Vietnam : Update re. Incentive Fee Arrangements

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

Update re incentive fee arrangements for the year ended 30 June 2014

On 27 August 2014, the Company announced 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, it had agreed that 63,499 ordinary shares of US$1.00 each in the Company ("Ordinary Shares ") then held as treasury shares would be transferred to VNHAM (the "Transfer ").

The Company is now in a position to conclude the Transfer and confirms that it took place with effect from 25 March 2015. VNHAM now holds 255,579 Ordinary Shares representing 0.42 per cent of the issued Ordinary Shares.

Following the Transfer, the Company holds 7,265,207 Ordinary Shares in treasury (the "Treasury Shares ") and has 60,272,033 Ordinary Shares with voting rights in issue (excluding the Treasury Shares).

For further information please contact:

About VNH

VNH is a closed end fund listed on the AIM Market of the London Stock Exchange and the Entry Standard Market of the Frankfurt 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 and Zurich, which specializes in the development and management of Vietnamese equity funds.