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

Manufacturing sector ends first half of 2026 with firm growth as PMI holds above no-change mark

Manufacturing sector ends first half of 2026 with firm growth as PMI holds above no-change mark

S&P Global said growth was underpinned by further gains in new orders, which supported a 14th consecutive month of rising output.

HÀ NỘI — The manufacturing sector ended the first half of 2026 on a firm footing, with sustained growth in output and new orders, even as supply-chain pressures and employment weakness persisted, according to S&P Global.

The S&P Global Vietnam Manufacturing Purchasing Managers' Index (PMI) posted 51.8 in June, down from 52.8 in May but still above the 50-point threshold, signalling a continued improvement in the health of the sector, S&P Global said in a news release on July 1.

S&P Global said growth was underpinned by further gains in new orders, which supported a 14th consecutive month of rising output. Production growth in June also accelerated to its fastest pace since February, reflecting stronger underlying demand.

“Growth was maintained in the Vietnamese manufacturing sector during June amid further improvements in new orders and an easing of inflationary pressures,” the report said, adding that purchasing activity also increased during the month.

Firms ramped up input purchases to meet rising production needs, but supply-chain delays continued to weigh on inventories, with input stocks falling sharply during the month.

Input costs continued to rise sharply in June due to material supply shortages and higher transportation costs, but the rate of inflation was much softer than that seen in May and the lowest since the start of the year.

Despite stronger activity, manufacturers reduced staffing levels again in June, highlighting continued caution over labour demand even as workloads increased.

Business confidence improved to a four-month high, supported by expectations of further gains in new orders, product development and capacity expansion. However, sentiment remained below pre-conflict levels seen before recent geopolitical tensions in the Middle East.

Andrew Harker, economics director at S&P Global Market Intelligence, said that employment trends remained a weak spot despite improving output and demand conditions.

Still, the sector entered the second half of 2026 on a positive footing, and should remain in expansion as global conditions is predicted to stabilise in the months ahead.


Dong Nai seeks to pioneer pilot nuclear power plant using small modular reactors

Dong Nai seeks to pioneer pilot nuclear power plant using small modular reactors

Looking toward 2050, the southern city aspires to lead the country in high-tech industries, evolving into a premier center for nuclear research, training, and application in both Vietnam and the broader region.

Dong Nai City in southern Vietnam has set a strategic goal to become the pioneering locality selected by the Central Government to pilot a nuclear power plant using Small Modular Reactor (SMR) technology by 2035.

In implementation of the Prime Minister’s Decision No. 438/QD-TTg regarding the strategy for the development and application of atomic energy for peaceful purposes through 2035, with a vision to 2050, the City People's Committee has issued a comprehensive plan to execute this strategy locally.

By 2030, the city aims to complete and safely operate the Nuclear Science and Technology Research Center in Hang Gon, ensuring synchronized infrastructure such as transportation, electricity, and water to support the project.

Following this, by 2035, Dong Nai intends to have all environmental radiation monitoring stations under its management fully operational. These stations will be integrated into the National Digital Platform and the city’s Intelligent Operations Center (IOC), utilizing Artificial Intelligence (AI) for data analysis and early pollution warnings, as the locality strives to be designated as the nation's pilot site for SMR technology.

Looking toward 2050, Dong Nai aspires to lead the country in high-tech industries, evolving into a premier center for nuclear research, training, and application in both Vietnam and the broader region.

The locality intends to establish itself as an integrated clean energy hub for the Southeast region through a "Hybrid Energy System" model. This system will combine SMRs with renewable energy sources—such as floating solar, biomass, and waste-to-energy—to provide a stable baseload power supply with net-zero emissions, directly serving concentrated digital technology zones and data centers.

To realize these ambitions, Dong Nai will invest in upgrading its automated environmental radiation monitoring network, linking it directly to central authorities and the provincial IOC. The city will also enhance its nuclear incident response plans to address large-scale scenarios, conducting annual drills in coordination with specialized central forces.

Furthermore, the plan includes establishing medical centers capable of specialized treatment for acute radiation syndrome and planning strict management cycles for medical and industrial radioactive waste.

To ensure a skilled workforce, the city will launch academic programs in radiation engineering, nuclear medicine, and environmental law, while upgrading laboratories and enacting policies to attract and retain top-tier talent.


Ho Chi Minh City launches eight key projects worth US$9.6 bln

Ho Chi Minh City launches eight key projects worth US$9.6 bln

Ho Chi Minh City on July 1 simultaneously broke ground on eight major infrastructure projects worth more than VND253 trillion (US$9.6 billion) to mark the 50th anniversary of Saigon-Gia Dinh officially being named after President Ho Chi Minh (July 2, 1976–2026).

The projects are the Nha Rong Wharf–Khanh Hoi Cultural Park and Bach Dang Riverside Green Space; the Ho Tram–Long Thanh International Airport Urban Expressway; the Can Gio–Vung Tau Sea-Crossing Route; the Cai Mep Ha General and Container Port (Phase 1); the Binh Tien Bridge and Road project, the Ho Chi Minh City–Moc Bai Expressway (Phase 1), the interchange of the Ben Luc–Long Thanh Expressway and Rung Sac Road; and the interchange of the Ben Luc–Long Thanh Expressway and National Highway 50.

Speaking at the ground-breaking ceremony, Vice Chairman of the municipal People's Committee Hoang Nguyen Dinh described the event as more than the start of major construction works.

It is a pledge in action, demonstrating the city's determination to enter a new stage of development and meet the expectations of the nation, he said.

According to Dinh, the projects will improve regional connectivity, expand urban development space and strengthen the city's competitiveness.

Among them, the Nha Rong Wharf–Khanh Hoi Cultural Park and Bach Dang Riverside Green Space project holds particular historical significance. Covering more than 73 hectares, the site is where President Ho Chi Minh departed in 1911 to seek a path for national salvation.

The area is expected to become a major cultural, historical and tourism destination while improving traffic along the Saigon River.

Dinh urged relevant agencies to accelerate administrative procedures, site clearance and construction material supplies, while calling on investors and contractors to apply modern technologies, ensure construction quality and safety, and prevent losses throughout project implementation.

Dang Minh Truong, chairman of Sun Group, said developing the Nha Rong Wharf–Khanh Hoi project is both an honour and a historic responsibility.

He noted that the company aims to preserve and promote the area's heritage rather than replace it with new landmarks.

Meanwhile, Vingroup Deputy General Director Tran Van Anh, representing the consortium that is developing the Can Gio–Vung Tau Sea-Crossing Route, stressed the company would mobilise its financial, technological and human resources for the project.

She added that the route would significantly shorten travel time between Can Gio and Vung Tau, promoting trade, tourism and the region's marine economy.

According to the municipal People's Committee, the projects are financed through a combination of public investment, public-private partnerships (PPP) and private capital, reflecting the Government's policy of promoting private sector development.

The city expects the projects to unlock new development opportunities following its expanded administrative boundaries, strengthen regional connectivity, boost the marine economy, logistics, tourism and services, and reinforce Ho Chi Minh City's role as Vietnam's leading economic centre.

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