ASEAN

Combined, ASEAN forms one of the fastest growing economic powerhouses and is one of the world's top five economies. Find out how HSBC can connect you to opportunities across ASEAN, and beyond.


Connecting businesses to where the growth is

ASEAN

What is ASEAN?

At the centre of the Asian region is ASEAN – the Association of Southeast Asian Nations, formed in 1967. The association is made up of ten nations: Singapore, Malaysia, Vietnam, Thailand, Philippines, Indonesia, Brunei, Lao, Myanmar and Cambodia. During ASEAN’s original inception, economic growth, social progress, cultural development and regional peace were cemented as the core principles by the founding nations and still stand strong today.

 

They have successfully weathered both the Asian financial crisis of 1997 and the global economic crisis of 2008-09, to make it one of the world’s top 5 economies. ASEAN’s countries equate to a total of 642 million people, accounting for over 8% of the world’s population with a GDP of US$2.76tn growing at a rate of 4.7% - this is significantly higher than any other global region and translates to a per capita metric of US$4,308.

Source: PwC, The Future of ASEAN, Time to Act

Your guide to doing business in ASEAN

Through the years in ASEAN, HSBC has been part of the prosperous economic growth along the way. Today, ASEAN has become one of the world’s top 5 economies and the world’s fastest growing trade bloc, supported by its young dynamic and digital population.

See how HSBC can connect you to other ASEAN countries

HSBC Indonesia is among the leading foreign banks and the largest ASEAN economy.

2022 GDP: US$1,580b

In Philippines, HSBC has been doing business for over 130 years.

2022 GDP: US$543b

HSBC Thailand has continuously contributed to the development of the Thai banking and finance industry.

2022 GDP: US$586b

HSBC Malaysia was the first foreign bank to be awarded Islamic banking subsidiary license and Islamic insurance license.

2022 GDP: US$500b

HSBC Vietnam is one of the largest foreign banks in terms of capital, staff and outlets.

2022 GDP: US$327b

In Singapore, HSBC is a prominent player and serves as one of the world’s leading financial centres.

2022 GDP: US$414b

Business benefits & opportunities

Now more than ever, companies from all over the world are looking to ASEAN to expand their operations from within the bloc around Asia and globally.

Shifting demographics

ASEAN is home to a dynamic demographic with 35% of the population under 20 years old and 65% to be classed as middle income by 2030, raising spending to hit US$2.3 trillion.

Fast economic and trade growth

Currently, ASEAN as a trade bloc is one of the top 5 economies in the world, with its GDP set to exceed US$4tn by 20225. Current exports total US$1.3tn, with forecasts predicting exports to rise to US$2.8tn by 2025, making ASEAN the world's fastest-growing trade bloc2&3.

The rise of digital

ASEAN’s digital economy is growing rapidly, with expanding digital networks and growing numbers of mobile phone and Internet users – ASEAN has more people coming online than any other region in the world, with eCommerce forecast to grow to US$88 billion by 2025.

Cross-border connections

ASEAN has driven a significant reduction in trade barriers across the ASEAN and ASEAN + 6 (Australia, China, India, Japan, New Zealand, The Republic of Korea), easing the cost and complexities of trading across the region – and continued easing of restrictions on labour movement for selected professions and new talent gives businesses access to a young dynamic workforce.

Sources:

1 HSBC in ASEAN (ISB Pitchbook)
2 ASEAN. Driving Your Ambition (Accenture ASEAN Consumer Research)
3 ASEAN Statistical Year Book 2018
4 ASEAN Investment Report 2018
5 PwC, The future of ASEAN: Time to act

Disclaimer

The Association of Southeast Asian Nations (ASEAN)

Issued by HSBC UK Bank plc

HSBC is the marketing name for the businesses of HSBC Holdings, plc and its affiliates worldwide. Products and services provided in the U.S. are offered by HSBC USA, N.A. Member FDIC

This article is distributed to provide general information about the subject matter covered and should not be utilized as a substitute for professional advice in specific situations. If you require such advice, please consult with your own professional advisers. Content and discussion are provided for informational purposes only, and do not constitute any commitment to underwrite, subscribe for or place any securities or to extend or arrange credit or to provide any other product or service.

The information contained in the video embedded on this site may include information from third parties who HSBC believe to be reliable but such information will not have been independently verified by HSBC. HSBC makes no representations that involvement in any particular location, sector or industry is suitable for your circumstances. HSBC encourages you to obtain legal, financial and any other relevant advice before entering into a transaction.