The Saeima has adopted and the President promulgated the following laws: For the Government of the Republic of Latvia and the Government of the Socialist Republic of Vietnam's agreement on the promotion and protection of investments 1. 1995 November 6, Riga, signed the Government of the Republic of Latvia and the Government of the Socialist Republic of Vietnam on the promotion and protection of investment (hereinafter contract) with this law is adopted and approved. 2. article. The law shall enter into force on the date of its promulgation. To put the contract in law Latvian and English. 3. article. Ministry of Foreign Affairs of the Republic of Latvia on the basis of this law and in accordance with article 13 of the Treaty, prepare the exchange of instruments of ratification of the article with the Government of the Socialist Republic of Vietnam. 4. article. The agreement shall enter into force for the period specified in article 13 and in order. The Saeima adopted the law on February 8, 1996. The President g. Ulmanis in Riga in 1995. on 16 February, the Government of the Republic of Latvia and the Government of the Socialist Republic of Vietnam on the promotion and protection of investments the Government of the Republic of Latvia and the Government of the Socialist Republic of Vietnam (hereinafter referred to as the Contracting Parties) desiring to extend and deepen the long-term economic and industrial cooperation and, in particular, to create favourable conditions for investments by investors of one Contracting Party shall be carried out in the territory of the other Contracting Party; Recognizing the need to protect the investors of the Contracting Parties to the investment and to stimulate investments and individual business initiatives, with a view to encouraging the growth of economic prosperity in the countries of the Contracting Parties; agreed as follows: article 1 1. Explanations of terms in this contract: a) "investment" means every kind of asset invested in connection with business activities, which the investors of one Contracting Party shall, in the territory of the other Contracting Party in accordance with its legislation, and including, though not exclusively, includes: 1) movable and immovable property and any other property rights such as mortgages, mortgages, property values in burden similar rights; 2) company shares, securities and Treasury bills bezsegum or any other form of financial participation in a company; 3) property rights to money or to any other form of activity which have an economic value; 4) intellectual and industrial property rights, including copyrights, patents, trademarks, trade names, industrial designs, trade secrets, technological processes, know-how or "know-how" and "goodwill"; 5) all rights stipulated by legislation or contracts, including concessions for natural resource exploration, extraction, cultivation or use; Any changes that affect the way in which the investment is made, cannot be a reason to change the status of their investments, if such changes do not conflict with the Contracting Party in whose territory the investment is made in these regulations; (b)) "earnings" means the funds derived from the investments, and including, though not exclusively, include profits, interest, capital gains, dividends, and royalties. Income from investments and reinvestment is used the same protection as investment; (c)) "investor" for Contracting Parties stands: 1) any natural person who, in accordance with the legislation of a Contracting Party granted its nationality; or 2) any corporation, partnership, trust, joint enterprises, organizations, associations or businesses that are established or designed to meet the contracting party carrying out the investment, the legislation in force; 3) any legal person or organization, which is established under the laws of any third country, controlled by the contracting parties concerned citizens or legal persons whose main location is in the territory of that Contracting Party; (d)) "territory" means: 1) as regards the Republic of Latvia, the Republic of Latvia's territory, including the territorial sea and any maritime or underwater territory in which the Republic of Latvia in accordance with international law, exercises its sovereign rights with respect to the seabed and the underground and the zone's natural resources; 2) with respect to the Socialist Republic of Vietnam, all the land area (including Islands), maritime and underwater areas in the Socialist Republic of Vietnam in accordance with international law, exercises its sovereign rights; e) ' freely convertible currency ' means any currency, which is widely used to make payments in international money transfers and which is widely bought and sold in major international currency exchanges. Article 2 promotion and protection of investments 1 each Contracting Party undertakes to promote in its territory and to create conditions favourable to investment investors of the other Contracting Party, as well as allow to make such investments in accordance with its legislation. 2. each Contracting Party, investments of investors at any time will ensure the fair and equal treatment, and they are entitled to full protection and security in the territory of the other Contracting Party. Article 3 national MFN conditions 1. Investments, which ieguldītāji the Contracting Parties shall be carried out in the territory of the other Contracting Party is ensured in conditions that are fair and equitable and not less favorable than those that are provided by a third country investments of investors. 