Hanoi, 10th Jan. 2006 To: Korea Housing Finance Corporation ？ R.O.Korea From: Housing Finance Facility International Credit Projects Management Unit State Bank of Vietnam Dear Sirs, We are from the Housing Finance Facility (HFF), under the International Credit Projects Management Unit (ICPMU) of the State Bank of Vietnam (SBV). Now, we are implementing a pilot project in Housing Finance with the ultimate aim to set up a Mortgage Refinance Agency in Vietnam. In this phase, we need to learn valuable experiences from regional countries. We have been approved by the Governor of the State Bank of Vietnam for making an overseas study tour to the real housing finance markets in Malaysia and R.O.Korea. Our delegation will be including 10 members from the State Bank of Vietnam and Ministry of Finance and headed by a Deputy Director of ICPMU (SBV). We will visit to Seoul, R.O.Korea from Jan. 20th to Jan. 25th 2006 with the support of ShinHan Bank, R.O.Korea. We have learnt from international finance institutions such as Asian Development Bank (ADB) and International Finance Corporation (IFC) that the Korea Housing Finance Corp. is a good model of Mortgage Refinance Agency in the region, whose experiences will be precious to us. Therefore, we strongly wish to visit your Corporation Office and hear a brief introduction about your Corporation and the Korean Housing Finance Market System during our study tour. The convenient time for us may be afternoon 24th Jan. 2006. We highly appreciate your kind support and early reply. Yours sincerely, Kieu Anh Kiet (Mr.) HFF Manager ICPMU ？ SBV

You'll make contact with Seok-hee Yuh Chief Manager in Research Department (yuhseokhee@khfc.co.kr : 82-2-2014-8542) or Seok Kim Chief Manager in Securitization Development (ks@khfc.co.kr : 82-2-2014-8272). Thank you.