ICV Indochina Cap.

 
TIDMICV 
 
Indochina Capital Vietnam Holdings Limited 
7 January 2010 
 
 
 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 31 December 2009, 
the Company?s un-audited Net Asset Value was U.S.$ 26,275,648.11 representing a 
Net Asset Value per Ordinary Share of U.S.$ 4.71. 
 
 
Portfolio Developments 
 
Divestment Update 
Divestment of the listed equity holdings was completed as scheduled in December 
save for one holding   valued at US$ 0.7 million which has a lock-up provision 
until August 2010. In addition, one of the Fund?s eight PE and OTC positions, My 
Xuyen, was sold on 7 December at book value in local currency. The process for 
the divestment of the remaining seven PE and OTC positions will commence before 
the Vietnamese New Year and it is expected that the majority of the remaining PE 
and OTC positions will be divested during the course of the second quarter of 
2010. 
 
Portfolio Update 
The actual exchange rate used to value the Fund?s holdings appreciated by 3.4% 
during December 2009 as a result of the recent devaluation of the local currency 
which brought the actual exchange rate significantly closer to the new official 
exchange rate. The Fund?s performance further benefited from the only remaining 
listed holding that outperformed the VN Index and closed 13.3% higher than the 
end of November 2009. However, the revaluation of the Fund?s PE and OTC 
positions that is formally conducted every six months, i.e. end of June and end 
of December, offset these positive developments and overall the Fund?s NAV per 
share fell by 6.5% from the end of November. 
 
The value of the seven remaining PE and OTC holdings at the end of December 
2009 was US$ 24.6 million, a reduction of 5.9% compared to the value of these 
holdings of US$ 26.2 million at the end of November or 9.1% compared to the last 
formal valuation at the end of June 2009. The December valuations reflect 
increases for three investments and decreases for four investments to reflect, 
inter alia, current trading and developments at each respective company, with 
the largest component of the overall reduction relating to ITC Corporation 
(?ITC?).   While the Fund is entitled to the payment of a claw-back for lack of 
performance at ITC, since the finalization of the payment has stalled, the Fund 
has taken the necessary steps to protect the interests of the Fund?s 
shareholders and has filed a petition with the Vietnam International Chamber of 
Commerce to claim payment of the full claw back including interest for late 
payment. Although the Fund, on the basis of legal advice, believes it has a 
strong claim, in order to be prudent the valuation of ITC has assumed that the 
Fund will only be awarded a proportion of the payment which has significantly 
reduced ITC?s valuation as at the end of December.   In the event that the Fund 
is awarded its claim in full, ITC?s valuation would accordingly be significantly 
higher than the Fund?s valuation as at the end of June 2009. 
 
As at 31 December 2009 the Fund held cash balances (net of accrued expenses) of 
US$ 1.0 million. 
 
 
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 
 
Arbuthnot Securities Limited 
                                               Tel:   +44 20 7012 20 00 
Alastair Moreton 
Hannah Pearce 
 
 
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 
 
 
[HUG#1371070] 
 

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