SOCIALIST REPUBLIC OF VIETNAM

Independent - Freedom - Happiness

Hanoi, ...... August 2004

APPLICATION FOR THE INVESTMENT LICENCE

FOR ESTABLISHMENT OF JOINT VENTURE ENTERPRISE

To: HANOI AUTHORITY OF PLANNING AND INVESTMENT

HANOI PEOPLE’S COMMITTEE

- Pursuant to the 1996 Law on Foreign Investment in Vietnam, the 2000 Law on Amendment
of and Addition to a number of articles of the 1996 Law on Foreign Investment in Vietnam;
- Pursuant to Decree 24/2000/ND-CP dated 31 July 2000 of the Government providing detailed
regulations on the implementation of the Law on Foreign Investment in Vietnam, the Decree
27/2003/ND-CP dated 19 March 2003 on Amendment of and Addition to a number of articles
of Decree 24/2000/ND-CP;
- Pursuant to Decision 128/2000/QD-TTg dated 20 November 2000 of the Prime Minister on
some policies, measures for promotion of investment and development of software industry.

An Application for the Investment License under the Law on Foreign Investment in Vietnam is
herewith being submitted by the undersigned to the Hanoi Authority of Planning and Investment,
Hanoi People’s Committee.

A. JOINT VENTURE PARTIES:

1. Vietnamese Party:

a. Company Name: WORLD COMPUTER AND TRADE JOINT

STOCK COMPANY

b. Address:
Head Office: No. 99, An Duong Vuong Street, Phu Thuong ward,
Tay Ho district, Hanoi City
Telephone: +84 4 7580143
Facsimile: +84 4 8683831
E-mail: sipen_vu@yahoo.com

c. Representative: Tran Bich Ngoc

 (Under the Resolution of the Board of Director of
World Computer and Trade Joint Stock Company
made on 4th July 2004).

d. Business Registration:
Number: 0103003347
Date of issuance: 10 December 2003
Issuance agency: Business Registration Office - Hanoi Authority of
Planning and Investment

e. Main Business lines:

Trading of office equipment, electronic parts (computers, fax machine, network and
computer devices); Trading of consumer goods (cosmetics, foot-wear, garments);
Leasing of office machinery and equipment; Repair of office equipments; Agents for
telecommunication services; Trading of software; Organization of exhibition, display
and presentation of goods; Commercial advertisement; Agent for sale, purchase and
consignment of goods; Production, repair and provision of consultancy service of
computer software and hardware; and other computer related services.

2. Foreign Party:

a. Company Name: HYUNDAI INFORMATION TECHNOLOGY CO.,

LTD.

b. Address
Head Office: Geukdong Bldg., 60-1 Chungmuro3(sam)-ga, Jung-
gu, Seoul, Korea
Telephone: +82 2 2129 4013
Facsimile: +82 2 2129 4075

c. Representative: Young Chun Cho

Position: Vice President (under the power of attorney
of the President dated 23 July 2004).

d. Business Registration:
Number: 101-81-35607
Date of issuance: 09 August 1993

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 e. Main Business lines:
Software Consultation, Development and Supply, Equipment manufacturing,
Self-adjustment and Control system equipment, Wire Communication
equipment, Telecommunication Services (Network Integration), the Computer
Trading, Computer System Design, Consulting, System Management, etc.

Hereby apply for granting of the Investment Licence for the implementation of the Joint Venture
Contract signed between the parties on July 16, 2004 with the following details:

B. THE JOINT VENTURE COMPANY TO BE ESTABLISHED

1. The transaction name of the Joint-venture company ("the Company") will be:

1.1. In Vietnamese: CÔNG TY CÔNG NGHỆ THÔNG TIN HYUNDAI VIỆT NAM

1.2. In English: HYUNDAI IT VIETNAM CORPORATION

1.3. Abbreviation: HITV

2. The legal address of and address for giving notices to the Company:

Room 905, 9th Floor, Daeha Business Center, 360 Kim Ma Street, Ba Dinh, Ha Noi, Viet
Nam.

