China and Vietnam said they would further deepen their economic and trade cooperation and set a target of US$25 billion for their bilateral trade by 2010.

In a joint statement released on Saturday, the two sides agreed to carry out a five-year economic and trade cooperation development plan, which is currently under negotiation, and facilitate mutual investment.

China and Vietnam would also push forward the establishment of a work group to exchange information and opinion on certain trade-related issues and solve existing problems, said the statement.

The two sides said they would step up communication and coordination in cracking down smuggling, counterfeiting and swindling, in order to guarantee the healthy development of cross-border trade.

The two governments would provide guidance and policy support to urge enterprises from both sides to implement and exercise the agreements and contracts signed according to market rules, said the statement.

They also agreed to engage in large-scale cooperation projects, and encourage cooperation between large companies of both countries in infrastructure construction, transportation, electricity, residence construction, design consulting, chemical industry, shipping and other related industries.

The two sides agreed to continue to implement the memorandum of understanding concerning the development of two international economic corridors involving such Vietnamese and Chinese localities as Kunming-Lao Cai-Hanoi-Hai Phong and Nanning-Lang Son-Hanoi-Hai Phong, and the Beibu Gulf economic belt involving China's Guangxi, Guangdong, Hainan, Hong Kong and Macao, and 10 coastal localities of Vietnam. They also planned to build closer relationship between border provinces of the two countries, said the statement.

China and Vietnam agreed to enhance communication and exchange of economic experts, which would produce policy advice on how to deal with the changes of international economic situation, said the statement.

(Xinhua News Agency October 26, 2008)