Economy

Vietnam, China vow to enhance trade, investment co-op

(Xinhua)
Updated: 2010-08-23 17:36

HANOI - Vietnam and China vowed here Monday to enhance trade and investment cooperation in the coming time.

The commitment was made during talks between Vietnamese Minister of Industry and Trade Vu Huy Hoang and Chinese Minister of Commerce Chen Deming.

At the meeting, Hoang and Chen briefed each other of the economic situation of each country and reviewed the economic and trade cooperation between Vietnam and China in the recent time.

Hoang asked China to encourage Chinese companies to import more from Vietnam and create favorable conditions for Vietnamese companies to export to the Chinese market. He also encouraged big Chinese companies to invest in Vietnam.

Chen said that China would support Chinese investors and companies to invest and implement projects in Vietnam. China will help Vietnam in training officials, said Chen.

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During the meeting, Hoang and Chen said bilateral trade has maintained growth momentum in the recent time. Vietnam and China can achieve the target of bringing bilateral trade to $25 billion this year, said the two ministers.

Trade value between Vietnam and China was more than $20 billion in 2009. The two-way trade has exceeded $13 billion in the first seven months this year, Vietnamese statistics showed.

The two sides agreed that they would encourage local authorities in border provinces to coordinate and boost cooperation to prevent smuggling and illegal trade activities.

They also vowed to intensify cooperation in trade promotion and support each other in multilateral forums.