Half Yearly Report

Vietnam Infrastructure Limited

Interim results for the six months ended 31 December 2012

Vietnam Infrastructure Limited (the "Company" or "VNI") (VNI.L), the first publicly traded fund to focus on investment into infrastructure assets in Vietnam,today announces its interim results for the six months ended 31 December 2012 ("the Period").

Financial highlights

·; Net loss for the Period of USD2.1 million (HY11: USD16.8 million net loss).

·; Net loss per share of USD0.01 for the Period (HY11: USD0.04 net loss per share).

·; Cash and cash equivalents as at 31 December 2012 of USD42.1 million.

·; Net asset value at 31 December 2012 of USD195.6 million representing USD0.50 per share.

Operational highlights

·; VNI completed the sale of two of the four components of the Long An SEA mixed use project for cash proceeds of USD11.2 million.

·; In August 2012, VNI invested a further USD5.0 million into Vina CPK Limited, increasing its stake to 97.2 per cent.

·; At the extraordinary general meeting held in July, shareholders approved an ordinary resolution to grant the Board an ongoing share buyback authority. During the Period, VNI repurchased 14.1 million shares, representing 3.5 per cent of the total shares in issue.

·; Rupert Carington was appointed to the Board as an independent Non-Executive Director.

Commenting, Paul Cheng, Chairman of Vietnam Infrastructure Limited, said:

"Although there are signs of stabilisation in Vietnam's economy, market conditions remain challenging. Against this backdrop we were able to complete sales on parts of our portfolio, the proceeds from which we will use to support our share buyback scheme and expand existing investments. We also continue to seek out new investments, and currently see attractive opportunities in core infrastructure sectors such as telecommunications, industrial parks and transportation."

Notes to Editors:

VinaCapital is a leading investment management and real estate development firm in Vietnam, with a diversified portfolio of USD1.6 billion in assets under management. VinaCapital was founded in 2003 and boasts a team of managing directors who bring extensive international finance and investment experience to the firm. Our mission is to produce superior returns for investors by using our experience and knowledge to identify the key trends and opportunities that emerge as Vietnam continues to develop its economy. To achieve this, VinaCapital has industry-leading asset class teams covering capital markets, private equity, fixed income, venture capital, real estate and infrastructure.

VinaCapital manages three closed-end funds trading on the AIM Market of the London Stock Exchange. These funds are: VinaCapital Vietnam Opportunity Fund Limited (VOF), VinaLand Limited (VNL), and Vietnam Infrastructure Limited (VNI). VinaCapital also co-manages the DFJ VinaCapital L.P. technology venture capital fund with Draper Fisher Jurvetson.

VinaCapital has offices in Ho Chi Minh City, Hanoi, Danang, Nha Trang, Phnom Penh (Cambodia) and Singapore. More information about VinaCapital is available at www.vinacapital.com

More information on Vietnam Infrastructure Limited is available at www.vinacapital.com/vni.

Enquiries:

David DropseyVinaCapital Investment Management LimitedInvestor Relations/Communications+84 8 821 9930[email protected]

Philip Secrett

Grant Thornton Corporate Finance, Nominated Adviser

+44 (0)20 7583 5100

[email protected]

 Hiroshi FunakiEdmond de Rothschild Securities, Broker+44 20 7845 5960[email protected]

David Benda / Hugh JonathanNumis Securities Limited, Broker+44 (0)20 7260 1000

[email protected]

Andrew WaltonFTI Consulting, Public Relations (London)+44 (0)20 7269 7204[email protected]

Chairman's Statement

Dear Shareholders,

We are pleased to present the interim results of Vietnam Infrastructure Limited (AIM: VNI) for the six month period ended 31 December 2012.

Vietnam's economy continued to stabilise through the final six months of 2012. The consumer price index finished the full year at 6.8 per cent, a drastic change from a rate of 18.1 per cent recorded in 2011. However, Vietnam's gross domestic product increased just 5.4 per cent in the final quarter of 2012, bringing the full year to 5.0 per cent. This was the weakest annual economic expansion since 1999 and came as a result of the State Bank of Vietnam's focus on maintaining a manageable level of inflation. Vietnam's trade balance finished 2012 at a USD780 million surplus, a huge difference from 2011, which recorded a USD9.5 billion deficit. This was mainly attributable to an increase in output from the foreign direct investment sector which is now capitalizing on Vietnam's manufacturing advantages. Consequently, Vietnam's capital markets performed well during the later part of 2012, with the VN Index increasing by 18.9 per cent during the year.

