Investment

Vietnam Opportunity Fund Limited
02 May 2008

2 May 2008



                                 Press release:

             VOF announces investment in Phu Nhuan Jewelry Company


Vietnam Opportunity Fund Limited ('VOF' or the 'Company'), the AIM listed fund
focused on sectors that support Vietnam's growing economy, is pleased to
announce an investment in Phu Nhuan Jewelry Company ('PNJ'), one of the leading
jewelry firms in Vietnam.

VOF has acquired an 11.3 percent stake in PNJ via a private placement, making
the fund one of the first foreign institutions to invest in the high-growth
Vietnam jewelry industry.

Established in 1988, PNJ is the leading jewelry manufacturer in Vietnam, with
2,000 employees, 85 retail shops and 3,000 wholesalers nationwide. PNJ produces
its own jewelry in two factories. The company holds a 16-20 percent market share
with a range of products that target different consumers. Its most famous brands
are PNJ Gold, which targets middle-income female customers, PNJ Silver aimed at
lower income and younger women and teenagers, and the recently introduced Cao
Fine Jewelry, a premium brand targeting high-income consumers.

For the first three months of 2008, PNJ has achieved revenue and net income of
approximately USD 70 million and USD 2.3 million, a year-on-year increase of
47.5 and 32.4 percent, respectively.

Cao Fine Jewelry will be the crown sponsor for Miss Universe 2008 contest held
in Nha Trang, Vietnam in October 2008.


'The PNJ mission is not only to maintain its leading status in the Vietnam
jewelry market but also to become one of the major jewelry brands in Asia,' said
Ms. Cao Thi Ngoc Dung, PNJ chairwoman.


Mr. Andy Ho, Managing Director of VinaCapital Group said, 'We are very excited
about this investment as we are optimistic on the growth of consumer branded
goods such as jewelry in Vietnam. PNJ has achieved doubled digit growth over the
last three years, and we strongly believe that, with their experienced
management team and high-skilled workforce, PNJ will continue to be a leading
player in Vietnam's jewelry market.'



Notes to Editors


VinaCapital Group is one of the largest fund managers in Vietnam. The Group
combines its deep market experience and networks to generate strategic
investment and financing products, alongside merger and acquisition activities.
VinaCapital manages total assets valued at approximately USD 2 billion under its
four funds:



  • Vietnam Opportunity Fund (VOF) is VinaCapital's flagship fund. Established
    in 2003 with initial capital of USD 10 million, it now has a net asset value
    of USD 870 million (at 31 March 2008). It invests in core and fast growing
    economic sectors as well as many leading companies in Vietnam.
  • VinaLand Limited (VNL) is a real estate fund established in March 2006
    which now has net assets of USD 735 million (at 31 March 2008). Through VOF
    and VNL, VinaCapital currently manages an extensive real estate portfolio
    across all sectors of the property market and including many leading hotels
    in Vietnam, such as the Sofitel Metropole Hanoi, Hilton Hanoi Opera and Omni
    Saigon Hotel.
  • Vietnam Infrastructure Limited (VNI) was established in July 2007 and now
    has a net asset value of USD 360 million (at 31 March 2008). It was the
    first fund established to invest purely in Vietnamese infrastructure assets
    such as energy, transportation, water supply and treatment, and
    telecommunications.
  • DFJ VinaCapital L.P. is a joint venture between VinaCapital and Draper
    Fisher Jurvetson - a leading American venture capital group. The fund, with
    initial capital of USD 30 million, invests in Vietnam's emerging technology
    sector.



VinaCapital currently employs over 180 investment personnel in its offices in Ho
Chi Minh City, Hanoi, Danang, Nha Trang and Hong Kong. More information on the
Group can be found at www.vinacapital.com.



Details on VOF are available directly at www.vietnam-opportunity-fund.com.



For further details, please contact:


Ms Chi Nguyen                                         [phone]
VinaCapital Investment Management Limited             [e-mail]
Investor Relations

Philip Secrett                                        [phone]
Grant Thornton Corporate Finance, Nominated Adviser   [e-mail]


Hiroshi Funaki                                        [phone]
LCF Edmond de Rothschild Securities, Broker           [e-mail]


David Cranmer                                         [phone]
Financial Dynamics, Public Relations                  [e-mail]








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