Indochina Capital Vietnam Holdings Limited
9 November 2009

Not for distribution, directly or indirectly, in or into the United
States or any jurisdiction in which such distribution would be
unlawful.

Indochina Capital Vietnam Holdings Limited (the "Company")

The Company today announces that, at the close of business on 30
October 2009, the Company's un-audited Net Asset Value was U.S.$
47,728,604.33 representing a Net Asset Value per Ordinary Share of
U.S.$ 5.28.

A monthly Net Asset Value report is available upon request from the
Company or may be accessed via www.indochinacapital.com.

For further information, please contact:

Indochina Capital Advisors Limited (Investment Manager)

Beat Schuerch, CEO Tel: +84 8 3910 15 25

No representation or warranty is made by the Company as to the
accuracy or completeness of the information contained in this
announcement and no liability will be accepted for any loss arising
from its use.

This announcement is for information purposes only and does not
constitute an invitation or offer to underwrite, subscribe for or
otherwise acquire or dispose of any securities of the Company in any
jurisdiction.

This announcement is not an offer of securities for sale into the
United States. The Company's securities have not been, and will not
be, registered under the United States Securities Act of 1933 and may
not be offered or sold in the United States absent registration or an
exemption from registration. There will be no public offer of
securities in the United States.

End of Announcement

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