Vietnam Asset Management
Vietnam Asset Management is a Vietnam-focused fund management and investment advisory firm serving international investors through public-equity, private-equity, fund-management, and corporate-advisory activities.
Last updated August 26, 2026
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Overview
Vietnam Asset Management (VAM) is a fund management and investment advisory company focused primarily on Vietnam’s public and private equity markets. The firm was founded in 2006 by John Lyn, Nguyễn Xuân Minh, and Nguyen Hoai Thu. The founding team held senior operating and investment responsibilities, with Lyn identified as executive chairman, Minh as chief executive officer and chief investment officer, and Thu as investment director and head of research. VAM is domiciled in the British Virgin Islands and is described as a United Kingdom limited liability company. Its international operating footprint included a liaison office in Singapore and a representative office in Ho Chi Minh City, Vietnam. This structure reflected the firm’s cross-border orientation: it sought to connect global institutional and individual investors with opportunities in Vietnam while providing Vietnamese companies with access to financial and investment advice. The firm’s activities covered dedicated closed-end Vietnam equity funds, open-end Vietnam equity funds, unit trusts, and advisory mandates. Its investment universe included private equity, privatization transactions, initial public offerings, over-the-counter securities, and listed equities. In addition to managing pooled investment vehicles, VAM advised Vietnamese enterprises on financial matters and provided investment advice to international investors seeking exposure to Vietnam’s equity market. VAM expanded its institutional relationships in September 2007, when UOB-Kay Hian and Dubai Investment Group, a Dubai Holding company, acquired strategic stakes in the business. Senior executives from those investors joined VAM’s board, and the investors also participated in one of VAM’s closed-end funds. These relationships helped position the company within a broader network of Asian and Middle Eastern financial institutions. From 2007 through 2010, VAM introduced several Vietnam-focused investment products. The Vietnam Emerging Market Fund began as a Cayman Islands-domiciled closed-end vehicle in February 2007 and was converted into an open-end fund in May 2010. VAM also launched the VAM Vietnam Strategic Fund in October 2007. In cooperation with Malaysia’s HLG Asset Management, part of the Hong Leong Group, it introduced the Hong Leong Vietnam Fund in 2008 and the Hong Leong Vietnam Strategic Fund in 2010. These products targeted Malaysian high-net-worth and retail investors. In August 2008, VAM launched what was described as the first Vietnam Index Linked Fund from a Vietnam fund manager. The product was distributed in cooperation with H.S. Securities of Japan and was designed to track a composite of blue-chip Vietnamese equities listed on the Ho Chi Minh Stock Exchange and the Hanoi Stock Exchange. The initiative broadened VAM’s product range beyond actively managed public and private equity strategies and made Vietnam exposure available to Japanese retail investors. VAM’s public profile is centered on Vietnam investment expertise, cross-border distribution, and specialized access to Vietnamese companies and securities markets. The supplied reference material documents the firm and its products principally during the 2006–2010 expansion period; it does not establish the company’s current ownership, product lineup, operating status, or present-day leadership. Those details therefore remain unconfirmed.
