Founded in 1993, Kinh Do was a small workshop with the total investment capital

of about USD 125,000 and the 70 staffs and workers, its business was to produce
and distribute some kinds of Snacks which were new to Vietnamese consumers.

The years 1993 and 1994 were the creek for the development of the company
due to its success in production and distribution of Snacks (at that time, Thai
Snacks were dominating over the Vietnamese market). After the survey on the
consumers' needs, The Board of Directors decided to invest more than USD
750,000 to buy a modern production line with Japanese technology for Snacks
production.

The Snacks under Kinh Do brand were produced and launched to the market with
reasonable prices and various flavors reaching the domestic needs was becoming
the key steps for the next development.

In 1996, Kinh Do constructed new factories and office at 6/134 National Road
13, Hiep Binh Phuoc Ward, Thu Duc
District, Ho Chi Minh City with the area
of 14,000 m2. At the same time, the
company invested USD 5,000,000 to buy a
Cookies production line with the modern
Danish technology and equipments.

In 1997 and 1998, the company continued

to invest USD 1,200,000 to buy a
production line for making the sweet bun
and the cake. These products are high
nutritional, healthy and reasonable prices
to most of the consumers.

At the end of 1998, an USD 800,000 valued Chocolate candy production line was
continuously put into operation. Our chocolate candies were immediately
accepted by consumers and really competitive with almost foreign Chocolate
candies in the market.

In 1999, an outstanding event was the opening ceremony of Savico - Kinh Do

Shopping Mall at center of Ho Chi Minh City, which was invested by Kinh Do
Company. This was the first time a new style of shopping mall comprising luxury
outlets to serve customers shopping launched in Ho Chi Minh City.

Since then, the chain of Kinh Do Bakeries has been built step by step. They were
designed and decorated according to the luxurious and modern styles from the
developed countries. Kinh Do Bakery is a direct selling outlet, distributing
hundreds of products such as candies and cakes with the standardized packs of
hygiene � convenience and attraction. In these outlets, customers can choose
products freely and comfortably. These have also helped the company receiving a
lot of customers' feedback to improve products and service.

In 2000, Kinh Do widened the factory up to

60,000 m2. In order to diversify the
products, the company invested around USD
2,000,000 to buy a new Crackers production
line from Europe . This was the one of the
biggest lines which were using in the South
East Asian Countries.
In addition, to meet the needs of the Northern market, Kinh Do Company had
established a new business in Hung Yen Province (next to Ha Noi City) with a
modern factory occupied over 28,000 m2 area and nearly USD 2,000,000 of
investment.
In April 2001, company put the modern poduction lines producting the hard and
soft candies with total value of about USD 2,000,000 and capacity of 40 tons per
day to meet the markets' requirements.

In June 2001, the total investment capital of Kinh Do had been increased to USD
30,000,000. The company had also put a new Crackers production line valued
USD 3,000,000 with the capacity 1.5 ton per hour into operation. The new factory
in North of Vietnam had been put into operation as well.

The year 2001 was considered as the year of export for Kinh Do Company. The
company decided to support Kinh Do's products penetrating into many new
markets such as United States, Japan, Russia, Germany, Taiwan, Singapore,
Malaysia, Cambodia, Laos, Thailand, etc. Through surveying foreign markets and
participating into the International Exhibitions in Singapore, Thailand, South
Africa, etc. the Board of Director decided to improve the products' quality and
customize the products by changing flavors, packaging styles, etc. That make the
products really suitable with the consumers' need of each market.

With the purpose of strengthening the leader's position in the domestic

confectionery market, Kinh Do developed a professional distribution system
covering all of cities and provinces in Vietnam, wherever at city or countryside -
delta or mountainous areas, to secure that the consumers can find Kinh Do's
products at any time and any place.

In order to increase the competitive ability, in early 1999, Kinh Do had applied
successfully the quality management system ISO 9002 certified and accredited by
BVQI � England.

In almost of consumer's awareness, Kinh Do

is not only well-known by the common
confectionery products but also well-known
by a special kind of product � that is
traditional "Moon Cake". As being a young
member in Vietnamese "Moon Cake"
production community, after only 4 years,
"Kinh Do Moon Cake" has become the
leading brand in Vietnam. The sales volume
has been increased sharply from 150 ton in
1999 to 450 ton in 2000, 700 ton in 2001
and 800 ton in 2002.

In 2002, Kinh Do has invested around USD 1,000,000 to by a modern chocolate

production line in order to implement the strategy of being the leading
manufacturer of the chocolate in Vietnam. This kind of product seems very
potential for both domestic and foreign markets.

From 1 October 2002, in order to meet with the new development tendency of
country in endeavor to integrate into region and participate into AFTA, Kinh Do
company has been converted from a limited company to a joint stock company
with the legal capital of about USD 10,000,000 and the company's name has
been also changed from "Kinh Do Food Processing and Construction Limited
Company" to "Kinh Do Corporation". Besides, the quality management
system of ISO 9002 has been replaced by the quality management system of ISO
9001:2000.

The interest of the Board of the Directors for the production investment is to
produce the new, preeminent and high quality products. This will be a competitive
advantage of Kinh Do in the future.

The sales volume of every period is almost twice higher than the last one. The
current distribution system consists of more
than 150 official distributors and more than
40,000 retailed stores in the nationwide.
This system always increases yearly from
15% to 20% in number of units.

In addition, Kinh Do products have been

directly delivered to customers throughout a
network consisting of 12 Kinh Do Bakeries,
1 shopping mall in Ho Chi Minh City and 3
bakeries in Ha Noi City.

Simultaneously, the export quantity gained about 20% in total. Beside the current
exported markets, Kinh Do is focusing to some new and large markets such as
China, Africa, Middle East, etc.

After 9 years' operation and development, beside the financial achievement of

increasing the capital from USD 125,000 to USD 10,000,000, one of the more
important achievement and pride that Kinh Do has gained is to gather a high
professional management team and a skillful staffs and workers team who have
been trained in Vietnam and foreign countries. This will be a very important
fundamental platform to help company develop in future.