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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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

Computer and electronics exports surpass $10 bln per month for the first time

Computer and electronics exports surpass $10 bln per month for the first time

This lifted the total export value of the category for the whole of 2025 to $107.75 billion.

Vietnam’s export turnover in December 2025 reached $44.05 billion, up 12.6% from the previous month, equivalent to an increase of $4.94 billion. This marks the first time Vietnam’s monthly export value has surpassed $44 billion, setting a new record.

Among major export categories, several achieved unprecedented milestones during the month.

Notably, computers, electronic products, and components exceeded the $10 billion threshold for the first time, reaching $10.74 billion. This lifted the total export value of the category for the whole of 2025 to $107.75 billion. The figure accounts for about 23% of the country’s total export turnover and represents a sharp 48.4% increase compared to the previous year, equivalent to a rise of $35.15 billion.

With this result, computers, electronic products, and components not only maintained their position as Vietnam’s top export category by value, but also contributed more than half of the overall growth in the nation’s export turnover in 2025.

By market, exports of this category to the United States reached $42.09 billion, surging 81.4% year-on-year, equivalent to an increase of $18.88 billion. Mainland China ranked second with $16.89 billion, up 33.6% ($4.24 billion); followed by Hong Kong (China) with $10.82 billion, up 32.7% ($2.66 billion); and the European Union with $10.89 billion, up 9.9%, equivalent to an increase of $981 million.

For phones and components, export turnover in December 2025 reached $4.05 billion, up 1.6% from the previous month. For the whole year, exports of this category totaled $56.71 billion, up 5.2%, equivalent to an increase of $2.82 billion compared to 2024.

Exports of phones and components during the year were mainly concentrated in major markets such as China, the United States, the EU, ASEAN, India, and Japan.

Strategic solutions to ensure double-digit economic growth proposed at 14th National Party Congress

Strategic solutions to ensure double-digit economic growth proposed at 14th National Party Congress

Regarding the practical foundations for achieving the economic growth goal, Vice Chairman of the Party Central Committee’s Commission for Policies and Strategies Nguyen Anh Tuan noted that, built on existing achievements and the nation’s aspiration for renewal and advancement, Vietnam possesses sufficient conditions, potential, and policy space to realise this goal.

Hanoi (VNA)– Vice Chairman of the Party Central Committee’s Commission for Policies and Strategies Nguyen Anh Tuan, who is also a member of the Party Central Committee, on January 21 delivered a presentation at the 14th National Party Congress, clarifying strategic solutions to ensure double-digit economic growth in the 2026–2030 period.

Tuan said that the requirement for high and sustainable double-digit growth in the coming period is extremely urgent and cannot be delayed in order to fulfil the country’s strategic development objectives through 2030 and 2045.

Regarding the practical foundations for achieving the economic growth goal, he noted that, built on existing achievements and the nation’s aspiration for renewal and advancement, Vietnam possesses sufficient conditions, potential, and policy space to realise this goal. Overall economic efficiency remains modest, leaving room for improvement, he said, affirming that if strengths and untapped potential are fully promoted, bottlenecks removed, and resources effectively mobilised, breakthrough growth can be generated. All economic sectors still hold considerable growth potential, while many new drivers and resources for development have yet to be fully exploited.

​The current domestic and international context presents significant challenges, but also offers favourable opportunities for Vietnam to narrow development gaps and accelerate its rise. Against this backdrop, the Commission for Policies and Strategies proposed several key strategic solutions to promote double-digit growth in the coming period.

First, macroeconomic stability must be firmly maintained, economic resilience strengthened, and strategic autonomy ensured, thereby laying a solid foundation for rapid and sustainable growth in both the short and long term. Traditional growth drivers should be renewed and accelerated, while new growth engines must be proactively developed and effectively harnessed.

Second, the economic restructuring should be accelerated in parallel with industrialisation and modernisation, with science and technology, innovation, and digital transformation serving as the primary drivers.

Third, priority will be given to effectively exploiting and diversifying international markets, and strengthening the domestic market as a truly sustainable growth driver. Export strategies need to be restructured, shifting from price-based competition toward branding, higher standards, and products with greater technological content and added value.

Fourth, resources, especially capital, must be mobilised and used more effectively through public investment, domestic private investment, and foreign direct investment.

Fifth, it is necessary to intensify breakthroughs in economic institutions, human resources, science and technology, innovation, and infrastructure to form a solid foundation for fast and sustainable growth, said Tuan.

The official stressed that these solutions must be implemented in a concerted yet focused manner, with the aim to address key bottlenecks while activating growth drivers with strong spillover effects. He affirmed that the commission will continue to closely coordinate with ministries, sectors, and localities to provide timely policy advice, contributing to the successful implementation of the Resolution of the 14th National Party Congress and to Vietnam’s rapid and sustainable development.

The 14th National Congress of the Communist Party of Vietnam opens

The 14th National Congress of the Communist Party of Vietnam opens

As many as 1,586 delegates, representing more than 5.6 million Party members nationwide, attend the Congress.

