China, Vietnam agree to accelerate joint oil exploration at Beibu Gulf

China and Vietnam are to accelerate oil and gas exploration and extraction in border waters of the Beibu Gulf, says a joint statement released on Thursday evening.

The joint communique states that during Vietnamese leader Nong Duc Manh's visit to China from Aug. 22 to 26, the two countries have reached a series of agreements on borders, trade, investment, loans and sub-regional economic areas.

China and Vietnam have agreed to take further steps to settle disputed borders.

Both sides speak positively about joint naval patrols and the implementation of border and fishing treaties in the Beibu Gulf, which separates northern Vietnam from southwest China's Guangxi Zhuang Autonomous Region and Guangdong and Hainan provinces.

The two countries agreed to steadily advance negotiations on settling borders in the waters outside the mouth of the Beibu Gulf and actively discuss joint development of the area.

They also agreed to abide by the consensus reached by their leaders and continue consultations on issues concerning the South China Sea, where they agreed to maintain stability and study and discuss joint development and cooperation.

Both countries agreed to accelerate land border surveys and erection of mere stones, pledging to complete the work and sign a new border control document by 2008.

Both countries have decided to boost bilateral trade to 10 billion U.S. dollars before 2010, with China promising to firmly support Vietnam's bid to join the World Trade Organization (WTO).

Bilateral trade reached 8.2 billion U.S. dollars in 2005. In the first half of this year, trade volume jumped 19.3 percent year on year to 4.57 billion U.S. dollars.

On the other hand, the two countries pledged to actively encourage and support enterprises to develop long-term cooperation in infrastructure, human resources, energy and mineral processing.

China and Vietnam have signed agreements on economic and technological cooperation, as well as Chinese loans for the construction of a coal-fired power plant in northern Vietnam.

The two countries vowed to step up efforts to set up sub-regional economic areas, including the China-ASEAN free trade zone and economic corridors along the Mekong River.

Vietnam reiterated its firm adherence to the one-China policy and support for China's reunification. "Vietnam is diametrically opposed to any separatist activities for 'Taiwan independence'," the communique says.

Vietnam voiced full understanding and support for the passage of China's Anti-Secession Law and welcomed moves toward reconciliation across the Taiwan Strait.

"Vietnam will have nothing but unofficial trade and economic contact with Taiwan and will never ever develop official links with Taiwan," the communique says.

The two countries agreed to maintain the tradition of exchange of visits by high-ranking officials. China is the first country that Nong Duc Manh visited since he was re-elected as General Secretary of the Central Committee of the Vietnamese Communist Party in April.

Manh has invited Chinese President Hu Jintao to visit Vietnam and to attend the unofficial meeting of APEC leaders in November. Hu, also the Secretary General of the Central Committee of the Communist Party of China (CPC), accepted, the communique says.

Source: Xinhua