Admission to AIM

VietNam Holding Limited
15 June 2006


               VietNam Holding Limited ('VHH'  or the 'Company')

                          Admission to trading on AIM


VietNam Holding Limited is pleased to announce that it has been admitted to
trading on AIM, a market operated by the London Stock Exchange plc ('AIM'), and
that its ordinary shares commenced trading today on AIM under the symbol 'VNH'.
The Company has raised gross proceeds of $112.5 million in a placing of
56,250,000 ordinary shares at US$2.00 per share. Grant Thornton Corporate
Finance is the Company's Nominated Adviser and LCF Edmond de Rothschild
Securities Limited is the Company's Broker.


About VietNam Holding Limited

VNH is a newly incorporated closed-end Cayman Islands registered, exempted
company created to invest principally in securities of former state-owned
enterprises ('SOEs') in Vietnam prior to, at or after such securities become
listed on the Vietnam Stock Exchange, including the initial privatization of the
SOEs. The Company may also invest in the securities of private companies in
Vietnam, whether Vietnamese or foreign owned, and the securities of foreign
companies if a significant portion of their assets are held or operations
conducted in Vietnam.  The investment objective of the Company is to achieve
long-term capital appreciation by investing in a diversified portfolio of
companies that have high growth potential at an attractive valuation.


The Investment Manager and the Investment Adviser

Vietnam Holding Asset Management Limited ('VNHAM'), a company incorporated in
the British Virgin Islands, has been appointed as the Company's investment
manager and is responsible for the day-to-day management of the Company's
investment portfolio in accordance with the Company's investment policies,
objectives and restrictions. VNHAM will establish offices in Hanoi,  Ho Chi Minh
City  and in Zurich.

VNHAM has appointed quondam viet nam partners ltd as its investment adviser to
provide it with investment advice and additional administrative services. To
further supplement the local and international expertise of the VNHAM, an
advisory council comprising prominent figures in Vietnam has been formed by
VNHAM.


Investment Policies and Restrictions

The Company will adhere to the following investment policies and restrictions:

•    Geographical focus: VNH intends to focus its investments on companies 
     operating in Vietnam.

•    Sector focus: The Company intends to invest in a range of industry sectors 
     including consumer goods and pharmaceuticals, services, power and energy 
     (primarily oil and gas), telecommunications; mining, tourism, financial 
     services, logistics and transportation, construction and construction 
     materials. The Company will pay particular attention to sectors it expects 
     will be most affected by the impending accession of Vietnam to the World
     Trade Organization ('WTO').

•    Type of investment: VNH intends to invest at least 70 per cent of its funds 
     in former SOEs, up to 25 per cent. in private and foreign companies and no 
     more than 20 per cent. in convertible securities. The Company may invest in 
     equity securities or securities that have equity features, such as bonds 
     that are convertible into equity.
     
•    Control of investments: Where VNH invests as a minority shareholder in an 
     investee company,  VNH will use commercially reasonable efforts to obtain 
     for the Company suitable shareholder protection, for example by way of a 
     shareholders' agreement or board representation, where available and 
     appropriate. VNH will not generally take or seek to take legal or
     management control of any investee company; it will not invest in companies
     known to be subject to export restrictions or anti-dumping measures or that 
     are known to be under investigation for the same; it will not be a real 
     estate investor or invest in infrastructure projects with long pay-back 
     periods. VNH will aim to apply international standard corporate governance 
     principles in its investments.
 
•    Realization of investments: VNH aims to realize its investments using the 
     advice of VNHAM, who will be responsible for the monitoring of the 
     investments.
     
•    Investment size: VNH will adhere to the general principle of 
     diversification in respect of all its assets and will observe certain 
     investment restrictions which include that the Company will not invest more 
     than 10 per cent. of its net asset value at the time of investment in the
     shares of a single investee company and not more than 30 per cent. of its 
     net asset value at the time of investment in any one sector.


Vietnam

Vietnam is a country with a population of over 83 million and a land area of
approximately 330,000 square kilometers bordered by Cambodia, Laos and China. It
has a young population with more than half under the age of 25 and a high
literacy rate of 96 per cent. The country's economy is growing rapidly, with 7.2
per cent. average GDP growth per annum over the past ten years, reaching 8.4 per
cent. per annum growth in 2005 and projected by VNHAM to grow an average of 7.5
per cent. over the next three years.

SOEs have traditionally played a leading role in Vietnam's economy. As at 31
December 2004, there were approximately 3,800 SOEs in Vietnam employing 2.2
million people in various industries. However, many SOEs suffer from
inefficiency, outdated technology and equipment, uncompetitive products, poor
management and an inability to respond to market forces in a timely manner. The
government has instituted a reform programme for SOEs with the assistance of the
World Bank and other foreign donors and the SOEs are being restructured,
primarily through equitisation, which involves the issuance of new shares by the
SOE or the sale by the Vietnamese government of an equity stake in the SOE to
employees and other investors. The Vietnamese government has shown its
commitment to equitisations, as demonstrated by recent legislation aimed at
improving the transparency of the process and to better protect investors.

In June 2005, the Vietnamese government named 178 SOEs which should in due
course be listed on the Vietnam Stock Exchange. The Directors and VNHAM believe
that there are attractive investment opportunities arising from the equitisation
process that the Company is well placed to identify and to invest in. VNHAM
expects the Vietnam Stock Exchange to undergo a significant expansion upon the
listing of the former SOEs which could result in a substantial increase in
liquidity.

The Directors and VNHAM believe that the economic drivers of the country and the
reforms in the securities laws have created and should continue to create a
favorable investment environment with investment opportunities in both listed
companies and unlisted companies based in, or with substantial assets in,
Vietnam. In particular, the Directors and VNHAM consider that there are likely
to be attractive investment opportunities generated by the partial privatization
of SOEs. These opportunities will be an area of primary focus for the Company.
The Directors and VNHAM believe that as a result of their focused and structured
approach and combined experience and established contacts in Vietnam, the
Company is well placed to take advantage of the investment opportunities in
Vietnam and to provide its shareholders with long-term returns.

In connection with the Company's AIM listing, Ms Min Hwa Hu Kupfer, the
Chairperson of VNH, commented:

'This is a historically important period for Vietnam, as the country prepares
its accession to the WTO. The announced wave of privatizations is expected to
provide attractive investment opportunities for the global investment community.
VNH is excited about being able to contribute to Vietnam's economic growth
through its strategic investments.'


Enquiries:

Vietnam Holding Asset Management Limited
Juerg Vontobel                                          Tel: [phone]

Grant Thornton Corporate Finance (Nominated Adviser)
Philip Secrett                                          Tel: [phone]

LCF Edmond de Rothschild Securities Limited (Broker)
Claire Heathfield                                       Tel: [phone]


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