I have had similar issues with a bike or two. I used a dremel to clean up the rust. Your bike does not look as bad. I would just wax where the bubbles are.

The areas that are brown rust, I would dremel and paint with rust-o- leum.

Then go to a body shop to match the paint.

Luckily they are very small areas, but should be addressed. ( Just the exposed rust ) You don't want it to get any worse.

Again, the bubbles seem to be ok. As above said, keep and " eye" on it. I would also spray the inside with " frame saver"

Good Luck . Sharp looking bike !!!!!!