HOUSTON--(BUSINESS WIRE)--Tan Tao Investment & Industry Corporation (�ITACO�) (HOSE: ITA), a public company chaired by Dr. Maya Dangelas, launched a billion-dollar arbitration proceeding against Vietnam under the Agreement between the United States and the Socialist Republic of Vietnam on Trade Relations (the �Treaty�) pursuant to the 1976 UNCITRAL Rules (the �Arbitration�).

ITACO, one of Vietnam�s largest publicly traded companies, was faced with no other choice but to commence the Arbitration after Vietnam sought to liquidate ITACO � a multi-billion-dollar company � on the basis of around USD 900,000 in debt that, it claimed, arose from a contract involving ITACO�s subcontractor and a third party, a contract to which ITACO was never even a party.

ITACO � Vietnam�s premier builder and operator of industrial parks � was created in 1996 by Dr. Dangelas, its Chairwoman, in order to provide the manpower and material to create a platform with a �one door service� so that investors could set up in Vietnam without waiting for years of bureaucratic hurdles.¹ ITACO�s industrial parks have drawn thousands of foreign investors to Vietnam and transformed many areas of Vietnam by providing jobs and utilities to local citizens.

¹ Businesswoman Dang Thi Hoang Yen � Starting a business from two hands, Cafeland, 27 December 2011.

Contacts

Minh-Tam Tran (aka Tammy Tran )
Tammy Tran Attorneys At Law, LLP
832-372-4403

[email protected]