Results of fundraising

Vietnam Opportunity Fund Limited
02 November 2004


                        Vietnam Opportunity Fund Limited

                            ('VOF' or the 'Company')

                             Results of fundraising


The Directors of the Company are pleased to announce that the Company has
completed a further placing to raise a total of US$15,268,458.63 by the issue of
12,413,381 new ordinary shares at US$1.23 per share.

As a result of the placing the following holdings are required to be disclosed
in accordance with Rule 15:

NAME OF INVESTOR           NO OF SHARES       CONSIDERATION       % OF ENLARGED
                        SUBSCRIBED FOR                (US$)        ISSUED SHARE
                                                                 CAPITAL OF THE
                                                                      COMPANY
Bank Julius
Baer & Co.
Ltd.                        3,663,500        4,506,105.00               11.47

Citco Global
Custody NV -
Cash                        1,020,007        1,254,608.61                3.19

HSBC
Guyerzeller
Bank AG                     1,732,520        2,130,999.60                5.42
Osler, Hoskin
& Harcourt

LLP, in trust               2,154,471        2,649,999.33                6.74

Pictet & Cie                  203,250          249,997.50                9.83

Application has been made for the 12,413,381 new ordinary shares to be admitted
to trading on the AIM market of the London Stock Exchange. Admission to trading
is expected to take place on Friday 5 November 2004.

The Company is pleased to have received follow-on investments from several of
its original investors as well as to welcome highly reputable new investors to
the Fund.

End

2 November 2004

                      This information is provided by RNS
            The company news service from the London Stock Exchange