2. where an investor of one Contracting Party for investments in the territory of the other Contracting Party suffer losses that the reason is war or other armed conflict, revolution, the introduction of an emergency State, rebellion, insurrection or rebellion, the other Contracting Party shall undertake activities relating to property restitution, indemnification, compensation or other type of solution, which would be at least as favourable as that which the Contracting Party applied to investors of any third State. Article 4 exceptions to the terms of this agreement, relating to the granting of a treatment no less favourable than that which is granted to any third country investors, will not be used to force one Contracting Party to extend to investors of the other Contracting Party of the benefits or privilege arising out of: (a)) of any existing or potential customs, free trade zones, the Monetary Union or a similar international agreements or other regional economic cooperation frameworks that have engaged in or may engage in any of the Contracting Parties; or (b)), which provides contract creation of such a Union or area the creation or extension of the period of time; or c) any international agreement or arrangement, or any local legislation, which are entirely or mainly to taxation. Article 5 expropriation 1. Neither Contracting Party shall not make the expropriation, nationalization or transfer of any kind of activities that occurs in consequence of nationalization or expropriation, identical with respect to investors of the other Contracting Party, except where it is carried out at the following conditions: (a)) where such operations are carried out in the public interest and in accordance with the procedure prescribed by law; (b) of this Act are not discriminatory); (c)), these activities are carried out, while providing timely, adequate and effective compensation. Such compensation should be similar to seized the market value of the investment at the time before the transfer or before the transfer of formal notification of the fact, and it must be paid without delay. The refund must include interest, beginning with the date of the transfer, calculated in accordance with komerckurs. The compensation should be effectively realizable and freely transferable in any freely convertible currency. 2. The investor whose assets are expropriated, shall have the right to require that the Contracting Party has made the expropriation, the Court concerned or the authorities rapidly to review his case, to determine whether such expropriation and compensation is carried out in accordance with the principles laid down in this Treaty and the legislation of the contracting party carrying out the expropriation. 3. Article 1 of this Agreement) paragraph 3 (c)) that investors cannot take action in the cases described in this article, if the compensation is paid under similar conditions in any other investment in the contract is concluded by the Contracting Party in whose territory the investment is made. Article 6 transfers 1. the Contracting Parties shall, in accordance with the legislation of their own party, guarantees the following transfers are made without delay, and in any freely convertible currency: a) the net profit, dividend, technical assistance and technical fees, interest or other current income derived from the investors of the other Contracting Party on any type of investment; b) income from total or partial investor of the other Contracting Party of the contribution to the liquidation; c) investment-related loan principal; and (d)) the citizens of one of the Contracting Parties or the Permanent income of the population, who are employed or who are allowed to work in connection with investments in the territory of the other Contracting Party. 2. the exchange rate that is applied to the paragraph 1 of this article, the transfers must be a valid transfer. 3. the Contracting Parties undertake to apply paragraph 1 of this article the transfers referred to in the same rules applied to transfers that are made from the investor of any third State investments. Article 7 the investment dispute settlement between one Contracting Party and an investor of the other Contracting Party, 1. To resolve investment-related disputes between one Contracting Party and an investor of the other Contracting Party, consultations shall take place between the interested parties, the aim of which is possible, friendly to solve the case. 2. If the consultations within a period of six months from the date of submission of the issue is not resolved, the investor may at its discretion, submit the matter to): (a) the Contracting Parties in whose territory the investment is made, the competent judicial institutions; or (b) the international investment) dispute resolution Centre (ICSID) in accordance with the relevant conditions laid down in the Convention on the settlement of investment disputes between States and nationals of other States, opened for signature 18 March 1965 in Washington, where the two parties joined to that Convention; or (c) the International Tribunal established), established under the United Nations Commission on international trade law (UNCITRAL) arbitration rules, unless the parties concerned agree otherwise. 3. each Contracting Party agrees to submit the dispute to a contribution to the international conciliation court or arbitration. 4. The Contracting Party involved in the dispute, at that time, while the investment disputes, cannot use their immunity or the fact that the depositor has received compensation under the insurance contract, which is fully or partly covered by damages, his defence. 