The annual China-ASEAN Expo is one of the very successful measures established to boost the China-ASEAN economic relationship, in particular to realize the China-ASEAN free trade area. It is widely believed that there is vast untapped potential for China-ASEAN trade and investment, and the Expo will help expose that potential to both China and ASEAN. I believe the rapidly growing mutual trade and investment between China and ASEAN in recent years owe much to initiatives and efforts like the Expo, which help forge more balanced trade between China and ASEAN.

Vietnam has been very actively participating in the Expo in recent years, usually sending the biggest business delegation among the 10 ASEAN countries, mainly due to our geographical proximity, but also because of the great new opportunities that the Expo helps create.

The global economy is going through a structural change. The recent global economic chaos is a sign of that change. There will likely be many more subtle changes taking place in the years to come. ASEAN and China should promote cooperation to help the region adapt to the changes, not only by looking at short term gain and growth, but also to longer term sustainable development.

An immediate challenge is for China and ASEAN to ensure restructuring of their economies toward more sustainable growth trajectories, while maintaining the growth momentum in both gross domestic product and trade. Cooperative measures to reduce trade imbalances need to be found, and intra-regional trade needs to be further encouraged and facilitated. China and ASEAN should work together for a more cohesive investment strategy that focuses on enhancing connectivity, promoting low carbon and environmentally friendly technology and developing human resources. The initiatives to establish the trade facilitation and investment cooperation funds that China put forth work toward this are welcomed by ASEAN. It is also timely that ASEAN and China work closely together on critical social issues, such as environmental protection, water resource usage and management, illegal migration, etc.

China and ASEAN should also cooperate to strengthen regional cooperation and institutions by supporting ASEAN as a driving force in the process, and by further supporting the ASEAN Community building, assisting ASEAN to narrow its development gap, and supporting the ASEAN regional integration plan, including the ASEAN Master Plan on Connectivity, which serves as a good framework for region wide integration.

Economic cooperation promotes common interests among countries in the region, helps build regional confidence, creates linkages and institutions, and helps build mutual understanding that contributes to the promotion and maintenance of regional peace. Nevertheless, economic cooperation, however fruitful, does not solve territorial disputes. While ASEAN and China should maximize their common interests and work together to promote economic cooperation, they also need to develop a smart strategy to manage the disputes and prevent them from having negative effects on the overall fruitful relationship.

ASEAN and China have agreed on the Declaration on the Conduct of Parties in the South China Sea (DOC) and its guidelines, where both committed to resolving the disputes peacefully and in accordance with the UN Convention on the Law of the Sea (1982), and have further agreed to work toward a Code of Conduct in the South China Sea. It is important that both sides fully observe the implementation of the DOC, in words and in deed. Efforts such as the recently concluded agreements between Vietnam and China on principles to settle maritime territory disputes also help better manage the disputes and contribute to overall regional stability.

It is a misperception and unconstructive view that ASEAN is trying to contain China. China is a strategic partner of ASEAN. This year, ASEAN and China celebrate 20 years of dialogue partnership. In the past 20 years, the relationship between ASEAN and China has constructively developed, benefiting both ASEAN and China and contributing to peace, stability and development in the region. China's continued rise and stable development is in the interest of the region in general and ASEAN in particular. ASEAN will continue to promote its relations with China and other powers for their common interests and for peace, stability and development.

The author is deputy director-general of the Institute for Foreign Policy and Strategic Studies, Diplomatic Academy of Vietnam.