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

AI adoption in Vietnam’s business sector jumps 39%

AI adoption in Vietnam’s business sector jumps 39%

Approximately 61% of Vietnamese businesses utilizing AI have reported expected revenue growth driven by improved operations, while 58% anticipate significant cost savings.

In Vietnam, Generative AI (GenAI) is playing a pivotal role in driving development and accelerating the digital economy.

Reports indicate that the adoption rate of AI among Vietnamese businesses surged by 39% year-on-year (YoY) in 2025, highlighting AI's growing significance in enhancing operational efficiency, fostering innovation, and creating a competitive edge.

Speaking at a press briefing on March 4 regarding the landscape of Generative AI adoption and its benefits for Vietnamese enterprises—including technology updates and the outlook for 2026, Mr. Eric Yeo, General Director of AWS Vietnam, emphasized that the GenAI trend is gaining momentum across all industries and organizational scales.

According to Mr. Yeo, approximately 61% of Vietnamese businesses utilizing AI have reported expected revenue growth driven by improved operations, while 58% anticipate significant cost savings.

"This demonstrates that GenAI has become a primary driver in business operations and a vital support system for Vietnamese enterprises," he said.

Regarding the adoption landscape across various sectors in Vietnam, Mr. Yeo noted that finance and insurance are among the pioneering and fastest-growing fields. Additionally, manufacturing firms, startups, content creators, designers, and game developers are also demonstrating robust AI integration.

AWS Vietnam also cited global data to illustrate the rapid momentum of AI. Specifically, according to McKinsey, 78% of organizations worldwide are now using GenAI in at least one business function—a remarkable expansion achieved in just 12 months. Notably, IDC reports that 50% of these organizations successfully transitioned GenAI from the Proof of Concept (PoC) stage to actual production in 2024.

Furthermore, a study by Deloitte revealed that 40% of organizations have already achieved their expected productivity and efficiency gains from the GenAI tasks they have implemented.

These figures reflect the rapid pace of change and a significant shift in the landscape of GenAI and Agentic AI, as well as the tangible value these technologies bring to businesses and organizations today.


Resolution 68: International lessons for private sector development

Resolution 68: International lessons for private sector development

A common feature in many successful economies is a fundamental shift in the perception of private enterprises. In countries such as Singapore, Germany, Republic of Korea (RoK) and China, private firms are viewed not mainly as entities requiring strict control but as development partners and key forces generating growth, jobs and innovation.

Hanoi (VNA)– The issuance of Resolution No. 68-NQ/TW by the Politburo on the private economic sector's development marked an important shift in Vietnam’s development mindset, identifying the private sector as a key driver of the economy. Experiences from other economies offer useful insights for Vietnam as it pursues this policy direction.
A common feature in many successful economies is a fundamental shift in the perception of private enterprises. In countries such as Singapore, Germany, Republic of Korea (RoK) and China, private firms are viewed not mainly as entities requiring strict control but as development partners and key forces generating growth, jobs and innovation.
Singapore provides a typical example. Despite lacking a large domestic market and abundant natural resources, the city-state has built a transparent, stable and globally-connected business environment. Business establishment and operations are simplified, legal frameworks are clear and consistent, and property and intellectual property rights are well protected. This business-centred approach has enabled Singapore’s private sector to expand into regional and global markets, becoming a pillar of the national economy.
While Singapore highlights the importance of a strong institutional environment, Germany offers another lesson - the strength of small and medium-sized enterprises (SMEs) in sustainable growth. The country’s “Mittelstand” companies – mostly family-owned medium-sized firms – form the backbone of the German economy, contributing strongly to exports, innovation and high-quality employment.​

Rather than imposing administrative directives, the German Government focuses on strengthening enterprises’ internal capacity. Financial support and investment access programmes, such as the 30-billion-Euro Deutschland Fonds, help mobilise private capital for high-tech industries, green transition, digital transformation, workforce training and supply-chain connectivity. Over decades, this approach has enabled many SMEs to become global “hidden champions” in specialised industries.

In recent years, China has also stepped up efforts to reinforce the role of the private sector amid slower economic growth and global uncertainties. The Private Economy Promotion Law adopted in April 2025 strengthens legal commitments to protect private enterprises and ensure fair competition.

According to Zheng Bei, Vice Chair of the National Development and Reform Commission of China, China plans to reduce investment barriers, review market-access restrictions and expand openness in infrastructure and science and technology sectors while improving access to financing.

Meanwhile, the People's Bank of China and other state financial institutions have pledged to expand lending, diversify financing channels through equities and bonds, and reduce capital costs for private firms, reinforcing the message that business confidence is essential for growth.

The RoK and Thailand demonstrate complementary approaches to supporting private enterprises.

The RoK concentrates resources on strategic industries such as high technology, semiconductors, energy and automobiles, including through a 34-billion-USD policy fund providing preferential loans and investment for strategic firms.

Thailand, by contrast, focuses on strengthening SMEs through preferential credit programmes and loan guarantees, helping maintain economic resilience.

International experiences show that developing the private sector requires sustained institutional reform and policy consistency. The Politburo’s Resolution 68 provides a sound strategic framework. The key challenge now is effective and coordinated implementation so that the private sector can grow and become a major driving force of Vietnam’s economy in the new development stage.

FPT proposes tech urban area, digital tech park projects in central Vietnam

FPT proposes tech urban area, digital tech park projects in central Vietnam

Vietnamese tech giant FPT Corporation has proposed two projects - a technology urban area and a concentrated digital technology park - in the central province of Khanh Hoa, with a total investment of over VND8.86 trillion ($338 million).

Accordingly, the technology urban area project will span more than 44 hectares in Nam Nha Trang ward, at a cost of over VND8.7 trillion ($331.8 million).

The project is currently updating and finalizing its dossier for a third submission seeking in-principle approval, with an implementation period of 12 years, the firm reported at a meeting with local authorities on Thursday.

The nearly 8-hectare concentrated digital technology park project will also be developed in Nam Nha Trang ward, with a technical infrastructure investment of about VND163 billion ($6.22 million).

The project is expected to complete its dossier for in-principle approval in Q1/2026, with an implementation period of 11 years.

FPT called on local authorities to provide support in resolving issues related to planning, land procedures and site clearance, while guiding it to complete the dossiers.

Vice Chairman of the provincial People’s Committee Tran Hoa Nam assigned the provincial Department of Finance to work with FPT to align the timeline and implementation progress of the projects.

In Vietnam, FPT has affirmed its leading position in critical sectors, including technology, telecommunications, and education.

With a network of offices in 30 countries and territories globally, FPT provides services/solutions for hundreds of leading companies in many industries, including over 100 Fortune Global 500 ones. It is also a senior partner of leading tech firms namely GE, Airbus, Siemens, Microsoft, Amazon Web Services, and SAP.

The corporation aims to become a digital enterprise and stand in the top 50 global leading end-to-end digital transformation (DX) solutions and services providers by 2030, it said on its website.

In January 2026, FPT also broke ground on a large-scale digital technology park in Hanoi, with its core being a concentrated digital technology park covering about 168.9 hectares.

In 2025, FPT recorded revenue of VND70.11 trillion ($2.67 billion) and pre-tax profit of VND13.04 trillion ($497.33 million), up 11.6% and 17.8% year-on-year, respectively, achieving about 93% of its full-year revenue target and 98% of its pre-tax profit plan.


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