Vietnamese Trade Counselor to China Bui Huy Hoang expects two-way trade turnover between the two nations to hit US$60 billion by 2015. Hoang confirmed China is currently Vietnam’s largest trade partner, while Vietnam is one of China’s most important trade partners within the ASEAN bloc. Bilateral economic and investment ties have proliferated continuously, with two-way trade turnover increasing from over US$30 million in 1991 to more than US$41 billion in 2012. They have expanded cooperation across industry, energy, and transport, prioritising road and railway construction to connect Vietnamese and Chinese localities. By August 2013, bilateral trade value totalled nearly US$32 billion, 20% more than a year earlier. Vietnam’s key China-bound export commodities included crude oil, farm produce, seafood, footwear, electronics, and garments. The country imports Chinese petrol, steel, raw garment materials, fertilisers, and motorbike spare parts. Chinese businesses marked their presence in Vietnam in August 1999 by pouring US$15.35 million into two projects to build Sat market in Haiphong city and a restaurant chain in Hanoi. They have since developed hundreds of investment projects in almost Vietnamese cities and provinces with a combined registered capital of nearly US$5 billion. China now has 915 valid investment projects in Vietnam capitalised at US$4.8 billion, ranking it 13th among foreign investors in the country. According to the Chinese Commerce Ministry’s Deputy Asia Department Head Liang Wentao, Chinese investors are interested in Vietnam because of its low-cost labour abundance. Many prospective investors are monitoring developments and emerging opportunities in border provinces like Lao Cai, Lang Son, Cao Bang, and Lai Chau. Most Chinese-funded projects in Vietnam’s northern mountainous areas focus on mining minerals and raw materials, he added. VOV