Vietnam : Close Period Share Repurchases

VietNam Holding Limited ("VNH" or the "Company")

Close period share repurchases (the "Buyback")

VNH announces that it has entered into an irrevocable and non-discretionary arrangement with its broker, Winterflood Investment Trusts ("Winterflood"), instructing Winterflood to make on-market purchases of ordinary US$1 shares in the Company ("Ordinary Shares") on the Company's behalf and within certain pre-set parameters during the close period relating to the Company's results for the year ending 30 June 2015 (the "Results").

Winterflood is authorised to purchase Ordinary Shares on the Company's behalf from 1 July 2015 until the earlier of: (a) five business days following the notification of the Results (expected to be on 20 August 2015) and (b) 31 August 2015 (the "Buyback Period"). The Buyback will be independently managed by Winterflood during the Buyback Period.

These arrangements form part of an ongoing share repurchase programme being undertaken by the Company pursuant to an authorisation granted at the Company's Annual General Meeting on 19 November 2014. Further information on the share repurchase authority, including the shareholder resolutions, can be found on VNH's website atwww.vietnamholding.com.

Any Ordinary Shares purchased on the Company's behalf during the Buyback Period will be held in Treasury.

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About VNH

VNH is a closed end fund with ordinary shares and warrants admitted to trading on the AIM Market of the London Stock Exchange. VNH's portfolio is actively managed by Vietnam Holding Asset Management Limited, an investment management company with offices in Ho Chi Minh City, Vietnam and Zurich, Switzerland which specializes in the development and management of Vietnamese equity funds.