Scopes of research: Brunei and the Direction of Collaboration Potential with Vietnam
The research uses the method of comparison and combines it with the methods of logic, analysis, and synthesis
Apart from the introduction, conclusion, and references, the paper is divided into 3 chapters:
Chapter 2: International Trade Development Policy of Brunei Darussalam
Chapter 3: Potential for Collaboration with Vietnam in the New Stage
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CHAPTER 1: BRUNEI DARASSULAM'S BACKGROUND 1.1 Geography & Resources
Brunei, also known as "Negara Brunei Darussalam," translates to "The Abode of Peace."
It is a small country located in the heart of Southeast Asia, covering an area of approximately 5,700 km2, with a population of only about 400 thousand people who primarily communicate in Malay, the official language of the country The nation is meticulously caring for and preserving its natural environment, with 75% of its land covered by tropical forests, creating stunning and picturesque landscapes
Geographically, Brunei is situated in the northern part of the island of Borneo and is the only island owned by three countries (Brunei, Malaysia, and Indonesia) With substantial reserves of oil and natural gas, Brunei has built a prosperous economy primarily based on the export of crude oil and natural gas The country is also a significant debtor to many powerful nations and is the third-largest oil and gas producer in Southeast Asia, exporting liquefied natural gas on a large scale, ranking ninth globally With a per capita income reaching nearly USD 50,000 in 2011, Brunei ranked fifth in the world, surpassing many countries in the region
Brunei is a small country, with a population of only about 450,000 people and the highest per capita GDP in the world It’s recognized as a "Kingdom of Abundance”, with the Sultan owning an estimated wealth of over USD 20 billion It is also one of the top five countries with the highest per capita income globally according to IMF statistics Additionally, the Brunei market has specific characteristics, with its major exports including oil, natural gas, petroleum-derived products, organic chemicals, machinery, nuclear reactors, boilers, medical equipment, and electrical and electronic equipment, as well as seafood Major imports into Brunei consist of machinery, nuclear reactors, boilers, iron and steel products, electrical and electronic equipment, fuels, oils, petroleum-derived products, vehicles, tron and steel, medical
SV: Luu Minh Anh Lớp: Kinh tế quốc tế 63B machinery and optical instruments, pharmaceuticals, stone, gypsum, cement, asbestos, mica, and food products such as cereals, flour, starch, and milk Vietnam exports primarily tron and steel, seafood, and rice to Brunei, while the main imports from Brunei are crude oil and chemicals Besides, Bruneian citizens are exempt from paying taxes and enjoy free education up to the university level, free healthcare, and housing subsidies j ° VÀ 7\ UY: FS gen : TT" Ầ “\ : A ù a7 : ` 4 V \ / SV | \ BRUNEI alee
Figure 1.1 Brunei’s GDP annual growth (“) in the period 1975 - 2020
On the other hand, low crime rates, numerous schools, quality housing, and sports facilities, as well as low utility costs, have made Brunei an appealing choice for both short-term and long-term residents The way of life in Brunei reflects the national philosophy of the Malay Islamic monarchy
Brunei boasts a unique financial position, having zero domestic or international debt and receiving no external economic assistance Its robust oil exports ensure a positive trade balance, despite its reliance on imported consumer goods and food The Brunei Dollar enjoys a stable 1:1 peg to the Singapore Dollar, and both currencies hold legal tender status in Brunei This arrangement enhances the country's financial resilience and integration with its regional neighbor.
Politically, Brunei follows a monarchy system where power is concentrated in a single leader The combination of resource management savvy and the maintenance of political
SV: Luu Minh Anh Lớp: Kinh tế quốc tế 63B stability is a crucial factor that has helped Brunet become a renowned nation for high living standards and a unique tourist destination in the Southeast Asian region
CHAPTER 2: INTERNATIONAL TRADE DEVELOPMENT POLICY OF BRUNEI
DARUSSALAM 2.1 The Current State of International Trade in Brunei Darussalam
Brunei's oil and gas abundance has fueled its national wealth, with exports serving as a cornerstone of the economy In 2022, exportaciones accrued $10.4 billion, constituting approximately 70% of Brunei's GDP Crude oil and natural gas dominate exports at around 55%, while other significant export products include machinery, seafood, chemicals, wood products, and agricultural goods.
