Vietnamese president in China to talk trade

Vietnamese president in China to talk trade

Vietnamese President Tran Duc Luong is paying an official visit to China today in order to discuss bilateral trade relations as Vietnam continues to seek support for its entry to World Trade Organization. A slew of ventures in the steel and mining industries exemplify the blossoming ties the two Asian neighbors have developed over the last few years. According to announcements from Vietnam's Ministry of Industry, the Viet Nam Coal Corporation is engaged in projects with China to establish the Khe Cham II coal mine and to develop technology for coal mining in the Red River delta in Vietnam. The two countries have also carried out the first phase of a project to expand the Thai Nguyen Steel Company in Vietnam, and preparations are already underway for the second phase. Of the project's total investment of $236 million, Vietnam has asked China for 20-year loans worth $150 million.