Vietnam’s President Nguyen Minh Triet meet visiting Chinese State Councillor Dai Bingguo in Hanoi Thursday

Vietnam and China have officially agreed to set up a hot line between leaders of the two countries, Vietnam’s foreign ministry said Friday.

The signing of a protocol on establishment of the hot line came after a meeting between visiting Chinese State Councillor Dai Bingguo and Vietnam’s foreign minister Pham Gia Khiem in Hanoi Thursday, officials said.

A top Vietnamese communist party member reached the agreement to establish the hot line last June during a tour of China.

Both sides also agreed to focus on solving sea border issues and to “work closely to overcome difficulties” during the global economic slowdown, the ministry said Friday.

They “agreed to further focus their talks on sea issues to maintain peace and stability…aiming for basic, sustainable and acceptable solutions,” it said.

Vietnam’s foreign ministry said two-way trade with China hit a record high of more than $20 billion last year despite the global economic crisis.

Both sides will strive to raise that figure to $25 billion by 2010 while gradually balancing two-way trade, it said.

Vietnam also said China would grant it $300 million in loans at preferential conditions.

The two nations plan to celebrate “Friendship Year” next year.

Source: AFP