# Vietnam Holdings Asset Management

Vietnam Holdings Asset Management is an Asset Manager based in Ho Chi Minh City, Vietnam.

## Overview

- **Organization type:** Asset Manager
- **Headquarters:** Ho Chi Minh City, Vietnam
- **Region:** Asia
- **Address:** Ho Chi Minh City, Vietnam
- **Founded:** 2006
- **Assets under management:** Undisclosed
- **Website:** vnham.com
- **LinkedIn:** https://www.linkedin.com/company/vietnam-holding-asset-management-ltd

## Regulatory record

- **Reports private funds:** No

## About

VietNam Holding Asset Management (VNHAM) was established in 2006 as an investment management company focused on Vietnamese equities. It 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. It applies a proprietary analytical approach combining a disciplined value approach with interactive ESG research.

## Sectors

- Real Estate
- Infrastructure
- Private Credit
- Energy Transition & Renewables

## People

- Son Nguyen — Chairman
- Mario Timpanaro — Director and Secretary; Portfolio Manager of Lumen Vietnam Fund

## Questions

### How is VNHAM related to VietNam Holding Limited (VNH)?

Vietnam Holdings Asset Management originally served as investment manager to VNH, a closed-end fund listed on the London Stock Exchange. In October 2023, shareholders approved Dynam Capital — led by Craig Martin — as the replacement manager, formally ending VNHAM's advisory role on that vehicle. The firm continues to manage its other mandates independently of VNH.

### Does Vietnam Holdings Asset Management target private or public investments?

The platform covers both. Its private-market activity includes buyout transactions across real estate, infrastructure and private credit. On the public side, the Lumen Vietnam Fund — managed by Mario Timpanaro in collaboration with AQUIS Capital — offers a UCITS-compliant liquid equity strategy. The historical VNH mandate was also a public-markets vehicle.

### Where does VNHAM source its deals?

The firm's onshore presence in Ho Chi Minh City provides direct access to Vietnam's private deal flow. Co-investor relationships include Saigon Asset Management Corporation, and the AQUIS Capital connection opens Swiss and European institutional channels. The specific sourcing model — whether proprietary origination teams or intermediary-driven — has not been publicly profiled in detail.

### Which regulatory frameworks govern VNHAM's vehicles?

The Lumen Vietnam Fund is structured as a Luxembourg UCITS, subject to European fund regulation. Historical structures have included Cayman Islands entities, as documented in legal proceedings involving co-investor Saigon Asset Management Corporation. The London-listed VNH vehicle operated under UK listing rules and AIC governance standards during VNHAM's advisory tenure.

## Related profiles

- [Viet Capital Asset Management](https://altss.com/profile/viet-capital-asset-management)
- [Vietnam Innovative Startup Accelerator](https://altss.com/profile/vietnam-innovative-startup-accelerator)

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Last updated: 2026-08-11T15:08:32.892Z

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