The Directors of Vietnam Phoenix Fund Limited (the "Company") announce a redemption of a pro rata share of 10 per cent of each investors Class C Shares (ISIN KYG2886W1078) ("Private Equity Shares").

In accordance with the Investment Objective for the Private Equity Shares -- to realise assets in an orderly manner that seeks to achieve a balance between maximising the value of the assets and returning cash to holders of Private Equity Shares promptly by means of pro rata redemptions of registered holdings of Private Equity Shares -- the Company announces a redemption of 10 per cent of the Private Equity Shares outstanding as at 23 July 2018 (5pm Dublin time). Redemptions will be allocated pro rata to each registered shareholder's total Private Equity Shares, subject to rounding down fractional entitlements to redemption to the nearest whole Private Equity Share.

The redemption price will be based on the net asset value of the Private Equity Shares as at 30 June 2018 (USD 0.3222 per share). The value date of payment shall be 30 July 2018. 

The Company intends to announce on 24 July 2018 the number of shares redeemed at the redemption price.

Enquiries:

Vietnam Phoenix Fund Limited                                                dwsvietnamfund@dmsgovernance.com

Scott Weldon
Duxton Asset Management Pte Ltd                                                                     vpf@duxtonam.com

                                                                                                              T: +65 6511 0362

This announcement has been issued through the Companies Announcement Service of Euronext Dublin.