Placing

Vietnam Opportunity Fund Limited
17 May 2006

17 May 2006

Vietnam Opportunity Fund Limited (the 'Company')

Placing

The Company announces its intention to commence a fundraising by way of a
placing 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 anticipated closing date of
the placing will be 8 June 2006 and application will be made for the new
Ordinary Shares to be traded on AIM. A further announcement will be made on
completion of the placing.

Given the successful performance of the Company portfolio to date, Vina Capital,
the Investment Manager of the Company is ready to take the Fund to the next
stage of its long-term investment strategy - major investments in the impending
privatization of state-owned corporations in the telecommunications, banking,
and the energy sectors.

State-owned companies, often the leaders of their respective industries,
historically undergo significant profit increases post-privatization. After
nearly ten years of slowly and carefully privatizing smaller sized companies,
the Vietnamese government is ready to follow in the footsteps of China in
privatizing major state assets. The year 2006 will see the privatizations of the
largest commercial bank of Vietnam, the leading mobile phone operator and other
blue-chip companies.

Contact details:

Ms. Chi Nguyen
Investor Relations
VinaCapital
17th Fl, Sun Wah Tower
115 Nguyen Hue, Dist 1
HCM City, Vietnam
Phone: [phone]
Fax: [phone]
Email: [e-mail]



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