Regulation of the Investment Manager

VinaCapital Vietnam Opportunity Fund Limited (the "Company")

(a closed-ended investment company incorporated with limited liability under the laws of Guernsey with registered number 61765)

Regulation of the Investment Manager

At present, VinaCapital Vietnam Opportunity Fund (LSE: VOF) (“VOF” or “the Company”) is managed by VinaCapital Investment Management Limited (“VCIM”), a company incorporated in the Cayman Islands. VCIM being based in the Cayman Islands, is not formally regulated as an investment manager and is exempted from any licensing requirements. The Board of VOF and VCIM are now pleased to announce that VCIM has entered into an agreement with VinaCapital Fund Management JSC (“VCFM”), an affiliate of VCIM and a fully licensed fund management company domiciled in Vietnam, to delegate certain investment management and advisory activities.

VCFM is regulated by the State Securities Commission of Vietnam (“SSC”). The SSC belongs to the International Organization of Securities Commissions (“IOSCO”), of which the UK and US security commissions are also participating members.

VCFM is also the investment manager of three Vietnam domiciled funds and Forum One – VCG Partners Vietnam Fund, an Undertaking for Collective Investment in Transferable Securities (“UCITS”) domiciled in Luxembourg.

This change will give the Board of VOF and shareholders in the Company added comfort that the activities of the investment manager of the Company are subject to the regulation and supervision of the SSC as well as the corporate governance and other rules pertaining to a company regulated by the Guernsey Financial Services Commission and with a Premium Listing on the Main Market of the London Stock Exchange.

Furthermore, the Company has been advised that, under the UCITS regulations, its shares should be "transferable securities" and, therefore, should be eligible for investment by UCITS or Non-UCITS Retail Schemes (“NURS”) on the basis that:

(i)   the Company is a closed-ended investment company incorporated in Guernsey which is subject to the corporate governance mechanisms of Guernsey company law;

(ii)  the Shares are admitted to trading on the Premium Segment of the London Stock Exchange's Main Market;

(iii) the Shares have equal voting rights; and

(iv) the investment manager is authorised and regulated in Vietnam by the SSC (which is a member of IOSCO) and, as such, is subject to the SSC's rules in the conduct of its investment business.

Each manager of a UCITS or NURS should, however, satisfy itself that the Shares are eligible for investment by that UCITS or NURS based on its specific circumstances.

About VinaCapital

Founded in 2003, VinaCapital is a leading investment and asset management firm headquartered in Vietnam, with a diversified portfolio of USD1.8 billion in assets under management. The firm manages three closed-ended funds that trade on the London Stock Exchange: VinaCapital Vietnam Opportunity Fund Limited, which trades on the Main Market, as well as VinaLand Limited and Vietnam Infrastructure Limited, which trade on AIM. VinaCapital also manages the Forum One - VCG Partners Vietnam Fund, one of the largest UCITS that invest in Vietnam, numerous segregated accounts, and three domestic funds. VinaCapital also has joint ventures with Draper Fisher Jurvetson in venture capital, and Warburg Pincus in hospitality and lodging. VinaCapital's expertise spans a full range of asset classes including capital markets, private equity, real estate, venture capital, and fixed income.

For more information about VinaCapital, please visit www.vinacapital.com .

Enquiries

For VinaCapital:
Jonathan Viet Luu / Joel Weiden                                                                              
Investor Relations / Communications
[phone]
[e-mail] / [e-mail]

Camarco, Public Relations (London):
Edward Gascoigne-Pees
[phone]
[e-mail]

Numis Securities, Broker:
David Benda / Hugh Jonathan
[phone]
[e-mail]