During the period, a sale of two of the four components of the Long An SEA mixed use project was completed. As a result, VNI received USD11.2 million in cash proceeds.  In August 2012, VNI invested a further USD5.0 million into Vina CPK Limited, a 308 ha industrial park located 20 kilometers outside Hanoi, increasing its stake to 97.2 per cent. This asset is a key component of VNI's strategy of developing infrastructure land projects.

The Board is pleased that during the extraordinary general meeting held in July 2012 shareholders approved an ordinary resolution to grant the Board an ongoing share buyback authority. The share buyback will facilitate distributions to shareholders, assist the Company in reducing the share price to net asset value discount and enhance the net asset value attributable to remaining shareholders. During the six months ended 31 December 2012, VNI repurchased 14.1 million shares, which are held as treasury shares, representing 3.5 per cent of the total shares in issue.

VNI saw its net asset value remain unchanged at USD195.6 million or USD0.50 per share as at 31 December 2012, from a net asset value per share of USD0.50 as at 30 June 2012. VNI's share price closed at USD0.295 at the end of the period, representing a 41.0 per cent share price to net asset value discount. This marks an improvement from the 58.0 per cent discount recorded as at 30 June 2012 and is attributable to the share buyback program and renewed interest in the Company from investors. The Board will continue to implement measures that should see the discount close further over the remainder of 2013.

Going forward the Board and manager see a number of attractive opportunities in both private and listed equities, in core infrastructure sectors such as telecommunications, industrial parks and transportation. Subject to the satisfactory completion of due diligence procedures the Board expects the remaining cash on hand to be fully utilised by these investments and the continuing share buyback program.

Thank you for your continued support.

Paul Cheng

Chairman

Vietnam Infrastructure Limited

27 March 2013

Interim CONSOLIDATED balance sheet

Interim CONSOLIDATED Statement of CHANGES IN EQUITY

Interim CONSOLIDATED INCOME STATEMENT

Interim CONSOLIDATED Statement of COMPREHENSIVE INCOME

Interim CONSOLIDATED Statement oF CASH FLOWS

Notes to the Condensed Interim Consolidated Financial Statements

1. GENERAL INFORMATION

Vietnam Infrastructure Limited ("the Company") is a limited liability company incorporated in the Cayman Islands. The registered office of the Company is PO Box 309GT, Ugland House, South Church Street, George Town, Grand Cayman, Cayman Islands.

The Company and its subsidiaries herein are referred as the Group.

The Company and the Group's principal activity is to invest in a diversified portfolio of entities owning infrastructure projects and assets in Vietnam and the surrounding Asian countries. The Group mainly invests and holds equity, debt instruments in unquoted companies that themselves hold, develop or operate infrastructure assets. The Group may also invest in entities whose shares or other instruments are listed on a stock exchange, or traded on the over-the-counter ("OTC") markets. The Group may also invest in other funds that invest in infrastructure. The Company's shares are listed on the AIM market of the London Stock Exchange under the ticker symbol VNI.

The condensed interim consolidated financial statements for the six months ended 31 December 2012 were approved for issue by the Company's Board of Directors on ------27 March 2013.

2. BASIS OF PREPARATION

These condensed interim consolidated financial statements for the six month period ended 31 December 2012 have been prepared in accordance with International Accounting Standard 34, "Interim Financial Reporting" as issued by the International Accounting Standards Board ("IASB"). They do not include all of the information required in the annual financial statements which are prepared in accordance with International Financial Reporting Standards ("IFRS"). Accordingly, these financial statements are to be read in conjunction with the annual financial statements of the Group for the year ended 30 June 2012.

3. ACCOUNTING POLICIES

The accounting policies adopted are consistent with those of the previous financial year.

The AIM Rules for Companies require comparative figures for the balance sheet for the corresponding period end in the preceding financial year which differs to IAS 34 which requires comparative figures for the balance sheet for the immediately preceding financial year end. The Group continues to elect to report in accordance with IAS 34 and as such has agreed with the London Stock Exchange a derogation from the above requirement of the AIM Rules for Companies in order to comply with IAS 34.

