Chinese Foreign Minister Wang Yi said on Sunday China and Vietnam should settle their disputes in the South China Sea through talks and move to jointly exploit its waters. China claims 90 percent of the potentially energy-rich maritime territory and has been building on and militarizing rocky outcrops and reefs in its waters. Brunei, Malaysia, the Philippines, Taiwan and Vietnam also lay claim to parts of it, through which about $5 trillion of trade passes each year. Vietnam is the country most openly at odds with China over the issue. Last August, China and ASEAN adopted a negotiating framework for a Code of Conduct (COC) in the South China Sea.