5. the arbitration decision is final and binding for the two parties to the dispute. Each Contracting Party shall execute in accordance with their legislation and in accordance with the 1958 UN Convention on foreign arbitral tribunal the recognition and enforcement of decisions (New York Convention), if the Contracting Parties are parties to this Convention. 8. Article sort of disputes between the Contracting Parties 1. disputes between the Contracting Parties relating to the interpretation or the execution of this agreement, sort of, if it is possible, through diplomatic channels. 2. If any dispute between the Contracting Parties, however, it is not possible to resolve, at the request of the parties to it must be submitted to the Arbitration Court. 3. Such arbitral tribunal is to be established in each individual case in the following way: in the two months following the request for arbitration, each Contracting Party shall appoint one member of the Court. The two appointed members of the Court then single out any third country national who, after the consent of both parties is appointed as the Chairman of the arbitral tribunal. The Chairman shall be appointed within two months from both the rest of the appointment of the members of the Court. 4. in case if the officers are not appointed within the period referred to in paragraph 3 of this article, the Contracting Parties shall, in the absence of any other arrangement can be made to the President of the International Court of Justice with the request to appoint the necessary officers. If it turns out that the President is a national of a Contracting Party or for some other reason unable to perform the above functions, the request to designate the necessary officials are addressed to the Vice President. If the Vice President is a national of a Contracting Party or, if he is for some other reason unable to perform the above functions, the request to designate the necessary officials are addressed to the Member of the International Court of Justice, who occupy the next level of the hierarchy and who does not have citizenship of one of the Contracting Parties. 5. the arbitral decisions are taken by majority vote. Such decisions shall be binding on both Contracting Parties. Each Contracting Party shall bear its own expenses for the members of the Court and representation in the arbitration procedure; expenses of the Chairman as well as other costs equal parts shall be borne by the Contracting Parties. Despite this, the Court can decide to require one party to bear the greater part of the expenditure, and this decision is binding on both Contracting Parties. The Court determines the procedure of the Court. Article 9 the substitution principle If a Contracting Party or its authorized body in accordance with the guarantee that it provided for the payment of contributions to any of its investors, the other Contracting Party, without objecting to the previous contracting parties or its authorized bodies in accordance with article 7, as substitute party recognises all rights or claims pirmāk the transfer of that Contracting Party or to the body designated by it , and the parties concerned or its authorized bodies on these rights or replacement claims. Substitution rights may not exceed the original investors rights. Article 10 special conditions are applied If the local legislation of a Contracting Party or obligations under international laws which exist at present or will be established, entitles the investor of the other Contracting Party to a treatment more favourable than the contribution, then such provisions will prevail over this agreement to the extent that they are more favourable. Article 11 consultations and exchange of information By one of the Contracting Parties, at the request of the other Contracting Party agrees to immediately hold consultations on the interpretation of this agreement. Of one of the Contracting Parties ' request is made to the exchange of information on the manner in which the investments referred to in this agreement, affect the other party's laws, regulations, administrative practices or procedures, or policy. 12. Article 1 of the application of this agreement this Agreement shall apply to those investments, which investors of one Contracting Party shall be carried out in the territory of the other Contracting Party after the entry into force of this agreement. 2. this agreement applies to those investments, which investors of one Contracting Party shall be carried out in the territory of the other Contracting Party before the entry into force of this agreement, if such investment is carried out in accordance with the Contracting Parties ' foreign investment legislation. 3. This Treaty shall not apply to any investment disputes that might arise, or any claim, which was organized before the entry into force of this agreement. Article 13 entry into force of the agreement, the deadline and the denunciation 1. This Treaty shall enter into force with the moment when the Contracting Parties have notified each other in writing that all constitutional requirements necessary for the Treaty to enter into force, is settled. 2. this Agreement shall remain in force for 10 years and remain in force, unless it is denounced, in accordance with paragraph 3 of this article. 3. Either Contracting Party may denounce this agreement the initial 10-year period or at any time after notifying the other in writing of the Contracting Parties 1 the year before. 4. The rest of this agreement remains in place even 10 years after the denunciation of the agreement in relation to those investments which are performed before the denunciation of this agreement. This agreement is signed in the presence of witnesses, which for this purpose is authorized by the person concerned of the Government. Contract concluded in Riga, 1995 November 6, in two copies, each in the Latvian, Vietnamese and English, in addition, all texts are authentic. In the case of different interpretation of the determinant of the Treaty text will be in English.
