LOS ANGELES, CA and HANOI, VIETNAM -- (MARKET WIRE) -- 03/21/07 -- Providential Holdings, Inc. (OTCBB: PRVH) (German Stock Exchanges: PR7, WKN 935160), a company investing in the rapidly growing economies in Vietnam and Asia, announced today its board of directors gave approval to form a private equity fund, the Providential Vietnam Growth Fund.

Providential Capital, a subsidiary of Providential Holdings, Inc., will raise and manage $100 million for the fund, which will be used to finance Vietnamese companies seeking to go public in Vietnam and the U.S., including state-owned enterprises that are being privatized.

Managing Director of Providential Capital, Benjamin Tran, commented, "The liberalization of the Vietnamese economy has recently created a significant opportunity for highly capitalized firms in the U.S. to partner with some of the country's most promising companies. We are honored to announce our first private equity fund focused specifically on Vietnamese companies with exceptional growth plans. With connections and expertise in local capital markets, Providential Capital will soon become the preferred partner of many high quality companies looking for growth acceleration."

Chairman and CEO Henry Fahman said, "We are executing a plan to secure an early presence as a trusted funder in the rapidly growing Vietnamese capital markets. Based on our earlier successes with several Vietnamese companies and the caliber of our close contacts in the country, we anticipate we will originate and structure many financing options over the coming months. We also look forward to introducing these impressive businesses to markets around the globe."

About Providential Holdings, Inc.

Providential Holdings and its subsidiaries engage in a number of diverse business activities, the most important of which are M&A advisory services and independent energy. The company acquires and consolidates special opportunities in selective high-growth industries to create additional value, acts as an incubator for emerging companies and technologies, and provides financial consultancy and M&A advisory services to U.S. and foreign companies. For more information on Providential Holdings and its subsidiaries, visit http://www.phiglobal.com. As part of its activities in Vietnam, Providential has been hosting seminars in conjunction with the Nasdaq Stock Market, the Vietnamese Chamber of Commerce and Industry and a leading U.S. investment banking firm, to help Vietnamese companies go public and raise capital through the U.S. financial markets.

For investor relations questions regarding Providential, contact Frank Hawkins or Julie Marshall, Hawk Associates, at (305) 451-1888, e-mail: info@hawkassociates.com, or visit http://www.americanmicrocaps.com or http://www.hawkassociates.com

Safe Harbor: This news release contains forward-looking statements that are subject to certain risks and uncertainties that may cause actual results to differ materially from those projected on the basis of such forward-looking statements. Such forward-looking statements are made based upon management's beliefs, as well as assumptions made by, and information currently available to, management pursuant to the "safe-harbor" provisions of the Private Securities Litigation Reform Act of 1995.

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Investor Relations Contact:
Hawk Associates, Inc.
Frank Hawkins or Julie Marshall
Phone: (305) 451-1888
E-mail: Email Contact