4. ESTIMATES

When preparing the condensed interim consolidated financial statements, the Group undertakes a number of judgements, estimates and assumptions about recognition and measurement of assets, liabilities, income and expenses. The actual results may differ from the judgements, estimates and assumptions made by management, and may not equal the estimated results.

Information about significant judgements, estimates and assumptions that have the most effect on recognition and measurement of assets, liabilities, income and expenses were the same as those that applied to the last annual financial statements for the year ended 30 June 2012.

5. SEGMENT ANALYSIS

In identifying its operating segments, management generally follows the Group's sectors of investment which are based on internal management reporting information for the Investment Manager's management, monitoring of investments and decision making. The operating segments by investment portfolio include energy, property and infrastructure developers, telecommunications, transportation and logistics, general infrastructure, environment and others.

Each of the operating segments are managed and monitored separately by the Investment Manager as each requires different resources and approaches. The Investment Manager assesses segment profit or loss using a measure of operating profit or loss from the investment assets. Although IFRS 8 requires measurement of segmental profit or loss, the majority of expenses are common to all segments therefore cannot be individually allocated. There have been no changes from prior periods in the measurement methods used to determine reported segment profit or loss.

Segment information can be analysed as follows for the reporting periods under review:

6. SUBSIDIARIES

The details of significant operating subsidiaries of the Group are as follows:

(a) Additional investment in Vina-CPK Limited

During the period, the Group contributed USD5 million into Vina-CPK Limited to increase the subsidiary's chartered capital, the local partner did not make additional contribution for this capital call. As a result, the local partner's stake in Vina-CPK Limited was diluted to 2.8% and the Group's stake in Vina-CPK Limited was increased from 96.1% to 97.2%.

(b) Additional investment in Mobile Information Service Joint Stock Company ("MIS")

During the period, the Group acquired an additional 25% equity interest in MIS for cash consideration of USD2.1 million. As a result, the Group increased its interest in MIS to 100%.

7. INVESTMENT PROPERTIES

8. INVESTMENT IN ASSOCIATES

(*) The net carrying value of an associate transferred to assets classified as held for sale is US$6 million (Note 12).

The results of the Group's significant associates, their aggregated assets (including goodwill) and liabilities at the balance sheet date, and their performance during the period were as follows:

9. TRADE AND OTHER RECEIVABLES

10. FINANCIAL ASSETS AT FAIR VALUE THROUGH PROFIT OR LOSS

Corporate bonds carry fixed interest rates of 15% (30 June 2012: 9.6%) and mature in June 2014.

Government bonds are subject to a range of fixed interest rates ranging from 9.8% to 10%. They mature in September 2015.

As at the reporting date the Group holds more than a 20% equity interest in the following entities but over which it does not have significant influence:

11. CASH AND CASH EQUIVALENTS

Cash and cash equivalents denominated in:

Cash equivalents represent short-term deposits with annual interest rates of approximately 0.5% and 8.0% for USD and VND balances (30 June 2012: 0.5% and 9.0% for USD and VND balances), respectively.

12. ASSETS CLASSIFIED AS HELD FOR SALE

The values of assets classified as held for sale is based on sale and purchase agreements signed between the Group and the respective purchasers.

No gain or losses were recognised in the interim consolidated income statement on assets reclassified as held for sale during the period.

Subsequent to the six-months period ended 31 December 2012, the sale of the investment in associate for US$6 million (Note 8) were completed in February 2013. In respect of the Long An projects of US$17.35 million held for sale as at 30 June 2012, projects worth US$11.2 million had been sold during the period. The sale of the remaining project of Long An worth US$5.78 million is expected to be completed by 30 June 2013.

13. SHARE CAPITAL AND TREASURY SHARES

(a) Share capital

The number of shares in issue and fully paid up of the Company is 402,100,000 ordinary shares of USD0.01 each as at 31 December 2012 (30 June 2012: 402,100,000). The Company deems investors holding more than a 10% beneficial interest in the ordinary shares of the Company as major shareholders. As at 31 December 2012, one investor held 15.3% of the ordinary shares in the Company. Subsequent to the period ended and up to the date of this report, there is another investor held 12.15% of the ordinary shares in the Company which bring total investors which held more than 10% of the ordinary shares in the Company to two investors.

