The week-long event, which finished yesterday in the northern mountainous province of Lao Cai, is the largest of its kind so far. Up to 500 firms from the two countries showcased products, including agricultural goods, seafood, machinery and equipment, as well as handicrafts.— Photo baolaocai

LAO CAI (Biz Hub)— Nineteen contracts, worth a combined US$230 million, were signed between Vietnamese and Chinese enterprises during the 13th Viet Nam-China International Trade Fair.

The week-long event, which finished yesterday in the northern mountainous province of Lao Cai, is the largest of its kind so far.

Up to 500 firms from the two countries showcased products, including agricultural goods, seafood, machinery and equipment, as well as handicrafts.

The fair, as part of the National Trade Promotion Programme, aimed to promote investment, tourism and services co-operation between Viet Nam's north-western localities with China's Yunnan and other south-western provinces.

Deputy Minister of Industry and Trade Nguyen Cam Tu described the event as a good opportunity for businesses from the two countries to meet and establish trade partnerships.

China has been Viet Nam's leading trade partner since 2004, according to the ministry's Trade Promotion Agency.

Bilateral trade had experienced an annual growth of 25 per cent in recent years, with last year's import-export revenue reaching $41.1 billion, up 15.2 per cent year-on-year.

The trade was estimated at $36.2 billion over the past nine months, up 21.1 per cent year-on-year.

Two-way trade is expected to top $60 billion and $100 billion in 2015 and 2017, respectively.

The two governments have established measures to strengthen trade ties and stabilise trade imbalances. — VNS