Incentive Fee Arrangements

25 September 2017

VietNam Holding Limited

("VNH" or the "Company")

Incentive fee arrangements for the year ended 30 June 2017

VNH announces that, in accordance with the terms of the Investment Management Agreement (as amended) (the "IMA") between the Company and Vietnam Holding Asset Management Limited ("VNHAM"), the Company's Investment Manager, VNHAM is entitled to receive 15 per cent. of the incentive fee from VNH rewarding the investment performance of VNH (the "Incentive Fee") in the form of an equivalent amount of ordinary shares of US$1 each in the Company ("Ordinary Shares") and VNH may use treasury shares for that purpose.

Furthermore, the IMA refers to the commitment by VNHAM to donate one third of the Incentive Fee to the VNH Foundation, an independent charitable foundation registered in Switzerland and under the supervision of the Swiss Authorities.

The share price calculated in accordance with the terms of the IMA for determining the number of Ordinary Shares equivalent to 15 per cent. of the Incentive Fee is US$2.3494 per Ordinary Share. Accordingly, 88,899 Ordinary Shares that were held as treasury shares have been transferred to VNHAM.

Following this transfer, the Company will hold 9,705,593 Ordinary Shares in treasury, and will have 72,581,346 Ordinary Shares with voting rights in issue (excluding treasury shares).

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