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FRAMEWORK AGREEMENT

BETWEEN THE GOVERNMENT OF THE SOCIALIST REPUBLIC OF VIET NAM AND THE GOVERNMENT OF HUNGARY ABOUT THE ESTABLISHMENT OF A FRAMEWORK PROGRAMME FOR FINANCIAL CO-OPERATION

Article 1

Definitions

a) tied aid credit: export credit tied to procurement of goods and/or services originating from Hungary and supported officially through interest rate support and insurance with a concessionality level not less than 35 per cent;

c) concessionality level: the difference between the nominal value of the tied aid credit and the discounted present value of the future debt service payable by the borrower, expressed as a percentage of the nominal value of the tied aid credit;

e) grant element: the part of the tied aid credits nominal capital value, non-repayable by the borrower;

g) starting point of credit: to be determined according to the list of definitions set out in the m) point of Annex XIV. of the OECD Arrangement;

i) ODA: Official Development Assistance;

Article 2

Establishment of the framework programme for financial co-operation

The Government of the Socialist Republic of Viet Nam accepts the tied aid credit line and, acting in accordance with the legal normative documents of Viet Nam and international treaties to which Viet Nam is a member, supports the realisation of the present framework program of tied aid credit.

Article 3

Amount of the tied aid credit line and its financial conditions

The concessionality level of credit payable under the tied aid credit line shall be not less than 35% in conformity with the OECD Arrangement.

The disbursement period of credit disbursed under the tied aid credit line will be stipulated in the individual credit agreement depending on the particular projects. The disbursement period for the individual credits shall not exceed 3.5 (three and a half) years.

Article 4

Utilisation of the tied aid credit line

Contracting Parties agree that the Government of the Socialist Republic of Viet Nam will apply the tied aid credit line for priority areas specified in the Appendix forming an integral part of this Agreement.

The Government of the Socialist Republic of Viet Nam or the organisation appointed by it for realisation of the projects under priority areas specified in the Appendix, in conformity with its legislation, acting in accordance with generally accepted principles and good procurement practices and Viet Namese procurement procedures, gives the Ministry of Foreign Affairs and Trade of Hungary information about its decisions.

Article 5

Acceptance procedure

a) The exporter and the importer elaborate the export contract on the realisation of the projects.

c) Eximbank confirms in writing the start of the negotiation about the individual credit agreement based on the export contract approved by the Agency of Viet Nam.

Article 6

Disbursement of the tied aid credit

Eximbank, for the account of its own resources, lends, up to the amount of credit line agreed in this Agreement, concessional credit to MOF for the realisation of the accepted projects. The measure of the financing is 100 per cent of the value of the accepted projects and the amount of the grant element.

Eximbank and MEHIB, in accordance with the international obligations, notify beforehand their intention to lend tied aid credit related to the particular projects. After successful execution of the procedure of approval Eximbank gives notes to the importer/buyer and the exporter, and the Contracting Parties, respectively.

Article 7

Conditions of the individual credit agreement

Eximbank and MEHIB shall conclude a credit insurance contract complying with the conditions fixed by the Hungarian law in force.

Article 8

Taxes, fees

Costs arising during the individual credit agreement shall be paid by the parties of the credit agreement in their own country and they cannot be charged on the individual tied aid credit.

Regarding any taxes relevant for this Agreement and the individual credit agreement the Agreement on Avoiding Double Taxation between the Socialist Republic of Viet Nam and Hungary should be respected.

Article 9

Dispute Settlement

Article 10

Closing Provisions

b) This Agreement shall be valid for a period of two (02) years from the date of its coming into force and shall be automatically renewed for period of one (01) year, unless one Party informs the other of its decision to terminate it, by means of a written notification at least three (03) months before expiry.

d) This Agreement may be cancelled upon agreement of Contracting Parties in writing through diplomatic channels. In this case the Agreement shall abate on 60th (sixtieth) day of the other Contracting Party’s receipt of the notification about cancellation.

Signed in Hanoi on the day of 12 ^th January in 2017, in English language, in two originals.

APPENDIX ONE

LIST OF PRIORITY AREAS FOR REALISATION UNDER THE AGREEMENT BETWEEN THE GOVERNMENT OF THE SOCIALIST REPUBLIC OF VIET NAM AND THE GOVERNMENT OF HUNGARY ON THE ESTABLISHMENT OF AFRAMEWORK PROGRAMME FOR FINANCIAL CO-OPERATION

2. Environment protection and adoption to climate change

4. Public administration (population registration)

6. Educational infrastructure including vocational training