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

Thanh Hoa licenses 22 projects worth $342 mln in Jan–Feb

Thanh Hoa licenses 22 projects worth $342 mln in Jan–Feb

Among the newly licensed projects are several large-scale developments expected to generate strong spillover effects and contribute to the central province’s economic growth in the coming years.
Authorities in central Thanh Hoa province licensed 22 new projects in the first two months of 2026, with total registered capital of more than VND8.97 trillion ($342 million), according to local officials.

The figures represent a year-on-year increase of nearly 100% in both the number of projects and registered capital, reflecting the province’s efforts to improve its investment environment and strengthen investment promotion.

Among the newly licensed projects are several large-scale developments expected to generate strong spillover effects and contribute to the central province’s economic growth in the coming years.

Notable projects include the Industrial Zone No. 16 development project with total investment of nearly VND3 trillion, and the Tan Cang Thanh Hoa Industrial Zone project in Quang Binh commune with registered capital of about VND1.97 trillion.

Another major project is a wood pellet and biomass charcoal factory in Xuan Binh commune, which has an investment of VND1 trillion and is expected to utilise local raw materials while creating jobs for local workers.

In addition, the EcoAlu high-tech aluminium factory project in Hop Thang Industrial Cluster in Hop Tien commune will be developed with an investment of VND980 billion, marking a step forward in high-tech processing and manufacturing in the locality.


Budget revenue from foreign trade rises 12.3% in Jan–Feb

Budget revenue from foreign trade rises 12.3% in Jan–Feb

The customs authority said it will intensify monitoring of revenue sources, tighten control over customs valuation, origin and tax policies, and strengthen risk analysis to prevent tax evasion and revenue losses.

HÀ NỘI — Việt Nam collected VNĐ70.085 trillion (US$2.66 billion) in State budget revenue from import – export activities in the first two months of 2026, fulfilling 15.5 per cent of the annual target and marking a 12.3 per cent increase from the same period last year, according to the Customs Department of Vietnam.

Revenue in February alone reached an estimated VNĐ28.696 trillion, representing a 30.7 per cent decline compared with January.

Total foreign trade turnover in February was valued at $67.19 billion, down 23.8 per cent month-on-month. Export value stood at $33.09 billion, a decrease of 23.4 per cent, while imports were estimated at $34.1 billion, down 24.2 per cent.

For the first two months of the year, trade value totalled $155.73 billion, up 22.3 per cent year-on-year, equivalent to an increase of $28.36 billion. Exports rose 18.3 per cent to $76.39 billion while imports climbed 26.3 per cent to 79.34 billion USD.

Foreign-invested enterprises made up $117.1 billion of the total trade turnover during the period, surging 35.9 per cent from the same period in 2025.

At the same time, authorities reported that smuggling, trade fraud and illegal cross-border transport of goods remain complex. Recent cases mainly involve narcotics, firecrackers and frozen food products that fail to meet safety standards along northern border routes with China and central border areas with Laos.

Sea routes accounted for the largest share of violations, with 1,006 out of 1,787 detected cases, or 56.3 per cent of the total, an increase of 479 cases, or 90.9 per cent, compared with the same period last year. Land routes recorded an increase of 61.3 per cent, or 200 cases, mostly along the Việt Nam – China and Việt Nam – Cambodia borders.

Violations on air routes also increased by 32 cases year-on-year, with the value of confiscated goods estimated at VNĐ28.8 billion. Most cases were detected at major international airports including Nội Bài International Airport, Tân Sơn Nhất International Airport and Đà Nẵng International Airport. Authorities also uncovered drug trafficking cases on transit flights via Qatar involving passengers arriving from Thailand or travelling from Việt Nam to New Zealand and Australia.

The customs authority said it will intensify monitoring of revenue sources, tighten control over customs valuation, origin and tax policies, and strengthen risk analysis to prevent tax evasion and revenue losses.

It also plans to expand post-clearance inspections and enterprise audits, particularly in cases suspected of tax declaration irregularities, transfer pricing or misuse of preferential tariff policies. In addition, the agency will step up coordination with police, border guard and coast guard forces to crack down on smuggling and trade fraud, and strictly handle violations of customs and tax regulations.


Vietnam secures 4 mln barrels of oil to stabilize supply: Prime Minister

Vietnam secures 4 mln barrels of oil to stabilize supply: Prime Minister

Vietnam has mobilized about four million barrels of oil from partners to ensure short-term supply and help stabilize market sentiment and public life amid global energy volatility, said Prime Minister Pham Minh Chinh.

The remark was made during a Monday meeting co-chaired by National Assembly Chairman Tran Thanh Man and PM Chinh on the content of the upcoming parliament session.

Man noted that global and domestic conditions remain challenging, particularly with regard to energy markets and rising fuel prices. He said the prime minister has been working with leaders of several countries to explore ways to share energy supplies and ensure stability for Vietnam.

PM Chinh added that the Government is holding continuous meetings and issuing directives to respond to the situation. "Vietnam has already secured about four million barrels of oil from partners to ensure near-term supply," he said.

The Government on Monday decided to reduce preferential import taxes on many gasoline products and raw materials for gasoline production to 0% to help businesses proactively secure supplies, respond to fluctuations in the global energy market, and contribute to stabilizing domestic supply.

According to Decree 72, the preferential import tax rate for unleaded motor gasoline has been reduced from 10% to 0%. This policy applies to items under HS code 2710.12, including unblended gasoline and gasoline blended with ethanol.

Gasoline blending materials such as naphtha and reformate (HS code 2710.12.80) also have their import tax reduced to 0%.

For other fuel products, the rates have been significantly adjusted. Specifically, diesel fuel, fuel oil, aviation fuel, and kerosene have had their import tax cut from 7% to 0%.

Several petrochemical raw materials also have their tax rates adjusted. Specifically, xylene, condensate, and p-xylene see their taxes drop from 3% to 0%. For other cyclic hydrocarbons, the tallies went down from 2% to 0%.

Decree 72 is effective from March 9 to April 30th. After this period, the preferential import tax rates for gasoline products and raw materials for gasoline production will revert to the application of Decree 26/2023.

However, in the event that the gasoline market continues to experience significant fluctuations and urgent measures are needed to ensure socio-economic stability, the Ministry of Industry and Trade may propose extending the policy's application period, submitting it to the Ministry of Finance for compilation and presentation to the Government for decision making.

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