Dear Fellow Stockholders,

As the chairman of the first Vietnamese company to be listed on a stock exchange, I would like to share some of my heartfelt thoughts with you.

Above all I would like to express my personal appreciation for your confidence and investment in Cavico Corporation. For nearly a decade, Cavico has been growing and expanding to become a leading non-state-owned engineering and construction company in infrastructure, hydropower, and mining, all steady growing businesses.

As Viet Nam is now a member of the World Trade Organization (WTO) and has seen rapid growth in the past several years, we believe this growth will continue for the next twenty years. The demand for roads, bridges, highways, buildings and housing, hydro power plants as well as coal mines and electricity, will fuel this growth at a strong pace. As a leading engineering and construction company, Cavico has enjoyed great opportunities as owner and/or contractor of numerous large-scale projects and we look forward to owning and operating our own hydro power facilities and coal mines.

I strongly believe that with the support of our investors and the added flexibility of a stock exchange listing, Cavico Corporation is well-positioned to expand its activities throughout Vietnam and Asia to become a much larger company in the future.

In conclusion, I will strive to do my best, together with our 3,500 employees, to make your investment in Cavico Corporation a profitable and enduring success.