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14 Feb 2024

Econ Digest

Indonesia and Vietnam have attracted the highest FDI in ASEAN since the onset of the trade war

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        Despite an overall decline in foreign direct investment (FDI) inflows into ASEAN in 2023, FDI in the industrial sector of Indonesia and Vietnam continues to increase. Thailand should accelerate the implementation of policies aimed at facilitating investment.
  • Since the start of the trade war between the US and China, Indonesia and Vietnam have been the major beneficiaries of relocating production bases from China in comparison to Malaysia and Thailand.
  • FDI in ASEAN declined in 2023 as the global economic slowdown and rising interest rates weaken the ability of foreign companies to invest. However, for Indonesia and Vietnam, FDI in the manufacturing sector has steadily risen. In the case of Thailand, the decline in FDI was due to the closure of foreign businesses, including the divestment of ExxonMobil’s stakes in Esso Thailand. Meanwhile, FDI in new S-curve industries increased in 2023.
  • KResearch views that Vietnam and Indonesia remain key production hubs for attracting FDI in the manufacturing sector of ASEAN. As Thailand still has the potential to attract FDI in new S-curve industries, the country should accelerate the implementation of more investment-friendly policies.

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