The Republic of Latvia Government of the Socialist Republic of Vietnam on behalf of the Government, agreement between the Government of the Republic of Latvia and the Government of the Socialist Republic of Vietnam for the Promotion and Protection of investments the Government of the Republic of Latvia and the Government of the Socialist Republic of Vietnam, hereinafter referred to as the "Contracting Parties"; (Menu rngton Line4) to expand and deepen economic and industrial cooperation on a long term basis, and in particular, to create favourabl condition for investments by investors of one Contracting Party in the territory of the other Contracting Party; Recognising the need to protect investment by investors of both Contracting Parties and to the flow of stimulat investments and individual business initiative with a view to the economic prosperity of both Contracting Parties; Have agreed as follows: article 1 Definition For the purpose of this agreement: (a) "investment" means every kind of asset invested in connection with economic activities by an investor of one Contracting Party in the territory of the other Contracting Party in accordanc with the law of the latter and in particular, though not exclusively, includes: (i) movable and immovabl property and any other property rights , such as mortgages, liens and pledge and similar rights; (ii) shares, stock and debentur of companies or interests in the property of such companies; (iii) a claim the money or a claim to any performance having economic value associated with an investment; (iv) intellectual and industrial property rights, including rights with respect to copyrights, patents, trademarks, trade names, industrial designs, trade secrets, technical processes and know-how and goodwill; (v) business of concession by law conferred or under contract, including concession to search for, extract, cultivat, or exploit natural resources. Any alteration of the form in which assets are invested shall not be affec their classification as investments, provided that such alteration is not contrary to the laws and regulations of the Contracting Party in the territory of which this investment has been made; (b) "return" means the amount yielded by an investment and in particular, though not exclusively, includes profits, interest, capital gains, dividends, or fees to royalt. Return from investment and from re-investment shall enjoy the same protection as investment; (c) "investors" in respect of either Contracting Party means: (i) any natural person having the nationality of a Contracting Party in accordanc with it law; or (ii) any corporation, partnership, trust, joint venture, association, organisation or Enterprise duly constituted in accordanc with the laws and regulations of the Contracting Party; (iii) any entity or organization established in accordanc with the law of any third State which is controlled by a national of that Contracting Party or by entities having their seat in in the territory of that Contracting Party; (d) "territory" means: (i) with respect to the Republic of Latvia, the territory of the Republic of Latvia, including the territorial sea and maritime or any submarine area within which the Republic of Latvia in conformity with international law exercises sovereign rights with regards to the seabed and subsoil and the natural resources of such areas; (ii) with respect to the Socialist Republic of Vietnam, all land territory (including Islands), maritime and submarine areas over which the Socialist Republic of Vietnam exercises, in accordanc with national and international law, sovereignty, sovereign rights and jurisdiction; (e) "freely convertible currency" means the currency that is widely used to make payments for international transactions and widely exchanged in the principal international exchange markets. Article 2 Promotion and Protection of investments (1) Each Contracting Party shall create a favourabl encourag and condition for investors of the other Contracting Party to make investments in its territory, and shall be admi such investments, in accordanc with its laws and regulations. (2) investments of investors of either Contracting Party shall at all times be accorded fair and equitable treatment and shall enjoy full protection and security in the territory of the other Contracting Party. Article 3 the Most-Favoured-Nation Provision (1) investments made by investors of either Contracting Party in the territory of the other Contracting Party shall receive treatment which is fair and equitable, and not less than that accorded the favourabl investments made by investors of any third State. (2) investors of one Contracting Party whose investments in the territory of the other Contracting Party suffer the loss of the war or other armed conflict Owings, revolution, State of national emergency, revolt, insurrections or riot in the territory of the latter Contracting Party shall be accorded by the latter Contracting Party the treatment, as regards restitution, indemnification, compensation or other settlement, no less than a favourabl that which the latter Contracting Party accord to investors of any third State. The article 4 Exception to the provision of this agreement relative to the granting of treatment not less than that accorded favourabl to the investors of any