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PAGE 1
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<PAGE>
PAGE 2
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<PAGE>
PAGE 3
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<PAGE>
PAGE 4
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<PAGE>
PAGE 5
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<PAGE>
PAGE 6
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<PAGE>
PAGE 7
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<PAGE>
PAGE 8
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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 16
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SIGNATURE JAMES R. BAIO
TITLE TREASURER
<TABLE> <S> <C>
<ARTICLE> 6
<LEGEND>
THIS SCHEDULE CONTAINS SUMMARY FINANCIAL INFORMTION EXTRACTED FROM THE
TEMPLETON VIETNAM OPPORTUNITIES FUND, INC. MARCH 31, 1997 ANNUAL REPORT AND
IS QUALIFIED IN ITS ENTIRETY BY REFERENCE TO SUCH FINANCIAL STATEMENTS.
</LEGEND>
<CIK> 0000927311
<NAME> TEMPLETON VIETNAM OPPORTUNITIES FUND, INC.
<S> <C>
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</TABLE>
MCGLADREY & PULLEN, LLP
Certified Public Accountants and Consultants
The Board of Directors and Shareholders
Templeton Vietnam Opportunities Fund, Inc.
In planning and performing our audit of the financial statements of Templeton
Vietnam Opportunities Fund, Inc. for the year ended March 31, 1997, we
considered its internal control structure, including procedures for safeguarding
securities, in order to determine our auditing procedures for the purpose of
expressing our opinion on the financial statements and to comply with the
requirements of Form N-SAR, not to provide assurance on the internal control
structure.
The management of Templeton Vietnam Opportunities Fund, Inc. is responsible for
establishing and maintaining an internal control structure. In fulfilling this
responsibility, estimates and judgments by management are required to assess the
expected benefits and related costs of internal control structure policies and
procedures. Two of the objectives of an internal control structure are to
provide management with reasonable, but not absolute, assurance that assets are
safeguarded against loss from unauthorized use or disposition and that
transactions are executed in accordance with management's authorization and
recorded properly to permit preparation of financial statements in conformity
with generally accepted accounting principles.
Because of inherent limitations in any internal control structure, errors or
irregularities may occur and not be detected. Also, projection of any evaluation
of the structure to future periods is subject to the risk that it may become
inadequate because of changes in conditions or that the effectiveness of the
design and operation may deteriorate.
Our consideration of the internal control structure would not necessarily
disclose all matters in the internal control structure that might be material
weaknesses under standards established by the American Institute of Certified
Public Accountants. A material weakness is a condition in which the design or
operation of the specific internal control structure elements does not reduce to
a relatively low level the risk that errors or irregularities in amounts that
would be material in relation to the financial statements being audited may
occur and not be detected within a timely period by employees in the normal
course of performing their assigned functions. However, we noted no matters
involving the internal control structure, including procedures for safeguarding
securities, that we consider to be material weaknesses as defined above as of
March 31, 1997.
This report is intended solely for the information and use of management and the
Securities and Exchange Commission.
/s/MCGLADREY & PULLEN, LLP
McGaldrey & Pullen, LLP
New York, New York
April 25, 1997
EXHIBIT 77C
MATTERS SUBMITTED TO A VOTE OF SECURITY HOLDERS
<PAGE>
An Annual Meeting of the Shareholders of the Templeton Vietnam
Opportunities Fund, Inc. was held on October 8, 1996, for the purpose of (i)
electing three directors of the Fund (Proposal 1); (ii) approving the deletion
of the Fund's current fundamental investment restriction on loans and the
adoption of a new fundamental investment policy regarding lending (Proposal 2);
(iii) approving an amendment to the Fund's current fundamental investment
restriction concerning investments in real estate (Proposal 3); and (iv)
ratifying the selection of McGladrey & Pullen, L.L.P., as the Fund's independent
auditors for the fiscal year ending March 31, 1997. (Proposal 4). The Proxy
Statement of the Templeton Vietnam Opportunities Fund, Inc. (File No. 33-81640
and 811-8632) is incorporated herein by reference.
The number of affirmative and negative votes with respect to each
Proposal is as follows:
<TABLE>
<CAPTION>
PROPOSAL 1
<S> <C> <C>
Martin L. Flanagan Affirmative Votes: 4,006,556
Negative Votes: 0
Abstained: 210,049
Andrew H. Hines, Jr. Affirmative Votes: 3,998,751
Negative Votes: 0
Abstained: 208,854
Charles B. Johnson Affirmative Votes: 4,030,477
Negative Votes: 0
Abstained: 177,128
PROPOSAL 2 Affirmative Votes: 3,075,069
Negative Votes: 212,798
Abstained: 64,042
PROPOSAL 3 Affirmative Votes: 3,079,942
Negative Votes: 219,089
Abstained: 52,879
PROPOSAL 4 Affirmative Votes: 4,126,938
Negative Votes: 31,643
Abstained: 49,024
</TABLE>
