$125b trade target for 2017

$125b trade target for 2017

China and Vietnam will achieve bilateral annual trade volume of $100 billion by 2017, Premier Li Keqiang said during a luncheon with business leaders in Hanoi on Tuesday. China has been Vietnam's largest trading partner for nine years.

Trade volume between the two countries exceeded $40 billion in the first eight months of this year, putting the annual target of $60 billion for 2015 within reach.

"China and Vietnam have the ability and wisdom to overcome difficulties in bilateral relations, deal with differences and expand common interests," Li said in his speech.

In a joint statement issued during his visit, the two countries reiterated a policy of good-neighborliness and comprehensive cooperation.

They vowed to be good neighbours, friends, comrades and partners in developing relations.

"Three work teams will be set up to push forward maritime, onshore and financial cooperation between the two countries," Li said. He also said that China would increase imports from Vietnam to cut the trade surplus.

Currency swap and yuan settlement deals are being discussed to facilitate trade.

Vietnamese Prime Minister Nguyen Tan Dung said his country welcomes Chinese enterprises investing in Vietnam. China ranks 12th among the 100 countries and regions making direct investments in the country.

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