Business Update

Vietnam Opportunity Fund Limited
29 January 2008

 VinaCapital announcement of full year 2007 results for the Vietnam Opportunity
                                     Fund:





29 January 2008



VinaCapital Investment Management Ltd is pleased to announce the exceptional
2007 performance of our flagship closed-end fund, the Vietnam Opportunity Fund
(VOF). VOF, trading on the London Stock Exchange's AIM list for emerging
markets, saw a 37.4 percent increase in net asset value per share for full year
2007, surpassing the VN Index rise of 23.3 percent.



VOF, with a net asset value of USD 1.13 billion at year end, is the largest
Vietnam-dedicated investment fund trading on international markets and is now
one of the most heavily traded stocks on the AIM list, with USD 7-8 million in
shares changing hands daily.



VOF performance was particularly strong during the difficult market conditions
in the second half of 2007. From July to the end of December 2007 the VN Index
dropped 9.6 percent as capital markets fell due to problems including a
tightening of credit and valuation concerns linked to overpriced SOE shares. As
a result many Vietnam investment funds struggled to keep their NAV from falling
in the second half of the year.



Countering the downward trend, over this same period VOF increased its NAV per
share by 8.4 percent. The reason for the strong performance lies in the mix of
capital market, real estate and private equity investments that make up VOF's
holdings.



'We did well in the latter part of 2007 because two significant holdings in the
private equity space went public and we enjoyed a valuation step-up after
closing a number of high-profile private placements,' says Andy Ho,
VinaCapital's head of investment.



'In November, we saw almost USD 80 million in private equity assets go public.
The DPM and Hoa Phat IPOs provided a combined return of 38 percent. The
privately-negotiated placements, totaling over USD 30 million, saw returns of
about 45 percent.'



VOF's ability to balance capital market investments with real estate and private
equity bode well for 2008:



'We remain committed to finding private equity assets that will generate high
returns when they go public. Even with the market's difficult start in 2008, the
opportunities to grow our fund are still there,' says Andy Ho.





Notes to Editors



VinaCapital Group is currently one of the largest fund managers in Vietnam. The
Group combines deep market experience and extensive networks to generate
strategic investment and financing products, and many other effective merger and
acquisition activities. VinaCapital manages total assets valued at approximately
USD 2.1 billion under 4 funds: Vietnam Opportunity Fund, VinaLand, Vietnam
Infrastructure Limited, and DFJ VinaCapital Technology LP.



Vietnam Opportunity Fund is the most successful VinaCapital fund, established in
2003 with initial capital of USD 10 million and now worth USD 1.13 billion,
investing in core and fast growing economic sectors as well as many leading
companies in Vietnam.



For further information, please contact:



Ms. Chi Nguyen

VinaCapital Investment Management Limited, Investor Relations

Phone: [phone]



Philip Secrett

Grant Thornton Corporate Finance, Nominated Adviser

Phone: [phone]



Hiroshi Funaki

LCF Edmond de Rothschild Securities

Phone: [phone]

[e-mail]



Brian Cattell/Talia Druker

Finsbury Group

Phone: [phone]










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