(October 2007) Mayflower Partners has consulted to the Ho Chi Minh City Investment Fund (HIFU) and the U.S. Trade and Development Agency during 2006 and 2007. HIFU and USTDA are discussing a Technical Assistance program that will support HIFU’s project appraisal process for equity investments and loans for local infrastructure projects in several sectors including ports, recycling, waste treatment, and municipal parking. HIFU is the largest Local Development Investment Fund (LDIF) in Vietnam and will be the recipient of a $50mln loan from the World Bank in fiscal years 2008-2012. Vietnam enjoyed an 8.2% GDP growth rate in 2006 and became a member of the WTO in January 2007. As part of this assignment, Mayflower has reviewed pricing and transaction structures for local currency general obligation and project bonds, local currency loans and the private equity market for infrastructure projects in Vietnam. Eighteen municipal infrastructure projects were investigated, including wastewater treatment and port projects that would require local equity investment or local currency loans. Mayflower has worked closely with the USTDA, the World Bank and other consultants to develop feasibility studies and technical assistance to support U.S. investment in and exports to Vietnam.