VinaCapital Vietnam Opportunity Fund Limited

(the "Company" or "VOF")

LEI Number: 2138007UD8FBBVAX9469

9 February 2023 

VOF INVESTS IN VIETNAM'S LEADING DIGITAL ADVERTISING PLATFORM

VinaCapital Vietnam Opportunity Fund (LSE: VOF), the flagship fund of VinaCapital, announces that it has made a private equity investment in Chicilon Media Information Technology Vietnam Joint Stock Company ("Chicilon Media"), the leading inner-building advertising company in Vietnam. VinaCapital will lead a consortium to invest USD38 million in Chicilon Media, of which VOF will invest USD30 million for an undisclosed stake and will receive one seat on the board.

Chicilon Media's LCD screens are located in the lifts and lobbies of residential and commercial buildings across Vietnam, reaching the growing urban middle class, the most-prized target audience for both local and global consumer brands. The indoor-building advertising channel is a highly cost-effective medium for advertisers since it enjoys uninterrupted attention from targeted audiences, for example while inside lifts. With per capita advertising spending in Vietnam forecasted to grow significantly in the years ahead, Chicilon Media is well-positioned to capture a sizeable portion of that spending, given the cost effectiveness, reach, and demographics of its channel.

Founded in 2006, Chicilon Media has consistently delivered double-digit revenue growth on average. The company has been constantly profitable, even during the Covid pandemic in 2020-2021. Following the post-Covid reopening of the economy, Chicilon Media has seen a strong recovery of its business, as evidenced by its net profit quadrupling in 2022 year-on-year. When Chicilon Media launched, there were nine building lift advertising companies in the market; today, there are only two, with Chicilon Media four times the size of its closest competitor in terms of market share.

Mr Andy Ho, Managing Director of VOF, said, "Chicilon Media is an ideal example of a market leading company we like to invest in. It is well-established and linked to sectors that are benefitting from Vietnam's growing middle class and strong domestic consumption story. Its management team have a clear vision and strategy, are experienced and recognise the need to innovate their business. In addition to currently leading the market, they also evolve with it, by investing in advanced equipment and having a strong commitment to research and development. We look forward to working with Chicilon Media to help take the company to its next stage of growth."

Chicilon Media intends to use the  investment from VinaCapital to expand within the industry and across other provinces, as well as continue R&D and upgrade facilities.

About VOF

VinaCapital Vietnam Opportunity Fund Limited (the "Company" or "VOF") is a Guernsey domiciled closed-ended investment company. The Company is quoted and trades on the Main Market of the London Stock Exchange ("LSE") with a Premium Listing, and is a FTSE-250 constituent.

The Company provides broad exposure to Vietnam's robust economic growth from investments across listed and private equity asset classes, with a focus on sectors that contribute to and benefit from the growing domestic economy. Its objective is to achieve medium to long-term returns through investment in assets in (or derived from) Vietnam.

As at 31 January 2023 the Company had Net Assets of USD1.1 billion.

VOF is managed by VinaCapital Fund Management Limited, an entity regulated in Vietnam by the State Securities Commission of Vietnam, a member of the International Organization of Securities Commissions. VinaCapital is one of Vietnam's leading investment management companies, with USD3.6 billion in assets under management.

For more information about VOF, please visit https://vinacapital.com/investment-solutions/offshore-funds/vof/overview/.

Enquiries:

1.    References to VOF or the Company in this announcement shall mean VinaCapital Vietnam Opportunity Fund Limited, a non-cellular company incorporated in the Bailiwick of Guernsey under The Companies (Guernsey) Law, 2008, with registered number 61765. It is authorised by the Guernsey Financial Services Commission (reference number 2268242) as a registered closed-ended investment scheme under The Protection of Investors (Bailiwick of Guernsey) Law, 1987 and in compliance with the Registered Collective Investment Scheme Rules, as amended.

2.   The registered office address of the Company is East Wing, Trafalgar Court, Les Banques, St Peter Port, Guernsey, Channel Islands, GY1 3PP.

3.    This announcement may contain inside information as stipulated under the Market Abuse Regulations (EU) NO. 596/2014 (MAR).