third State shall not be construed so as to comp one Contracting Party to extend to the investors of the other the benefit of any treatment, preference or privilege resulting from: (a) any existing or future customs union or free trade area or monetary union or a similar international agreement or other form of regional economic cooperation to which either of the Contracting Parties is or may become a party; or (b) the adoption of an agreement designed to lead to the formation of such a union or extensions or area within a reasonable length of time; or (c) any international agreement relating wholly or mainly to or through their domestic legislation relating wholly or any taxation or mainly to taxation. Article 5 Expropriation (1) No Contracting Party shall take any ither measure of expropriation, nationalization or any dispossession, having effect equivalent to nationalization or expropriation against the investment of an investor of the other Contracting Party, except under the following conditions: (a) the measure taken with for a public purpose and under due process of law; (b) the measure with non-discriminatory; (c) the measure is accompanied by the provision for the payment of prompt, and effective compensation adequat. The compensation shall be equivalent to the market value of the expropriated investments immediately before the expropriation or impending expropriation occurred the public knowledge and becam shall be paid without delay of the undu. The compensation shall include interest calculated on the LIBOR basis from the date of expropriation. The compensation shall be effectively realizabl and transferabl freely. (2) investors, whose assets are being expropriated, have a right to prompt review by appropriate judicial or administrative authorities of the Contracting Party to determin the whethers expropriating such expropriation, and any compensation is therefore conform to the principles of this agreement and the law of the Contracting Party expropriating. (3) referred to in article 1, paragraph (c), point (iii), may not raise claims under paragraph a of this article if compensation has been paid to a similar provision in pursuan another investment Protection Agreement concluded by the Contracting Party in the territory of which the investment has been made. Article 6 Transfer (1) Each Contracting Party shall, subject to its laws and regulations that guarantee without delay of the transfer in unreasonabl any freely convertible currency of: (a) the net profits, dividend, royalt, technical assistance and technical fees, interest and other current income, accruing from any investment of the investor of the other Contracting Party; (b) the proceed from the total or partial liquidation of any investment made by investors of the other Contracting Party; (c) funds in repaymen of loans related to an investment; and (d) the earnings of citizens and permanent residents of one Contracting Party who is self-employed and allowed to work in connection with an investment in the territory of the other Contracting Party. (2) the exchange rate applicable to the transfers referred to in paragraph (1) of this article shall be the rate of exchange prevailing at the time of remittanc. (3) the Contracting Parties to accord to the undertak transfers referred to in paragraph (1) of this article treatment as that accorded to favourabl as transfers originating from investments made by investors of any third State. Article 7 settlement of investment Dispute Between a Contracting Party and of an Investor of the other Contracting Party (1) For the purpose of solving the dispute with respect to a Contracting Party between investments and an investor of the other Contracting Party, consultation will take place between the parties concerned with a view to solving the case, as far as possible, amicably. (2) If these consultation for do not result in a solution within six months from the date of request for settlement, the investor may submit the dispute, at his choice, for the settlement: (a) the competent court of the Contracting Party in the territory of which the investment has been made; or (b) the International Centre for settlement of investment Dispute (ICSID) having regard to the applicable provision of the Convention on the settlement of investment Dispute between the States and nationals of the other States opened for signature at Washington D.C. on March 18.1965, in the event the Contracting Parties shall have become a party to this Convention; or (c) an ad hoc tribunal which, unless the CAs otherwise agreed upon by the parties to the dispute, shall be established under the arbitration rules of the United Nations Commission on International Trade Law (UNCITRAL). (3) Each Contracting Party hereby consent to the submission of an investment dispute to international arbitration or Acas. (4) the Contracting Party which is a party to the dispute shall, at the time of whatsoever during the procedure involving investment of disputation, asser as a defence it is immunity or the fact that the investor has received compensation under an insurance contract covering the whole or part of the incurred damage or loss. (5) the CAs shall be final and binding decision of the on both parties to the dispute. Each Contracting Party shall execute them in accordanc with it law and in accordanc with the 1958 United Nations Convention on the Recognition and enforcement of Foreign Cas Awards (New York Convention), if the Contracting Parties with members of that Convention. Article 8 settlement of the Dispute Between the Contracting Parties (1) the Dispute between the Contracting Parties concerning the interpretation or