To provide guidelines for the implementation of Decision No. 146/2003/QD-TTg Regarding The Ratios Held By Foreign Parties In The Vietnamese Securities Market of the Prime Minister dated 17 July 2003, on 12 December 2003 ("Decision 146"), the Ministry of Finance released Circular No. 121/2003/TT-BTC ("Circular 121").

In an effort to provide for a uniform tax system applicable to both Vietnamese and foreign-invested enterprises, thereby, to abolish the differences between the two types of businesses in Vietnam, at its XI Session from 3 May to 17 June 2003, the National Assembly passed Law No. 09/2003/QH11 On Corporate Income Tax (the "<B>2003 Law</B>") which took effect from 1 January 2004

On 22 September 2003, the Ministry of Labour, Invalid and Social Affairs ("MOLISA") issued Circular 21/2003/TT-BLDTBXH guiding The Implementation Of Decree 44/2003/ND-CP dated 9 May 2003 of the Government on Labour Contracts ("Circular 21").