Change in manager fee

Vietnam Opportunity Fund Limited
16 March 2006


Vietnam Opportunity Fund ('VOF' or 'The Company')

Amendment to Manager's Fees
16 March 2006

The Board and the Manager have agreed to reduce the Management Fee from the
current rate of 2.5 percent of the total  NAV of the Company to a rate of 2
percent of the total NAV of the Company.

Under the current investment management agreement between the Company and the
Manager (the 'IMA'); the Manager is also entitled to receive a performance fee
on an annual basis at the rate of 20  percent of the total increase of the net
asset value ('NAV') of the Company during the course of a year with a high 
water mark over an annualised compounding hurdle rate of 10 percent. The Board
and the Manager have agreed to amend the  terms of the IMA to pay a performance
fee on an annual basis at the rate of 20 percent of the total increase in NAV of
the Company during the course of the year with a high water mark over an
annualised compounding hurdle rate of 8  percent plus catch up.

The Board believes these changes, with a reduced fixed fee and increased
performance element, will better align the  Manager's interests with that of the
Company's investors and is more in line with industry practice. This amendment 
will take effect from 1 July 2006.

As the amendment to the IMA represents a 'related party transaction' for the
purposes of AIM rules, the independent director has consulted (in accordance
with the provisions of the AIM Rules) with  the Company's nominated adviser,
Grant Thornton Corporate Finance, with regard to the proposed amendment to the
IMA and is consequently satisfied that the amendment is fair and reasonable
insofar as its shareholders are concerned.




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