(Hanoi, 14 June 1990)

 

Entry into force: 14 June 1990

 

Australia and the Socialist Republic of Vietnam,

 

Noting the growth in trade which has occurred between their

two countries as a result of the Trade Agreement between

their two Governments done at Canberra on 26 November 1974,

 

Desiring to further promote and expand mutually beneficial

trade and economic co-operation between their two countries,

 

Having regard to their respective international rights and

obligations,

 

HAVE AGREED as follows:

 

ARTICLE 1

 

Objectives

 

The objectives of this Agreement are to:

 

(a) Provide a framework for increasing the involvement of

enterprises and organisations in both countries in bilateral

economic, commercial. scientific and industrial

co-operation;

 

(b) Facilitate the identification of specific commercial and

investment opportunities in both countries;

 

(c) Encourage co-operation in mutually beneficial areas of

interest, particularly in the sectors of co-operation

identified in Article III of this Agreement; and

 

(d) Encourage the expansion of financial and banking

co-operation.

 

ARTICLE II

 

Economic. Commercial. Scientific and Industrial Co-operation

 

In furtherance of the objectives set out in Article I

 

of this Agreement, the Parties shall

 

(a) Identify specific projects and other opportunities for

economic co-operation, investment in commercial ventures and

transfer of new industrial processes in their respective

countries, taking particular account of the expertise and

interests of relevant enterprises and organisations in the

other country;

 

(b) Promote and support trade and investment missions,

market analyses, exchange of commercial and marketing

information, business and institutional linkages, and other

initiatives and contacts which bring together potential

commercial partners;

 

(c) Encourage the mounting of fairs, exhibitions and other

promotion activities by enterprises and organisations of the

other country;

 

(d) Encourage visits and exchanges of delegations and

specialists of relevant state and commercial enterprises,

economic development and research institutes and

establishments, and other appropriate organisations;

 

(e) Review impediments to trade which might hinder the

achievement of the objectives of this Agreement, noting the

mechanisms for this purpose established by this Agreement;

 

(f) Encourage the transfer of technology and new industrial

processes in order to promote the adaptation and improvement

of existing and new products and processes;

 

(g) Encourage the establishment of consultancies, joint

ventures, licensing and other co-operative arrangements

between enterprises in the two countries;

 

(h) Exchange views and information through appropriate forms

on the formulation and application of science and technology

policies and promote co-operation in science and technology

in areas of mutual interest, especially those relevant to

economic and social development; and

 

(i) Identify other forms of co-operation which may be

considered suitable by both Parties.

 

ARTICLE III

 

Sectors of Co-operation

 

1. The principal areas of co-operation shall be in sectors

of respective economic, commercial, industrial and

development priorities of the Parties, and may include:

 

(a) Energy and mining

 

(b) Natural resources, including resource management,

forestry, fisheries, livestock and crops

 

(c) Infrastructure development

 

(d) Agriculture and food processing

 

(e) Transportation

 

(f) Light industry including textiles, clothing, footwear,

wool, cotton, skins and hides processing

 

(g) Science and technology

 

(h) Environment

 

(i) Education

 

(j) Information technology including communications

 

(k) Banking and finance

 

(1) Tourism

 

(m) Other fields of co-operation that may be jointly

decided.

 

2. Nothing in this Article shall preclude the pursuit by the

commercial sectors of both Parties of business opportunities

in other product areas.

 

ARTICLE IV

 

Exchange of Information

 

1. The Parties shall exchange in a timely fashion

information relating to:

 

(a) National economic strategies, priorities, plans and

forecasts and other significant policies and developments

which have an impact on trade and commerce between the two

countries;

 

(b) Domestic laws, regulations and practices relevant to

trade and economic co-operation between the two countries or

otherwise relevant to the achievement of the objectives of

this Agreement;

 

(c) The interests of commercial enterprises and

organisations in their respective countries in importing and

exporting goods and services; and

 

(d) Opportunities for economic co-operation and investment

in commercial ventures in their respective countries, taking

particular account of the expertise and interests of

relevant enterprises and organisations in the other country.

 

2. The Parties shall, where appropriate, bring such

information promptly to the notice of relevant commercial

enterprises and organisations in their respective countries.

