Agreement Between The Government Of The People'S Republic Of China And The Government Of Socialist Republic Of Vietnam On Mutual Supply Of Goods And Payments In 1978

Promulgation date: 1978-01-10

Execution date: 1978-01-01

The People's Republic of China government and the Socialist Republic of Vietnam government signed the agreement in order to strengthen friendly cooperation between the two countries and promote the development of mutual economic relations and trade.

Article 1

The goods mutually supplied between the two sides in 1978 are dealt with in accordance with the cargo orders No. 1 and second attached to this agreement, and the two documents are part of this agreement.

After consultation, the bill of goods can be changed or expanded.

Second article

This Agreement shall be executed by the Ministry of foreign trade of the People's Republic of China and the Ministry of foreign trade of the Socialist Republic of Vietnam, and shall be signed by the respective agencies designated by the two parties according to the goods mentioned in Article 1 of this agreement.

The name, quality, specification, quantity, packing, price, time of delivery, place of delivery and mode of pportation of the goods should be stipulated in the contract.

Third article

The two sides agree that the price of the exchanged goods stipulated in this Agreement shall be determined on the basis of international market prices, and shall be negotiated and determined by the two parties on the basis of equality, mutual benefit, fairness and rationality, and the Renminbi shall be the unit of account.

Fourth article

In accordance with this agreement, the payment of the payment of the goods to each other and the subordinate expenses related to the delivery of the goods shall be handled by the national banks of both parties.

The two countries' banks have opened a 1978 year interest free account for trade purposes.

A bank of any country shall receive payment immediately after receipt of the documents stipulated in the terms and conditions of the Sino Vietnamese joint venture, whether or not there is a deposit in the bank account of the other party.

Payment procedures are agreed by the national banks of both countries.

Fifth article

The final settlement time for goods exchange and payment stipulated in this agreement is December 31, 1978.

The national banks of the two countries should immediately reconcile the settlement balance of 1978 as of December 31st before the end of February 1979 and immediately pfer to the 1979 year's trade account.

So far, the trade account for 1978 has come to an end.

The deficit of the settlement result should be paid by the material surplus in 1979.

In accordance with the provisions of the second article of this agreement, the part of the contract not delivered to December 31, 1978 may continue to be delivered in 1979 or be revoked according to the agreement between the parties.

The payment for continuous delivery and its subordinated expenses should be credited to the trade account of 1979.

Sixth article

The duties stipulated in this Agreement for each other's goods in each country shall be taken care of by the parties themselves.

Seventh article

The validity period of this Agreement shall be from January 1, 1978 to December 31, 1978.

The agreement was signed in Beijing in January 10, 1978. A total of two copies were written in Chinese and Vietnamese, and the two texts were equally authentic.

People's Republic of China government Socialist Republic of Vietnam government

Plenipotentiary plenipotentiary

Wang Runsheng Ruan Zheng

(signature) (signature)