The agreement was detailed in an eight-clause joint statement released on the final day of Vietnamese President Truong Tan Sang's visit to China during which he held a summit with Chinese President Xi Jinping.
China and Vietnam will properly handle emergent fishery incidents so as to maintain bilateral friendly relations, the statement said.
In the recent times, Vietnam had protested highhanded action by Chinese maritime vessels in attempting to drive away the Vietnamese fishing vessels to assert Chinese sovereignty over Paracel or Xisha islands claimed by both the countries.
China has been trying to persuade Vietnam, Philippines, Malaysia and Brunei, which are in dispute with China over its sovereign claim to the South China Sea (SCS), to settle the problem through separate bilateral talks while they insisted on the role of ASEAN in resolving the issue.
Much to the disquiet of China, the four countries also sought the help of the US to enable them to resolve it.
The joint statement also called for both sides to remain calm and avoid actions that could complicate or escalate a dispute.
China and Vietnam pledged to implement the Declaration on the Conduct of Parties in the South China Sea in order to safeguard peace and stability in the region, Xinhua quoted the the statement as saying.
They said they would maintain military-to-military relations, and make full use of the defence security consultation mechanism and hotline between defence ministries so as to increase mutual trust.
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