Liechtenstein-domiciled Lumen Vietnam Fund sees NAV up 6.73%
The Lumen Vietnam Fund, an open-end investment fund incorporated in Liechtenstein, reported a performance of 4.49% from May 1-16 in U.S. dollars, bringing its year-to-date to 6.73%.
For comparison reasons, the MSCI Frontier Markets Index was positive at 2.7% month to date and yielded +1.6% year to date in the same period, according to VietNam Holding Asset Management (VNHAM), the advisor of the fund.
Lumen Vietnam Fund's performance. Source: VietNam Holding Asset Management (VNHAM).
As of May 16, the fund’s net asset value (NAV) was $317.36 million.
In the first half of May 2024, the Lumen Vietnam Fund attributed its performance to its strategic allocation in small- and mid-cap stocks and stock picking in various sectors, including consumer discretionary, industrials, energy, information technology, materials, and consumer staples.
The 10 largest invested companies are FPT Corp (FPT), Vinamilk (VNM), Masan Group (MSN), Mobile World (MWG), Petrolimex (PLX), Sacombank (STB), Hoa Phat Group (HPG), VietinBank (CTG), Baoviet Holdings (BVH), and Vincom Retail (VRE), all listed on the Ho Chi Minh Stock Exchange. They account for a combined 44.6% of the fund’s NAV.
In terms of sectors, financials account for the largest weight, at 20.73%, followed by liquidity (18.15%), consumer (non-cyclical, 13.2%), and real estate (11.97%).
As of May 16, equities made up 81.85% of the fund’s NAV and cash the rest at 18.15%.
In its monthly report, VNHAM forecasts banking earnings to grow 12-16% year-on-year in 2024, driven by 12-14% credit growth and a slight improvement in both net interest margin (NIM) and provision expense.
The headquarters of VietinBank, part of Lumen Vietnam Fund's portfolio, in Hanoi. Photo courtesy of Vietnam News Agency.
Banking earnings are forecast to increase single-digit quarter-on-quarter on the back of stronger credit growth and NIM improvement, implying earnings growth of 15-20% year-on-year in Q2/2024 and Q3/2024, and given the low base of 2023.
Regarding the real estate market, VNHAM anticipates that this year will continue to experience limited supply in the residential property sector, mainly due to supply-side factors.
The land bank for the affordable segment, which is expected to recover first, remains limited. Meanwhile, inventories in other segments, such as hospitality and high-end properties, have struggled to attract buyers. The mismatch between supply and demand is still happening, but is expected to be softer than last year.
It expects most companies to register positive earnings growth in 2024, primarily due to the low base of 2023. However, these earnings will still be modest compared with last year, indicating a gradual recovery in the property market.
- Read More
De Heus, Hung Nhon to invest $380 mln in high-tech agriculture hub in southern Vietnam
Dutch agribusiness group Royal De Heus and Vietnam’s Hung Nhon Group plan to invest VND10 trillion ($380 million) to develop a high-tech agricultural ecosystem in Tay Ninh province between 2025 and 2030.
Industries - Thu, October 23, 2025 | 2:35 pm GMT+7
Consumer finance major F88’s credit rating upgraded on improved funding capability, liquidity
Vietnamese credit ratings agency FiinRatings has upgraded F88's credit rating from “BBB-” to “BBB”, with a “stable” outlook, citing the company's enhanced capital-raising ability and improved liquidity position.
Companies - Thu, October 23, 2025 | 2:00 pm GMT+7
Vietnam's benchmark VN-Index could surpass 2,000 points in 2026: exec
VN-Index could top 2,000 points next year, said Huynh Minh Tuan, founder of FIDT - a Ho Chi Minh City-based investment consulting firm.
Finance - Thu, October 23, 2025 | 10:55 am GMT+7
Key factors helping firms export to demanding markets: DH Foods exec
Don’t treat business as a week-to-week or month-to-month affair. To go the distance, you must conduct business ethically, writes Nguyen Trung Dung, CEO of DH Foods.
Consulting - Thu, October 23, 2025 | 8:00 am GMT+7
Gold exchange, gold derivatives, gold ETFs proposed to be launched in Vietnam
Forming a gold exchange under state management in Vietnam is suitable to the reality, said Dao Xuan Tuan, head of the foreign exchange management department under the State Bank of Vietnam (SBV).
