Trucks carry agricultural products for export to China through Lao Cai International Border Gate. Bilateral trade between Viet Nam and China was expected to reach US$60 billion by 2015. — VNA/VNS Photo Tran Viet

HA NOI (Biz Hub) — Viet Nam and China are well on track to reach their bilateral target of US$60 billion trade turnover by 2015, experts have said.

China is now Viet Nam's largest trade partner, while Viet Nam is one of China's most important trade partners within the ASEAN bloc, according to Vietnamese Trade Counsellor to China Bui Huy Hoang.

The bilateral economic and investment relationship has experienced significant achievements in recent years, with two-way trade surging from over $30 million in 1991 to more than $41 billion in 2012.

Trade hit nearly $32 billion over the past eight months, representing a year-on-year increase of 20 per cent.

During the reviewed period, Viet Nam mainly exported crude oil, agricultural products, seafood, footwear, electronics and garments to China, while it imported iron and steel, fertiliser, automobiles and motorbike parts.

In terms of investment, China now has 915 valid projects in Viet Nam with capital totalling $4.8 billion. That helps it rank 13th among 100 countries and territories investing in Viet Nam.

Viet Nam has become one of the most attractive investment destinations for Chinese businesses thanks to its low-cost labour abundance, said Deputy Head of Chinese Commerce Ministry's Asia Department Liang Wentao.

Chinese investment has been spread across both big cities and rural areas, such as the northern mountainous provinces of Lao Cai, Lang Son, Cao Bang, and Lai Chau. Most of the projects in these localities, however, specialise in minerals and raw material mining, he said. — VNS