Placing

Vietnam Opportunity Fund Limited
09 October 2007

9 October 2007

                        Vietnam Opportunity Fund Limited

                             Round 7 Share Placing

Vietnam Opportunity Fund Limited ('VOF') AIM: VOF announces its intention to
raise US$200 million by way of a placing of approximately 54 million new
Ordinary Shares at a price of US$3.68 per share (the 'Placing'). The anticipated
closing date for the Placing will be 14 November 2007, and application will be
made for the new Ordinary Shares to be admitted to trading on AIM. A further
announcement will be made on completion of the Placing.

There will be a pre-emptive preference for existing investors who participate in
the Placing.

The terms of this pre-emptive preference are that, in the event that scaling
back of subscriptions is required, existing shareholders who participate in the
Placing by 7 November will be guaranteed to receive an allocation of at least
one (1) new Ordinary Share for each four (4) existing Ordinary Shares held by
them on 10 October 2007.

The timetable for the Placing will be as follows:

Record Date for pre-emptive preference                           10 October 2007
Subscription agreements sent to investors                        12 October 2007
Last date for receipt of subscription agreements to be
eligible for the pre-emptive preference                          7 November 2007
Closing date for Placing                                        14 November 2007

For additional information, please contact:

Ms. Chi Nguyen
Investor Relations
VinaCapital
17th Fl, Sun Wah Tower
115 Nguyen Hue, Dist 1
Ho Chi Minh City, Vietnam
Phone: [phone]
Fax: [phone]
Email: [e-mail]

Philip Secrett / Fiona Owen
Grant Thonton Corporate Finance
[phone]

Hiroshi Funaki
LCF Edmond de Rothschild Securities
[phone]


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