texts being equally authentic.

FOR THE GOVERNMENT OF
THE UNITED STATES OF AMERICA

This Agreement is made in duplicate, in the English and Vietnamese languages, both

FOR THE GOVERNMENT OF
THE SOCIALIST REPUBLIC OF
VIETNAM

Leaver HU
& “V ss



(b) Toa an trong tai néu tai _Khodn (a) Diéu nay sé duoc
thanh lap va cé cdc nhiém vu sau day:

(i) M6i Chinh phi sé chi dinh mét trong tai vién. Hai
trong tai vién nay sé thoa thuan chon Chi tich Toa 4n trong
tai 14 cong dan cla nuéc thit ba va viéc chi dinh dé phai
duge hai Chinh phi chap thuan. C4c trong tai vién sé duoc
chi dinh trong véng 3 théng va Chi tich trong vong 6 thang
ké ti ngay nhan dugc yéu cau cla mot trong hai Chinh phi
vé viéc dua vu tranh chap ra xét xir tai trong tai. Truong hop
cde viéc chi dinh nay khong duoc thuc hién trong théi han
néi trén, méi Chinh pha cé thé, néu khong cé tho thuan
nao khdc, yéu cau Téng thu ky cha Trung tam quéc té vé
gidi quyét cdc tranh chap dau tu ( ICSID) tién hanh cdc viéc
chi dinh can thiét. Hai Chinh pha thoa thuan chap thuan cac
su chi dinh do.

(i) Quyét dinh cha Toa 4n trong tai duge théng qua
bang da sé phiéu va trén co so nhiing nguyén tac va thé lé
hien hanh cha phdp luat quéc té. Ouyét dinh cia Toa dn
trong tai 1a quyét dinh cudi cing va cé gid tri bat budc.

(iii) Trong qué trinh té tung, méi Chinh phi sé chiu
chi phf cho trong tai vién va cdc dai dién cha minh tham gia
t6 tung truéc Toa dn, chi phi cho Chi tich va cde chi phi
khac cha trong tai s€ duoc chia déu gifta hai Chinh phi. Tai
phan quyét cla minh, Toa 4n trong tai cé thé chia lai chi phi
gitta hai Chinh pho.

iv) Toa an trong tai sé quy dinh thi tuc miéng cia
minh trong moi van dé.

DIEU V

(a) Hiép dinh nay cé hiéu luc ké tk ngay Bén tht 2 ky
Hiép dinh.



DIEUI

Cac khdi niém str dung tai Hiép dinh nay duge hiéu theo
céc nghia quy dinh dudi day. Khai niém " Hé tro dau tu” chi
c4c khoan cho vay, dau tu cé phén nham khuyén khich hodc
hé tro dau tw cla cdc nha dau tu phi chinh phi cha Hop
ching quéc Hoa Ky, bao lanh dau tu, bao hiém hodac tdi bao
hiém dau tu do Co quan hé tro dau tu thuc hién lién quan
dén du 4n tai lanh thé Cong hoa Xa hoi Chi nghia Viet
Nam. Khai niém " Co quan hé trg dau tu" chi OPIC va co
quan ké nhiém cla Hop ching quéc Hoa Ky va ngudi dai
dién cha cdc co quan dé véi “didn kién ngudi dai dién dé
hoat d6ng trong pham vi.dugc OPIC hodc co quan ké nhiém
uy quyén. Khai niém " thué" nghia 1a tat cd cdc Joai thué va
cdc nghia vu tuong tr thué hién dang 4p dung va sé dugc 4p
dung sau dé béi Chinh phi Cong hoa X& héi Chu nghia Viét
Nam va cdc nghia vu cé lién quan.

DIEU I

(a) Co quan hé trg dau tu sé khong thuéc pham vi diéu
chinh cia phap luat Cong hoa Xa héi Cha nghia Viet Nam
4p dung d6i véi cdc t6 chitc bao hiém va tai chinh. Ngoai trir
truéng ‘hop Hiép dinh nay quy dinh khdc, hoat dong cha Co
quan hé trg dau tu tai Viét nam phai tan thi phép luat
Viét Nam va quéc té cé lién quan.

