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DECISION

ON SALE OF EQUITIES TO FOREIGN INVESTORS BY SAIGON SHIPPING JOINT-STOCK COMPANY

THE PRIME MINISTER

Pursuant to the Law on Organization of the Government of December 25, 2001;

Pursuant to the Prime Minister’s Decision No. 145/1999/QD-TTg of June 28, 1999 promulgating the Regulation on sale of equities to foreign investors;

Pursuant to the Prime Minister’s Decision No. 512/QD-TTg of April 26, 2001 on the experimental application of the model of corporation contributing capital to member enterprises to Vietnam National Shipping Lines;

At the proposals of the Management Board of Vietnam National Shipping Lines and the Ministry of Communications and Transport,

DECIDES:

Article 1.- To approve the plan on sale of equities to foreign investors by Saigon Shipping Joint-Stock Company.

1. Charter capital of the joint-stock company is VND 9,000,000,000, in which:

- Number of equities to be sold to Wallem Shipping Limited (Thailand) are 2,250, which are valued at VND 225,000,000 (2.5% of charter capital).

- The State’s equities: VND 1,800,000,000 (20% of charter capital).

- Equities of officials and employees of the company: VND 5,400,000,000 (60% of charter capital).

- Equities of shareholders outside the company: VND 1,575,000,000 (17.5% of charter capital).

2. Saigon Shipping Joint-Stock Company shall be a member enterprise of Vietnam National Shipping Lines.

3. Vietnam National Shipping Lines shall act as representative of the owner of the State capital amount of VND 1,800,000,000 (20% of charter capital) at Saigon Shipping Joint-Stock Company and have to manage and use the above-mentioned capital amount efficiently.

Article 2.- Saigon Shipping Joint-Stock Company shall have its headquarters and business lines prescribed in Decision No. 538/2002/QD-BGTVT of March 1, 2002 of the Minister of Communications and Transport.

Article 3.- This Decision takes effect after its signing. The Management Board of Vietnam National Shipping Lines, the Management Board of Saigon Shipping Joint-Stock Company and the concerned agencies shall have to implement this Decision.