Fundraising

Vietnam Opportunity Fund Limited
14 November 2005


Vietnam Opportunity Fund

14 November 2005

Vietnam Opportunity Fund (VOF), a US$95 million fund listed on the London Stock
Exchange, announces that it has commenced a new round of fundraising, the
details of which are as below:

    • Target: US$50 million
    • Share Price: US$1.60
    • Closing Date: Dec 12, 2005

About The Vietnam Opportunity Fund

The Vietnam Opportunity Fund (VOF) is a closed-end fund listed on the
Alternative Investment Market, London Stock Exchange. The principal investment
objective of the Fund is to achieve capital appreciation as well as regular
income through its investments. VOF was the best performing fund in Vietnam in
2004 with a 21.5% increase in Net Asset Value, 38% increase in share price, and
a 3% dividend distribution. VinaCapital, the investment manager, employs over 50
professionals and has offices in Ho Chi Minh City and Hanoi.

About the Fundraising

Share Issue Details

The Fund aims to raise US$50 million in this round of fund raising. Together
with the Fund's existing US$95 million, this would bring total funds raised to
US$145 million. The private placing will remain open until December 12, 2005.
Shares will be issued at US$1.60, with a minimum subscription of 300,000 shares.
There will be a pre-emptive right for existing investors of 1 new share for each
2 old shares held. The pre-emptive right will expire November 20.

Use of Funds

The Fund will continue its consistent strategy of seeking attractive investment
opportunities in Vietnam's domestic economy including investments in the
impending privatization of state-owned corporations in the telecommunications,
banking, and energy sectors. State-owned companies, often the leaders of their
respective industries, historically undergo significant profit increases
post-privatization. After nearly ten years of slowly and carefully privatizing
smaller-sized companies, the Vietnamese government is ready to follow in the
footsteps of China in privatizing major state assets. The year 2006 will see the
privatizations of the largest commercial bank of Vietnam, the leading mobile
phone operator and other blue-chip companies. The fund will also continue to
investment in attractive real estate and private equity opportunities. The newly
raised funds are expected to be invested over a period of 6-12 months.


Contact:


Hien Quach
[e-mail]

Don Lam
[e-mail]
Managing Partner

Chris Gradel
[e-mail]
Partner

Sun Wah Tower, 17th Floor
115 Nguyen Hue, District 1
Ho Chi Minh City, Vietnam
Phone: [phone]
Fax: [phone]




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