ICV Manager´s Second Quarter 2008 Preview

Indochina Capital Vietnam Holdings Limited ("ICV" or the "Fund")
(LSE:ICV) is pleased to announce the release of its Investment
Manager´s Commentary previewing the Second Quarter 2008. The Quarterly
is a summary of the state of Vietnam´s economy and equities markets
combined with a comparison of ICV´s performance since IPO over twelve
months ago, an update on the Fund´s investment strategy and outlook

and a detailed look at the Fund´s portfolio holdings and valuations.

Key points from the Quarterly are below:

-- Although a loss leader, ICV has the best performing NAV

amongst Vietnam listed funds in Q1 2008.

-- Also at a loss, ICV has the second best performing NAV amongst

Vietnam listed funds over the last twelve months.

-- The Fund´s US$155.4 million cash and liquid bonds are an

advantage in Vietnam´s oversold equities market.

-- Upon full investment by August 2008, total allocation will be

50% prelisted equity, 25% SOE prelisted equity, and 25% listed

equity.

-- The portfolio is comprised of reasonably priced equities with

nine of the positions held at average PE of 9.2x 2008E

earnings with anticipated EPS growth of 54% resulting in a PEG

ratio of 0.2x.

The report is available for download at www.indochinacapital.com.
Please follow the link to "Listed Fund Investors" and click on
"Manager Commentaries" in the right sidebar. For further information
and questions, please contact Indochina Capital Fund Marketing at
icv@indochinacapital.com.

Important Information

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.