening regulations regarding Halal certification for food and consumer products.

“Businesses should not view Halal as merely an administrative procedure. In reality, it is a 'passport' that allows products to enter modern distribution systems and build trust with Indonesian consumers,” Mr. Cuong noted.

Beyond Halal requirements, regulations regarding product registration, labeling, and information disclosure are also strictly managed. The majority of imported food products must be registered with the Indonesian Food and Drug Authority (BPOM) before they can be introduced to the market.


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