(b) VGi tr cdch 14 co quan Chinh pha hoat déng vi muc
dich khuyén khich va hé tro dau tu, moi hoat déng va giao
dich do Co quan hé tro ddu tu thuc hién cé lién quan dén
cdc hé trg dau tu va cdc khoan thanh toan, nhy Jai tién vay,
khoan vay géc, phi, loi tic cd phan, phi bao hiém hodc cdc
khoan thu nhap ti thanh ly tai san hoac cdc khodn thanh
todn cé tinh chat khdc do Co quan hé tro dau ty tra, nhan
hoac bao Janh c6 lién quan dén cdc hé tro dau tr sé dugc



HIEP DINH
gifta ;
CHINH PHU HOP CHUNG QUOC HOA KY
va
CHINH PHU CONG HOA XA HOI CHU NGHIA VIET NAM
vé
HOAT DONG CUA TO CHUC DAU TU TU NHAN HAINGOAI
TAI VIET NAM

sek ae Rake

CHINH PHU HOP CHUNG QUOC HOA KY VA
CHINH PHU CONG HOA XA HOI CHU NGHIA VIET
NAM;

Khang dinh lai mong muén chung vé viéc thiét lap va
phat trién hop tdc dau tu gitta hai nuéc trén co sé binh dang,
cing cé lgi va ton trong 14n nhau;

Nhan thay rang muc dich trén cd thé duoc thtic day
thong qua hé tro dau ty dudi hinh thttc bao hiém, tdi bao
hiém dau tu, cho vay von, d4u tu cé phan va bao lanh dau tw
do Co quan dau tr tr nhan hai ngoai ( “OPIC")- mét té chtic
phat trién va JA mét co quan cia Chinh phi Hop ching
quéc Hoa Ky thuc hién;

Da thoa thuan nhw sau:



DIEU I

(a) Cac khoan tién Viét Nam , bao gém tién mat, tai
khoan, tin dung va cdc hinh thitc thanh to4n khdc do Co
quan hé tro dau tu cé duoc khi thuc hién viéc thanh todn
hodc thuc hién cdc quyén voi tu cdch 1a nguéi chi: ng lién
quan dén c4c hé trg dau tu do Co quan hé tro dau tu thuc
hién d6i véi du dn tai Viét nam sé duoc hudng su déi xi
trong viéc sit dung va chuyén déi tai lanh thé Cong hoa Xa
héi Chi nghia Viét Nam khong kém thuan loi hon su d6i xtr
duoc 4p dung di v6i cdc khoan tién cha c4 nhan hodc thuc
thé ma Co quan hé tro dau tr cé duoc.

(b) Co quan hé tro dau ty cé thé chuyén cdc khoan tién
va tin dung noi trén cho cdc c4 nhan hoac 6 chttc khdc va
khi dugc chuyén nhuong thi cdc cA nhan va t6 chttc dé duoc
ty do sir dung tai lanh thé Viet Nam nhung phai pha hop voi
phap luat Viet Nam.

DIEU IV

(a) Moi tranh chap giita Chinh phi Hop chting quéc Hoa
Ky va Chinh phi Cong hod X4 hoi Chi nghia Viet Nam
hién quan dén viéc giai thich Hiép dinh nay hodc cdc tranh
chap ma theo y kién cha mot trong hai Bén, dugc coi 14 van
dé cha phdp luat quéc té phat sinh tir cdc dw dn hoac hoat
déng duoc huéng cdc hé tro dau tu, sé dugc gidi quyét,
trong chimg muc cé thé, thong qua dam phén gitta hai Chinh
phi. Néu trong vong sdu thang ké ti khi cd yéu cdu dam
phan trén day, hai Chinh phi van khong gidi quyét duoc
tranh chap, thi vu tranh chap, bao gém ca van dé liéu tranh
chap dé c6é phai 1a mét van dé cia phdp luat quéc té hay
khéng, sé duoc dé trinh, theo sang kién cha bat ky Bén nao,
ra Toa 4n trong tai dé giai quyét theo Khoan (b) Diéu nay.



AGREEMENT
r BETWEEN
THE GOVERNMENT OF THE UNITED STATES OF AMERICA
AND
THE GOVERNMENT OF THE SOCIALIST REPUBLIC OF VIETNAM

REGARDING THE OPERATIONS OF
THE OVERSEAS PRIVATE INVESTMENT CORPORATION IN

VIETNAM

THE GOVERNMENT OF THE UNITED STATES OF AMERICA and THE GOVERNMENT OF
THE SOCIALIST REPUBLIC OF VIETNAM;

Rearrinminc their common desire to establish and develop mutually beneficial and
equitable investment cooperation between the two countries on the basis of mutual Tespect; and

Recocnizinc that this objective can be promoted through investment support provided by
the Overseas Private Investment Corporation ("OPIC"), a development institution and an agency
of the United States of America, in the form of investment insurance and reinsurance, debt and
equity investments and investment guaranties;

HAVE HEREBY AGREED as follows:

ARTICLE 1

As used in this Agreement, the following terms have the meanings herein provided. The
term "Investment Support" refers to any debt investment, any equity investment provided to
encourage or support an investment made by a non-governmental investor from the United States
of America, any investment guaranty, and any investment insurance or reinsurance which is
provided by the Issuer in connection with a project in the territory of the Socialist Republic of
Vietnam. The term "Issuer" refers to OPIC and any successor agency of the United States of
America, and any agent of either, to the extent such agent is acting within the scope of authority
delegated by OPIC or any such successor. The term "Taxes" means all present and future taxes