History
Vietnam Asset Management was established in 2006 by John Lyn, Nguyễn Xuân Minh, and Nguyen Hoai Thu as a specialist investment manager focused on Vietnam. The founding organization combined executive management, portfolio management, and research capabilities. Lyn served as executive chairman, Minh as chief executive officer and chief investment officer, and Thu as investment director and head of research. The firm was structured for international investment activity. It was domiciled in the British Virgin Islands and described as a United Kingdom limited liability company, while maintaining a liaison office in Singapore and a representative office in Ho Chi Minh City. VAM’s business model was to provide foreign investors with professionally managed exposure to Vietnamese companies and securities while also advising Vietnamese enterprises and global investors on transactions and market participation. Its first documented fund, the Vietnam Emerging Market Fund, was launched in February 2007 as a Cayman Islands-domiciled closed-end fund. The fund invested across private equity, privatization, IPO, over-the-counter, and listed markets in Vietnam. In October of the same year, VAM launched the VAM Vietnam Strategic Fund, another closed-end vehicle covering private and public equity opportunities. A major ownership and governance development occurred in September 2007, when UOB-Kay Hian and Dubai Investment Group acquired strategic stakes in VAM. Senior executives from those organizations joined the company’s board, and the investors also committed capital to one of VAM’s closed-end funds. The transaction connected the Vietnam-focused manager with financial institutions from Singapore and Dubai. VAM continued to develop cross-border distribution partnerships. In 2008 it worked with HLG Asset Management, a Hong Leong Group company in Malaysia, to launch the Hong Leong Vietnam Fund for Malaysian high-net-worth investors. In August 2008, it also launched the HS-VAM Vietnam Index Linked Fund with H.S. Securities of Japan. The Cayman Islands-domiciled unit trust was designed to track a composite of blue-chip equities listed on Vietnam’s Ho Chi Minh Stock Exchange and Hanoi Stock Exchange and was offered to Japanese retail investors. The partnership with HLG Asset Management produced a second product in April 2010, the Hong Leong Vietnam Strategic Fund. This Malaysian-domiciled unit trust targeted Malaysian public retail investors and pursued private and public equity opportunities in Vietnam. In May 2010, VAM converted the Vietnam Emerging Market Fund from a closed-end fund into an open-end fund, making the vehicle available in a different liquidity and distribution format to eligible global investors. The available reference material documents VAM’s formation, early expansion, international partnerships, and product launches through 2010. It does not provide reliable current information about the company’s ownership, continuing operations, present offices, assets under management, or current executives. The brand’s historical identity is therefore best understood as a Vietnam-specialist asset manager and advisory firm that built investment products for audiences in multiple international markets.
- 2010
Vietnam Emerging Market Fund converted to open-end format
[1]The Vietnam Emerging Market Fund changed from a closed-end structure to an open-end fund.
- 2010
Hong Leong Vietnam Strategic Fund launched
[1]VAM and HLG Asset Management launched a Malaysian unit trust aimed at public retail investors.
- 2008
Hong Leong Vietnam Fund launched
[1]VAM and HLG Asset Management introduced a Malaysian unit trust for high-net-worth investors.
- 2008
Vietnam Index Linked Fund launched
[1]VAM launched an index-linked Vietnam equity unit trust with H.S. Securities of Japan.
- 2007
Vietnam Emerging Market Fund launched
[1]VAM introduced a Cayman Islands-domiciled closed-end fund investing across private and public Vietnamese markets.
- 2007
Strategic investors take stakes
[1]UOB-Kay Hian and Dubai Investment Group acquired strategic stakes and obtained board representation.
- 2007
VAM Vietnam Strategic Fund launched
[1]VAM launched a closed-end Vietnam equity fund covering private equity, privatization, IPO, OTC, and listed opportunities.
- 2006
Vietnam Asset Management founded
[1]John Lyn, Nguyễn Xuân Minh, and Nguyen Hoai Thu established VAM as a Vietnam-focused fund management and investment advisory firm.
Products and positioning
A cross-border, Vietnam-specialist investment manager combining pooled-fund management with financial and investment advisory services for international investors and Vietnamese enterprises.
Closed-end and later open-end Vietnam equity fund · 2007
Vietnam Emerging Market Fund, Ltd.
Launched in February 2007 as a Cayman Islands-domiciled closed-end fund, the vehicle invested across Vietnam’s private-equity, privatization, IPO, over-the-counter, and listed markets. It was converted into an open-end fund in May 2010 and offered to eligible global investors.
Closed-end Vietnam equity fund · 2007
VAM Vietnam Strategic Fund, Ltd.
Launched in October 2007, this Cayman Islands-domiciled closed-end fund focused on Vietnamese private and public equity opportunities. Its investment scope included private equity, privatization, IPOs, OTC securities, and listed equities.
