<PAGE> PAGE 1
000 A000000 09/30/94
000 C000000 916488
000 D000000 N
000 E000000 NF
000 F000000 Y
000 G000000 N
000 H000000 N
000 I000000 3.0
000 J000000 A
001 A000000 TEMPLETON VIETNAM OPPORTUNITIES FUND
001 B000000 811-8632
001 C000000 3055277591
002 A000000 500 E. BROWARD BLVD. SUITE 2100
002 B000000 FT. LAUDERDALE
002 C000000 FL
002 D010000 33394
002 D020000 3091
003 000000 Y
004 000000 N
005 000000 N
006 000000 N
007 A000000 N
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007 C010300 3
007 C010400 4
007 C010500 5
007 C010600 6
007 C010700 7
007 C010800 8
007 C010900 9
007 C011000 10
008 A000001 TEMPLETON INVESTMENT MANAGEMENT (SINGAPORE)
008 B000001 A
008 C000001 801-00005
008 D010001 SINGAPORE
008 D050001 SINGAPORE
008 D060001 0104
"010 A000001 TEMPLETON GLOBAL INVESTORS, INC."
010 B000001 8-31192
010 C010001 FORT LAUDERDALE
010 C020001 FL
010 C030001 33394
010 C040001 3091
011 A000001 KIDDER PEABODY & CO. INCORPORATED
011 B000001 8-5889
011 C010001 NEW YORK
011 C020001 NY
011 C030001 10005
011 C040001 3628
<PAGE> PAGE 2
"011 A000002 MERRILL LYNCH, PIERCE FENNER & SMITH INC."
011 B000002 8-00001
011 C010002 NEW YORK
011 C020002 NY
011 C030002 10281
"011 A000003 NOMURU SECURITIES INTERNATIONAL, INC."
011 B000003 8-00002
011 C010003 NEW YORK
011 C020003 NY
011 C030003 10281
012 A000001 KIDDER PEABODY & COMPANY
012 B000001 84-00000
012 C010001 NEW YORK
012 C020001 NY
012 C030001 10005
012 C040001 3628
013 A000001 MCGLADREY & PULLEN
013 B010001 NEW YORK
013 B020001 NY
013 B030001 10017
015 A000001 THE CHASE MANHATTAN BANK N.A.
015 B000001 C
015 C010001 NEW YORK
015 C020001 NY
015 C030001 10081
015 E010001 X
"015 A000002 CHASE MANHATTAN BANK, N.A."
015 B000002 S
015 C010002 BUENOS AIRES
015 D010002 ARGENTINA
015 E040002 X
015 A000003 CHASE MANHATTAN BANK AUSTRALIA LIMITED
015 B000003 S
015 C010003 SYDNEY
015 D010003 AUSTRALIA
015 E040003 X
015 A000004 CREDITANSTALT BANKVEREIN
015 B000004 S
015 C010004 VIENNA
015 D010004 AUSTRIA
015 D020004 A-1011
015 E040004 X
015 A000005 STANDARD CHARTERED BANK
015 B000005 S
015 C010005 DHAKA
015 D010005 BAGLADESH
015 D020005 1000
015 E040005 X
015 A000006 GENERALE BANK
015 B000006 S
015 C010006 BRUSSELS
<PAGE> PAGE 3
015 D010006 BELGIUM
015 D020006 1000
015 E040006 X
015 A000007 THE ROYAL BANK OF CANADA
015 B000007 S
015 C010007 TORONTO
015 D010007 CANADA
015 D020007 M5J2J5
015 E040007 X
015 A000008 CANADA TRUST
015 B000008 S
015 C010008 TORONTO
015 D010008 CANADA
015 D020008 M5J 2T2
015 E040008 X
"015 A000009 CESKOSLOVENSKA OBENODNI BANKA, A.S."
015 B000009 S
015 C010009 PRAHA
015 D010009 CZECH REPUBLIC
015 D020009 115 20
015 E040009 X
015 A000010 DEN DANSKE BANK
015 B000010 S
015 C010010 COPENHAGEN
015 D010010 DENMARK
015 E040010 X
015 A000011 NATIONAL BANK OF EGYPT
015 B000011 S
015 C010011 CAIRO
015 D010011 EGYPT
015 E040011 X
015 A000012 KANSALLIS OSAKE PANKKI
015 B000012 S
015 C010012 HELSINKI
015 D010012 FINLAND
015 D020012 00100
015 E040012 X
015 A000013 BANQUE PARIBAS
015 B000013 S
015 C010013 PARIS
015 D010013 FRANCE
015 D020013 75078
015 E040013 X
"015 A000014 CHASE BANK, A.G."
015 B000014 S
015 C010014 FRANKFURT
015 D010014 GERMANY
015 D020014 60441
015 E040014 X
015 A000015 BARCLAYS BANK PLC
015 B000015 S
<PAGE> PAGE 4
015 C010015 ATHENS
015 D010015 GREECE
015 D020015 10562
015 E040015 X
"015 A000016 CHASE MANHATTAN BANK, N.A."
