Vietnam and China plan to promote tourism and investment activities to increase two-way trade between the two nations to US$25 billion by the end of 2010.

Chinese companies will gain access to a market of more than 86 million people by participating more in Vietnam, and will be able to penetrate a 600-million-strong market through the Association of Southeast Asian Nations, Vietnamese Prime Minister Nguyen Tan Dung told Chinese businessmen in Chengdu during a visit from Oct. 15 to 17, according to the statement.

Two-way trade between Vietnam and China will reach about $21 billion this year, of which $16.5 billion will come from China’s exports to Vietnam, an increase of 8.5 percent from 2008, the Vietnam Investment Review reported Monday.

Vietnam’s trade deficit with China will be about $11.5 billion this year, versus $11.1 billion in 2008, the newspaper’s report said. Vietnam mostly imports chemicals, machinery, petroleum and steel from China.

Shipments from Vietnam to China are forecast to rise 11 percent to $5 billion this year, from $4.5 billion last year, the Vietnam Investment Review said.

China has more than 650 direct investment projects in Vietnam with a combined registered capital of $2.6 billion, the Vietnam News reported.

Source: Bloomberg