(b) Treasury shares

Pursuant to the shares buyback authority granted to the Company's Board of Directors on 27 July 2012, the Group has purchased a further 13,140,000 ordinary shares of the Company for a total cash consideration of USD3.68 million during the period.

Accordingly, as at 31 December 2012, the Group has spent USD4.31 million repurchasing 14,070,700 shares which are held as treasury shares. The total number of shares acquired represents 3.5 per cent of the Company's 402,100,000 ordinary shares in issue and as a result, total voting rights in the Company have been reduced to 388,029,300 shares.

14. TRADE AND OTHER PAYABLES

As all trade and other payables are short-term in nature, their carrying values are considered reasonable approximations of their fair values at the balance sheet date.

15. PAYABLES TO RELATED PARTIES

As payables to related parties are short-term in nature and their carrying values are considered a reasonable approximation of their fair values at the reporting date.

16. NET CHANGES IN FAIR VALUE OF FINANCIAL ASSETS AT FAIR VALUE THROUGH PROFIT OR

LOSS

17. ADMINISTRATION EXPENSES

(*) Total management fees for the period amounted to USD2,033,709 (31 December 2011:

USD1,994,574), with USD335,986 (31 December 2011: USD319,657) in outstanding accrued fees due to

the investment manager, VinaCapital Investment Management Limited, as at the reporting date.

The investment manager receives a management fee based on the gross asset value of the Group, payable monthly in arrears, at an annual rate of 2%. It is also entitled to a performance fee equal to 20% of the realised returns over an annualised compounding hurdle rate of 8%. There were no performance fees payable for the six month period ended 31 December 2012 and 31 December 2011.

18. INCOME TAX EXPENSE AND DEFERRED TAX LIABILITIES

(a) Income tax expenses

(b) Deferred tax liabilities

Deferred tax liabilities of USD2.1 million (30 June 2012: USD2.1 million) have been recognised in respect to the fair value gain on investment properties. The deferred tax liabilities are expected to crystallise after more than one year.

19. LOSS PER SHARE AND NET ASSETS PER SHARE

(a) Basic and diluted

Basic loss per share is calculated by dividing the loss attributable to parent of the Group by the weighted average number of ordinary shares in issue during the period. The Group has no category of potentially dilutive ordinary shares. Therefore, diluted loss per share is equal to basic

(b) Net assets per share

Net assets per share is calculated by dividing the net assets attributable to ordinary shareholders of the Company by the number of outstanding ordinary shares as at the reporting date. Net assets is determined as total assets less total liabilities and non-controlling interests.

20. FAIR VALUE HIERARCHY

The following table presents financial assets measured at fair value by valuation method. The different levels have been defined as below:

- Level 1: quoted prices (unadjusted) in active markets for identical assets;

- Level 2: inputs other than quoted prices included within Level 1 that are observable for the asset or liability, either directly (ie as prices) or indirectly (ie derived from prices); and

- Level 3: inputs for the assets that are not based on observable market data (unobservable inputs).

There are no financial liabilities of the Group which were measured using the fair valuation method as at 31 December 2012 and 30 June 2012.

The level within which the financial asset is classified is determined based on the lowest level of significant input to the fair value measurement.

The financial assets measured at fair value in the balance sheet are grouped into the fair value hierarchy

as follows:

During the period ended 31 December 2012, there were no reclassifications of financial assets and no transfers between levels of fair value hierarchy used in measuring the fair value of financial assets.

21. FINANCIAL RISK MANAGEMENT

The Group's activities expose it to a variety of financial risks: market risk (including currency risk, fair value interest rate risk, cash flow interest rate risk and price risk), credit risk and liquidity risk.

The condensed interim consolidated financial statements do not include all financial risk management information and disclosure required in the annual financial statements, and should be read in conjunction with the Group's annual financial statements as at 30 June 2012.

There have been no changes in the risk management department since year end and or in any risk management policies.

22. SEASONALITY

The Group's management believes that the impact of seasonality on the condensed interim consolidated financial statements of the Fund is not material.

23. OPERATING LEASE COMMITMENTS

The Group has commitments under non-cancellable operating lease agreements as follows: