PAGE 1
000 B000000 03/31/98
000 C000000 927311
000 D000000 N
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000 J000000 A
001 A000000 TEMPLETON VIETNAM OPPORTUNITIES FUND INC.
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002 B000000 FT LAUDERDALE
002 C000000 FL
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008 B000001 A
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008 D010001 SINGAPORE
008 D050001 SINGAPORE
008 D060001 0104
010 A000001 FRANKLIN TEMPLETON SERVICES INC.
010 C010001 FT. LAUDERDALE
010 C020001 FL
010 C030001 33315
012 A000001 PAINE WEBBER INCORPORATED
012 B000001 84-00000
012 C010001 NEW YORK
012 C020001 NY
012 C030001 10005
012 C040001 3628
012 A000002 CHASEMELLON SHAREHOLDER SERVICES
012 B000002 85-0000
PAGE 2
012 C010002 RIDGEFIELD PARK
012 C020002 NJ
012 C030002 07660
013 A000001 MCGLADREY & PULLEN, LLP
013 B010001 NEW YORK
013 B020001 NY
013 B030001 10017
013 B040001 2416
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015 C020001 NY
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015 B000002 S
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015 D020002 1061
015 E040002 X
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015 D010003 AUSTRALIA
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015 E040003 X
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PAGE 3
015 C010008 TORONTO
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PAGE 4
015 D010017 INDONESIA
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PAGE 5
015 C010026 DE BREDA
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PAGE 6
015 D010035 SPAIN
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PAGE 7
015 D010044 SLOVAK REPUBLIC
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PAGE 8
015 D020053 00-950
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PAGE 9
015 A000064 DELETE
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PAGE 10
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PAGE 11
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PAGE 12
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PAGE 13
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PAGE 14
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PAGE 15
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PAGE 16
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PAGE 17
088 D000000 N
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 MARCH 31, 1998 ANNUAL REPORT AND IS
QUALIFIED IN ITS ENTIRETY BY REFERENCE TO SUCH FINANCIAL STATEMENTS.
</LEGEND>
<CIK> 0000927311
<NAME> TEMPLETON VIETNAM OPPORTUNITES FUND, INC
<S> <C>
<PERIOD-TYPE> YEAR
<FISCAL-YEAR-END> MAR-31-1998
<PERIOD-END> MAR-31-1998
<INVESTMENTS-AT-COST> 66229730
<INVESTMENTS-AT-VALUE> 42839670
<RECEIVABLES> 478
<ASSETS-OTHER> 31489
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 42871637
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 434491
<TOTAL-LIABILITIES> 434491
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 86229284
<SHARES-COMMON-STOCK> 4681173
<SHARES-COMMON-PRIOR> 8058603
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 0
<OVERDISTRIBUTION-GAINS> (20402078)
<ACCUM-APPREC-OR-DEPREC> (23390060)
<NET-ASSETS> 42437146
<DIVIDEND-INCOME> 1315826
<INTEREST-INCOME> 1469758
<OTHER-INCOME> 0
<EXPENSES-NET> (1974111)
<NET-INVESTMENT-INCOME> 811473
<REALIZED-GAINS-CURRENT> (20388614)
<APPREC-INCREASE-CURRENT> (23246973)
<NET-CHANGE-FROM-OPS> (42824114)
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> (1021093)
<DISTRIBUTIONS-OF-GAINS> (257328)
<DISTRIBUTIONS-OTHER> (131834)
<NUMBER-OF-SHARES-SOLD> 0
<NUMBER-OF-SHARES-REDEEMED> (3377430)
<SHARES-REINVESTED> 0
<NET-CHANGE-IN-ASSETS> (70777002)
<ACCUMULATED-NII-PRIOR> 217520
<ACCUMULATED-GAINS-PRIOR> 235964
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> (1330396)
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> (1974111)
<AVERAGE-NET-ASSETS> 88693088
<PER-SHARE-NAV-BEGIN> 14.05
<PER-SHARE-NII> 0.09
<PER-SHARE-GAIN-APPREC> (4.86)
<PER-SHARE-DIVIDEND> (0.13)
<PER-SHARE-DISTRIBUTIONS> (0.03)
<RETURNS-OF-CAPITAL> (0.05)
<PER-SHARE-NAV-END> 9.07
<EXPENSE-RATIO> 2.23
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
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, 1998, we
considered its internal control, including controls over 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 internal control.
The management of Templeton Vietnam Opportunities Fund, Inc. is responsible for
establishing and maintaining internal control. In fulfilling this
responsibility, estimates and judgments by management are required to assess the
expected benefits and related costs of controls. Generally, controls that are
relevant to an audit pertain to the entity's objective of preparing financial
statements for external purposes that are fairly presented in conformity with
generally accepted accounting principles. Those controls include safeguarding of
assets against unauthorized acquisition, use or disposition.
