VinaCapital Vietnam Opportunity Fund Limited (the "Company")          
     (a closed-ended investment company incorporated with limited liability under  
                  the laws of Guernsey with registered number 61765)               

                                    Dividend Policy                                

                                    17 August 2017                                 

    Following consultations with the major shareholders of, and advisers to,
    VinaCapital Vietnam Opportunity Fund Limited ("VOF" or the "Company"), the
    Board of Directors has decided to amend VOF's dividend policy.

    With immediate effect, the Board intends that the Company will pay a dividend
    twice per year, normally declared in March and October. Exceptionally, the
    Company is today making a separate announcement in respect of its first
    dividend declaration.

    The change in the dividend policy reflects various factors related both to the
    development of the Vietnamese capital markets and to VOF itself. These factors
    include:

      * The flow of dividend income received by the Company from its underlying
        investments is relatively stable and is expected to grow over time.

      * The Board's intention to introduce a further measure to help control the
        level of the share price discount to net asset value by broadening the
        shareholder base to equity investors who will only consider companies which
        provide regular dividend income.

    It is the intention of the Board to declare semi-annual dividends for the
    foreseeable future of an amount of at least 4.8 US cents per share, or the
    equivalent in UK pence. This amount is approximately equal to 1 per cent of
    VOF's unaudited net asset value at 30 June 2017. As and when circumstances
    permit, it is the Board's intention to increase the dividend.

    Dividend payments will not necessarily be fully covered by income and, as such,
    may represent a return of capital to shareholders.

    Dividends will be declared in US dollars, which is the Company's functional
    currency. Shareholders may opt to have dividends paid in either US dollars or
    in Pounds sterling, which is the currency in which the Company's share price is
    quoted on the London Stock Exchange. By default, shareholders with registered
    addresses in the UK and Channel Islands will receive dividends in sterling.
    Shareholders registered in other jurisdictions will receive dividends in
    dollars. Shareholders may, however, inform the registrars that they wish to
    receive their dividends in either currency and the procedure for informing the
    Company's registrars is set out in today's first dividend announcement.

    Shareholders should note that the change in dividend policy is in addition to
    the Company's share buyback programme, which has been the primary mechanism for
    attempting to control the share price discount to net asset value.

    Enquiries

    Jonathan Luu / Joel Weiden
    VinaCapital Investment Management Limited
    Investor Relations
    +84 28 3821 9930
    jonathan.luu@vinacapital.com / joel.weiden@vinacapital.com

    Edward Gascoigne-Pees
    Camarco (Public Relations, London)
    +44 20 3757 4980
    ed.gascoigne-pees@camarco.co.uk

    David Benda / Hugh Jonathan
    Numis Securities Limited, Broker
    +44 (0)20 7260 1000
    funds@numis.com

    Franczeska Hanford / Andy Dovey
    Northern Trust International Fund Administration Services (Guernsey) Limited,
    Company Secretary
    +44 1481 745001
    fk26@ntrs.com

    Stephen Westwood
    +44 (0)7533 178381