Hanoi Hospitality Investment

Vietnam Opportunity Fund Limited
25 July 2006


  Vietnam Opportunity Fund Limited Announces Second Real Estate Investment in
                            Hanoi Hospitality Market

Ho Chi Minh City, Vietnam, 25 July 2006 - Vietnam Opportunity Fund Limited
('VOF' or, the 'Company') (AIM: VOF) is pleased to announce the successful
purchase of a 17.5% interest in the Hilton Hanoi Opera Hotel for US$10.72
million.

The Hilton Hanoi Opera Hotel has been in operation since 1999 and enjoys a prime
location at the heart of Vietnam's capital, adjacent to the Hanoi Opera House.
Grade A office buildings, government ministry offices, shopping areas, and art
galleries are located within walking distance of the 269-room, French
Colonial-style property which represents 11% of Hanoi's five-star hotel rooms
and boasts occupancy rates of more than 80%.

The Hilton Hanoi Opera Hotel is the second most successful hotel in Hanoi, after
the Sofitel Metropole Hotel (a hotel in which VOF has a 28.8% interest), with a
gross operating profit of US$4.28 million in 2005. The Company has valued its
interest at US$10.72 million.

In keeping with the Company's investment strategy - to provide shareholders with
an attractive level of income, together with the potential for capital growth -
the Company's investment manager, VinaCapital Investment Management Ltd
('VinaCapital'), has devoted considerable effort to identify the most profitable
investment projects in Vietnam. VinaCapital believes Vietnam's travel and
leisure market is an attractive investment and expects the hotel segment,
especially in Hanoi, to be a strong performer due to rising demand from tourists
and business travelers and an extremely limited supply of rooms.

VOF's investment comes at the conclusion of successful negotiations with the
hotel's consortium of shareholders - including the Hilton Group and Vivendi
Universal. VOF will be a co-investor in the Hilton Hanoi Opera Hotel with
Vinaland Limited (AIM: VNL), another closed-end investment company listed on AIM
and managed by VinaCapital. VinaLand will purchase a 52.5% interest in the
property and may invite additional co-investors to participate in this project
in the future.

About Vietnam Opportunity Fund Limited

Vietnam Opportunity Fund Limited (AIM: VOF), is a US$244 million closed-end fund
listed on the AIM market of the London Stock Exchange. Since its inception in
September 2003, VOF has achieved attractive risk-adjusted returns through
investments in private equity, listed and OTC-traded companies, privatizations
of state owned enterprises, and select property developments in Vietnam. VOF's
portfolio includes shareholdings in industry leaders such as the Kinh Do
Corporation, Vietnam's largest confectionary enterprise, and VinaMilk, Vietnam's
largest dairy products company.

For further information, please contact:

Ms. Chi Nguyen
Investor Relations
VinaCapital
[e-mail] or (84 8) 821 9930
www.vinacapital.com

Claire Heathfield
LCF Rothschild Securities
[e-mail] or (44) 207 845 5960
www.countryfunds.co.uk

Bloomberg code: VOF LN Equity
Reuters code: VOF.L



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