Result of Equity Issue

Vietnam Opportunity Fund Limited
25 August 2004


                        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 US$653,700.86 by the issue of
220,000 new ordinary shares at US$1.15 per share and 339,577 new ordinary shares
at US$1.18 per share.

These shares have been placed with the following:

NAME OF INVESTOR (who        NO OF SHARES       CONSIDERATION     % OF ENLARGED
subscribed at US$1.15       SUBSCRIBED FOR          (US$)          ISSUED SHARE
per ordinary share)                                               CAPITAL OF THE
                                                                     COMPANY

Bank of New York               220,000            253,000.00           1.13


NAME OF INVESTOR (who        NO OF SHARES       CONSIDERATION     % OF ENLARGED
subscribed at US$1.18       SUBSCRIBED FOR          (US$)          ISSUED SHARE
per ordinary share)                                               CAPITAL OF THE
                                                                     COMPANY

New Finance Assets Limited     212,458            250,700.44           1.09

American Fidelity Corporation  127,119            150,000.42           2.44


Application has been made for all the 559,577 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 Friday 27 August 2004.

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.

                      This information is provided by RNS
            The company news service from the London Stock Exchange