09 January 2008 - JSM's Vietnam office assisted GS Engineering & Construction, a Korean company listed on the Korean stock exchange, to receive the first Investment Certificate on 20 December 2007 granted under the Build-Transfer structure, a special form of investment under the BOT regulations of Vietnam designed to encourage investors to build infrastructure projects in return for special incentives.

The Build-Transfer form is unique to Vietnam pursuant to which an investor commits to construct an infrastructure work and upon completion transfer the same to the Government. In return, the investor is given the right to carry out "other projects" to recover its investment in the infrastructure project and to make a return on the investment.

Pursuant to the Build-Transfer structure as licensed, GS will construct a 13.64 km outer ring road (including four bridges) connecting Tan Son Nhat International Airport in Ho Chi Minh City with the outlying districts of Tan Binh, Go Vap, Binh Thanh and Thu Duc. Upon completion the same will be transferred to the Ho Chi Minh People's Committee. The road will play a key role in the city's transport network and will help ease congestion in light of the City's new international airport. In return, GS is granted the right to five parcels of land for real estate development in Districts 2, 9 and 10 of Ho Chi Minh City totalling approximately 302 hectares. The total investment capital is US$340 million.

The project is also the first of this nature combining infrastructure with real estate that has been licensed to a foreign investor in Vietnam under the BOT regulations. The transaction involved complex construction, financing and land issues and the negotiation of the Build-Transfer Agreement took more than three years to complete.

This is the third successfully licenced project in which JSM has assisted GS in Vietnam. The other two projects in Ho Chi Minh include a US$189 million, 350 hectare new town development in Nha Be District and a 200 hectares, US$42.6 million golf course project in Cu Chi District.