Brunei's trade performance was robust, with an average export turnover of USD 7.316 billion and import turnover of USD 2.726 billion, resulting in a consistent trade surplus averaging USD 4.6 billion annually The trade surplus peaked at USD 9.4 billion in 2012, while reaching a low of USD 1.29 billion in 2020.
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Figure 2.1 Brunei’s export chart of the period 1974 - 2021
Brunei's export destinations are primarily concentrated within Asia, with Japan, South Korea, Thailand, India, Singapore, Malaysia, Australia, China, and New Zealand being the top ten markets.
Table 2.1 The proportion of Brunei’s export partner
(Source: World Bank, "International Trade Statistics 2023”) 2.1.2 Imports
In general, Brunei's import index shows a stable growth trend throughout the entire period The strongest growth in Brunei's import index occurred during the 2000 - 2010 period when the index increased from 20 to 60 The primary reason for this robust growth is the increased value of Brunei's oil and gas exports The high value of oil and gas exports provided Brunei with additional foreign currency to import goods
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During the 2011 - 2021 period, the growth rate of Brunei's import index slowed down somewhat However, the import index still increased from 60 to 100, indicating that the demand for imported goods in Brunei continues to rise
Brunei's import index mainly focuses on machinery and equipment, consumer goods, and raw materials Among them, machinery and equipment are the most crucial imported goods for Brunei, accounting for approximately 25% of the total import turnover Machinery and equipment are used to support Brunei's manufacturing activities, construction, and infrastructure development
Biéu d6 Nhap khau cua Brunei giai doan 1974 - 2021 Phóng To
Figure 2.2 Brunei’s import chart of the period 1974 - 2021
Brunei's primary import partners are located within the Asian region China stands as the leading import market for Brunei, accounting for a substantial 30% of the country's total import turnover Other notable import sources include Malaysia, Japan, and South Korea Brunei's import basket comprises diverse items such as machinery and equipment, consumer goods, raw materials, petroleum products, and chemical products, sourced from these partner markets.
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Table 2.2 The proportion of Brunei’s import partners
(Source: World Bank, "International Trade Statistics 2023”)
2.2, International Trade Development Policy of Brunei Darussalam
2.2.1 The period before 1990: The period focused on the export of crude oil and natural gas
Prior to 1990, Brunei's economy was heavily reliant on agriculture and fishing However, the discovery of vast oil and natural gas reserves in 1973 transformed the country's economic landscape This abundance of natural resources propelled Brunei to become an affluent nation with a substantial per capita income.
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Brunei, also known as "Negara Brunei Darussalam," translates to "The Abode of Peace."
It is a small country located in the heart of Southeast Asia, covering an area of approximately 5,700 km2, with a population of only about 400 thousand people who primarily communicate in Malay, the official language of the country The nation is meticulously caring for and preserving its natural environment, with 75% of its land covered by tropical forests, creating stunning and picturesque landscapes
Geographically, Brunei is situated in the northern part of the island of Borneo and is the only island owned by three countries (Brunei, Malaysia, and Indonesia) With substantial reserves of oil and natural gas, Brunei has built a prosperous economy primarily based on the export of crude oil and natural gas The country is also a significant debtor to many powerful nations and is the third-largest oil and gas producer in Southeast Asia, exporting liquefied natural gas on a large scale, ranking ninth globally With a per capita income reaching nearly USD 50,000 in 2011, Brunei ranked fifth in the world, surpassing many countries in the region