015 B000016 S
015 C010016 HONG KONG
015 D010016 HONG KONG
015 E040016 X
015 A000017 HONG KONG AND SHANGHAI BANKING CORP. LTD.
015 B000017 S
015 C010017 JAKARTA
015 D010017 INDONESIA
015 D020017 10023
015 E040017 X
015 A000018 BANK OF IRELAND
015 B000018 S
015 C010018 DUBLIN
015 D010018 IRELAND
015 E040018 X
015 A000019 BANK LEUMI LE ISRAEL B.M.
015 B000019 S
015 C010019 TEL AVIA
015 D010019 ISRAEL
015 D020019 65136
015 E040019 X
"015 A000020 CHASE MANHATTAN BANK, N.A."
015 B000020 S
015 C010020 MILAN
015 D010020 ITALY
015 D020020 20121
015 E040020 X
"015 A000021 THE CHASE MANHATTAN BANK, N.A."
015 B000021 S
015 C010021 TOKYO
015 D010021 JAPAN
015 D020021 100
015 E040021 X
"015 A000022 CHASE MANHATTAN BANK, N.A."
015 B000022 S
015 C010022 KUALA LUMPUR
015 D010022 MALAYSIA
015 D020022 50250
015 E040022 X
015 A000023 THE HONGKONG AND SHANGHAI BANKING CORP. LTD
015 B000023 S
015 C010023 PORT LOUIS
015 D010023 MAURITIUS
015 E040023 X
"015 A000024 CHASE MANHATTAN BANK, N.A."
015 B000024 S
<PAGE> PAGE 5
015 C010024 MEXICO D.F.
015 D010024 MEXICO
015 D020024 06660
015 E040024 X
015 A000025 BANQUE COMMERCIALE DU MAROC
015 B000025 S
015 C010025 CASABLANCA
015 D010025 MOROCCO
015 D020025 1
015 E040025 X
015 A000026 ABN AMRO N.V.
015 B000026 S
015 C010026 DE BREDA
015 D010026 NETHERLANDS
015 D020026 4800
015 E040026 X
015 A000027 NATIONAL NOMINEES LIMITED
015 B000027 S
015 C010027 AUCKLAND
015 D010027 NEW ZEALAND
015 E040027 X
015 A000028 DEN NORSKE BANK
015 B000028 S
015 C010028 OSLO
015 D010028 NORWAY
015 D020028 1
015 E040028 X
015 A000029 THE HONG KONG & SHANGHAI BANKING CORP.
015 B000029 S
015 C010029 MANILA
015 D010029 PHILIPPINES
015 E040029 X
015 A000030 BANCO ESPIRITO SANTO E COMMERCIAL DE LISBOA
015 B000030 S
015 C010030 LISLBON
015 D010030 PORTUGAL
015 D020030 1200
015 E040030 X
015 A000031 THE HONG KONG AND SHANGHAI BANKING CORP. LTD
015 B000031 S
015 C010031 SHANGHAI
015 D010031 PEOPLE REP. OF CHINA
015 E040031 X
015 A000032 THE HONG KONG AND SHANGHAI BANKING
015 B000032 S
015 C010032 SHENZHEN
015 D010032 CHINA
015 E040032 X
"015 A000033 CHASE MANHATTAN BANK, N.A."
015 B000033 S
015 C010033 SINGAPORE
<PAGE> PAGE 6
015 D010033 SINGAPORE
015 D020033 0104
015 E040033 X
015 A000034 STANDARD BANK OF SOUTH AFRICA
015 B000034 S
015 C010034 JOHANNESBURG
015 D010034 SOUTH AFRICA
015 E040034 X
"015 A000035 CHASE MANHATTAN BANK, N.A."
015 B000035 S
015 C010035 MADRID
015 D010035 SPAIN
015 D020035 28042
015 E040035 X
015 A000036 DELETE
015 A000037 SKANDINAVISKA ENSKILDA BANKEN
015 B000037 S
015 C010037 STOCKHOLM
015 D010037 SWEDEN
015 D020037 S-106 40
015 E040037 X
015 A000038 UNION BANK OF SWITZERLAND
015 B000038 S
015 C010038 ZURICH
015 D010038 SWITZERLAND
015 D020038 8021
015 E040038 X
"015 A000039 THE CHASE MANHATTAN BANK, N.A."
015 B000039 S
015 C010039 BANGKOK
015 D010039 THAILAND
015 D020039 10500
015 E040039 X
"015 A000040 THE CHASE MANHATTAN BANK, N.A."
015 B000040 S
015 C010040 LONDON
015 D010040 UNITED KINGDOM
015 D020040 EC2P 2HD
015 E040040 X
015 A000041 THE FIRST NATIONAL BANK OF BOSTON
015 B000041 S
015 C010041 MONTEVIDEO
015 D010041 URUGUAY
015 E040041 X
"015 A000042 CITIBANK, N.A."
