Placing

Vietnam Opportunity Fund Limited
15 March 2005


For immediate release

15 March 2005

Vietnam Opportunity Fund Limited (the 'Company')

Placing

The Company announces its intention to commence a fundraising by way of a
placing to raise US$25,000,000 (before expenses) by way of the issue of
18,518,519 new Ordinary Shares at a price of US$1.35 per share. The anticipated
closing date of the placing will be 18 April 2005 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.

The funds raised will be used to continue to invest in attractive opportunities
in the domestic economy, including privatisations of major state owned
companies, private and listed companies. Priority sectors include financial
services, consumer goods and real estate, which tap into the growing incomes of
the population.



                      This information is provided by RNS
            The company news service from the London Stock Exchange
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