By Hugo Santos

 

The Mekong Forum in 2024 focuses on the economy of the Greater Mekong Subregion (GMS), this year’s theme is focused on the rise of digital economy through digitalization and innovation in the region. Agriculture plays a vital role for the GMS considering the river is shared by all six member states: China, Thailand, Cambodia, Lao PDR, Myanmar and Vietnam. China plays a key role in developing the Mekong region through various projects from digitalization and smart farming considering the region’s biodiversity issues.

In this context Beijing has always become the biggest investor in the region considering the size of its economy and the GMS countries are all member of the Belt and Road initiative. China’s proximity to the Mekong region benefits all countries including member states like Vietnam despite disputes with China in the South China sea, Vietnam benefits from its bilateral ties with China for the benefit of their national interest. Both China and Vietnam have a complex history that go way back, however both Beijing and Hanoi prioritize their national interests above anything else this is very prevalent in the Mekong Forum 2024 where both sides engage with their economic policies on how to benefit their economies considering that both countries are in a Special Economic zone. The GMS relies on agriculture and smart farming that can benefit all states for the agricultural sector.

The Philippines and China’s relations have been at its lowest with recent incidents in the disputed waters in the South China sea. Compared to Vietnam, the Philippines has a different approach with dealing with China and all avenues for cooperation have narrowed down and this is because of external factors such as a third-party involvement i.e., the United States. The United States has its own national interests in the Asia-Pacific ever since the rise of China. This is affecting middle income countries in the GMS and ASEAN when Washington imposes trade tariffs on countries that are having trade with Beijing which does not really have an impact on economic powers like China but affects smaller economies in the GMS. The same concept goes with the Philippines where the economy is heavily reliant to China, the Philippines and China have good economic relations before the tensions were put on the spotlight.

The Philippines can navigate their relationship with China in different ways from the digital economy to smart agriculture which is one of the key aspects of the Philippine economy. Beijing and Hanoi have their own differences, however Vietnam has to pursue its national interests that align with China and this is a way forward for both countries to prosper despite regional disputes. Vietnam relies on Public Private Partnerships (PPPs) when dealing with Beijing, business cooperation is a language both Hanoi and Beijing understand and the Philippines can do the same if not better considering the huge Chinese businesses already in the country.

The Mekong Forum is an annual Forum hosted by the Mekong Institute to lay their groundwork to the subregion and pursue their shared national interests to benefit their economies. The forum was hosted on Pullman Hotel, in Khon Kaen, Thailand, the Mekong Institute’s headquarters is situated in the city of Khon Kaen.

The Mekong Institute’s member states is comprised of China, Vietnam, Lao PDR, Myanmar, Cambodia and Thailand.

   

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