 

ARTICLE V

 

Exemptions from Import Duties and Taxes

 

The two Parties shall, in accordance with the existing laws

and regulations of each country, exempt from payment of

import duties and taxes articles for display at fairs and

exhibitions, as well as samples of goods for advertising

purposes, imported from the country of the other. Such

articles and samples shall not be disposed of in the country

into which they are imported without the prior approval of

the competent authorities of that country and the payment of

the appropriate import duties and taxes, if any.

 

ARTICLE VI

 

Most Favoured Nation Treatment

 

1. The two Parties shall grant each other most favoured

nation treatment in the issue of import and export licences

and the allocation of foreign exchange connected therewith,

as well as in all respects concerning customs duties, other

taxes or charges imposed on or in connection with imported

and exported goods, and customs and other related

formalities, regulation and procedures.

 

2. The provisions of and criteria relating to the Australian

System of Tariff Preferences for Developing Countries shall

continue to apply to the Socialist Republic of Vietnam in

like manner as to other countries.

 

3. Paragraphs 1 and 2 of this Article shall not apply to

preferences or advantages accorded by either Party under an

established preference system or in accordance with any

agreement or arrangement constituting or leading to the

establishment of a free trade area or a customs union or to

preferences or advantages accorded by either Party in trade

with countries having common borders.

 

ARTICLE VII

 

Protection of National Security, Human, Animal or Plant Life

or Health

 

No provisions of this Agreement shall be interpreted in such

a manner as to prevent the adoption or enforcement by either

Party of measures to safeguard its national security or

human, animal or plant life or health or to exercise its

rights and obligations under international law.

 

ARTICLE VIII

 

Payments

 

All payments between Australia and the Socialist Republic of

Vietnam shall be made through banks in the two countries

authorised to buy and sell foreign currency, in Australian

Dollars, or in other mutually acceptable freely convertible

currencies in accordance with the foreign exchange

regulations currently in force in the two countries and with

general customary practice, or, may be effected fully or

partially by the delivery of goods under arrangements

mutually acceptable to both parties.

 

ARTICLE IX

 

Financing of Australian Exports

 

The Australian Government will use its best endeavours to

ensure that the normal facilities for the financing of

Australian exports on credit terms, especially medium and

long term Government Credit will be available to the

Socialist Republic of Vietnam where this is appropriate.

 

ARTICLE X

 

Mechanisms for Co-ordination and Consultation

 

1. Implementation of this Agreement shall require close

co-ordination and consultation between the two Parties.

Consequently, the Parties agree to establish a Joint Trade

and Economic Co-operation Committee to accomplish the

objectives of the Agreement. The Committee shall consist of

a Minister from each country who will act as co-chairmen and

other members. The Committee shall meet annually or as

required. Meetings will be held alternately in Australia and

Vietnam.

 

2. The Joint Trade and Economic Cc-operation Committee

shall:

 

(a) Review progress in trade and economic co-operation

between the Parties provided for in the Agreement and make

recommendations concerning the enhancement of such

co-operation;

 

(b) Act as liaison point to address and resolve particular

impediments to trade and economic co-operation which might

hinder achievement of the objectives of the Agreement in

accordance with Article II (e);

 

(c) Consider proposals made by either of the Governments,

within the framework of this Agreement, aimed at further

expansion and diversification of trade between the two

countries;

 

(d) Establish such arrangements as may be necessary whereby

officials might exchange information at an significant

forthcoming protects.

 

ARTICLE XI

 

Entry into Force

 

1. This agreement shall come into force on the date of

signature and shall remain in force for an initial period of

three years. Thereafter it shall continue in force until the

ninetieth day after either Government has given to the

other, through the diplomatic channel, notice in writing of

its desire to terminate the Agreement.

 

2. Upon the entry into force of this Agreement, the

agreement between Australia and the Democratic Republic of

Vietnam, done at Canberra on 26 November 1974, shall cease

be in force.

 

IN WITNESS WHEREOF, the undersigned, being duly authorised

their respective Governments, have signed this Agreement.

Done at Hanoi this fourteenth day of June in the year One

Thousand Nine Hundred and Ninety in two originals in the

English and Vietnam languages, both of which shall be

equally authentic.

 

For Australia:

(Signed)

JOHN N. 8UTTON

 

For the Socialist

Republic of Vietnam:

(Signed)

HOANG MINH THANG

 

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