Results of Fundraising

Vietnam Opportunity Fund Limited
30 November 2007


                        Vietnam Opportunity Fund Limited
                            ('VOF' or the 'Company')


                                30 November 2007


                         Results of Recent Fund Raising


The Board of Directors is pleased to announce the completion of the Company's
seventh round of fund raising (the 'Fundraising') which raised a total of
US$272,179,589.60, upon the issue of 73,961,845 new ordinary shares at US$3.68
per share.


Admission to trading of the 73,961,845 new ordinary shares will take place on 6
December 2007. As a result of the Fundraising, the Company will have 324,610,259
ordinary shares in issue.

As a result of the Fundraising, the following information is required to be
disclosed in accordance with Rule 17 of the AIM Rules for Companies (the 'AIM
Rules'):

Mr. Bill Vanderfelt has subscribed for 600,000 ordinary shares through Petercam.
This represents approximately 0.1848% of the Company's enlarged issued share
capital.

Mr. Philip Skevington has subscribed for an additional 1,749 ordinary shares
through Lloyds TSB Bank. This additional subscription brings Mr. Skevington's
total shareholding to 11,749 ordinary shares, representing approximately 0.0036%
of the Company's enlarged issued share capital.

The Company is aware that the following shareholders now hold more than 3% of
the Company's enlarged issued share capital:

Registered Shareholder                  Percentage of Enlarged Issued Share Capital

UBS AG, London Branch                                 4.19%

Nikko Bank (Luxembourg) S.A.                          3.85%

Application has been made for the 73,961,845 new ordinary shares to be admitted
to trading on the AIM Market of the London Stock Exchange plc. Admission to
trading is expected to take place on 6 December 2007.

The Company is pleased to have received follow-on investments from several of
its existing investors, as well as from several highly reputable new investors.


About Vietnam Opportunity Fund Limited

Vietnam Opportunity Fund Limited (AIM: VOF) (the 'Company'), is a closed-end
fund traded on the AIM Market of the London Stock Exchange plc. Launched in
September 2003, the Company focuses on the key growth sectors of the domestic
economy including financial services, retail, consumer goods, tourism, property,
infrastructure, and technology. It makes equity and debt investments in listed,
OTC-traded, and private companies, and participates in the privatization of
state-owned companies.

More information about the Company can be found at the Company's website at
www.vietnam-opportunity-fund.com.

 For further information, please contact:


MANAGER:                                              INVESTOR RELATIONS:

Ms. Chi Nguyen                                        Simon Moyse/ Brian Cattell
                                                      
Investor Relations                                    Finsbury Group
                                                      
VinaCapital                                           Tel: [phone]

17th Fl, Sun Wah Tower                                [e-mail]

115 Nguyen Hue, Dist 1                                [e-mail]

Ho Chi Minh City, Vietnam

Phone: [phone]

Fax: [phone]

Email: [e-mail]



BROKER:                                               NOMINATED ADVISER:

Hiroshi Funaki                                        Philip Secrett

LCF Edmond de Rothschild Securities                   Grant Thornton Corporate Finance

Tel: [phone]                                 Tel: [phone]

Fax: [phone]                                 [e-mail]

[e-mail]


END


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