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CVCP
Cavico Corporation Begins Final Stage of Construction for the USD $290 Million Buon Kuop Hydropower Project
Wednesday August 23, 10:15 am ET


Value of Contract to VINAVICO and Cavico Approximately USD $32 Million


LOS ANGELES, CA and HANOI, VIETNAM--(MARKET WIRE)--Aug 23, 2006 -- Cavico Corporation (Other OTC:CVCP.PK - News), a Vietnamese company working in the fields of infrastructure development, including the construction of hydropower facilities, dams, bridges, roads, mines and urban buildings throughout Viet Nam and the Pacific Rim, today announced that it has completed more than 60% of the Headrace tunnel for the Buon Kuop Hydropower plant. The final stages of construction have begun and the company anticipates breakthrough of the tunnel by early 2007.
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The Buon Kuop hydropower plant is located between the Cu Jut and Krong Kno districts of Dak Lak province, Northwest of Ho Chi Minh City. The plant has a capacity of 280 MW, and will be capable of generating 1.458 million KWh per year. The project is owned by Electricity of Viet Nam (EVN) with a total investment of about USD $290 million. Vinaconex is the main contractor for the project; VINAVICO, a joint stock company of which Cavico and Vinaconex are the only shareholders, and Cavico are the main subcontractors. The companies are constructing the 8600 meter long Headrace tunnel with a value of USD $32 million.

This project involves the largest amount of tunnel construction and the most complicated geological conditions in Viet Nam, demonstrating Cavico's ability to complete challenging engineering projects within budget and on time. The Buon Kuop project was started in December of 2003, and today after 2 years of work, Cavico and Vinavico have completed the surge tank sharp and excavated more than 60% of the Headrace tunnel.

For more information about Cavico, please refer to the company's website at: http://www.cavicocorp.com.

About Cavico Corporation

Cavico (www.cavicocorp.com), founded in 2000, is a major infrastructure construction, infrastructure investment, and natural resources conglomerate headquartered in Hanoi, Vietnam. The company is highly respected for its core competency in the construction of mission-critical infrastructure including hydroelectric plants, highways, bridges, tunnels, and urban community developments. One of the company's primary competitive advantages is its ability to nurture a project "from concept through completion" with a vertical portfolio of interrelated investment, permitting, design, construction management, and facility maintenance services. Cavico's project partners often include top multi-national corporations as well as government organizations. The company currently employs more than 3,000 people.

Vietnam's transition to a market economy has generated rapid economic growth. The country's impending ascension to the World Trade Organization is likely to provide an additional boost to economic growth and a further acceleration in the country's current infrastructure construction boom. The aggressive development of Vietnam's energy, transportation, and urban infrastructure is absolutely essential to the country's ability to compete internationally, and this aggressive build-out is creating huge growth opportunities for infrastructure construction companies such as Cavico.