TIDMICV 
 
For immediate release on 10 December 2009 
 
INDOCHINA CAPITAL VIETNAM HOLDINGS LIMITED 
("ICV" or the "Company") 
 
Second Distribution to Shareholders 
 
Second Distribution 
 
On 30 October 2009 the Company made an initial distribution of $205.3 
million to Shareholders by way of a compulsory repurchase of Shares. 
The Board stated in the Circular to Shareholders dated 24 September 
2009 that further distributions would be made provided the US dollar 
cash balance (net of a provision for ongoing expenses) exceeds $1 
million. The Board now confirms that it intends to return 
approximately $17.5 million (equivalent to $1.94 per Share) to 
Shareholders, representing approximately 38.25 per cent. of the 
Company's unaudited NAV as at 8 December 2009. 
 
This second distribution will also be effected by way of a compulsory 
repurchase on Tuesday 15 December 2009 of 38.25 per cent. of each 
Shareholder's holding of Shares as at the close of business on 15 
December 2009 (the "Record Date"), rounded down to the nearest whole 
number, at a price of $5.06 per Share, equivalent to the NAV per 
Share of the Company as at 8 December 2009. 
 
Following the second distribution, an aggregate amount of $222.8 
million will have been returned to Shareholders, equivalent to $4.88 
per Share, based on 45.6 million Shares having been in issue at the 
time the compulsory repurchase of Shares was approved by Shareholders 
in October 2009. 
 
Portfolio Update 
 
The Company's unaudited NAV as at 8 December 2009 is USS$45.8 million 
or US$ 5.06 per Share (including a provision for the 1 per cent. 
distribution fee for the second distribution). The Manager has made 
good progress with the divestment of the portfolio and only 1.8 per 
cent. of the Company's portfolio is now in listed equity, of which 
1.5 per cent. is a single position with a lock-up provision until 
August 2010. The remaining listed equity is expected to be fully 
divested by mid December 2009. The Manager also successfully exited 
one of its private equity positions, namely My Xuyen, on 7 December 
2009 at book value in local currency. The process for the divestment 
of the remaining seven private equity and OTC positions will commence 
from the beginning of next year. It is expected that a number of the 
remaining private equity and OTC positions will be divested during 
the course of the second quarter of 2010. 
 
Certificated and Non Certificated Holdings 
 
Cash consideration from the compulsory repurchase will be settled (i) 
in relation to Shares in certificated form, through the despatch to 
Shareholders of cheques drawn on a branch of a UK clearing bank by 
first class post by Wednesday 23 December 2009; and (ii) in relation 
to Shares in uncertificated form (i.e. in CREST), by means of a CREST 
payment by Wednesday 23 December 2009 in favour of the Shareholder's 
payment bank, in accordance with the CREST payment arrangements. 
 
Following the Record Date, existing Share certificates will no longer 
be valid and Shareholders will be sent a new Share certificate for 
their holding following the repurchase within 14 days. Shareholders 
with holdings in uncertificated form (i.e. in CREST) should expect to 
have their CREST account adjusted to reflect their new holding 
following the repurchase on Tuesday 15 December 2009. Existing 
holdings credited to any stock account in CREST will be disabled and 
all existing Shares will be removed from CREST in due course. 
 
Dealings 
 
Following the compulsory repurchase, it is expected that dealings 
will commence in the remaining Shares under ISIN VGG476901217 at 
8:00am on Wednesday 16 December 2009. 
 
Capitalised terms used in this announcement have the same meaning as 
in the Circular to Shareholders dated 24 September 2009 unless the 
context requires otherwise. 
 
For further information please contact: 
Indochina Capital Advisors Limited +84 8 3910 1525 
Beat Schuerch 
 
Arbuthnot Securities Limited 020 7012 2000 
Alastair Moreton 
Hannah Pearce 
 
=--END OF MESSAGE--- 
 
 
 
 
This announcement was originally distributed by Hugin. The issuer is 
solely responsible for the content of this announcement.
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