ASEAN Outlook Survey

HSBC, in partnership with the Singapore Business Federation (SBF), commissioned the SBF ASEAN Outlook Survey 2017/2018 to gain deeper insights into Singapore-based companies’ interest in ASEAN.
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The survey, conducted from December 2017 to March 2018, collected views from 1,036 Singapore companies across all major industries. The main objective was to find out how Singapore companies are venturing into ASEAN, and as business partners, discover how both SBF and HSBC can support businesses navigate new markets and capture growth opportunities. Among the companies surveyed, 70% have overseas operations and of which, 75% are present in ASEAN (outside of Singapore). That said, there is clearly still significant opportunity as 9 in 10 companies affirm ASEAN to be important for their overall business expansion strategy in 2018 and 2019. Of these, 77% identified ASEAN as the target region, followed by China (22%) and South Asia (15%).

Motivations and Challenges

An overwhelming majority (92%) cites the growth potential of ASEAN and ease of access to new markets (83%) as the top motivation for expanding into the region. Customer proximity, cost efficiency and productivity, as well as, brand development are complementary factors driving their internationalisation interest. Notwithstanding the interest, companies are also concerned about a mix of challenges, citing uncertain economic and political conditions as the main potential barrier to their internationalisation plans.


of companies expect an increase in ASEAN turnover in 2018/2019

The ASEAN Outlook Survey 2017/2018 (“survey”) was commissioned by the Singapore Business Federation, in partnership with HSBC, and conducted by independent research advisory firm Spire Research and Consulting.

The survey is intended for those who access it from within Singapore and is not intended for distribution to, or use by, any person or entity in any jurisdiction or country where such distribution or use would be contrary to law or regulation.

The Hongkong and Shanghai Banking Corporation Limited, Singapore Branch (“HSBC”) makes no representation or warranty (express or implied) of any nature nor is any responsibility of any kind accepted with respect to the completeness or accuracy of any information, projection, representation or warranty (expressed or implied) in, or omission from, this survey. No liability is accepted whatsoever for any direct, indirect or consequential loss (whether arising in contract, tort or otherwise) arising from the use of or reliance on this survey or any information contained herein by the recipient or any third party.
This survey does not constitute an offer or solicitation for, or advice that you should enter into or start using, any of products and services (HSBC’s or otherwise). Recipients should not rely on this survey in making any decisions and they should make their own independent appraisal of and investigations into the information described in this survey. No consideration has been given to the particular business objectives, financial situation or particular needs of any recipient.

No part of this survey may be reproduced, stored in a retrieval system, or transmitted, on any form or by any means, electronic, mechanical, photocopying, recording, or otherwise.

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