Wrong just like you said if there is a COC then the situation will be stable along with it the economic benefit from having a good relationship with China especially on oil exploration, now all of those are gone instead we have antagonize our biggest trading partner for NOTHING. We have to increase our defense budget, the money we don't have and are needed to fund our economic development. But who started it, there is a chance Marcos will signed it during his state visit to China but he backtrack, what made him do that? We really needed those Chinese investment cause the promised aid from America and the collective West hadn't materializedChina is already doing what Vietnam is doing at a larger scale.
Vietnam had the option of getting the US involved. It’s stuck to the Three Nos.
Until a formal code of conduct is signed, the best thing it can do is build up what it already controls to strengthen its bargaining power, the same as what China’s doing.
Sure, China could try to punish Vietnam. But that’ll just confirm the correctness of the Philippine approach of getting bigger backup.
And another thing if the Philippines signed a COC with China then every claimant will do the same. Vietnam is using the arbitration ruling to hide its Intention in the SCS, without it they have no legal right to exploit it.
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