Trade Agreement between the Government of the Socialist Republic of Vietnam and the Government of People’s Republic of China (1991)

TRADE AGREEMENT

BETWEEN THE GOVERNMENT OF THE SOCIALIST REPUBLIC OF VIETNAM AND THE GOVERNMENT OF PEOPLE’S REPUBLIC OF CHINA (1991)

The Government of the Socialist Republic of Vietnam and the Government of the People’s Republic of China (herein after referred to as "the Parties")

Desiring to further promote the friendly cooperation and trade relation of the two nations on the basis of equality and mutual benefits

Recognizing the commercial and economic development characteristics of each country

Have agreed as follows:

ARTICLE 1

Parties, according to their demand and capacity, will proactively promote the stable and profound Vietnam- China trade relation.

ARTICLE 2

The two nations agree to grant each other the Most Favoured Nation treatment in import-export duties and customs procedures. This treatment shall be independent and not affect any benefit and preference each country grants to their particular trading partners.

ARTICLE 3

Trade between two countries shall be conducted on the basis of contracts signed by foreign trade companies and economic entities of the two countries having the entitlement to operation of foreign trade under provisions hereof (hereinafter referred to as “entitled economic entity”),  national regulations of laws and international trade practices.

ARTICLE 4

Prices of commodities of trade contracts shall be determined by reference to their international prices and shall be negotiated and agreed upon by the countries’ foreign trade companies; the payment shall be made in convertible currency as mutually agreed. The payment clause shall be mutually agreed by banks of the Parties.

ARTICLE 5

The Parties hereby agree to, besides currencies, the foreign companies or entitled economic entities shall be entitled to do business of which payment shall be made in other means provided that it is agreed by the Parties.

ARTICLE 6

The Parties agree to surge private trade along the Vietnam-China border. The private trade and its matters shall be governed by the respective regulations of laws of the two countries.

ARTICLE 7

The Parties agree to facilitate trade promotion activities such as market fairs, etc. organized by a country and its relevant authorities in the territory of the other country.

ARTICLE 8

For the purpose of implementing this Agreement, the representatives of the Ministry of Trade and Tourism of the Socialist Republic of Vietnam and the representatives of the Ministry of Foreign Trade and Economic Cooperation of the People’s Republic of China shall hold dialogues to exchange viewpoints of the bilateral trade between the two nations, where necessary.

ARTICLE 9

After the expiration of this Agreement, trade contracts which are concluded in accordance with this Agreement but have yet to be completely executed shall remain effective until they are completely executed.

ARTICLE 10

The Ministry of Trade and Tourism of the Socialist Republic of Vietnam and the Ministry of Foreign Trade and Economic Cooperation of the People’s Republic of China shall be responsible for the implementation of this Agreement.

ARTICLE 11

This Agreement enters into force from the date on which it is signed and shall be effective for 03 years. 03 months prior to the expiration of this Agreement, in the event that no written request for termination of this Agreement is filed by either party, the Agreement shall remain effect for 01 additional year and continue to be extended accordingly.

This Agreement is signed on November 07, 1991 in Beijing. This Agreement is made in 02 copies in Vietnamese and Chinese having the same legal effect.