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Vietnam Property Fund Ltd.

("VPF" or "the Company")

Change in Directorate and Results of Non-Executive Board Meeting

Vietnam Property Fund Ltd. (AIM: VPF), a real estate fund raised to invest in property related developments and companies in Vietnam and its neighbours, announces that Mr Gregory Djerejian, aged 37, has been appointed as an Independent Non-Executive Director of the Company, such appointment becomes effective from the date of this announcement.

Mr. Djerejian is Senior Vice President and General Counsel of TradeInvest Financial Services (NY) ("TradeInvest"), a diversified asset management firm. Prior to joining TradeInvest, Mr. Djerejian worked for Coudert Brothers and Squire, Sanders & Dempsey; worldwide law firms, based in their New York and Paris offices. Mr. Djerejian earned a Bachelor of Science in Foreign Service from Georgetown University's School of Foreign Services, a Juris Doctor Degree in Law from the Georgetown University Law Center, as well a Master's Degree in Business Administration from Columbia University's Graduate School of Business. Mr. Djerejian is a member of the New York State Bar Association.

Commenting on the appointment, Mr. Fraser Wilson, Fund Manager of VPF, said: "The Board would like to welcome Mr. Djerejian on board. His wide spectrum of experience in law and the financial services industry will add further value to our business".

Save as disclosed below, there is no further information in respect of Mr Djerejian's appointment required to be disclosed pursuant to paragraph (g) of Schedule 2 to the AIM Rules for Companies.

Mr. Djerejian currently holds the following directorships:

TradeInvest Financial Services (NY), 2005 - present

Lyford Global Macro Offshore Fund Ltd., 2006 - present

Lyford Global Macro Master Fund Ltd., 2006 - present

Lyford Group International Ltd., 2009 - present

Baha Mar Resorts, 2007 - present

Mr. Djerejian has held the following directorships in the last five years:

Izmirlian-Eurasia Universal Credit Company, 2004 - 2009

Lyford Group Asset Management Ltd., 2006 - 2009

Mr. Djerejian does not currently hold any shares in, or options over shares in, the capital of the Company.

For further information, please contact:

The information contained in this document is not for release, publication or distribution, directly or indirectly, in whole or in part, in, into or from in the United States of America (including its territories and possessions, any state of the United States and the District of Columbia). These materials do not contain, constitute or form part of an offer to sell or the solicitation of an offer to purchase securities in the United States. The securities referred to herein (the "Securities") have not been and will not be registered under the US Securities Act of 1933, as amended (the "Securities Act"), and may not be offered or sold in the United States absent registration under the Securities Act except pursuant to an available exemption from, or in a transaction not subject to, the registration requirements of the Securities Act. There will be no public offer of the Securities in the United States.

Vietnam Property Fund Ltd.

Vietnam Property Fund Ltd., (VPF) is listed on the Alternative Investment Market (AIM) of the London Stock Exchange with the ticker symbol "VPF". It is an investor in real estate development projects, assets and companies in Vietnam and its neighbours. For further information, please visit www.vietnampropertyfund.com