Investment in Imexpharm

VietNam Holding Limited
07 November 2007



                            VIETNAM HOLDING LIMITED

           INVESTMENT IN IMEXPHARM PHARMACEUTICAL JOINT STOCK COMPANY



7 November 2007.



VietNam Holding Limited (AIM: VNH) ('VietNam Holding' or 'VNH') is pleased to
announce that it has become a strategic investor in Imexpharm Pharmaceutical
Joint Stock Company ('Imexpharm'). Pursuant to a subscription agreement signed
and dated 7 November 2007, this private placement will make VietNam Holding one
of the largest foreign shareholders in Imexpharm, holding an equity stake of 6%
of Imexpharm's total issued share capital.



Imexpharm is a former state-owned enterprise which was partially privatized in
2001, and which subsequently listed on the Ho Chi Minh Stock Exchange in late
2006.  The company is one of the leading pharmaceutical companies in Vietnam,
where domestic demand for locally manufactured drugs has been growing by an
average of approximately 12% per annum over the last five years.  Imexpharm's
core business is manufacturing, marketing and distributing generic
pharmaceutical products in Vietnam. With net sales of US$32.8 million in 2006,
Imexpharm is currently the third largest pharmaceutical manufacturer in Vietnam,
after Hau Gian Pharma and Domesco.



Imexpharm manufactures a diverse range of over a hundred pharmaceutical
products, including 67 own-brand and over 30 licensed products.   The company
has licensing agreements with various leading industry players, including
Novartis' generic medicine subsidiary, Sandoz, as well as Biochemie,
Sanofi-Aventis and Pharmascience.



Speaking at the signing ceremony today, Mr. Juerg Vontobel, Chairman of Vietnam
Holding Asset Management ('VNHAM'), the investment manager of VietNam Holding
said: 'Imexpharm has a reliable, capable and experienced management team, who
have led the company to become one of the top three drug makers in Vietnam.
Imexpharm's management has adopted a very open and frank approach in our recent
negotiations, and we place a high value on this level of transparency.'



'We believe the company is well positioned to take full advantage of the
considerable growth opportunities in Vietnam's burgeoning pharmaceutical sector,
and will be successful in responding to future challenges in Vietnam's
fast-developing market.'



Mr. Vontobel added: 'VietNam Holding will seek to add value to Imexpharm by
sharing its expertise in key management areas, such as corporate finance and
corporate governance.  Also, our strong network of relations with global
pharmaceutical companies in the US and Europe, and in Switzerland in particular,
will also help Imexpharm explore new strategic alliances.'



Ms. Min-Hwa Hu Kupfer, Chairperson of VietNam Holding added: 'Imexpharm is a
prime example of VietNam Holding's investment portfolio, which has been
carefully built to capture long term capital appreciation.  We look forward to
working with the company, thereby contributing to the continuing success of
Imexpharm and VietNam Holding'.

For more information, please contact:

Vietnam Holding Asset Management (Investment Manager)
Juerg Vontobel, Chairman
Phone: [phone]



Grant Thornton Corporate Finance (Nominated Adviser)
Philip Secrett/Maureen Tai
Phone: [phone]

LCF Edmond de Rothschild Securities (Broker)
Hiroshi Funaki
Phone: [phone]



About VietNam Holding:

VIETNAM HOLDING LIMITED (AIM: VNH) is a US$112.5 million investment company
incorporated in the Cayman Islands and whose shares are admitted to trading on
the AIM Market of the London Stock Exchange.  VNH's investment objective is to
achieve long-term capital appreciation by investing in a diversified portfolio
of companies either in Vietnam or with a significant portion of their assets or
operations in Vietnam. The goal is to invest in companies that have high growth
potential at an attractive valuation.  VNH has a large base of Swiss investors.
For more information, please visit VNH's website at www.vietnamholding.com.


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            The company news service from the London Stock Exchange