The two-way trade volume between Vietnam and China is forecast to exceed five billion US dollars this year, Vietnam News Agency on Monday quoted Vietnam's Commercial Counselor in China Dao Ngoc Chuong as saying.

The forecast is based on the growing two-way trade turnover between the two sides, which stood at US$2.5 billion in the first five months this year, he said.

The volume stood at only US$32 million in 1991 when the two countries resumed official trade relations.

China now ranks the first among exporters of goods to Vietnam and the third among importers of the country.

China mainly exports petroleum products, machinery, medicines and materials for agricultural and apparel production to Vietnam, and imports crude oil, rubber, fruits, vegetables, seafood and materials for medicine production from the country.

The two governments have targeted two-way trade of US$5 billion in 2005 and US$10 billion in 2010.

(Xinhua News Agency July 12, 2004)