Result of fundraising

Vietnam Opportunity Fund Limited
05 May 2005


                                   5 May 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 US$58,334,175 by the issue of
43,210,500 new ordinary shares at US$1.35 per share.

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

Mr. Horst Geicke has subscribed for a further 699,001 shares at this round
through Kredietbank SA Luxembourge. This issue of equity brings Mr. Geicke's
holding in the Company to 1,400,000 shares representing 1.87% of the enlarged
issued share capital of the Company.

Millennium Partners, LP ('Millennium') has subscribed for a further 7,410,000
shares in this round of fund raising. This issue of equity brings Millennium's
interest holding in the Company to 10,885,000 shares representing 14.52% of the
enlarged 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 43,210,500 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 Monday 9 May.

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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