TAIPEI (TheStreet) -- China's removal of a giant oil rig from waters disputed by Vietnam gives Hanoi everything it wanted -- but it will not resolve the bigger problem of bad blood between the two countries or calm tensions in an internationally prized ocean.
Beijing said July 15 it had removed a $1 billion rig that was placed in the South China Sea on May 2. The rig was operated by China's state-owned CNOOC (traded in Hong Kong), and was positioned in water that Vietnam -- long trustful of its Communist neighbor -- had sighted for its own exploration.
The rig's removal ahead of its expected end-of-mission in August answered loud demands from Hanoi. But it will solve few problems in the long term. Vietnamese officials chided China even after the rig's removal, and their state media say more rigs are coming.
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