The Ministry of Finance has agreed with the organizing board of the Asian Indoor Games 2009 to assign a professional marketing company to seek $8.5 million for the event. Of this, approximately $2.5 million will be paid to the Olympic Committee of Asia (OCA).

If the firm raises more than $8.5 million, it will have to pay 34% of the exceeding amount to the organizing board to pay to the OCA and give the organizing board 10% of the remaining 66%.

The OCA asked Vietnam to seek sponsorship of $10 million and submit $2.5 million of cash to this organization but Vietnam did not agree. The two sides then approved the level of $8.5 million.

The Secretary General and Vice Chairman of the Vietnam Olympic Committee, Hoang Vinh Giang, said it is an arduous job to raise $8.5 million within eight months. He also said that many marketing companies are interested in this job but they are waiting for a specific policy.

The official said the biggest difficulty is tax. Without a preferential tariff policy, marketing companies will not take the deal. Moreover, the Asian Indoor Games is a new event (this year’s games is the third of its kind). In the current economic context, it would be hard to persuade businesses to sponsor this event.

Giang said that Vietnam will promote advertising for the event. In the worst case, the organizing board will have to try to have $2.5 million to pay to the OCA. The board is inviting local and foreign companies to submit their plans to raise fund for the event.

Vietnam has to pay $2.5 million of cash to the OCA in three installments. The first deadline has come. The government is about to advance some money to serve preparations of the Asian Indoor Games, including the pay to the OCA, Giang revealed.

VietNamNet/TP