Appointment of New Inv. Mgr.

RNS Number:0921A
Beta Vietnam Fund Ld
16 August 2002



                              COMPANY ANNOUNCEMENT

FOR IMMEDIATE RELEASE                                       16 August 2002

                           BETA VIET NAM FUND LIMITED


                   RE: Appointment of New Investment Manager



The Directors of Beta Viet Nam Fund Limited (the "Company") announce that with
effect from 15th August 2002 the Investment Management Agreement with Indochina
Asset Management Limited will be terminated.



The Directors have appointed Vietnam Fund Management Company as the Investment
Manager under a new agreement between the Company and VFMC, with effect from
15th August 2002, pursuant to which VFMC will act as Investment Manager to the
Company, managing the Company's investments.



Vietnam Fund Management Company ("VFMC") is an investment management company
incorporated in Hong Kong, which, since 1991, has specialised in providing fund
management services and investment advice to international institutional and
corporate investors in Vietnam.  VFMC is regulated as an exempt investment
adviser by the Securities & Futures Commission in Hong Kong.   VFMC's main
office is located in Ho Chi Minh City.

In 1991, VFMC established The Vietnam Fund Limited, the first investment fund to
permit international portfolio investors to invest in Vietnam. VFMC's activities
have focused principally on the realisation of Vietnamese assets and
distributing the proceeds to shareholders.  As at the date of this announcement,
VFMC have in excess of US$10 million in assets under management.

The principal shareholders of VFMC are Martin Adams, the company's founder and
Managing Director, and Genesis, a UK-based investment manager with some US$4.5
billion of assets under management in global emerging markets.

Martin Adams has over 20 years' experience in emerging markets.  Prior to
establishing VFMC, he was employed by the Lloyds Bank group in a variety of
international and investment banking positions in Europe and Asia.  Mr. Adams is
also non-executive chairman of Mekong Capital Limited, which is the investment
manager of Mekong Enterprise Fund, an investment fund established in 2002 by the
Asian Development Bank and a number of European development agencies for
investment in private sector companies in Vietnam, Cambodia and Laos.









VFMC's non-executive chairman since 1991 is Alexander Thomson, who has over 15
years' experience in Asia with Goldman Sachs, Prudential Corporation and MBO
Partners, which was the first manager of private equity investments to
specialise exclusively in management buyouts in Asia.  VFMC's third director is
Loc Nguyen, who was born in Vietnam and has over 20 years' experience in
international investment banking. Prior to joining VFMC in an executive capacity
in 1994, Mr. Nguyen worked with Citibank and Kidder Peabody. Both Mr. Thomson
and Mr. Nguyen are currently involved in the management of hedge funds.

Under the management agreement, VFMC will manage the fund on a month to month
basis, at a fixed fee of Us$55,000.00 per month.  The agreement may be
terminated by giving the Investment Manager seven days notice.  The agreement is
subject to the following indemnity clause:

In the absence of wilful neglect or wilful default on the part of the Investment
Manager neither the Investment Manager nor its directors, officers, employees or
agents, shall be liable to the Company or to any shareholder of the Company for
any act or omission in the course of or in connection with the services rendered
hereunder or for any decline in the value of the assets of the Company or any
loss whatsoever that may result to the Company in any manner whatsoever or for
any act or omission of the Company or any person, firm or company acting on its
behalf (including, without limitation, any previous investment manager) and the
Company shall indemnify and hold harmless the Investment Manager (for itself and
as trustee for its directors, officers, employees and agents) from and against
all liabilities, obligations, claims, demands, actions, judgments, penalties,
costs and expenses which may be suffered or incurred by the Investment Manager
or any of its directors, officers, employees or agents (otherwise than by reason
of the wilful neglect or wilful default on the part of the Investment Manager or
the relevant director, officer, employee or agent) in connection with or arising
out of the appointment of the Investment Manager on the terms of this Agreement
or the performance or observance of the terms of this Agreement, including
(without limitation) the nomination of or acting as a director or general
director of any Investee Company.





Enquiries:

NCB Stockbrokers Limited                     Ms Fiona Mulhall
                                             Phone: + 353 1 611 5907



Bachmann Fund Administration Limited         Ms. Marie Palmer
                                             Phone: [phone]



This announcement has been issued through the Companies Announcement Service of

                           the Irish Stock Exchange.








                      This information is provided by RNS
            The company news service from the London Stock Exchange

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