Proposed Placing

Vietnam Opportunity Fund Limited
27 September 2006

27 September 2006

               Vietnam Opportunity Fund Limited (the 'Company')

Placing

The Company announces its intention to raise up to an additional US$100,000,000
by way of the issue of 42,000,000 new Ordinary Shares at a price of US$2.38 per
share (the 'Offer'). The anticipated closing date for the Offer will be 26
October 2006 and application will be made for the new Ordinary Shares to be
admitted to trading on AIM. A further announcement will be made on completion of
the Offer.

There will be a pre-emptive preference for existing investors who participate in
the Offer.

The terms of this pre-emptive preference are that, in the event that scaling
back of subscriptions is required, those existing shareholders who participate
in the Offer by 13 October 2006 will be guaranteed to receive an allocation of
at least one 1 new Ordinary Share for each three 3 existing Ordinary Shares
held by them on the record date.

The timetable will be as follows:

Record date for pre-emptive preference                             29 September
                                                                   2006

Subscription agreements sent to investors                          29 September
                                                                   2006

Last date for receipt of subscription agreementsto be eligible     13 October
for the pre-emptive preference                                     2006

Closing date for Offer                                             26 October
                                                                   2006

Given the successful performance of the Company's portfolio to date, the
Company's investment manager, VinaCapital, is ready to take the Company 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 next 12-24 months will see the
privatizations of Vietnam's largest commercial bank , the leading mobile phone
operator and other blue-chip companies.

Should you require more information about this fund raising, please contact
below:

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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