The Government of the Socialist Republic of Vietnam and the Government of the People’s Republic of Bangladesh (hereinafter referred to as “the Parties”), desiring to develop trade relations between the two countries on the principle of equality and mutual benefit, have agreed as follows:
Article 1:
The Parties shall, by all possible means, develop and strengthen trade relations between the two countries in accordance with the laws and regulations of the two countries on export and import. The Parties shall study the proposals of the other Party and jointly resolve issues arising, with the aim of strengthening friendly relations between the two countries.
Article 2:
In economic relations, in accordance with legal regulations, the competent authorities of the two Parties shall issue import and export licences for goods requiring such licences.
Article 3:
Each Party shall accord the other Party treatment, in matters relating to customs procedures and tariffs applicable to exported and imported goods, no less favourable than the treatment each Party accords to a third country.
This provision shall not apply to the following cases:
a/ Privileges which a Party has granted or may grant to neighbouring countries to promote border trade and traffic.
b/ Preferences within a customs union, economic union, free trade area, or sub-regional economic cooperation agreement to which either Party has acceded or may accede.
Article 4:
The delivery of goods between the two countries shall be carried out under contracts concluded between natural and legal persons of the two countries engaged in export and import activities, in compliance with the laws and regulations in force in the two countries.
Article 5:
The prices of goods delivered under this Agreement shall be negotiated and set out in contracts concluded between the legal and natural persons of the two countries, on the basis of the prices of similar goods on the international market.
Article 6:
Payment for goods exchanged between the two countries shall be made in freely convertible currencies as agreed by the two Parties.
Article 7:
The Parties shall facilitate and encourage the other Party’s participation in international fairs and exhibitions held in the territory of either Party, and shall organise individual exhibitions in the two countries.
Article 8:
Within the framework of the regulations in force in their respective countries, each Party shall permit the import and export of the goods listed below to be exempt from customs duties, fees and other charges, provided that such import or export is lawful under the regulations of that country.
a/ Samples and advertising materials (catalogues, brochures, photographs and other items) for the purpose of soliciting orders.
b/ Products, goods and materials participating in fairs and exhibitions, provided that such products, goods and materials are re-exported after the fair or exhibition. Such goods may also be sold during and after the fair or exhibition, in which case all relevant duties and fees must be paid in full in accordance with the laws and regulations in force in the country where the fair or exhibition takes place.
Article 9:
The Parties agree to establish a Joint Committee composed of representatives of both Parties. This Committee shall be responsible for resolving issues arising during the implementation of this Agreement and for proposing measures to promote and expand trade relations between the two countries.
The Joint Committee shall meet periodically once every two years, or on an extraordinary basis at the request of either Party, alternately in the capitals of the two countries.
Article 10:
Any disputes arising in the course of implementing export and import contracts between the two Parties that cannot be resolved through negotiation shall be settled by commercial arbitration as agreed by the two Parties.
Article 11:
Any amendment or supplement to this Agreement shall require the written consent of both Parties. Such amendments or supplements shall take effect in accordance with the provisions of paragraph 1, Article 12 of this Agreement.
Article 12:
This Agreement shall enter into force when the Parties have notified each other of the completion of the legal procedures required for the approval of this Agreement.
This Agreement shall remain in force for 3 years and shall continue to remain in force for successive periods of 3 years, unless either Party notifies the other in writing of its intention to terminate the Agreement 6 months before the date of expiry.
Article 13:
The provisions of this Agreement shall also apply to contracts concluded while this Agreement is in force but not yet completed by the date this Agreement expires.
This Agreement was made in Hanoi on 24 September 1996, in two originals in the English language, both being equally authentic.
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ON BEHALF OF THE GOVERNMENT |
ON BEHALF OF THE GOVERNMENT
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