Results of placing

Vietnam Opportunity Fund Limited
08 July 2004


8 July 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
successfully completed a fundraising of $3,553,900, through the issue of
3,220,000 Ordinary Shares. Existing shareholders of the Company subscribed at a
subscription price of US$1.09 and new investors have subscribed at a
subscription price of US$1.15.

These shares have been placed with the following:

NAME OF EXISTING SHAREHOLDER     NO OF SHARES   CONSIDERATION     % OF ENLARGED
                               SUBSCRIBED FOR          (US$)       ISSUED SHARE
                                                                 CAPITAL OF THE
                                                                        COMPANY

Millenium Partners, LP             1,300,000       1,417,000             29.84

QVT Fund LP                        1,000,000       1,090,000             17.67

C.R. Kennedy & 
Company Pty Ltd                      185,000         201,650              3.53


NAME OF NEW SHAREHOLDER          NO OF SHARES   CONSIDERATION     % OF ENLARGED
                               SUBSCRIBED FOR           (US$)      ISSUED SHARE
                                                                 CAPITAL OF THE
                                                                        COMPANY
Discover
Investment
Company                              300,000         345,000              2.36

LCF Edmond De
Rothschild
Securities Limited                   435,000         500,250              3.42


The subscription by Millenium Partners LP ('Millenium') is classified as a
related party transaction for the purposes of the AIM Rules. Accordingly the
Directors (other than Robert Knapp, who is also a director of Millenium), having
consulted with Grant Thornton Corporate Finance (in its capacity as the
Company's nominated adviser), confirm that they are satisfied that the terms of
Millenium's participation in the fundraising is fair and reasonable insofar as
the shareholders of the Company are concerned.

Application has been made for the newly issued shares to be admitted to trading
on the AIM market of the London Stock Exchange. Admission of the new ordinary
shares is expected to occur on 13 July 2004.

The Company is very 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




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