Vietnam and Philippines Strengthen South China Sea Security and Rice Agreements
Published on: January 31, 2024.
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Vietnam and the Philippines Strengthen Cooperation in the South China Sea
Hanoi: President Ferdinand Marcos Jr. of the Philippines visited Hanoi where Vietnam and the Philippines reached agreements to enhance cooperation between their coastguards in order to prevent incidents in the South China Sea. Both countries have competing claims over certain parts of the South China Sea, which is a crucial route for approximately US$3 trillion of annual ship-borne trade. China claims almost the entire sea and has deployed its coastguards to maintain control in the region.
Security Memoranda of Understanding
The two memoranda of understanding on security focused on “incident prevention in the South China Sea” and “maritime cooperation” among coastguards. These agreements aim to safeguard peace and stability in the region. The specific details of the agreements were not disclosed, but they are likely to raise concerns in Beijing.
Strengthened Bilateral Relations
In addition to the security agreements, President Marcos emphasized the importance of Vietnam as the Philippines’ sole strategic partner in Southeast Asia. He highlighted that maritime cooperation serves as the foundation for the relationship between the two countries.
Expanding Trade and Agriculture Cooperation
Vietnam, one of the world’s leading rice exporters, and the Philippines, a major rice importer, signed agreements covering rice trade and agriculture cooperation. These agreements enhance bilateral trade relations and promote cooperation in the agricultural sector.
Visit Highlights
During his visit, President Marcos met with leaders of Vietnam, including the head of Vingroup, Vietnam’s largest conglomerate. The two countries discussed potential collaboration in the production of electric vehicles and the Philippines’ reserves of cobalt, copper, and nickel, which could aid in the production of EV batteries.
Sources: Freemalaysiatoday.com