The 14th National Congress of the Communist Party of Vietnam opened in Hanoi on January 20 morning, with the attendance of 1,586 delegates, representing more than 5.6 million Party members nationwide, according to a report from the Vietnam News Agency.

In his opening address, Politburo member and State President Luong Cuong stressed that the 14th National Party Congress shoulders an enormous historical mission: not only to set goals and directions for the 2026–2030 term, but also to make decisions on strategic issues concerning the future and destiny of the nation in many decades to come, aiming to continue to strongly inspire the aspiration for development, foster national pride and self-resilience, unlock all resources and driving forces for development, bring into play the strength of the People and the great national solidarity combined with the strength of the era, comprehensively and synchronously promote national renewal, construction, and defense, successfully achieving the goal of building a powerful nation standing shoulder to shoulder with the great powers across the five continents as envisioned by President Ho Chi Minh and the aspirations of the entire Vietnamese nation.

At the opening session, on behalf of the 13th Party Central Committee, Party General Secretary To Lam, Head of the Congress’s Document Subcommittee, presented the 13th Party Central Committee’s Report on the documents submitted to the 14th Party National Congress, emphasizing some key contents and new points of the draft documents for the Congress to consider, discuss and decide upon.

The draft documents include the draft Political Report; the draft Report reviewing a number of theoretical and practical issues related to the socialist-oriented renewal process over the past 40 years in Vietnam; and the draft Report summarizing 15 years of implementation of the Party Statutes (2011–2025), together with proposals and orientations for amending and supplementing the Party Statutes.

Notably, the draft Political Report integrates in a coordinated manner three reports - the Political Report, the Socio-economic Report, and the Report reviewing Party building work - into a unified and comprehensive whole, with clear focus and priorities, concise presentation, and content that is easy to understand, remember, and implement.

The Party General Secretary said the Congress’s slogan, “Solidarity – Democracy – Discipline – Breakthrough – Development,” is both a rallying call and a command of responsibility before history.

The overarching objective of the report is to safeguard a peaceful and stable environment; rapidly and sustainably develop the country; comprehensively improve and raise people’s living standards; enhance strategic self-reliance, self-strengthening and confidence, and strongly advance into a new era of the nation; successfully realize the goal of becoming a developing country with modern industry and upper-middle income by 2030; and fulfill the vision of becoming a developed country with high income by 2045 and a peaceful, independent, democratic, strong, prosperous, civilized and happy socialist Vietnam.

Efforts will be made to achieve an average annual gross domestic product (GDP) growth rate of 10% or higher during the 2026 – 2030 period, with GDP per capita reaching around $8,500 by 2030.

To realize the above objectives, the report identifies 12 major orientations; six focal tasks and three strategic breakthroughs. The Action Plan has detailed tasks that can be implemented immediately. The core spirit is condensed in eight important areas, clearly demonstrating the requirement for: Choosing correctly – implementing quickly – doing it thoroughly – measuring by results.

"Inheriting the glorious tradition under the glorious flag of the Party; with the unanimity and joint efforts of the entire Party, people, and armed forces; with the will of self-reliance, self-strengthening, and aspiration for progress of the nation; with the strategic vision and groundbreaking policies identified in the Documents presented to the 14th National Party Congress; we will certainly create a strong and substantive transformation, bringing the country to groundbreaking development, fully realizing Uncle Ho's sacred wish: 'My last wish is that the entire Party and people unite and strive to build a peaceful, unified, independent, democratic, and prosperous Vietnam, and make a worthy contribution to the world’s revolutionary cause," according to the report.

Strengthening ties with foreign political parties, organizations, international friends

The 14th National Party Congress has warmly received congratulatory letters and messages from numerous foreign political parties, organizations and international friends, reflecting the close attention and goodwill extended to this major political event of the Communist Party of Vietnam, the Vietnamese State and people.

At the opening session, on behalf of the Congress’s Secretariat, Ms. Bui Thi Quynh Van, member of the Party Central Committee and deputy head of its Organization Commission, said that as of January 19, the congress had received a total of 559 congratulatory letters and messages. These included greetings from 109 political parties, six international and regional organizations, 16 individuals, 122 people’s organizations, and 306 associations of overseas Vietnamese.

These messages represent a great source of encouragement and motivation for the renewal cause of the Vietnamese people initiated and led by the Communist Party of Vietnam. They also vividly demonstrate the increasingly close and substantive cooperation and friendship between the Party and foreign political parties, organizations and international friends, as well as the growing attachment and affection of overseas Vietnamese communities towards their homeland, she underscored.

On behalf of the Congress’s Presidium, Politburo member and Prime Minister Pham Minh Chinh expressed sincere thanks for the friendship, cooperation, support and valuable assistance that foreign political parties, organizations and international friends extended to the Communist Party of Vietnam and Vietnamese people.

The PM stressed that the 14th National Party Congress reaffirms Vietnam’s consistent implementation of the Party’s foreign policy, which pursues independence, self-reliance, diversification and multilateralization of external relations. Vietnam is also ready to be a good friend and a reliable partner of all countries around the world, for the goals of peace, cooperation and development, as well as for social progress and justice globally.

