China, Vietnam aim for US$100 billion in bilateral trade by 2017

A score of measures were discussed at the 9thmeeting of the Vietnam-China Economic and Trade Cooperation Committee held in Beijing on October 20 aiming to elevate bilateral trade volume to US$100 billion by 2017 and gradually resolve trade deficit from China.

TPP helps Vietnam balance economic dependence on China China, Vietnam boost land infrastructure cooperation Tra fish exports to China turn up sharply

At the meeting, the two sides briefed each other on the economic situation in their respective countries, reviewed trade and economic cooperation since the previous session, and compared notes on issues pertaining to industrial and trade cooperation to further promote trade links in the time ahead.

Trade ties between Vietnam and China has grown considerably so far with two-way trade turnover reaching nearly US$59 billion last year.

China remains the largest trading partner of Vietnam and Vietnam is now the second biggest trading partner of China among ASEAN countries.

According to the General Department of Vietnam Customs, by the end of September this year, bilateral trade volume hit US$49.16 billion, up 16.1% over the same period one year earlier.

The two sides set sights on strengthening cooperation between ministries in order to solve arising problems and maintain a good comprehensive strategic partnership between the two countries.

They will continue to effectively implement the Memorandum of Understanding on cooperating in trading farm produce to promote Vietnamese agricultural and aquatic product exports to China.

They pledged to support businesses in accelerating the implementation and ensure the quality of China’s engineering, procurement and construction projects underway in Vietnam as well as its preferential credit packages to build infrastructure and transport projects in the Southeast Asian country.

At the end of the session, they signed the minutes of the 9th meeting.