Brunei is a small country, with a population of only about 450,000 people and the highest per capita GDP in the world It’s recognized as a "Kingdom of Abundance”, with the Sultan owning an estimated wealth of over USD 20 billion It is also one of the top five countries with the highest per capita income globally according to IMF statistics Additionally, the Brunei market has specific characteristics, with its major exports including oil, natural gas, petroleum-derived products, organic chemicals, machinery, nuclear reactors, boilers, medical equipment, and electrical and electronic equipment, as well as seafood Major imports into Brunei consist of machinery, nuclear reactors, boilers, iron and steel products, electrical and electronic equipment, fuels, oils, petroleum-derived products, vehicles, tron and steel, medical
SV: Luu Minh Anh Lớp: Kinh tế quốc tế 63B machinery and optical instruments, pharmaceuticals, stone, gypsum, cement, asbestos, mica, and food products such as cereals, flour, starch, and milk Vietnam exports primarily tron and steel, seafood, and rice to Brunei, while the main imports from Brunei are crude oil and chemicals Besides, Bruneian citizens are exempt from paying taxes and enjoy free education up to the university level, free healthcare, and housing subsidies j ° VÀ 7\ UY: FS gen : TT" Ầ “\ : A ù a7 : ` 4 V \ / SV | \ BRUNEI alee
Figure 1.1 Brunei’s GDP annual growth (“) in the period 1975 - 2020
On the other hand, low crime rates, numerous schools, quality housing, and sports facilities, as well as low utility costs, have made Brunei an appealing choice for both short-term and long-term residents The way of life in Brunei reflects the national philosophy of the Malay Islamic monarchy
Brunei boasts a strong financial position with no domestic or international debt and no reliance on economic aid Its robust oil exports drive a positive trade balance, despite its dependence on imported consumer goods and food The stability of the Brunei economy is further enhanced by its currency, the Brunei Dollar, which is pegged to the Singapore Dollar at a 1:1 ratio This peg to the Singapore Dollar, which is legal tender in Brunei, provides additional monetary stability to the country.
Politically, Brunei follows a monarchy system where power is concentrated in a single leader The combination of resource management savvy and the maintenance of political
SV: Luu Minh Anh Lớp: Kinh tế quốc tế 63B stability is a crucial factor that has helped Brunet become a renowned nation for high living standards and a unique tourist destination in the Southeast Asian region.
INTERNATIONAL TRADE DEVELOPMENT POLICY OF BRUNEI DARUSSALAM
The Current State of International Trade in Brunei Darussalam 11
Brunei is a wealthy nation, thanks to its abundant oil and gas resources Therefore, exports are one of the main pillars of Brunei's economy In 2022, Brunei's export turnover reached USD 10.4 billion, accounting for about 70% of Brunei's GDP Crude oil and natural gas are the primary export products, constituting around 55% of the total export turnover Other important export items include machinery and equipment, seafood, chemical products, wood and wood products, and agricultural products
Specifically, during the period, Brunei's average annual export turnover was USD 7.316 billion The average annual import turnover during the period was USD 2.726 billion Brunei has consistently maintained a trade surplus throughout the period, with an average surplus of about USD 4.6 billion per year In 2012, the trade surplus reached its highest at USD 9.4 billion, while the lowest surplus was USD 1.29 billion in 2020 Specifically, the Export chart of Brunei over the years
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Figure 2.1 Brunei’s export chart of the period 1974 - 2021
Brunei's exports are primarily destined for markets in Asia, including Japan, South Korea, Thailand, India, Singapore, Malaysia, Australia, China, and New Zealand These countries collectively account for the majority of Brunei's export trade, highlighting the importance of regional partnerships for the country's economy.