(b) Hiép dinh nay sé tiép tuc cé hiéu luc trong vong 6
thang ké tit ngay nhan dugc théng bdo cia mét trong hai
Chinh phi vé ¥ dinh chdm ditt Hiép dinh. Trong trudng hop
nhu vay, céc diéu khodn cla Hiép dinh nay lién quan dén
cdc hé tro dau tu dugc thuc hién trong thoi gian Hiép dinh
nay c6 hiéu luc sé cdn cé hiéu luc trong khi c4c hé tro dau
tu. dé dang duoc thuc hién, nhung trong moi truéng hop
khong kéo dai qué 20 nam ké tir khi Hiép dinh nay hét hiéu
luc.

Dé lam bang, nhiing ngudi duéi day, duc su uy quyén
cia Chinh phi méi Bén, da ky Hiép dinh nay.

KY HIEP DINH thay mat Chinh phi Hop ching quéc
Hoa Ky tai Washington D.C ngay/9 thang 3 nam 1998,

KY HIEP DINH thay mat Chinh pha Cong hoa X4 hdi
Chi nghia Viet Nam tai Ha Noi ngaygg thang 3 nam 1998.

Hiép dinh nay duoc lam theo 2 ban g6c, bang tiéng Anh
va tiéng Viét Nam, hai van ban cé gia tri nhu nhau.

THAY MAT CHINH PHU THAY MAT CHINH PHU
HOP CHUNG QUOC HOA KY CHXHCN VIET NAM

C9 £5



mién thué. Co quan hé tro dau tu sé khong phai chiu cdc
loai thué lién quan dén viéc chuyén nhuong, ké nhiém hoac
mua lai duge thuc hién theo Khoan (c) cia Diéu nay hodc
Diéu 3 (a) dudi day. Moi du 4n d& duge thuc hién én quan
dén cdc hé tro ddu tu phai nép cdc loai thué hién hanh cha
Viet Nam, ké ca trudng hop thanh ly, nhung sé duoc huéng
su déi xtt vé thué khong kém thuan loi hon su déi xi 4p
dung vdi cdc du 4n tuong tr duoc hudng loi fch tir cdc
chuong trinh hé tro dau tu cha cdc té chttc phat trién quéc
gia hoac da quéc gia khdc hoat déng tai Viét Nam.

(c) Truéng hop Co quan hé tro dau tu thuc hién viéc
thanh todn cho cdc c4 nhan hode thuc thé thue hién cdc
quyén cla ngudi chi ng hodc ngudi thé quyén lién quan dén
cdc hé tro dau ty thi Chinh phi Viét Nam sé cong nhan viéc
chuyén nhuong hodc mua lai cla Co quan hé tro dau tu déi
véi bat ky khoan tién mat, cdc tai khoan, cdc khoan tin
dung, cdc chitng tt hoac tai san khdc lién quan dén cdc
khoan thanh toan dé, hodc viéc thuc hién cdc quyén dé cing
nhu viéc ké nhiém cia Co quan hé tro dau tr doi véi nhing
quyén loi, quyén sé hitu, khiéu nai, dac quyén hodc quyén
doi ng dang tén tai hodc cé thé sé phat sinh cé lién quan dén
c4c hé tro dau tu.

(d) D6i véi cdc Igi ich duge chuyén cho Co quan hé tro
dau ty hodc cdc Igi fch do Co quan hé tro dau tr duoc
hudng theo Hiép dinh nay, Co quan hé tro dau tu sé cé cdc
quyén khéng vuot qué cdc quyén cia cd nhan hodc 16 chitc
d& chuyén giao cdc loi ich dé véi diéu kién khong cé diéu
khoan nao cia Hiép dinh nay han ché quyén cha Chinh pha
Hop ching quéc Hoa Ky, pht hop voi phdp luat quéc té,
v6i tu cach 14 mt quéc gia cé chi quyén, ddi cdc quyén
khdc véi cdc quyén ma Co quan hé tro dau tu cé theo quy
dinh cha Khodan (c) cha Diéu nay.



-4-

(ii) Decisions of the arbitral tribunal shall be made by majority vote and shall
be based on the applicable principles and rules of international law. Its decision shall be
final and binding.

(iii) | During the proceedings, each Government shall bear the expense of its
arbitrator and of its representation in the proceedings before the tribunal, whereas the
expenses of the president and other costs of the arbitration shall be paid in equal parts by
the two Governments. In its award, the arbitral tribunal may reallocate expenses and
costs between the two Governments.

(iv) In all other matters, the arbitral tribunal shall regulate its own procedures.

ARTICLE 5

(a) | This Agreement shall enter into force from the date of.the second signature set
forth below.

