Update re: Placing

Vietnam Opportunity Fund Limited
18 May 2006


18 May 2006

Vietnam Opportunity Fund Limited (the 'Company')

Further to the announcement made on 17 May regarding the proposed fundraising to
raise about US$75,000,000 by way of the issue of 32,000,000 new Ordinary Shares
at a price of US$2.35 per share, the Company would like to announce that there
will be a pre-emptive preference for existing investors who participate under
the offer of the new ordinary shares ('the Offer').

The terms are that, in the event that scaling back of the Offer is required,
those existing shareholders who participate in the Offer by the 12 June 2006
will be guaranteed to receive at least 1 new Ordinary Share for each 3 existing
Ordinary Shares held by them on the Record date. The timetable will be as
follows:

Record date                                                16 May 2006

Subscription forms being sent to investors                 19 May 2006
            
Last date for receipt of subscription forms in             12 June 2006
order to be eligible for the pre emptive preference 

Closing date for Offer                                     22 June 2006

The Company has also decided to extend the closing date of the Offer from 8 June
as previously announced to 22 June.

A further announcement will be made once the date of admission to trading of the
new Ordinary Shares on AIM is known.



                      This information is provided by RNS
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