Table 2.1 The proportion of Brunei’s export partner
(Source: World Bank, "International Trade Statistics 2023”) 2.1.2 Imports
In general, Brunei's import index shows a stable growth trend throughout the entire period The strongest growth in Brunei's import index occurred during the 2000 - 2010 period when the index increased from 20 to 60 The primary reason for this robust growth is the increased value of Brunei's oil and gas exports The high value of oil and gas exports provided Brunei with additional foreign currency to import goods
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During the 2011 - 2021 period, the growth rate of Brunei's import index slowed down somewhat However, the import index still increased from 60 to 100, indicating that the demand for imported goods in Brunei continues to rise
Brunei's import index mainly focuses on machinery and equipment, consumer goods, and raw materials Among them, machinery and equipment are the most crucial imported goods for Brunei, accounting for approximately 25% of the total import turnover Machinery and equipment are used to support Brunei's manufacturing activities, construction, and infrastructure development
Biéu d6 Nhap khau cua Brunei giai doan 1974 - 2021 Phóng To
Figure 2.2 Brunei’s import chart of the period 1974 - 2021
Regarding import partners, Brunei primarily imports goods from the top 10 markets in Asia Among them, China is the largest import market for Brunei, accounting for approximately 30% of the total import turnover Other significant import markets include Malaysia, Japan, and South Korea Brunei imports items such as machinery and equipment, consumer goods, raw materials, petroleum products, and chemical products from these markets
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Table 2.2 The proportion of Brunei’s import partners
(Source: World Bank, "International Trade Statistics 2023”)
2.2, International Trade Development Policy of Brunei Darussalam
2.2.1 The period before 1990: The period focused on the export of crude oil and natural gas
Before 1990, Brunei was a small country with an economy primarily based on agriculture and fishing However, in 1973, Brunei discovered a massive reserve of oil and natural gas This led to a significant transformation in Brunei's economy, turning it into a wealthy nation with high per capita income
Brunei's trade policy centered on promoting crude oil and natural gas exports during this period To facilitate trade, Brunei joined the ASEAN Free Trade Area (AFTA) and the ASEAN-China Free Trade Area (ACFTA), reflecting its commitment to regional integration and economic cooperation.
2.2.2 The period of 1990 - 2010: Transition period to diversify the economy and promote international trade
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During this period, Brunei continued its efforts to diversify the economy and promote international trade in various sectors The Bruneian government introduced several new policies to support domestic businesses in participating in the international market
One of the most significant policies was the establishment of the Brunei Economic Development Board (BEDB) in 1996 The BEDB 1s the primary agency in Brunei responsible for promoting trade and investment It has provided various support services for domestic businesses, including trade promotion, training, and consultancy
Additionally, the Bruneian government signed several new free trade agreements during this period In 2009, Brunei signed the Brunei - Malaysia - Indonesia - Philippines - Singapore Free Trade Agreement In 2010, Brunei signed the East Asia Free Trade Agreement (EAFTA) These agreements aimed to facilitate trade and economic cooperation among the participating countries, contributing to Brunei's strategy of diversification and international engagement
2.2.3 2010 until now: The period of continuing to promote economic diversification and international trade
Brunei's government is actively diversifying the economy and fostering international trade By supporting Micro, Small, and Medium-sized Enterprises (MSMEs) as drivers of economic growth and employment, Brunei aims to reduce its dependence on the oil and gas sector Through financial assistance, training, consultancy, administrative support, and regional economic cooperation, MSMEs have flourished, contributing significantly to Brunei's tourism, agriculture, technology, and service sectors.
The Brunei government has also undertaken several reforms to improve the business environment and facilitate trade These reforms include tax reductions, streamlining administrative procedures, and improving infrastructure
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Thanks to the government's efforts, Brunei's international trade has experienced significant growth in recent years In 2022, the total trade volume of Brunei reached USD 25.2 billion, representing a 15% increase compared to 2021
The Prime Minister's Office and the Economic Development Board of Brunei have identified priority industries for focused development in the coming period, including Halal (pharmaceuticals, cosmetics ), services (finance, logistics ), innovative technologies (biotechnology, data media, internet of things ), tourism (ecotourism, medical tourism, resorts ), and downstream oil and gas (petrochemicals)
Additionally, the Brunei Government is actively implementing several key priorities in its international trade development policies to diversify the economy and reduce dependence on oil and gas exports One crucial aspect is making specific efforts to reduce over-reliance on the oil and gas industry while creating a positive business environment to encourage investments in new sectors of the Bruneian economy
Evaluating Brunei Darassulam's international trade development policy and market potential
2.3.1 Evaluating Brunei Darassulam's International Trade Development Policy
Brunei has abundant oil and gas resources, accounting for about 90% of the country's GDP Therefore, international trade plays an important role in Brunei's economy
To develop international trade, the Brunei government has set goals such as diversifying the economy, reducing dependence on oil and gas; enhancing international economic integration, expanding export markets; attracting foreign investment, and promoting economic development To achieve these goals, the Brunei government has implemented some policies such as creating favorable conditions for trade, and investment; strengthening trade cooperation with countries in the region and the world; and supporting Brunei businesses to participate in international fairs, and exhibitions
These policies have brought positive results for Brunei's international trade Brunei's merchandise trade volume has grown steadily in recent years Brunei's exports have grown strongly, from 4.1 billion USD in 2010 to 6.2 billion USD in 2022 Brunei's imports have also grown steadily, from 6.6 billion USD in 2010 to 4.5 billion USD in 2022
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However, Brunei's international trade also faces some limitations Brunei still depends heavily on oil and gas in exports Brunei's export structure is still lacking in diversity, mainly oil and gas products and oil refining products Brunei's business competitiveness still needs to improve, especially in product and service quality
Brunei's international trade development relies on addressing critical limitations Economic diversification beyond oil and gas is essential Enhancing business competitiveness through improved product and service quality is vital Strengthening trade partnerships via FTAs with regional and global players will foster collaboration and market access These measures aim to bolster Brunei's position in international trade and secure sustainable growth.
