SponsorShip

Date: 20 May 2003

To whom it may concern

Dear Sir/Madam,

Ref: VPA's Annual Meeting Year 2003 in Qui Nhon City - Invitation for Sponsorship

We are pleased to announce the VPA's Annual Meeting Year 2003 to be held at Qui Nhon Hotel – Qui Nhon City on August 26-27, 2003 with the participation of the directors and delegates from 36 member ports, officials from the Government Office, Ministry of Transport and Communications, Vinamarine, Vinalines, and other agencies and authorities. The Event shall be covered by the central and local mass media.

The delegates and officials are supposed to discuss and decide on various matters concerning the port business in Vietnam including port development plans, cooperation, exchange of experiences, transfer of technology etc. to meet the demand of the economy in general and challenges of international economic integration faced by member ports in the coming years.

This is an excellent opportunity for your Company to make new contacts, establish relationship, discuss possible contracts, market the products and services to all the major ports in Vietnam with the key decision makers in the field. The venue and accommodation include Qui Nhon Hotel, Hai Au Hotel at the beautiful seaside of the central part of Vietnam.

We hereby invite your participation by sponsoring the Event.

Depending on the amount of sponsorship which should be in VND or USD equivalent to USD1.000 or more, the sponsors shall be entitled to some privileges, including the reference to the Company names by VPA Chairman at the Meeting, to receive documents, materials distributed at the Meeting, to participate in the receptions, to contact with the officials and delegates, to distribute pamphlets, brochure of the Company.

At USD3,000 or more, the sponsors shall also be invited to attend the opening session of the Meeting, to have logos displayed on the back drop, banners of the Meeting. At USD5,000 or more the sponsors shall be arranged for products/services presentation at the Meeting for 15 minutes and the most generous sponsor shall be named Main Sponsor of the Event with additional privileges, including banner advertisement, links to your company website on VPA website at www.vpa.org.vn.

If further information is needed, please don't hesitate to contact the VPA Secretariat for clarification and/or detailed arrangements.

We look forward to receiving your favorable response by July 15, 2003 and to welcoming you to the Event.

Thank you in advance for your continued support and cooperation.

Yours sincerely,

Tran Van On

Contact address: Chairman

VPA Secretariat (Attn. Mr. Lan/Mr. Thao)

3 Nguyen Tat Thanh, District 4, HCMC

Tel: 848-9401030, Fax: 848-8263092

E-mail: vpa@hcm.vnn.vn