Annual tender offer

Vietnam Opportunity Fund Limited
08 March 2006


Vietnam Opportunity Fund Limited ('VOF' or 'The Company')

8 March 2006

Annual Tender Offer

In a Circular dated 14 October 2004, the Board of VOF proposed to utilise any
profits, which would otherwise have been available for distribution, in
purchasing by way of an annual tender offer, the Company's ordinary shares of
US$0.01 each ('Ordinary Shares') at the then prevailing net asset value ('NAV')
per Ordinary share. This proposal was passed at the Extraordinary General
Meeting on 27 October 2004.

Currently the ordinary shares are trading in the market at a premium to their
NAV and the Board believes an active and liquid market has developed in the
ordinary shares. Accordingly, having consulted with a number of the company's
major shareholders, the Board has decided that it will not implement the tender
offer this year. The Board would suggest that if any shareholder wishes to
realise this investment, in whole or in part, in the Company they should
consider (in the light of their own circumstances and having taken appropriate
advice) selling their shares in the market.

The Board will continue to monitor the market price of the Ordinary shares and
should such price represent, over a period of time, a discount to the NAV the
Board will re-instate the tender offer proposal.




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