Subscription

Vietnam Opportunity Fund Limited
10 March 2004


Vietnam Opportunity Fund ('VOF' or 'The Company')

Subscription under option agreement

10 March 2004

On 2 February 2004, the Company announced that one of its directors, Horst
Geicke had subscribed for 500,000 ordinary shares of US$0.01 at a subscription
price of US$1.15. This subscription was made pursuant to an option agreement
detailed in the Company's AIM admission document dated 24 September 2003.

It is anticipated that funds for the subscription will be remitted to the
Company by 31 March 2004 and the corresponding shares will be admitted to
trading on AIM on 6 April 2004.




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