Vietnam's northern province of Cao Bang has approved an investment of 215.2 million U.S. dollars to develop its infrastructure and industries in the 2006-2010 period to fully tap trade potential with Guangxi Zhuang Autonomous Region.
Most of the investment of 3.4 trillion Vietnamese dong (VND) will be spent on improving the province's infrastructure, especially that in border gate economic zone, to help not only its commodities but also those from other Vietnamese localities penetrate more deeply into China, Vietnam News Agency reported Monday.
Cao Bang will also assist its businesses to hold trade promotion activities in Guangxi.
Economic and trade relations between China and Vietnam have gained encouraging results in recent years, with China ranking as Vietnam's biggest trading partner. Chinese statistics show that two-way trade reached 6.74 billion dollars in 2004, an all time high.
At a meeting of the China-Vietnam Joint Committee on Economic and Trade Cooperation in Sept. 2005, the two sides agreed to further their economic and trade cooperation and fulfill the two- way trade target of 15 billion dollars by 2010.