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 Company               Vietnam Opportunity Fund Limited
 TIDM                  VOF
 Headline              Investment
 Released              12:05 02-May-08
 Number                6730T


2 May 2008

                                                 Press release:
                             VOF announces investment in Phu Nhuan Jewelry Company

Vietnam Opportunity Fund Limited ("VOF" or the "Company"), the AIM listed fund focused on sectors that
support Vietnam's growing economy, is pleased to announce an investment in Phu Nhuan Jewelry Company
("PNJ"), one of the leading jewelry firms in Vietnam.

VOF has acquired an 11.3 percent stake in PNJ via a private placement, making the fund one of the first foreign
institutions to invest in the high-growth Vietnam jewelry industry.

Established in 1988, PNJ is the leading jewelry manufacturer in Vietnam, with 2,000 employees, 85 retail shops
and 3,000 wholesalers nationwide. PNJ produces its own jewelry in two factories. The company holds a 16-20
percent market share with a range of products that target different consumers. Its most famous brands are PNJ
Gold, which targets middle-income female customers, PNJ Silver aimed at lower income and younger women
and teenagers, and the recently introduced Cao Fine Jewelry, a premium brand targeting high-income
consumers.

For the first three months of 2008, PNJ has achieved revenue and net income of approximately USD 70 million
and USD 2.3 million, a year-on-year increase of 47.5 and 32.4 percent, respectively.

Cao Fine Jewelry will be the crown sponsor for Miss Universe 2008 contest held in Nha Trang, Vietnam in
October 2008.

 "The PNJ mission is not only to maintain its leading status in the Vietnam jewelry market but also to become
one of the major jewelry brands in Asia," said Ms. Cao Thi Ngoc Dung, PNJ chairwoman.

Mr. Andy Ho, Managing Director of VinaCapital Group said, "We are very excited about this investment as we
are optimistic on the growth of consumer branded goods such as jewelry in Vietnam. PNJ has achieved
doubled digit growth over the last three years, and we strongly believe that, with their experienced management
team and high-skilled workforce, PNJ will continue to be a leading player in Vietnam's jewelry market."


Notes to Editors

VinaCapital Group is one of the largest fund managers in Vietnam. The Group combines its deep market
experience and networks to generate strategic investment and financing products, alongside merger and
acquisition activities. VinaCapital manages total assets valued at approximately USD 2 billion under its four
funds:

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         Vietnam Opportunity Fund (VOF) is VinaCapital's flagship fund. Established in 2003 with initial capital of
         USD 10 million, it now has a net asset value of USD 870 million (at 31 March 2008). It invests in core
         and fast growing economic sectors as well as many leading companies in Vietnam.
         VinaLand Limited (VNL) is a real estate fund established in March 2006 which now has net assets of
         USD 735 million (at 31 March 2008). Through VOF and VNL, VinaCapital currently manages an
         extensive real estate portfolio across all sectors of the property market and including many leading
         hotels in Vietnam, such as the Sofitel Metropole Hanoi, Hilton Hanoi Opera and Omni Saigon Hotel.
         Vietnam Infrastructure Limited (VNI) was established in July 2007 and now has a net asset value of USD
         360 million (at 31 March 2008). It was the first fund established to invest purely in Vietnamese
         infrastructure assets such as energy, transportation, water supply and treatment, and
         telecommunications.
         DFJ VinaCapital L.P. is a joint venture between VinaCapital and Draper Fisher Jurvetson ­ a leading
         American venture capital group. The fund, with initial capital of USD 30 million, invests in Vietnam's
         emerging technology sector.

VinaCapital currently employs over 180 investment personnel in its offices in Ho Chi Minh City, Hanoi, Danang,
Nha Trang and Hong Kong. More information on the Group can be found at www.vinacapital.com.

Details on VOF are available directly at www.vietnam-opportunity-fund.com.

For further details, please contact:


Ms Chi Nguyen                                                            +84 8 821 9930
VinaCapital Investment Management Limited                                chi.nguyen@vinacapital.com
Investor Relations

Philip Secrett                                                           +44 20 7383 5100
Grant Thornton Corporate Finance, Nominated Adviser                      philip.j.secrett@gtuk.com

Hiroshi Funaki                                                           +44 20 7845 5960
LCF Edmond de Rothschild Securities, Broker                              funds@lcfr.co.uk

David Cranmer                                                            +44 20 7831 3113
Financial Dynamics, Public Relations                                     david.cranmer@fd.com




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