Taking the happiness and satisfaction of the people as the measure of success

At the Congress, Politburo member and Standing member of the Party Central Committee’s Secretariat Tran Cam Tu presented a report reviewing the leadership and direction of the 13th Party Central Committee.

The report stated that during the 13th term, the Party Central Committee, the Politburo and the Secretariat remained steadfast, resilient, united and cohesive, while upholding principles, and closely following the Party’s viewpoints and guidelines in leading the country to overcome numerous difficulties and challenges. Overall, the objectives and tasks set forth in the Resolution of the 13th National Party Congress were basically fulfilled, with many achieved to an outstanding degree.

The Party Central Committee, the Politburo and the Secretariat, headed by Party General Secretary To Lam, continuously renewed their mindset and leadership methods, adhered closely to the Party’s viewpoints, guidelines and working regulations, and stayed attuned to practical realities. They proactively seized opportunities and organized the implementation of the Resolution of the 13th Party Congress, thereby achieving highly significant and comprehensive results across all fields.

The decisive implementation of the revolution to streamline the organizational apparatus and fundamentally complete the overall model of the political system won broad consensus and support from officials, Party members and the people.

Socio-economic development tasks were carried out with many important, groundbreaking and strategic decisions. Macro-economic stability was maintained and inflation kept under control; the economy’s potential, scale and competitiveness continued to improve; per capita income exceeded the target set by the 13th National Party Congress; and social progress, equity, welfare and social security were enhanced, with better living standards of the people.

National defense and security were consolidated and strengthened; independence, sovereignty, unity and territorial integrity, as well as social order and safety, were firmly safeguarded. External relations and international integration were expanded and elevated, contributing to further consolidating and enhancing the country’s position and reputation in the international arena.

The report also emphasized that the achievements during the term of the 13th National Party Congress stemmed from many factors, foremost of which is the high determination and tireless efforts, as well as the unity and concerted action of the entire Party, the entire people and the entire armed forces toward the shared goals. The Party Central Committee, the Politburo and the Secretariat served as the central, core leadership, remained steadfast, courageous and wise; upheld principles; maintained high unity; and acted calmly, soundly and decisively in issuing timely and appropriate policies and decisions aligned with realities, ensuring the highest interests of the country and the people.

Regarding limitations and shortcomings, the report highlights that the leadership and direction in institutionalizing, concretizing, and implementing certain the Party’s policies and resolutions remained limited; in some cases, at certain times and places, actions have been neither decisive nor strong enough to meet the requirements of development. The leadership, direction, inspection and removal of bottlenecks in certain sectors remained slow, fragmented, and ineffective. Many weaknesses and inadequacies accumulated from the past have not been addressed promptly or thoroughly, resulting in prolonged consequences. The institutional system is inconsistent and has become a “bottleneck of bottlenecks.”

Regarding orientations for fixing limitations and shortcomings, the Party Central Committee, the Politburo, and the Secretariat will follow the country’s development orientations and policies for the upcoming period; inherit and promote lessons learned; and focus on leading and directing the Party building and rectification to ensure that the Party truly embodies morality and civility.

Attention will be paid to vigorously reforming the Party’s leadership and governance methods; improving the quality and effectiveness of political and ideological work, organizational and personnel management, and inspection and supervision; upholding principles, discipline, and unity within the Party; promoting the exemplary role and accountability of each members of the Party Central Committee, and leaders and managers at all levels; prioritizing the training and capacity-building of cadres, especially those at the grassroots level; and advancing decentralization and delegation of authority while strengthening oversight, supervision, and control of power.

The report noted that the Party will lead and direct the implementation of strategic autonomy orientations, concentrating on comprehensively and coherently completing the institutional framework for rapid and sustainable development; urgently study and reform the development model; establish a new development model, while promoting breakthroughs in science, technology, innovation, and digital transformation.

The Party will also instruct the building and development of an advanced Vietnamese culture that strongly preserves national identity; promote and implement a coherent system of national values, cultural values, family values, and standards for Vietnamese people; and perfect the models, mechanisms, and policies for managing a modern and sustainable society; linking economic development with ensuring social progress and equity, while improving the living standards and well-being of the people, the report said.

The report also stressed the requirement to ensure the Party’s direct, absolute, and comprehensive leadership; resolutely and persistently safeguard the nation’s independence, sovereignty, unity, and territorial integrity; maintain national security, social order, and safety; and strengthen a peaceful and stable environment for the country’s development; lead the consistent implementation of a foreign policy of independence, self-reliance, diversification, and multilateralization of external relations, which also promotes peace, friendship, cooperation and development; direct the building and improvement of a socialist rule-of-law state that is of the people, by the people, and for the people, developing a modern, effective, and efficient system of national governance while addressing bottlenecks, overlaps, and inconsistencies in the legal framework.

All Party and State policies must genuinely originate from the demands, aspirations, rights, and legitimate interests of the people, using their happiness and satisfaction as the measure and standard of success, while maximizing the effectiveness of public supervision and the strength of the great national solidarity, the report said.

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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