Vietnam : Incentive Fee Arrangements

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

Incentive fee arrangements for year ended 30 June 2014

VNH announces that in partial payment of the incentive fee due to VietNam Holding Asset Management Limited ("VNHAM"), the Company's Investment Manager, for the year ended 30 June 2014 (the "Incentive Fee"), it has agreed that 63,499 ordinary shares in the Company ("Ordinary Shares"), currently held as treasury shares, will be transferred to VNHAM (the "Transfer"). The Transfer is equivalent to 15 per cent. of the Incentive Fee - after allocation of one-third to the VNH Foundation. The Incentive Fee was calculated in accordance with the terms of the Investment Management Agreement (as amended) (the "IMA") between the Company and VNHAM and totalled US$ 954,448.46.

In addition, VNHAM has undertaken to utilise an additional 35 per cent of the Incentive Fee after allocation to the VNH Foundation to purchase further Ordinary Shares in the market.

Following the Transfer, the Company will hold 5,711,066 Ordinary Shares in treasury, and will have 61,826,174 Ordinary Shares with voting rights in issue (excluding treasury shares).

As part of the settlement arrangements for the Incentive Fee, the Company Directors entitled to a proportion of the Incentive Fee - Professor Rolf Dubs and Mr Nguyen Quoc Khanh - have agreed to an allocation lower than that set out in the IMA.

For further information, please contact:

VietNam Holding Asset Management Limited

Gyentsen Zatul - Investor Relations

Tel: +41 43 500 28 10

Altium Capital Limited (Nominated Adviser)

Tim Richardson / Ben Thorne

Tel: +44 20 7484 4040

Winterflood Investment Trusts (Broker)

Joe Winkley / Neil Langford

Tel: +44 20 3100 0301

Buchanan Communications

Charles Ryland / Sophie McNulty

Tel: +44 20 7466 5000