application of this agreement should, if possible, be settled through diplomatic channels. (2) If a dispute between the Contracting Parties cannot be settled, it shall to that, upon the request of either Contracting Party, be submitted to an CAs tribunal. (3) the tribunal shall be constituted Such an CAs for each individual case in the following way. Within two months of the receipt of the request for arbitration, each Contracting Party shall be appoin one member of the tribunal. Those two members shall then select a national of a third State who on approval by the two Contracting Parties the, shall be appointed Chairman of the tribunal. The Chairman shall be appointed within two months from the date of appointment of the other two members. (4) If within the period specified in paragraph (3) of this article the cessary appointments have not been made, either Contracting Party may, in the absence of any other agreement, invite the President of the International Court of Justice to make any appointments not cessary. If the President is a national of either Contracting Party or if he is otherwise prevented from discharging the said function, the Vice-President shall be invited to make the President the cessary not appointments. If the Vice-President is a national of either Contracting Party or, if he is prevented from discharging the said function, the member of the the International Court of Justice next in seniority who is not a national of either Contracting Party, shall be invited to make the cessary appointments. (5) the tribunal shall reach its decision CAs by a majority of votes. Such decision shall be binding on both Contracting Parties. Each Contracting Party shall bear the cost of its own member of the tribunal and of its representation in the CAs proceedings; the cost of the Chairman and the remaining cost shall be borne in equal parts by the Contracting Parties. The tribunal may, however, in its decision direct that a higher proportion of the cost shall be borne by one of the two Contracting Parties, shall be binding and this award on both Contracting Parties. The tribunal shall it will determin own procedure. Article 8 Subrogation If a Contracting Party or its designated agency makes a payment to any of its investors under a guarantee it has granted in respect to an investment, the other Contracting Party shall, without prejudice to the rights of the former Contracting Party or its designated agency under article 7, in its capacity as a subrogated party, recognize the transfer of any right or title of such investor to the former Contracting Party or its designated agency and the subrogation of the former Contracting Party or its designated agency to any right or title. The subrogated rights shall note 12 the original rights of the investors. Article 10 Provision in a Favourabl more If the domestic law of either Contracting Party or obligations under international law, existing at present or established hereafter, entitl investments by investors of the other Contracting Party the treatment more than a favourabl that provided by this agreement, such treatment shall prevails. Article 11 Consultation and exchange of Information Upon request by either Party, the other Contracting Party shall promptly agree to Contracting hold consultation on the interpretation or application of this agreement. Upon request by either Contracting Party shall be exchanged, information on the impact that the law, regulations, decisions, administrative practices or procedures or policies of the other Contracting Party may have on the investments referred to in this agreement. Article 12 Application to investment 1. This agreement shall apply to investments made in the territory of one of the Contracting Parties by investors of the other Contracting Party after the entry into force of this agreement this agreement 2 shall also apply to investments made in the territory of one of the Contracting Parties by investors of the other Contracting Party prior to the entry into force of this agreement provided that such investments have been made in accordanc» with the foreign investment legislation of the Contracting Parties. 3. This agreement shall not apply to any dispute concerning an investment which aros, or any claim which was settled before its entry into force. Article 13 Entry into force, Duration and Termination (1) this Agreement shall enter into force on the date when the Contracting Parties have notified each other in writing that all constitutional formalit cessary to not for its entry into force have been completed. (2) this Agreement shall remain in force for a period of ten (10) years, and shall continue to be in force, unless terminated by in accordanc with paragraph (3) of this article. (3) Either Contracting Party may, by giving one (1) year's written notice to the other Contracting Party, terminate this agreement at the end of the initial ten (10) year period or anytime thereafter. (4) With respect to investments made or acquired prior to the date of termination of this agreement, the provision of all of the other articles of this Agreement shall continue to be effective for a period of ten (10) years from the date of such termination. In witness whereof, the undersigned, duly authorized by the by the Governments of their respectiv theret, have signed this agreement. Done in duplicate at Riga on November 6, 1995 in the Latvian, Vietnamese and English languages, all texts being equally authentic. In the case of divergenc between the texts of this agreement, the English text shall prevails.
For the Government For the Government of the Republic of Latvia of the Socialist Republic of Vietnam