3. Business line:

3.1. Information System Integration, including Business Application Software Licenseship

for various industries in Vietnam;

3.2. IT Outsourcing, including Data Center Operations, Disaster Recovery & Business
Continuing Program service;

3.3. Value added Network Services;

3.4. IT Application Service Provider (ASP);

3.5. Assembly of Personal Computers and peripheral devices;

4. The total investment capital of the company shall be: USD 500,000.00 (five hundred
thousands United States Dollars),of which:

+ Legal capital: USD 233,333.00

+ Loan capital: USD 267,667.00 within 5 years (provided when necessary)

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 Structure of capital contribution:
+ Vietnamese Party: 30% (USD 70,000.00) in cash
+ Foreign Party: 70% (USD 163,333.00) in cash

5. The duration of operation of the Company shall be ten (10) years from the issuing date of the
investment license.

C. PETITION FOR INVESTMENT INCENTIVES

Taking into account the investment incentives permissible under the laws of Vietnam, we
would like to apply for the following investment incentives:

1. Corporate income tax:

a. Rate and applicable duration:

The corporate income tax rate of ten per cent (10%) is applied throughout the term of the
Investment License - Pursuant to Clause 2, Article 3 Decision 128/2000/QD-TTg dated 20
November 2000 of the Prime Minister on some policies, measures for promotion of
investment and development of software industry.

b. Exemption:
The Company shall be exempted one hundred percent (100%) of corporate income tax for
the first 4 years from having taxable income - Pursuant to Article 4, Decision
128/2000/QD-TTg dated 20 November 2000 of the Prime Minister on some policies,
measures for promotion of investment and development of software industry.

2. Import tax:

The tax holiday shall be applicable to all of the imported goods, which are imported to
create the fixed assets of the Company.

3. Loss carrying forward:

Any loss of the Company (if any) shall be allowed to be carried forward for the period of
5 years.

4. Foreign currency earning and conversion of Vietnamese dong:

The Company shall be allowed to earn foreign currency if any from the export of
goods/services, and to convert Vietnamese dong into foreign currency to meet all the
demand for foreign currency of the Company.

5. Extension of the Investment License:

The Company shall be allowed to extend the term of the Investment License upon its
expiry, provided in any case that no unfavorable terms and conditions against the same in
the first Investment License, shall be forced and applicable to the Company.

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D. OUR COMMITMENTS

1. Fully responsible for truthfulness and accuracy of the contents of this application and
enclosed documents.

2. Seriously conform to regulations of Vietnamese law regarding foreign investment and

provisions of Investment license.

E. DOCUMENTS ENCLOSED WITH THIS APPLICATION COMPRISE:

1. The Joint venture contract, in both Vietnamese and English;

2. The Charter of the Company, in both Vietnamese and English;
3. The Feasibility Study of the Company, in both Vietnamese and English;
4. The official letter from Daeha Co., Ltd confirming that HITV is allowed to lease an office
space after being granted Investment License;

Foreign Party
5. The Business Registration Certificate of HIT;
6. Charter of HIT;
7. Bank confirmation on the account balance of HIT;
8. Audited Financial Statement of HIT for 2002 and 2003;
9. Power of Attorney of the President authorized Mr. Young Chun Cho, Vice President to
execute and sign all documents relating to the application for the establishment of the
Company;

Vietnamese Party
10. The Business Registration Certificate of WCT;
11. Charter of WCT;
12. Bank confirmation on the account balance of WCT;
13. Resolution of the Board of Management of WCT approving the participation in the Joint
venture and authorized Mrs. Tran Bich Ngoc to execute and sign all documents relating to
the application for the establishment of the Company.

VIETNAMESE PARTY FOREIGN PARTY

Authorized Representative Authorized Representative

_______________________ _______________________
Tran Bich Ngoc Young Chun Cho

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