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MINISTRY OF FOREIGN AFFAIRS |
SOCIALIST REPUBLIC OF VIETNAM |
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No.: 33/2011/TB-LPQT |
Hanoi, 25 May 2011 |
NOTICE
ON THE ENTRY INTO FORCE OF AN INTERNATIONAL TREATY
Pursuant to Clause 3, Article 47 of the 2005 Law on the Conclusion of, Accession to and Implementation of Treaties, the Ministry of Foreign Affairs is pleased to announce:
The Memorandum of Understanding between the Government of the Socialist Republic of Vietnam and the Government of the People’s Republic of Bangladesh on Rice Trade, signed in Hanoi on 18 April 2011, entered into force on 18 April 2011.
The Ministry of Foreign Affairs is pleased to enclose a certified copy of the Memorandum of Understanding pursuant to Article 68 of the above-mentioned Law./.
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BY ORDER OF THE MINISTER |
MEMORANDUM OF UNDERSTANDING
BETWEEN THE GOVERNMENT OF THE SOCIALIST REPUBLIC OF VIET NAM AND THE GOVERNMENT OF THE PEOPLE’S REPUBLIC OF BANGLADESH ON RICE TRADE
In order to ensure food stability and to further ensure that the rice market is stable in both countries and to cushion the adverse effects of climate change, pest infestation, drought, floods and other calamities that are being experienced and may hereafter be experienced globally; and
In order to further enhance and strengthen the good economic relations between the two countries;
The Government of the Socialist Republic of Viet Nam and the Government of the People’s Republic of Bangladesh (hereinafter referred to individually as “Party” or collectively as “Parties”), Have agreed as follows:
Article 1. The Government of the Socialist Republic of Viet Nam agrees to sell, except under circumstances of natural disaster and harvest loss, and the Government of the People’s Republic of Bangladesh agrees to buy, depending on its needs, up to 01 million metric tons of rice of all kinds annually from the year 2011 to 2013, subject to prevailing international prices at the time of purchase.
Article 2. The Government of the Socialist Republic of Viet Nam shall authorize Viet Nam Southern Food Corporation (hereinafter referred to as VINAFOOD 2) as the Vietnamese State-owned Enterprise to implement this Memorandum of Understanding. The Government of the People’s Republic of Bangladesh shall authorize the Directorate-General of Food (hereinafter referred to as DGF), Food Division, Ministry of Food and Disaster Management as the Bangladeshi State- owned Enterprise to implement this Memorandum of Understanding.
Article 3. The implementation of all sale/purchase transactions under this Memorandum of Understanding shall be made only through written instrument(s) agreed upon and signed between DGF on behalf of the Food Division of the Ministry of Food and Disaster Management and VINAFOOD 2.
Article 4. DGF on behalf and upon approval of the Ministry shall determine the volume, variety and kinds of rice/grains to be bought, and in accordance with international trade practices, rules and regulations, requyre VINAFOOD 2 to submit an offer which shall be evaluated by DGF and then accepted either immediately or after negotiation(s) keeping in view the prevailing rules and regulations of the Government.
Article 5. During the validity of this Memorandum of Understanding, either Party may propose amendment/s in writing to which the other Party shall respond in writing within a period of 30 days of receipt of such notice.
Any differences or disputes which may arise between the Parties relating to any matter pertinent to this Memorandum of Understanding shall be settled amicably and through consultation and negotiation between the Parties.
Article 6. This Memorandum of Understanding shall enter into force from the date of signing to 31st December 2013. Either Party may notify its desire to terminate this Memorandum of Understanding with a notice of 6 calendar months prior to such termination. Both Parties may extend the period of validity by mutual consent.
The termination of this Memorandum of Understanding shall not affect the validity or the terms of any ongoing contracts already made under this Memorandum of Understanding.
In witness thereof, the undersigned, have signed this Memorandum of Understanding.
Signed in duplicate in Ha Noi on 18 April 2011 in the English language, both copies being equally authentic./.
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FOR AND ON BEHALF OF |
FOR AND ON BEHALF OF |