Placing Postponement

Vietnam Opportunity Fund Limited
14 June 2006

14 June 2006

Vietnam Opportunity Fund Limited (the 'Company')

Placing Postponement

Vietnam Opportunity Fund (AIM: VOF), announces that the Board has decided to
postpone its placement of 32,000,000 new Ordinary Shares at a price of US$2.35
per share. The decision to postpone is based on current adverse market
conditions. The Company expects to re-launch the placing when it is felt that
market conditions have improved.

About Vietnam Opportunity Fund

Vietnam Opportunity Fund is a closed-end fund listed on the AIM market of the
London Stock Exchange plc. The principal investment objective of the Fund is to
achieve capital appreciation as well as regular income through its investments.
VinaCapital, the Fund's investment manager, employs over 70 professionals and
has offices in Ho Chi Minh City and Hanoi.

Forward Looking Statements

This press release contains forward-looking statements subject to the inherent
uncertainties in predicting future results and conditions. Any statements that
are not statements of historical fact (including statements containing the words
'believes,' 'plans,' 'anticipates,' 'expects,' 'estimates' and similar
expressions) should also be considered to be forward-looking statements. Certain
factors could cause actual results and conditions to differ materially from
those projected in these forward-looking statements. We undertake no obligation
to update such statements to reflect subsequent events.

For further information, please contact Ms. Chi Nguyen, Investor Relations, at
([phone] or email at [e-mail].



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