Bilateral trade between China and Vietnam hit US$16.6 billion in the first ten months this year, surpassing the figure for the whole of 2007, said Wang Chao, Assistant Minister of Chinese Ministry of Commerce in Hanoi on Thursday.

With this momentum, bilateral trade is likely to exceed the target of US$25 billion for 2010 ahead of time, said Wang at the China Engineering and Technology Expo that opened in Hanoi on Thursday.

Meanwhile, bilateral investment cooperation is expanding, said Wang. In the first three quarters this year, the newly-added investment of Chinese companies in Vietnam reached US$140 million, which also exceeded the figure for last year.

Chinese companies has cooperated with Vietnamese side in a wide range of projects, such as road construction, port construction and hydropower, he said.

The preferential export buyer's credit that China provided to Vietnam has reached US$1 billion so far, said Wang. It will help further expand bilateral economic and trade cooperation.

The three-day expo is organized by Chinese Ministry of Commerce and Vietnamese Ministry of Industry and Trade. More than 40 Chinese companies took part in the expo to showcase China's engineering design level, construction capability, and advanced equipment used in the construction industry.

The expo, held in the context of the global financial crisis, aims at providing a platform for companies in China and Vietnam to seek business opportunities, and work together to go through the difficult period, said Wang.

(Xinhua News Agency December 12, 2008)