Market focus: ASEAN

While ASEAN presents a huge opportunity, expanding into new markets often comes with its challenges.

Our dedicated ASEAN team have extensive experience supporting clients in the region - whether its setting up a new entity or supporting cross-border business growth. Combining global expertise with local market knowledge, they are on hand to help you navigate the complexities and support you every step of the way.

For ASEAN in particular, the legal, regulatory and broader business landscape varies widely across its member countries. What’s more, it is a picture that is constantly evolving, with trade agreements, taxation and incentives changing on a regular basis. This poses challenges not only for market entrants but also for businesses already operating in the region.

If you’re looking to enter ASEAN, it’s vital to know which country is most appropriate for your business. Similarly, if you are new to the region or already well established, it’s essential to have a clear strategy around what you want to achieve and how you are going to deal with both the regional and country-specific complexities.

Whichever ASEAN country you are interested in, we can help.

The ASEAN opportunity

With a total population of more than 670 million and a combined GDP of US$3.8 trillion, ASEAN now comprises ten countries – Brunei Darussalam, Cambodia, Indonesia, Laos, Malaysia, Myanmar, the Philippines, Singapore, Thailand and Vietnam.

Described by itself as a ‘community of opportunities for all’, ASEAN enables business from around the world to access its untapped markets and grow in Southeast Asia, while providing a strategic hub for access to the wider Asian market.

This is reflected in the level of foreign direct investment (FDI) into the region, which reached a record $230bn in 2023 (or 17% of global FDI). Intra-ASEAN FDI also continues to expand, demonstrating the strength of countries within the region doing business with each other.

Businesses across a wide range of sectors benefit from the diverse range of opportunities and incentives that ASEAN has to offer. The Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP) – of which the UK is now a member – provides additional trade benefits for those doing business with Brunei, Malaysia, Singapore and Vietnam.