Vietnamese consumers could see the first local e-commerce fully established by 2004, as a development project is launched by supermarket group Saigon Co-op and supported by the Ho Chi Minh City government. Ngo Duong Hoang Thao, acting director general of contract software creator SDC, a joint venture created in 1998 by SpaceBel of Belgium, Saigon Postel and the Vietnam Information Technology Sub-institute, told the Saigon Times Daily: "This is a first for a supermarket in Vietnam. The e-commerce project has investment capital of VNÐ1.038bn (US$67,750), one-tenth that for a similar project in Europe."