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A major aspect of such changes is an economy less reliant on investment that analysts believe has become less effective and can easily cause structural imbalances. Consumption is now a key economic driver and contributed 58.8 percent to the domestic gross product growth in 2017, according to the NBS.

NPC deputies will deliberate a draft revision to the Constitution, a draft law on supervision, and the work reports of the NPC Standing Committee, the Supreme People's Court and the Supreme People's Procuratorate, according to the decision.

For his part, Minh said maintaining and strengthening the traditional friendship between Vietnam and China is in the interests of both countries, which also contributes to regional peace and stability.

On developing an open economy, Xi said global resources and markets should be better utilized, noting that international cooperation under the Belt and Road Initiative should be promoted.

"If China can transform its passive and locally driven economy into a vibrant and diverse economy through consistent reforms and expansion, other countries can also do it by following the economic model of China," he said.