(b) This Agreement shall continue in force until six months from the date of a receipt
of a note by which one Government informs the other of an intent to terminate this Agreement.
In such event, the provisions of this Agreement shall, with respect to Investment Support
provided while this Agreement was in force, remain in force so long as such Investment Support
remains outstanding, but in no case longer than twenty years after the termination of this
Agreement.

IN WITNESS WHEREOF, the undersigned, duly authorized by their respective
Governments, have signed this Agreement.

DONE on behalf of the Government of the United States of America in Washington on the
‘I Ftkday of March, 1998; and

Done on behalf of the Government of the Socialist Republic of Vietnam in Hanoi on the
Jh#day of March, 1998.



ARTICLE 3

(a) Amounts in the currency of the Socialist Republic of Vietnam, including cash,
accounts, credits, instruments or otherwise, acquired by the Issuer upon making a payment, or
upon the exercise of its rights as a creditor, in connection with any Investment Support provided
by the Issuer for a project in Vietnam, shall be accorded treatment in the territory of the Socialist
Republic of Vietnam no less favorable as to use and conversion than the treatment to which such
funds would have been entitled in the hands of the person or entity from which the Issuer
acquired such amounts.

(b) Such currency and credits may be transferred by the Issuer to any person or entity
and upon such transfer shall be freely available for use by such person or entity in the territory of
the Socialist Republic of Vietnam in accordance with its laws.

ARTICLE 4

(a) Any dispute between the Government of the United States of America and the
Government of the Socialist Republic of Vietnam regarding the interpretation of this Agreement
or which, in the opinion of either party hereto, presents a question of international law arising out
of any project or activity for which Investment Support has been provided shall be resolved,
insofar as possible, through negotiations between the two Governments. If, six months following
a request for negotiations hereunder, the two Governments have not resolved the dispute, the
dispute, including the question of whether such dispute presents a question of international law,
shall be submitted, at the initiative of either Government, to an arbitral tribunal for resolution in
accordance with paragraph (b) of this Article.

(>) The arbitral tribunal referred to in paragraph (a) of this Article shall be established
and shall fiction as follows:

i) Each Government shall appoint one arbitrator. These two arbitrators shall
by agreement designate a president of the tribunal who shall be a citizen of a third state
and whose appointment shall be subject to acceptance by the two Governments. The
arbitrators shall be appointed within three months, and the president within six months, of
the date of receipt of either Government's request for arbitration. If the appointments are
not made within the foregoing time limits, either Government may, in the absence of any
other agreement, request the Secretary-General of the International Centre for the
Settlement of Investment Disputes to make the necessary appointment or appointments.
Both Governments hereby agree to accept such appointment or appointments.



-2-

and tax-like obligations imposed by the Government of the Socialist Republic of Vietnam and all
liabilities with respect thereto.

ARTICLE 2

(a) The Issuer shall not be subject to the regulatory laws of the Socialist Republic of
Vietnam specifically applicable to insurance or financial organizations. Except to the extent
otherwise provided in this Agreement, the operations of the Issuer in Vietnam shall be subject to
appropriate Vietnamese law and applicable international law.

(b) As the Issuer is a government agency acting for the purpose of encouragement and
support of investors, all operations and activities undertaken by the Issuer in connection with any
Investment Support, and all payments, whether of interest, principal, fees, dividends, premiums,
or the proceeds from the liquidation of assets or of any other nature, that are made, received or
guaranteed by the Issuer in connection with any Investment Support shall be exempt from Taxes.
The Issuer shall not be subject to any Taxes in connection with any transfer, succession or other
acquisition which occurs pursuant to paragraph (c) of this Article or Article 3(a) hereof. Any
project in connection with which Investment Support has been provided shall be subject to
applicable Vietnamese taxes, including in the case of liquidation, but shall be accorded tax
treatment no less favorable than that accorded to similar projects benefiting from the investment
support programs of any other national or multilateral development institution which operates in
Vietnam.

(c) If the Issuer makes a payment to any person or entity, or exercises its tights as a
creditor or subrogee, in connection with any Investment Support, the Government of the Socialist
Republic of Vietnam shall recognize the transfer to, or acquisition by, the Issuer of any cash,
accounts, credits, instruments or other assets in connection with such payment or the exercise of
such rights, as well as the succession of the Issuer to any right, title, claim, privilege or cause of
action existing, or which may arise, in connection therewith.

(a) With respect to any interests transferred to the Issuer or any interests to which the
Issuer succeeds under this Article, the Issuer shall assert no greater rights than those of the person
or entity from whom such interests were received, provided that nothing in this Agreement shall
limit the right of the Govemment of the United States of America to assert a claim under
international law in its sovereign capacity, as distinct from any rights it may have as the Issuer
pursuant to paragraph (c) of this Article.