EXPORT-IMPORT BANK OF THE UNITED STATES

SUMMARY OF MINUTES OF MEETING OF BOARD OF DIRECTORS

APRIL 15, 2004

ITEM NO 1

Country VIETNAM AP078584XX

Request for FINAL COMMITMENT (Conversion #3)

Applicant VIETNAM AIRLINES CORPORATION, HANOI 10000 VIETNAM

Borrower SPV/VIETNAM AIRLINES CORP., HANOI VIETNAM

Guarantor MINST OF FINANCE OF VIETNAM, HANOI VIETNAM

Buyer SPV/VIETNAM AIRLINES CORP., HANOI VIETNAM

End-user VIETNAM AIRLINES CORPORATION, HANOI 10000 VIETNAM

Exporter BOEING COMPANY, EVERETT WA

Supplier UNITED TECHNOLOGIES CORP, EAST HARTFORD CT

Supplier BOEING COMPANY, EVERETT WA

Gteed Lender CITIBANK N.A., CENTRAL DISTRICT, HONG KONG PROV. HONG KONG

Lessor SPV/VIETNAM AIRLINES CORP., HANOI VIETNAM

Lessee VIETNAM AIRLINES CORPORATION, HANOI 10000 VIETNAM

Project Name NONE

Project Description AIR TRANSPORTATION

Product Description AIRCRAFT

Repayment Term 12 YEARS

Board Decision APPROVED