Option Agreement

Vietnam Opportunity Fund Limited
02 February 2004


2 February 2004

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

Option Agreement

On 9 December 2003, the Company announced that pursuant to an option agreement
detailed in the Company's AIM admission document dated 24 September 2003, Mr
Horst Geicke, a director of the Company, had on 8 December 2003, subscribed for
500,000 ordinary shares of US$0.01 in the capital of the Company at a
subscription price of US$1.00 per ordinary share.

Further to that announcement, Mr Geicke has subscribed for the above mentioned
500,000 ordinary shares of US$0.01 at an increased subscription price of
US$1.15. It is anticipated that funds for this subscription will be remitted to
the Company by 21 February 2004.

A further announcement will be made shortly regarding the admission of the
shares to trading on AIM.



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