Subscription agreement

Vietnam Opportunity Fund Limited
09 December 2003


For immediate release

9 December 2003

Vietnam Opportunity Fund Limited (the 'Company')

Pursuant to an option agreement detailed in the Company's AIM admission document
dated 24 September 2003, Mr Horst Geicke, a director of the Company, has on 8
December 2003, subscribed for 500,000 ordinary shares of US$0.01 in the capital
of the Company at a subscription price of US$1.00 per ordinary share. It is
anticipated that the proceeds of US$500,000 will be remitted to the Company no
later than 1 February 2003. A further announcement will be made in due course in
respect of the admission of such ordinary shares to trading on AIM.

Contact:

Grant Thornton Corporate Finance (Nominated Adviser)
Philip Secrett 0207 383 5100

Collins Stewart (Stock broker)
Paul Richards 020 7523 8350


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