Finance - Wed, October 22, 2025 | 9:00 pm GMT+7
Real estate major Novaland wins key approval for $5 bln project in central Vietnam
Novaland Group (HoSE: NVL), one of Vietnam’s leading property developers, has received investment approval for its flagship project worth $5 billion in the central province of Lam Dong after years of delay due to legal obstacles.
Real Estate - Wed, October 22, 2025 | 4:20 pm GMT+7
Vietnam's plastics heavyweights Tien Phong, Binh Minh report profit surges
Tien Phong Plastic (HNX: NTP) recorded pre-tax profit of nearly VND949 billion ($36.04 million) in the first nine months of the year, exceeding its full-year target by 10.85%, while Binh Minh Plastic (HoSE: BMP) achieved record net profit of VND350 billion ($13.29 million) in Q3, surpassing its VND330 billion milestone set in the previous quarter.
Companies - Wed, October 22, 2025 | 4:17 pm GMT+7
Vietnam, Finland firms sign multiple MoUs on satellite, cybersecurity, aviation partnerships
A series of cooperation agreements were signed between Vietnam and Finland on Tuesday, within the framework of Party chief To Lam's official visit to Helsinki, while bilateral relationship was lifted to a "strategic partnership".
Economy - Wed, October 22, 2025 | 12:43 pm GMT+7
Trung Nam Ca Na seeks to convert agri-forest land for $147 mln industrial park in central Vietnam
Industrial park developer Trung Nam Ca Na is seeking approval to convert about 170 hectares of agricultural and forest land for the construction of a VND3,875 billion ($147 million) project in Vietnam’s central coastal province of Khanh Hoa.
Industrial real estate - Wed, October 22, 2025 | 10:54 am GMT+7
PV Power's arm posts 5-fold jump in Q3 profit on margin recovery
PetroVietnam Power Nhon Trach 2 JSC (HoSE: NT2) reported a sharp rebound in third-quarter earnings as improved margins and higher revenue lifted profits nearly fivefold from a year earlier.
Companies - Wed, October 22, 2025 | 8:37 am GMT+7
TCBS overtakes SSI to become Vietnam’s largest securities company by market cap
Over 2.3 billion shares of Techcom Securities JSC (TCBS) debuted on the Ho Chi Minh City Stock Exchange (HoSE) on Tuesday. The stock, TCX, recorded the highest price and the largest market capitalization in the Vietnamese securities sector.
Finance - Tue, October 21, 2025 | 10:27 pm GMT+7
Indonesia’s palm oil industry becomes investment magnet
Indonesia’s palm oil sector attracted IDR52.7 trillion, or approximately $3.2 billion, in investment during the first nine months of this year, with the money going into enabling the country to capture more value out of its top commodity, the country’s Ministry of Investment reported.
Southeast Asia - Tue, October 21, 2025 | 9:34 pm GMT+7
Indonesia reports strong job, investment growth
The Indonesian Coordinating Ministry for Economic Affairs reported strong job and investment growth during the first year of President Prabowo Subianto’s administration, compared with the first year under his predecessor.
Southeast Asia - Tue, October 21, 2025 | 9:29 pm GMT+7
Singapore grants conditional approval for 1GW low-carbon power import from Malaysia
Singapore has granted conditional approval to import 1 GW of low-carbon electricity from the Malaysian state of Sarawak, marking a new phase in the energy partnership between the two countries.
Southeast Asia - Tue, October 21, 2025 | 9:26 pm GMT+7
Margin lending in Vietnam’s stock market hits record, but not worrisome
Despite margin debt in Vietnam’s stock market surging sharply, experts believe that current margin pressure is not yet a major concern as top securities firms have significantly strengthened their capital buffers.
Finance - Tue, October 21, 2025 | 4:23 pm GMT+7
Lenders in Vietnam now in low-rate lending race: ACB exec
The biggest “headache” for banks in Vietnam now is that profit margins are getting thinner, said CEO of Asia Commercial Bank (ACB) Tu Tien Phat.
Banking & Finance - Tue, October 21, 2025 | 4:00 pm GMT+7
- Consulting
-
Key factors helping firms export to demanding markets: DH Foods exec
-
Vietnam corporate earnings to be driven by credit expansion, trading activity, property recovery
-
Vietnam's International Financial Center ambition can unlock new wave of innovation
-
Vietnam’s rapid capital market reforms set to pay dividends in coming decades
-
VN-Index valuation might offer '15-20% upside' in next 12-18 months
-
Opportunities for breakthrough growth in industrial and residential real estate in Hanoi’s satellite provinces




















