Vietnam’s Ministry of Industry and Trade and China’s Ministry of Commerce signed a memorandum of understanding (MOU) on farm produce trading to facilitate bilateral cooperation in Hanoi on April 22. The signing ceremony took place within the framework of the eighth session of the Vietnam-China Joint Economic and Trade Cooperation Committee that opened the same day. At the meeting, the two sides reviewed their economic and trade cooperation results since the seventh meeting and exchanged views on cooperation in trade and industry as well as other sectors to promote future trade and economic ties between the two countries. Deputy Minister of Industry and Trade Nguyen Cam Tu said since the last meeting, Vietnam-China trade ties has grown considerably, already exceeding US$41 billion in 2012. Currently, China is Vietnam’s largest trade partner and Vietnam – one of China’s most important trade partners in ASEAN, he said. The two sides are committed to raising two-way trade to US$60 billion by 2015, reducing imports from China and strengthening cross border trade. The focus, Tu added, will be on ensuring the quality of projects involving Chinese contractors, particularly with preferential loans for infrastructure construction. The two sides pledged to remove obstacles and increase the effectiveness of strategic comprehensive partnership.