China and Vietnam agree to manage the South China Sea territorial dispute

Beijing: China and Vietnam have agreed to "properly manage" the territorial dispute over the South China Sea. Both nations still maintain the claims to sovereignty over the waterway.

Xi and his delegation met with Vietnam's Communist Party General Secretary Nguyen Phu Trong to discuss maritime issues candidly and in-depth, reported Chinese state news agency Xinhua. The meeting took place in Beijing. Both countries have agreed to "properly handle maritime issues and contribute to long-term peace and stability in the region."

According to the readout released by Beijing, both governments agree that it is crucial to properly manage differences to protect peace and stability in the South China Sea. They vowed to "actively negotiate transitional and temporary solutions that do not impact their respective positions." Leaders have also decided to work together against terrorism, transnational fraud, and the illegal drug trade.

Parts of the sea are also claimed by Taiwan, the Philippines, Malaysia, and Brunei. Each year, trade worth trillions of dollars passes through the waterway. The US and other Western nations are also sending naval vessels to sail through it.

An international court has ruled China's claims over the Sea have no legal basis but Beijing has ignored it. China has built artificial islands, deployed coast guard and militia patrols, and harassed fishing vessels from other countries to assert its territorial claim since Xi came to power.

The new agreement with Vietnam is part of Chinese President Xi Jinping's diplomatic approach. After taking charge as China's President for a third consecutive term, Xi is meeting with several world leaders this week. He will also be meeting with Pakistan Prime Minister Shehbaz Sharif and German Chancellor Olaf Scholz.