Issue of Equity/Fundraising

Vietnam Opportunity Fund Limited
23 December 2005


                        Vietnam Opportunity Fund Limited

                            ('VOF' or the 'Company')

                             Results of fundraising

The Directors of the Company are pleased to announce that the Company has
completed a further placing to raise a total of USD 76,004,076.80 by the issue
of 47,502,548 new ordinary shares at US$1.60 per share.

As a result of the placing the following is required to be disclosed in
accordance with Rule 17:

Millennium Partners, LP ('Millennium') has subscribed for a further 1,500,000
shares through Citivic Nominees. This issue of equity brings Millennium's
interest holding in the Company to 11,743,272 shares representing 9.57% of the
issued share capital of the Company.

The subscription by Millennium Partners, LP ('Millennium') is classified as
related party transactions for the purposes of the AIM Rules. Accordingly the
Directors (other than Robert Knapp, who is a director of Millennium), having
consulted with Grant Thornton Corporate Finance (in its capacity as the
Company's nominated adviser), confirm that they are satisfied that the terms of
Millennium's participation in the fundraising are fair and reasonable insofar as
the shareholders of the Company are concerned.

Application has been made for the 47,502,548 new ordinary shares to be admitted
to trading on the AIM market of the London Stock Exchange. Admission to trading
is expected to take place on 30 December 2005.

The Company is pleased to have received follow-on investments from several of
its original investors as well as to welcome highly reputable new investors to
the Fund.

End




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