The State Bank        The Socialist Republic of Vietnam.
  of Vietnam            Independence-freedom-Happiness.
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                               Beijing, May 26th, 1994.

BILATERAL AGREEMENT ON SINO-VIETNAMESE BANKING COOPERATION

On 26 May 1994, in Beijing, Mr. Le Van Chau, Deputy Governor, Representative of State Bank of Vietnam, and Mr. Tran Nguyen, Governor, Representative of People's Bank of China, signed an agreement on settlement and cooperation between the two banks.

Hereunder is the content of the agreement :

Article 1 :

All exchanges of goods and services between the two countries effected by foreign trade institutions and other economic entities shall be permitted by the authorities concerned of the respective Governments and paid in free convertible foreign currencies that are accepted by the two parties.

Article 2 :

All payments for the exchanges of goods and services shall be effected via commercial banks of the two countries according to international practices and in free convertible foreign currencies.

Article 3 :

The payments for the goods and services between the foreign trade establishments and the other economic entities in the border-areas shall be effected via Commercial banks of the two countries under the following terms and conditions :

1. The payment effected in convertible foreign currencies or in any other currency shall be negotiated and approved by the two parties.

2. The payment made in goods and in case of disparity between imports and exports shall be effected under the mutual approval of the businesses of the two countries.

Article 4 :

To held the people on the borders in traveling, trading and exchanging, the respective commercial bank systems of the two countries shall, under specific conditions, make decisions on setting up counters for change currencies whose use shall be negotiated and approved by the two parties.

Article 5 :

The two parties deem it necessary to take specific and realistic measures to meet the requirements of the economic development of the two countries in such domains as training exchanges of experience and information on financial-banking activities.

Article 6 :

To meet the requirements of the economic development of the two countries, their commercial banks may establish agency relations when necessary.

Article 7 :

The revision and amendment of this Agreement shall be subject to unanimous approval in writing by the two parties.

Article 8 :

This Agreement shall come into force as from the date of its signing with a validity of 3 years, and upon its expiry there of shall automatically remain in force for further periods of 3 years each, unless either party notifies the other in writing of it s intention to terminate the Agreement, at least 60 days prior to the expiry of any one period.

for the State Bank of          for the People's Bank of
       Vietnam                         China
    Vice Governor                     Governor