The decision came after talks between Vietnamese Premier Nguyen Xuan Phuc and his Chinese counterpart Li Keqiang here.
Phuc's visit to China is the first by a top Vietnamese leader after the tribunal verdict on July 12.
China had rejected the verdict by The Hague-based tribunal, which has said that "although Chinese navigators and fishermen, as well as those of other states, had historically made use of the islands in the South China Sea, there was no evidence that China had historically exercised exclusive control over the waters or their resources."
State-run Xinhua reported that China and Vietnam have agreed "to properly manage maritime differences and further enhance bilateral substantial cooperation" after Phuc-Li talks last night.
Li and Phuc witnessed the signing of agreements on economy and trade, production capacity, infrastructure and education, the report said, without giving details.
Chinese Vice Foreign Minister Liu Zhenmin told reporters that the two leaders had a "good" conversation and the new government of Vietnam shows "positive willingness" to further develop relations with China.
"China and Vietnam need to work together to abide by agreements reached by the leaders of the two countries, safeguard stability in the South China Sea, and build consensus to advance bilateral ties and safeguard maritime and regional peace," Li said.
Phuc said Vietnam would like to properly resolve maritime issues with China in the spirit of equality and mutual respect and in a peaceful way, the report said.
He suggested the two sides manage their differences, conduct maritime cooperation in areas of low sensitivity and maintain a stable situation in the South China Sea to prevent the maritime issue from casting a shadow over bilateral ties.
His visit to China comes in the back drop of this month's visit to Hanoi by Prime Minister Narendra Modi during which the two countries agreed to step up their ties form strategic partnership to a "comprehensive strategic partnership".
Officials here say by stepping up ties with India, US and Japan, the Communist Vietnam is trying to balance ties to increase leverage with China.
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In his meeting with Phuc today, President Xi Jinping said China and Vietnam should solve the SCS dispute through talks.
Both sides should use the current negotiation mechanisms to actively push the follow-up work of joint exploration of waters outside the Beibu Gulf, Xi said.
He called on the two countries to achieve substantial progress on the joint development of wider areas of the South China Sea at an early date and transform maritime challenges into opportunities for cooperation.
