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

Trade turnover tops $680B in 9 months

Trade turnover tops $680B in 9 months

Vietnam’s total import–export turnover reached US$680.66 billion in the first nine months of 2025, up 17.3% year-on-year.

Exports amounted to $348.74 billion, a 16% increase from a year ago, according to data released by the National Statistics Office on Monday.

Of the figure, the domestic economic sector accounted for 24.5%, or $85.41 billion, up 2% year-on-year, while the foreign-invested sector (including crude oil) made up the remaining $263.33 billion, a 21.4% increase.

Some 32 items saw exports exceeding the $1 billion mark and represented 93.1% of total export turnover, including seven items exceeding $10 billion each.

By category, manufactured industrial products raked in $309.03 billion (88.6%); agro-forestry products earned $29.51 billion (8.5%); aquatic products gained $8.17 billion (2.3%); and fuels and minerals generated $2.03 billion (0.6%).

Imports totaled $331.92 billion during the same period, up 18.8% from a year earlier. The domestic sector accounted for $105.67 billion, up 4.6%, while the foreign-invested sector made up $226.25 billion, up 26.8%.

Imports of 43 items exceeded $1 billion, making up 92.9% of the total value, with three of them surpassing $10 billion.

By categories, production inputs accounted for $311.22 billion, or 93.8% of imports, and consumer goods made up the remaining $20.7 billion.

Vietnam recorded a trade surplus of $16.82 billion in the first nine months of 2025, NSO said.

Service exports and imports were estimated at $21.99 billion and $30.29 billion during the period, up 19.1% and 16.3% year-on-year, respectively. This translated to a service trade deficit of $8.3 billion for the period.

Vietnam’s agro-forestry-fisheries exports earn $52.3bln in 9M

Vietnam’s agro-forestry-fisheries exports earn $52.3bln in 9M

The sector recording a trade surplus of $15.93 billion during the period.

Vietnam’s agro-forestry-fisheries export revenue reached $52.31 billion in the first nine months of 2025, up 14% year-on-year, according to the Ministry of Agriculture and Environment.

The sector recorded a trade surplus of $15.93 billion, representing a 17.6% increase compared to the same period last year.

Agricultural products contributed the largest share, earning $28.51 billion, up 16.8% year-on-year. Seafood exports brought in $8.12 billion (up 12.3%), forestry products earned $13.41 billion (up 7.4%), and livestock products totaled $447.5 million (up 18.6%).

“With this result, the entire sector has achieved over 80% of its 2025 plan. If export growth maintains an average of $5–5.5 billion per month in the final quarter, total annual turnover could exceed $67 billion, and potentially reach $70 billion, surpassing the Government’s target,” Deputy Minister Phung Duc Tien said at the ministry’s regular press briefing on October 6.

Vietnam’s benchmark VN-Index remains in red despite market status upgrade news

Vietnam’s benchmark VN-Index remains in red despite market status upgrade news

The VN-Index on the Ho Chi Minh Stock Exchange (HoSE) closed the Wednesday morning session at 1,683 points, down nearly 2 points from the previous day, despite news about FTSE Russel’s market status upgrade decision.

In its statement on Tuesday, the global index provider said Vietnam's stock market will be reclassified from "frontier" to "secondary emerging" from September 21 next year, subject to an interim review in March 2026.

The VN-Index rose by 15 points to over 1,701 at the opening, driven by investor excitement following the FTSE Russell announcement. However, increasing profit-taking pressure gradually eroded gains, causing the index to reverse course before the lunch break.

There were 166 stocks declining, outnumbering the 123 gainers. Clear divergence was seen across major stock groups.

The securities sector, which rallied strongly in the morning, saw many stocks reverse by midday, such as VIX of VIX Securities, HCM of Ho Chi Minh City Securities, ORS of Tien Phong Securities, and VCI of Viet Capital Securities, dropping by 0.3% to 1.5%.

Several banking stocks also fell below the reference level, including TCB of Techcombank, VIB of Vietnam International Bank, SHB of Saigon-Hanoi Bank, VPB of VPBank, and HDB of HDBank.

The real estate sector experienced the strongest selling pressure, with DIG of DIC Corp., PDR of Phat Dat Real Estate Development Corp., and QCG of Quoc Cuong Gia Lai JSC all losing over 2%.

Mid-cap stocks like KDH of Khang Dien Holdings, NLG of Nam Long Group, and NVL of Novaland saw mild corrections. VIC of Vingroup and VHM of Vinhomes, two key pillars of Vingroup, also reversed from gains to losses of around 1.5%, becoming the biggest drag on the VN-Index in the morning session.

On the positive side, the market found support from CTG of VietinBank and MWG of retailer Mobile World, which rose 1.6% and 2.9%, respectively, contributing nearly 2 points to the overall index.

Trading value on the HoSE reached over VND16.5 trillion ($625.95 million) in the morning session, with large-cap stocks accounting for more than VND9 trillion. SSI of Saigon Securities took the lead with VND1.37 trillion ($51.97 million), followed by MWG, HPG of steel giant Hoa Phat, VIX and SHB.

On Tuesday, the VN-Index dropped sharply in final minutes amid investor caution ahead of FTSE Russell’s market status upgrade announcement, ending the session at 1,685 points.

On Monday, the VN-Index recorded its strongest single-day gain in a month, with 260 stocks closing above reference, nearly 8.5% hitting their ceiling prices.

The market surged at the start of the week, driven by optimism surrounding Vietnam’s potential market upgrade. The benchmark index surged nearly 50 points from the reference level, closing at around 1,696 points.

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