Quarterly report & NAV

Vietnam Opportunity Fund Limited
06 August 2004


For immediate release


5 August 2004


Vietnam Opportunity Fund Limited (the 'Company')


Quarterly report and NAV


The Company announces that at close of business on 30 June 2004 its unaudited
net asset value per share was $1.14.

A Quarterly Report detailing the activities of the Company for the period ended
30 June 2004, has been issued by the Manager of the Company. Electronic copies
of the report have been emailed to shareholders and can also be downloaded from
VinaCapital Investment Management Limited website at www.vinacapital.com/
investors.asp. Copies of the report will also be available, free of charge from
the offices of Grant Thornton Corporate Finance, Grant Thornton House, Melton
Street, Euston Square, London NW1 2EP or, Unit 1703, Sun Wah Tower, 115 Nguyen
Hue Boulevard, District 1, Ho Chi Minh City, Vietnam, for a period of 30 days
from the date of this announcement.




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