Because of inherent limitations in internal control, errors or fraud may occur
and may not be detected. Also, projection of any evaluation of internal control
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 internal control would not necessarily disclose all matters
in internal control 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 component does not reduce to a relatively low level
the risk that errors or fraud 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 internal control, including
controls over safeguarding securities, that we consider to be material
weaknesses as defined above as of March 31, 1998.
This report is intended solely for the information and use of management and the
Securities and Exchange Commission.
/s/MCGLADREY & PULLEN, LLP
New York, New York
April 24, 1998
77 Q 1- Exhibits
QUESTION 77 C - Matters submitted to a vote of security holders: Incorporated by
reference all proxy materials filed with the Securities and Exchange Commission
on February 18, 1998, April 3, 1998 and April 7, 1998.
REPORT OF INSPECTOR OF ELECTION
TEMPLETON VIETNAM OPPORTUNITIES FUND, INC.
I, the undersigned Inspector of Election at the Annual Meeting of Shareholders
of Templeton Vietnam Opportunities Fund, Inc. (the "Fund") scheduled for March
31, 1998 and adjourned to April 23, 1998, have duly canvassed the vote of the
Shareholders for the Proposals set forth in the Notice of the Meeting and report
thereon, as follows:
I hereby submit a list of Shareholders, together with proxies representing a
total of 3,184,165 Shares or 68.02% of those eligible to vote on the record
date, February 12, 1998, representing a quorum.
Of the above, the following is noted:
1. The election of four (4) Directors:
<TABLE>
<CAPTION>
% OF OUTSTANDING % OF OUTSTANDING
TERM EXPIRING 2000: FOR SHARES % OF SHARES VOTED WITHHELD SHARES
------------------- --- ------ ------------------- -------- ------
<S> <C> <C> <C> <C> <C>
Harris J. Ashton 3,037,355 64.88% 95.39% 146,810 3.14%
Nicholas F. Brady 3,032,090 64.77% 95.22% 152,075 3.25%
S. Joseph Fortunato 3,036,286 64.86% 95.36% 147,879 3.16%
Edith E. Holiday 3,032,217 64.77% 95.23% 151,948 3.25%
</TABLE>
2. The approval or rejection of (i) an amendment to the Fund's investment
policies to enable the Fund to invest more broadly in other countries
located in Southeast Asia, while continuing to focus its investment program
on Vietnam, and (ii) a corresponding amendment to the Fund's Articles of
Incorporation to change the Fund's name to "Templeton Vietnam and Southeast
Asia Fund, Inc.":
<TABLE>
<CAPTION>
NO. OF SHARES % OF OUTSTANDING SHARES % OF SHARES VOTED
-------------- ------------------------ -----------------
<S> <C> <C> <C>
FOR 2,441,921 52.17% 97.86%
AGAINST 53,423 1.14% 2.14%
ABSTAIN 72,588 1.55% -
BROKER NON-VOTES 616,233 13.16% -
----------------- ---------- -----------
TOTAL 3,184,165 68.02% 100.00%
</TABLE>
3. The ratification or rejection of the selection of McGladrey & Pullen, LLP,
as independent auditors for the Fund for the fiscal year ending March 31,
1998:
<TABLE>
<CAPTION>
NO. OF SHARES % OF OUTSTANDING SHARES % OF SHARES VOTED
--------------- ------------------------ -----------------
<S> <C> <C> <C>
FOR 3,045,018 65.05% 99.25%
AGAINST 22,863 0.49% 0.75%
ABSTAIN 116,282 2.48% -
BROKER NON-VOTES 2 0.00% -
----------------- --------- -----------
TOTAL 3,184,165 68.02% 100.00%
</TABLE>
page
4. The transaction of any other business as may properly come before the
meeting:
<TABLE>
<CAPTION>
NO. OF SHARES % OF OUTSTANDING SHARES % OF SHARES VOTED
--------------- ----------------------- -----------------
<S> <C> <C> <C>
FOR 2,948,221 62.98% 96.21%
AGAINST 116,242 2.48% 3.79%
ABSTAIN 119,702 2.56% -
BROKER NON-VOTES 0 0.00% -
----------------- --------- -----------
TOTAL 3,184,165 68.02% 100.00%
</TABLE>
77 Q 1- Exhibits
QUESTION 77 E - Legal proceedings: Incorporated by reference Section 33 of the
40 Act a Notice of Compliant filed by Michael J. Wetta and James Rouimell filed
with the Securities and Exchange Commission on March 6, 1998.