Malaysian unit trust · 2008
Hong Leong Vietnam Fund
Launched in February 2008 through cooperation between VAM and HLG Asset Management, this Malaysian-domiciled unit trust invested in Vietnam’s private and public equity markets. It was distributed to Malaysian high-net-worth investors.
Index-linked unit trust · 2008
HS-VAM Vietnam Index Linked Fund
Launched in August 2008 with H.S. Securities of Japan, this Cayman Islands-domiciled unit trust was designed to track a composite of Vietnamese blue-chip equities listed on the Ho Chi Minh Stock Exchange and Hanoi Stock Exchange. It was offered to Japanese retail investors.
Malaysian unit trust · 2010
Hong Leong Vietnam Strategic Fund
Launched in April 2010 through VAM’s cooperation with HLG Asset Management, this Malaysian-domiciled unit trust focused on Vietnam’s private and public equity markets and targeted Malaysian public retail investors.
Brand decisions
2010
Convert Vietnam Emerging Market Fund to open-end structureGeneration changeBackground
VAM adjusted the structure of its first documented fund after operating it as a closed-end vehicle.
Action taken
The Vietnam Emerging Market Fund was converted into an open-end fund for eligible global investors.
Aftermath
The conversion changed the fund’s structure and broadened its potential liquidity and distribution model, although later results are not documented in the supplied sources.
2008
Launch an index-linked Vietnam equity fundProduct launchBackground
VAM was expanding beyond actively managed funds and seeking distribution access in Japan.
Action taken
In cooperation with H.S. Securities of Japan, VAM launched the HS-VAM Vietnam Index Linked Fund, tracking a composite of Vietnamese blue-chip equities.
Aftermath
The product offered Japanese retail investors a structured route to Vietnam’s listed equity market.
2007
Accept strategic investments from UOB-Kay Hian and Dubai Investment GroupM&ABackground
VAM sought to deepen its institutional relationships and broaden its international financial network.
Action taken
UOB-Kay Hian and Dubai Investment Group acquired strategic stakes, appointed senior executives to VAM’s board, and invested in one of its closed-end funds.
Aftermath
The transaction linked VAM with Singaporean and Dubai-based financial institutions and supported its cross-border fund platform.
Recent events
- 2010
Vietnam Emerging Market Fund converted to open-end structure[1]
Other
VAM converted the Vietnam Emerging Market Fund from a closed-end vehicle into an open-end fund for eligible global investors.
- 2010
VAM and HLG Asset Management launch Hong Leong Vietnam Strategic Fund[1]
Product launch
The partners launched a Malaysian-domiciled unit trust aimed at Malaysian public retail investors and focused on Vietnam’s private and public equity markets.
- 2008
VAM and HLG Asset Management launch Hong Leong Vietnam Fund[1]
Product launch
VAM partnered with Malaysia’s HLG Asset Management to launch a Malaysian-domiciled unit trust for high-net-worth investors seeking Vietnam exposure.
- 2008
VAM introduces Vietnam Index Linked Fund[1]
Product launch
In cooperation with H.S. Securities of Japan, VAM launched an index-linked unit trust tracking a composite of Vietnamese blue-chip equities listed in Ho Chi Minh City and Hanoi.
- 2007
UOB-Kay Hian and Dubai Investment Group acquire strategic stakes in VAM[1]
M&A · Leadership change
UOB-Kay Hian and Dubai Investment Group acquired strategic stakes in Vietnam Asset Management, placed senior executives on its board, and invested in one of the company’s closed-end funds.
- 2007
VAM launches Vietnam Emerging Market Fund[1]
Product launch
VAM launched a Cayman Islands-domiciled closed-end fund investing across private equity, privatization, IPO, over-the-counter, and listed Vietnamese markets.
- 2007
VAM launches VAM Vietnam Strategic Fund[1]
Product launch
The firm introduced a closed-end Vietnam equity fund covering private and public market opportunities.
Sources1 sources
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