Directorate Change

Vietnam Opportunity Fund Limited
20 March 2008

20 March 2008

                        Vietnam Opportunity Fund Limited

                         Changes in Board of Directors



Vietnam Opportunity Fund Limited (VOF), the AIM listed fund focused on sectors
which support Vietnam's growing economy, announces the following changes in the
composition of its Board following its Board meeting on 18 March 2008:



•   Jonathan Choi retires as non-executive Chairman and remains on
    the board as a non-executive Director;

•   William Vanderfelt, an existing independent non-executive
    Director, is appointed as non-executive, independent Chairman;

•   Philip Skevington steps down as non-executive Director;

•   Martin Glynn is appointed to the Board as an independent
    non-executive Director; and

•   Don Lam is appointed to the Board as a non-executive Director.



The Board confirmed its intention, in making these changes, to apply best
practice of corporate governance in the new structure.  The new Chairman,
William Vanderfelt, added that both Martin Glynn and Don Lam bring significant
industry experience to the Company, and the Board is delighted to invite them as
new Directors.  Their proven ability and breadth of skills will be of
considerable value in the development of our business.



The Board would also like to thank Jonathan Choi for his long and dedicated
service as Chairman since the Company's inception in 2003 as well as Philip
Skevington for his valuable contribution since his appointment in 2006.



Martin Glynn



Martin John Gardner Glynn, aged 56, has had 30 years of experience in the
financial services industry. He has two degrees from Canadian universities,
worked first in the export finance industry and then for HSBC for 24 years until
his retirement in 2006. He commenced his career at HSBC in Canada ending up as
President and CEO of HSBC Bank Canada and spent from 2003 to 2006 in the United
States as President and CEO of HSBC Bank USA, N.A. He has had extensive board
experience within the HSBC group of companies and externally, taking on
leadership roles in the profit and not-for-profit sectors.



Don Lam



Don Di Lam, aged 40, is co-founder and managing partner of VinaCapital Group
Limited ('the Group'). He has overseen the Group's growth from manager of a
single US$10 million fund in 2003, into a full-featured investment house
managing four funds worth over US$2 billion (at end-February 2008) and offering
a complete range of corporate finance and real estate advisory services.  In the
last two years, Mr Lam has brought three new funds to market: VinaLand Limited,
the US$655 million AIM listed fund which invests in Vietnamese real estate
assets; DFJ VinaCapital Fund, a venture capital technology fund managed in
cooperation with Draper Fisher Jurvetson; and Vietnam Infrastructure Limited,
the US$413 million AIM listed fund that focuses on Vietnam's emerging
infrastructure.



Before founding VinaCapital, Mr Lam was Partner at PricewaterhouseCoopers
(Vietnam) Limited, where he led the Corporate Finance and Management Consulting
practices throughout the Indochina region (Vietnam, Laos, and Cambodia).  Mr Lam
has also held management positions at Deutsche Bank and Coopers & Lybrand in
Vietnam and Canada.



Information to be disclosed in respect of Don Lam and Martin Glynn pursuant to
Schedule 2 paragraph (g) of the AIM Rules is presented below.





Enquiries:


Ms Chi Nguyen                                                     [phone]
VinaCapital Investment Management Limited             [e-mail]
Investor Relations


Philip Secrett                                                  [phone]
Grant Thornton Corporate Finance, Nominated Adviser    [e-mail]


Hiroshi Funaki                                                  [phone]
LCF Edmond de Rothschild Securities                             [e-mail]


David Cranmer                                                   [phone]
Financial Dynamics                                          [e-mail]





Notes to Editors:



Vietnam Opportunity Fund (VOF) is a closed-end fund listed on the AIM Market of
the London Stock Exchange (VOF.L). Launched in 2003, VOF is one of the largest
and most successful Vietnam funds, with it's NAV increasing over 200% since its
inception. The fund's managers focus on key growth sectors of the domestic
economy, seeking to capitalize on their broad network of local business leaders
and government officials to realize sustainable capital appreciation and provide
attractive levels of return for investors.




Schedule 2 paragraph (g) disclosure for Martin Glynn:


Current Directorships                                   Previous Directorships


Husky Energy Inc, Calgary, Canada                       HSBC Bank USA, N.A.
Hathor Exploration Limited, Vancouver, Canada           HSBC Bank Canada
Freer Sackler Galleries, Washington, DC                 Wells Fargo HSBC Trade Bank, N.A.
                                                        AEA Investors LLC
                                                        New York City Investment Fund
                                                        The Clearing House
                                                        New York Community Trust
                                                        University of British Columbia
                                                        Canadian Chamber of Commerce



The Company confirms there is no other information that is required to be
disclosed pursuant to Schedule 2 paragraph (g) of the AIM Rules.




Schedule 2 paragraph (g) disclosure for Don Lam:


Current Directorships                                  Previous Directorships


Thang Loi Textile & Garment Company                    PricewaterhouseCoopers (Vietnam) Limited
Construction Company No.1                              Refrigeration Electrical Engineering Corporation (REE
                                                       Corp.)
Cau Tre Enterprise
Licogi 16 JS Company                                   Masan Trading Corp.
Vina Construction Machine JS Company
Phong Phu Investment JS Company
Hibernian Industries Limited
Metropole Sofitel Hotel (Vietnam) Ltd.
Kinh Do Property
Ho Chi Minh City International School
A-1 International (Vietnam) Corporation Limited
Roxy Vietnam Co. Ltd.
Societe A Responsabilite limitee Hoteliere De L'Opera
East Ocean Real Estate and Tourist Joint Stock Company
SAS Hanoi Royal Hotel
Hoa Phat Group
Vietnam Infrastructure Fund Limited
VinaLand Limited
DFJ VinaCapital LTD
VinaCapital Group Limited





The Company confirms there is no other information that is required to be
disclosed pursuant to Schedule 2 paragraph (g) of the AIM Rules.




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