Montreal, June 5th. 1997  (Contact: Gilles Lavigueur  [email protected] )

The Condo Viêt Nam Corporation Canada Limited has unveiled today its project of construction of a Five Stars Apartotel Resort in Viêt Nam.

Business and commercial international relations as well as tourism are in constant evolution in Viêt Nam since its opening to the Market Economy which is developing itself day after day in this most dynamic emerging country of South-East Asia.

That is the reason why a consortium of business people from Quebec who have contributed in their own sectors to the building of their country in the recreo-touristic and tourism as well hotel fields, have united themselves to offer their "  know-how "  to the Vietnamese builders.

As we are getting closer to the 21st Century, the Vietnamese community is activating itself toward business on a world wide basis. Furthermore, Viêt Nam offers the International Tourism a jewel where all is to be discovered including its marvelous people as well as beach areas along its coastline facing the South China Sea.

This project which, in the beginning, will comprise the construction of  88 apartments, will have a total capacity of  999 apartments and will constitute, once finished, the most important Five Stars Apartotel Resort of all South East Asia.

This project was conceived by Mr. Gilles Lavigueur of Quebec City, a well known Travel Marketing expert for the last thirty-eight years. It all started in the winter of 1992/93 when Mr. Vo Van Duong Anh, his main Vietnamese counselor, joined him in the project.

The confirmed land for the project has a total surface of 255 hectares and lies along a superb white sand beach facing the South China Sea at 45 kilometers from the city of Vung Tau. The beach front part of the land is 2.6 kilometers wide by 1.2 kilometers deep,

In accordance with the Vietnamese business culture, the company has negotiated a Joint Venture agreement with the assigned partner to the " Condo Viêt Nam " project. It is important to note that in Viêt Nam in order for a project to have a chance to succeed, an investment permit must be obtained from the Ministry of Planning and Investment.

However, the Condo Viêt Nam Corporation discovered in its studies that over 88 % of projects having an investment permit were loosing it because of lack of proper financing more than a year after obtaining it. Accordingly, the  Condo Viêt Nam Corporation requested a special permission to put the project on hold when it was ready to sign the Joint Venture agreement until the financing had been found.  The permission was granted in order to allow Condo Viêt Nam Corporation to find the proper financing before requesting the investment permit.

The Company is currently negotiating with financial partners. Once these negotiations will be completed, the company will complete the necessary formalities required which will conduct to the beginning of construction. It is expected that the construction will start during the winter of 97/98 around the beginning of March 98 for the first phase of 88 condominiums which will be sold to Asiatic investors as well as European and American ones. Those investors will acquire the right of use of the condos for the duration of the land lease which has been negotiated at fifty years. The investors will not occupy the condos but will rent them via the Apartotel company formed under the Joint Venture Company to administer the Apartotel Resort. This Joint Venture Company will be formed in Viêt Nam between the Condo Viêt Nam Corporation and the Long Hai Tourist Company on the basis of shares percentages which have not been divulged.

Viêt Nam presently enjoys a phenomenal economic growth rate and tourism doesn't stop developing. It is predicted that more than five millions persons will travel to Viêt Nam by the year 2000.

Viêt Nam joined A.S.E.A.N. ( the  Association of South East Asian Nations ) in 1995. Since then, the country participates in a great number of meetings on all subjects such as economy, culture, agriculture, education, military, Justice administration, petroleum, health, ecology and tourism and many others  which are held at the four corners of the region on a regular basis in the best interests of all member countries.

The Condo Viêt Nam Corporation is happy and satisfied with the exceptional collaboration which it has always obtained during negotiations concerning its project. The officials with which it has negotiated have always showed confidence and flexibility.

Viêt Nam belongs to all important world organizations such as the World Bank, the International Monetary Fund, the South East Asian Development Bank and has renewed its diplomatic ties with the United States over two years ago and has established diplomatic and commercial relations with the  USA

Phase one: Construction of 88 condominiums in a six stories building with an atrium containing two elevators, a restaurant and a bar.

Phase two: Construction of the second 88 condos on six stories therefore completing the first 176 apartments

Phase three: Construction of the other buildings of the complex until the total of  999 apartments is reached.

Phase four: Two eighteen holes Golf courses surrounded by 188 residential villas
 
Phase five: A large Shopping and Convention Center capable to shelter a casino and nine restaurants serving different types of cuisine from such countries as Viêt Nam,  China, Japan, Korea, France, Italy, Switzerland, Sea Foods and a typical Steak House such as found in Texas.

 It is also planned that a  monorail system will span the complex with two lines which will be able to accommodate up to ten thousand persons per hour for important exhibitions.