To support Brunei in developing international trade more effectively, countries in the region and the world can cooperate with Brunei in the following areas: training human resources, improving Brunei's business competitiveness; supporting Brunei to participate in global supply chains; enhancing trade and investment cooperation between Brunei and countries in the region and the world
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POTENTIAL FOR COLLABORATION WITH VIETNAM IN THE NEW STAGE
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Brunei is a small country with a modest population and the second-highest GDP per capita in ASEAN It is a potential market for consumer goods, agricultural products, and food from Vietnam, as Brunei cannot produce these products domestically Vietnam mainly exports seafood and rice to Brunei, and imports mainly chemicals Vietnamese products such as coffee, fruit juice, and dried fruit are gradually penetrating the Brunei market Vietnamese construction companies have also won many high-value contracts to build infrastructure in Brunei, such as bridges, roads, oil and fertilizer plants, etc
Vietnam and Brunei officially established diplomatic relations in 1992, marking the commencement of a bilateral partnership that celebrated its 30th anniversary in 2022 Notably, in 2019, both nations successfully upgraded their relationship to a Comprehensive Partnership, signifying a significant milestone that set the stage for deeper and more substantial collaboration
Vietnam’s imports amounted to US$258 million in 2021, primarily consisting of chemical products, while exports totaled US$35 million, predominantly comprising aquatic products, iron and steel products, machinery and equipment, as well as tools and spare parts
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The trade cooperation between the two countries has witnessed significant advancements since then In 2022, two-way trade amounted to US$725.8 million This remarkable growth represents a staggering 134 percent surge when compared to the preceding year (US$293 million)
Year Export (Million Growth (%) Import (Million Growth (%)
Table 3.1 Exports and imports index between the two countries
(Source: Vietnam General Department of Customs)
As of the end of 2023, Brunei is currently ranked 27th out of 141 countries and territories investing in Vietnam, with 182 projects with a total registered capital of USD 1.21 billion Of these, the manufacturing industry is the most attractive sector for Brunei investment in Vietnam, with 130 projects, accounting for 71.4% of total investment Other sectors with significant investment from Brunei include mining (14 projects, accounting for 7.7%); real estate (15 projects, accounting for 8.2%); and construction (13 projects, accounting for 7.1%) List of Agreements and Memorandum of Understanding signed between two countries:
Brunei Darussalam and Vietnam signed an air cooperation agreement in September 1991, aiming to establish air services between the two countries Despite the agreement, no flights have been operated between the two nations, leaving the potential aerial connectivity unrealized.
