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.

Signatory of:

signatory
Learn More
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

New criteria for green projects and ESG subsidies in Vietnam issued

New criteria for green projects and ESG subsidies in Vietnam issued

Businesses and entrepreneurs undertaking certified green or circular projects that comply with Environmental, Social, and Governance (ESG) reporting standards will now qualify for state interest rate subsidies under newly issued government guidelines.

Deputy Prime Minister Ho Quoc Dung has signed Prime Ministerial Decision No. 46/2026/QD-TTg, introducing official guidelines to identify green and circular-compliant projects and regulate the application of ESG standards across key economic sectors in Vietnam.

Under the new regulations, a project is classified as “green” if it belongs to designated sectors, aligns with sustainability objectives, and meets specific statutory requirements. An attached framework sets out technical parameters across multiple industries, including 10 sub-sectors in energy, three in transport, two in construction, three in water resources, 12 in agriculture and biodiversity, six in manufacturing, and nine in environmental services.

In the energy sector, solar power installations must meet efficiency and equipment certification standards, alongside extended producer responsibility for recycling. Power generation using renewable or new energy sources - such as geothermal, biomass, wave energy, green hydrogen, and green ammonia - must satisfy clear environmental benchmarks. High-tech battery manufacturing requires recognized eco-labels, the use of recycled inputs, and strict waste management compliance.

For transportation, eligibility extends to low- or zero-emission vehicle fleets, electric vehicle charging infrastructure, and clean energy supply services. In construction, projects must secure accredited green building certificates and adopt low-GWP (Global Warming Potential) and low-ODP (Ozone Depletion Potential) refrigerants.

Meanwhile, manufacturing projects covering energy-efficient machinery, electronics, and eco-friendly packaging must hold valid energy or eco-labels or comply with circular standards in export markets. Environmental service projects must meet minimum waste recycling ratios and limit landfill disposal.

The decision also details criteria for circular economy projects, spanning circular design, extended product lifespans, resource recovery, and industrial symbiosis. Green or circular status must be verified by an independent assessment body.

Additionally, project developers - including enterprises, household businesses, and individual traders - are required to compile and submit ESG compliance reports. Reaching certified green or circular status alongside verified ESG disclosures will serve as the official foundation for businesses to qualify for state interest rate support.


Việt Nam, Germany explore cooperation in high-speed railway technology transfer

Việt Nam, Germany explore cooperation in high-speed railway technology transfer

Alongside quality, safety, investment efficiency and the ability to meet the technical requirements of the North-South high-speed railway project, technology transfer is important, as Việt Nam considers cooperation with foreign enterprises and partners in the high-speed railway sector.

HÀ NỘI — Deputy Minister of Construction Bùi Xuân Dũng has had a working session with German authorities and businesses to seek cooperation and explore technology transfer for the North-South high-speed railway project.

Dũng said Việt Nam highly values Germany's strengths in science and technology, technical standards, safety management, the railway industry, export finance and human resources training.

He expressed Việt Nam's wish to establish a substantive and long-term channel for exchanges between the two countries' state management agencies and business communities in the railway sector.

Alongside quality, safety, investment efficiency and the ability to meet the technical requirements of the North-South high-speed railway project, technology transfer is important, as Việt Nam considers cooperation with foreign enterprises and partners in the high-speed railway sector, Dũng stressed.

The official emphasised that Việt Nam is at a particularly important stage in preparing the project's feasibility study report. Therefore, studying and selecting modern, integrated, safe and efficient technologies suited to Việt Nam's conditions, controlling lifecycle costs, organising project management, training human resources and building independent operation and maintenance capacity will be decisive to the project's long-term effectiveness.

Dũng called on German businesses, including Siemens Mobility, Deutsche Bahn (DB) and members of the German Railway Industry Association, to study substantive cooperation models with Việt Nam that go beyond the supply of products, equipment and services to include technology transfer, human resources training, development of domestic enterprises and supply chains, and the gradual development of Việt Nam's capacity to manufacture, operate, maintain and master railway technologies.

He noted that the scope of technology transfer, human resources training, supplier development, and the establishment of manufacturing and maintenance facilities in Việt Nam are also areas that Việt Nam has identified for further in-depth study during the current project preparation phase.

Regarding the German Federal Ministry for Transport, the Vietnamese side proposed sharing experience in high-speed railway network planning, investment models and project implementation, the division of responsibilities among State management agencies, safety authorities, owners and infrastructure managers, and the control of total investment, schedules, quality and risks in major projects.

The two sides discussed systems of standards and technical regulations, independent safety assessment and certification, as well as safety management during railway operations.

With the German Ministry for Economic Affairs and Energy, the Vietnamese side expressed interest in models for mobilising finance, export credit, risk guarantees, and green finance, as well as the potential to combine technological solutions, financing and services for large-scale railway projects.

Regarding Deutsche Bahn (DB), the Vietnamese side proposed exchanges of experience in the management, operation and maintenance of high-speed railway systems, lifecycle infrastructure asset management, transport organisation and station management.

As for Siemens Mobility, Việt Nam is interested in comprehensive solutions covering rolling stock, electrification, signalling and information systems, train control, telecommunications, depots, maintenance, and indicators related to reliability, safety and lifecycle costs.

Building on sound relations between Việt Nam and Germany, as well as Germany's strengths in the railway sector, Dũng said the two sides still have considerable room to develop practical cooperation programmes, contributing to the development of a modern, integrated and sustainable railway system in Việt Nam.

The Vietnamese side also proposed the two sides maintain coordination contacts and organise further in-depth exchanges on technology, technical standards, management and operation models, human resources training and technology transfer.

On the occasion, the Ministry of Construction's delegation conducted a field survey at Berlin Central Station (Berlin Hauptbahnhof), learning about the organisation and operation of the station and its connectivity between high-speed, intercity and urban railways and other forms of public transport.

The Vietnamese side focused on studying passenger flow management, the arrangement of multi-level transport spaces and convenient connectivity among different modes of transport. It also examined the model of integrating transport functions with commercial services, public amenities and urban development around the transport hub.

These experiences provide useful references for planning the station network of the North-South high-speed railway project, as well as for promoting transit-oriented development (TOD) in Việt Nam.


HCM City’s industrial parks attract $5.57bln in investment in 9M

HCM City’s industrial parks attract $5.57bln in investment in 9M

FDI accounting for over $4.27 billion, up 62.2% year-on-year.

Investment in export processing zones and industrial parks across Ho Chi Minh City reached more than $5.57 billion in the first nine months of 2026, according to the Ho Chi Minh City Export Processing and Industrial Zones Authority (HEPZA).

The figure was equivalent to 131.15% of the full-year target of $4.25 billion and represented a 29.13% increase from the same period in 2025. Foreign direct investment (FDI) accounted for more than $4.27 billion, up 62.22% year-on-year.

HEPZA licensed 100 new projects with total registered capital exceeding $3.144 billion, while 120 existing projects registered capital increases totalling more than $1.126 billion.

Domestic investment in the industrial and export processing zones reached more than VND33.8 trillion, equivalent to approximately $1.3 billion. This included 84 newly licensed projects with combined capital of VND14.733 trillion and 51 projects registering capital increases totalling VND19.143 trillion.

The results highlight the continued attractiveness of Ho Chi Minh City’s industrial and export processing zones, while underscoring the role of FDI in mobilising resources, expanding production capacity and making effective use of existing industrial infrastructure.


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