015 B000042 S
015 C010042 CARACAS
015 D010042 VENEZUELA
015 E040042 X
015 A000043 BARCLAYS BANK OF ZIMBABWE
015 B000043 S
<PAGE> PAGE 7
015 C010043 HARARE
015 D010043 ZIMBABWE
015 E040043 X
015 A000044 CEDEL SA
015 B000044 S
015 C010044 LUXEMBOURG
015 D010044 LUXEMBOURG
015 E040044 X
015 A000045 FIRST CHICAGO CLEARING CENTER
015 B000045 S
015 C010045 LONDON
015 D010045 UNITED KINGDOM
015 D020045 EC3A 1AA
015 E040045 X
015 A000046 RESERVE BANK
015 B000046 S
015 C010046 VIENNA
015 D010046 AUSTRIA
015 E040046 X
015 A000047 DELETE
018 000000 Y
019 A000000 Y
019 B000000 34
019 C000000 TEMPLETONX
020 A000001 W.I. CARR (AMERICA) LTD.
020 B000001 13-2927466
020 C000001 36
020 A000002 PEREGRINE BROKERAGE INC.
020 B000002 13-3580644
020 C000002 33
020 A000003 J.M. SASSOON
020 B000003 SINGAPORE
020 C000003 23
020 A000004 NOMURA SECURITIES INTERNATIONAL
020 B000004 13-2642206
020 C000004 20
020 A000005 BARING SECURITIES
020 B000005 04-2455153
020 C000005 10
020 A000006 CROSBY SECURITIES
020 B000006 13-3662490
020 C000006 5
020 A000007 HOEING AND COMPANY INC.
020 B000007 13-2656060
020 C000007 3
020 A000008 MORGAN GRENFELL ASIA
020 B000008 HONGKONG
020 C000008 3
020 C000009 0
020 C000010 0
021 000000 133
<PAGE> PAGE 8
"022 A000001 CHASE MANHATTAN BANK, N.A."
022 B000001 13-2633612
022 C000001 98708
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<PAGE> PAGE 9
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<PAGE> PAGE 10
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<PAGE> PAGE 11
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<PAGE> PAGE 12
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<PAGE> PAGE 13
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<PAGE> PAGE 14
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SIGNATURE JAMES R. BAIO
TITLE TREASURER
<TABLE> <S> <C>
<ARTICLE> 6
<LEGEND>
THE SCHEDULE CONTAINS SUMMARY FINANCIAL INFORMATION EXTRACTED FROM THE
TEMPLETON VIETNAM OPPORTUNITIES FUND, INC. SEPTEMBER 30, 1994
SEMI-ANNUAL REPORT AND IS QUALIFIED IN ITS ENTIRETY BY REFERENCE
TO SUCH FINANCIAL STATEMENTS.
</LEGEND>
<S> <C>
<PERIOD-TYPE> 6-MOS
<FISCAL-YEAR-END> MAR-31-1995
<PERIOD-END> SEP-30-1994<F1>
<INVESTMENTS-AT-COST> 105801668
<INVESTMENTS-AT-VALUE> 105400556
<RECEIVABLES> 109581
<ASSETS-OTHER> 0
<OTHER-ITEMS-ASSETS> 22191
<TOTAL-ASSETS> 105532328
<PAYABLE-FOR-SECURITIES> 7275857
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 434284
<TOTAL-LIABILITIES> 7710141
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 98246554
<SHARES-COMMON-STOCK> 7007093
<SHARES-COMMON-PRIOR> 7093
<ACCUMULATED-NII-CURRENT> (21616)
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> (1639)
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> (401112)
<NET-ASSETS> 97822187
<DIVIDEND-INCOME> 10252
<INTEREST-INCOME> 49235
<OTHER-INCOME> 0
<EXPENSES-NET> 81103
<NET-INVESTMENT-INCOME> (21616)
<REALIZED-GAINS-CURRENT> (1639)
<APPREC-INCREASE-CURRENT> (401112)
<NET-CHANGE-FROM-OPS> (424367)
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 0
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 7000000
<NUMBER-OF-SHARES-REDEEMED> 0
<SHARES-REINVESTED> 0
<NET-CHANGE-IN-ASSETS> 97722176
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 64566
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 81103
<AVERAGE-NET-ASSETS> 68308729
<PER-SHARE-NAV-BEGIN> 14.02<F3>
<PER-SHARE-NII> 0<F2>
<PER-SHARE-GAIN-APPREC> (.06)
<PER-SHARE-DIVIDEND> 0
<PER-SHARE-DISTRIBUTIONS> 0
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 13.96
<EXPENSE-RATIO> 1.88
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
<FN>
<F1>SEPTEMBER 8, 1994 WAS COMMENCEMENT OF OPERATIONS FOR THE FUND.
<F2>NET INVESTMENT INCOME AMOUNTED TO LESS THAN $.01.
<F3>INCLUDES $.08 REDUCTION DUE TO UNDERWRITING EXPENSES DEDUCTED
FROM CAPITAL.
</FN>
</TABLE>
