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Indochina Capital Vietnam Hold (ICV)

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Friday 14 May, 2010

Indochina Capital Vietnam Hold

1st Quarter 2010 Results

Indochina Capital Vietnam Holdings Limited

 Not for distribution, directly or indirectly, in or into the United States or
         any jurisdiction in which such distribution would be unlawful.

Indochina Capital Vietnam Holdings Limited (the "Company")
Unaudited Financial Results for the three month period ended 31 March 2010

The Company today announces its unaudited consolidated financial statements for
the period ended 31 March 2010 which have been prepared in accordance with IFRS

Net Asset Value (as at 31 March 2010):

- Net Asset Value:                                                         U.S
- Outstanding shares:
- NAV per share                                                              U.S

Key Developments

As referred to in the Chairman's statement contained within the Company's annual
report  and accounts for the year  ended 31 December 2009 which were released to
the market on 26 April 2010, the  process continued throughout the first quarter
of  2010, with ICA and KPMG working on  the sale of the remaining private equity
and  OTC investments in the portfolio. Detailed negotiations have taken place in
respect  of one of the  Company's private equity investments  and we are hopeful
that  a sale  may be  achieved in  the near  future. The remaining listed equity
positions will be divested when the lock up expires in August 2010.

Bank lending in Vietnam, like many other countries in the world, has slowed down
recently and this is making it harder to raise fresh capital.

Further  details  of  the  Company's  remaining  investments may be found in the
Company's  annual report and accounts for  the year ended 31 December 2009 which
may          be          downloaded          at

                         CONSOLIDATED INCOME STATEMENT
              For the period from 1 January 2010 to 31 March 2010

(Unit: U.S $)

- Interest
- Dividend
- Net losses on investments
- Net foreign exchange
gains                                                                   393


Net investment loss

- Investment management fees
- Custodian fees
- Administration
- Transaction
- Professional
- Directors'
- Withholding
- Capital reorganisation fees
- Other operating
expenses                                                              (64,313)



Loss before Tax

Corporate Income

Net Loss after Tax

Other comprehensive income

Total comprehensive loss

                           CONSOLIDATED BALANCE SHEET
                              As at 31 March 2010

(Unit: U.S $)

- Cash and bank
balances                                                                 903,936
- Debt investments
- Equity investments held-for-trading
- Interest, dividends and other receivables


Total Assets

- Accrued


Total Liabilities


Represented by:
- Issued
- Share
- Treasury Stock
- Accumulated losses



Net Asset Value per Share, based on shares outstanding

              For the period from 1 January 2010 to 31 March 2010

(Unit: U.S $)


Net loss for the period

Adjustments for
- Interest income

- Dividends income
- Realised gains on debt and equity investments trading
- Unrealised losses on debt and equity investments

Operating loss before changes in working capital

- Change in receivables from investment activities                 (16,477)
- Change in current liabilities
- Interest
- Dividends
- Change in deposits in escrow account
  for purchases of equity investments

Net cash used in operating activities


- Proceeds from sale of debt and equity investments
- Payments for purchase of debt and equity investments                         -

Cash flows generated from investing activities


- Proceeds from issue of new shares
- Payments for treasury shares

Cash flows (used in)/generated from financing activities

NET DECREASE IN CASH AND BANK BALANCES                          (261,302)

CASH AND BANK BALANCES AT 01/01/2010                                 1,165,238


CASH AND BANK BALANCES AT 31/03/2010                                    903,936

For further information, please refer to either
<> or contact:

Indochina Capital Advisors Limited (Investment Manager)

Rick Mayo-Smith                                                           Tel:
+848 3 910 4855

Ordinary Shares - Listing Category: Standard - Equity

No representation or warranty is made by the Company as to the accuracy or
completeness of the information contained in this announcement and no liability
will be accepted for any loss arising from its use.

This announcement is for information purposes only and does not constitute an
invitation or offer to underwrite, subscribe for or otherwise acquire or dispose
of any securities of the Company in any jurisdiction.

This announcement is not an offer of securities for sale into the United States.
The Company's securities have not been, and will not be, registered under the
United States Securities Act of 1933 and may not be offered or sold in the
United States absent registration or an exemption from registration. There will
be no public offer of securities in the United States.

                              End of Announcement