MOU on the establishment of the Joint Committee on Vietnam - Brunei economic, scientific and technical cooperation (6/2000): Memorandum of Understanding (MOU) on the
SV: Luu Minh Anh Lớp: Kinh tế quốc tế 63B establishment of the Joint Committee on Vietnam - Brunei economic, scientific and technical cooperation, signed in June 2000
Maritime cooperation agreement (11/2001): Maritime cooperation agreement between Brunei Darussalam and Vietnam, signed in November 2001
Trade cooperation agreement (11/2001): Trade cooperation agreement between Brunet Darussalam and Vietnam, signed in November 2001
MOU on tourism cooperation (11/2001): Memorandum of Understanding (MOU) on tourism cooperation between Brunei Darussalam and Vietnam, signed in November 2001
Cooperation agreement between the Vietnam Chamber of Commerce and Industry and Brunei (signed on the occasion of the official visit of Brunei President Tran Duc Luong to Brunei from 12-14/11/2001)
Memorandum of Understanding (MoU) on cooperation between the two Defense Ministries of Brunei Darussalam and Vietnam, signed on the occasion of the visit of Brunei Deputy Defense Minister to Vietnam in November 2005
MOU on sports and youth cooperation, MOU on oil and gas cooperation, and Double Taxation Avoidance Agreement (signed on the occasion of the official visit of Vietnamese Prime Minister Nguyen Tan Dung to Brunei in August 2007)
In general, the export value of Vietnam to Brunei in the period 2018 - 2022 has been growing steadily, reaching 92.3 million USD in 2022, up 147.6% from 2021 The main export products of Vietnam to Brunei are machinery, equipment, tools, spare parts, seafood, rice, steel products, and textile products Specifically, machinery, equipment, tools, and spare parts are the main export products of Vietnam to Brunei, accounting for the highest proportion of the total export value In the period 2018 - 2022, the export value of this product increased from 14.6 million USD to 25.0 million USD, up 70.4%
Other main export products include seafood (the export value of this product increased from 7.2 million USD to 11.9 million USD, up 67.0%); rice (accounting for 29.3% of the total
SV: Luu Minh Anh Lớp: Kinh tế quốc tế 63B export value); steel products (accounting for 20.8% of the total export value); and textile products (accounting for 18.3% of the total export value) Specifically:
Year Goods Value (Million USD)| Proportion (%)
2022 Products from iron and steel 77 20,8
(Source: Vietnam Customs Department 2023 - International Trade Report) 3.1.3 Imports from Brunei
The Importation of goods from Brunei to Vietnam has also fluctuated over the past few years, especially in the past 5 years (2018 - 2022) According to statistics from the General Department of Customs, Vietnam had a trade deficit with Brunei in 2020, with imports nine times greater than exports Specifically, the export value of goods to Brunei reached 92.3 million USD, up 163.8% from 2021 On the other hand, Vietnam imported from Brunei with a value of 633.5 million USD, up 145.4% from 2021
According to the 2019 Brunei Market Report, Vietnam and Brunei have many new opportunities for trade cooperation, especially after the Comprehensive and Progressive Trans- Pacific Partnership (CPTPP) came into effect Potential areas for cooperation include tourism, agriculture, fisheries, information technology, health, education, and training
Year Goods Value (million USD) | Proportion (“)
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Table 3.3 Main Imported Goods (Source: Vietnam Customs Department 2023 - International Trade Report) The main import goods of Vietnam from Brunei include crude oil and chemicals, accounting for more than 60% of the total import value This shows that Brunei is an important source of chemicals for Vietnam The chemical items imported from Brunei mainly include basic chemicals, raw materials, detergents, and agricultural chemicals
In addition, Vietnam also imports products such as machinery, transportation equipment, food, beverages, tobacco, petroleum products, metals, precious stones, jewelry, fabrics, clothing, footwear, toys, books, newspapers, and magazines (Table 3.4)
3.2 Opportunities and Challenges in Enhancing Cooperation
Brunei and Vietnam present significant opportunities for strengthening economic and trade cooperation Despite Brunei's small market size, its wealth, especially the high per capita GDP, and similarities in terms of economics, culture, and politics, can create an attractive investment environment for Vietnamese businesses
Firstly, Vietnam and Brunei Darussalam share economic interests Both countries express a desire for cooperation to promote economic growth and international integration Notably, both nations possess special resources, with Brunei having substantial oil and gas reserves, and Vietnam having diverse resources, including oil and gas, minerals, agriculture, and fisheries Collaborating in the exploration and development of these resources can generate