Abstract :
In collaboration with Dun & Bradstreet Taiwan (D&B), the Taiwan ASEAN Studies Center (TASC) at the Chung-Hua Institution for Economic Research (CIER) conducted an analysis of investment trends by global enterprises and Taiwanese companies across the ten ASEAN member states over the seven years from 2018 to 2024. This analysis employed corporate data on Taiwanese companies from D&B using three methodologies to establish corporate linkages. The study examined investment trends during three distinct periods: the US-China trade conflict (January 2018 – December 2019), the COVID-19 pandemic (January 2020 –July 2022), and the post-Nancy Pelosi’s visit to Taiwan (August 2022 – December 2024). The analysis included an overall landscape and trends analysis of global and Taiwanese investment in ASEAN, country-specific analyses of Taiwanese investment (primarily Vietnam, Thailand, Singapore, Indonesia, Malaysia, the Philippines, and Cambodia), and industryspecific case studies (“electronics industry”; “textiles, apparel, and footwear industry”).
Beyond overall investment trends, this research also analyzed the investment and supply chain relocation patterns of global enterprises and Taiwanese companies across different periods based on three major geopolitical events: the US-China trade conflict, the COVID-19 pandemic, and Pelosi’s visit to Taiwan. By comparing similarities and differences, this study assesses the impact of these three major events on global and Taiwanese investment in ASEAN.
This survey report found that the number of global enterprises investing in ASEAN has grown annually. Among the three periods, the post-pandemic growth was the most significant, with over 3 million new investments. Conversely, investment did not show a marked increase following the US-China trade conflict or the Pelosi visit. The number of Taiwanese companies investing in the region has also grown steadily. For most industries, the fastest growth in new investment occurred during the US-China trade conflict period (January 2018 – December 2019), indicating that the conflict prompted Taiwanese companies to accelerate their ASEAN investment, with a high concentration in Vietnam. Only the electronics industry saw a significant increase in investment during the post-Nancy Pelosi’s visit to Taiwan (August 2022 –December 2024), with Thailand showing the most notable growth.
Notably, there are disparities between the investment distribution of global enterprises and Taiwanese companies in ASEAN. Global enterprise investments are more diversified across countries and industries, with primary manufacturing investments in food, metal processing, and textiles. Conversely, Taiwanese companies are highly concentrated in a few countries (Vietnam and Thailand), though they are gradually expanding into Singapore, Malaysia, Indonesia, and the Philippines. Among new investment industries, the electronics sector is the most prominent. In the service sector, the wholesale/retail and finance/insurance industries saw the largest increase in the number of enterprises.
According to D&B’s enterprise data, the number of Taiwanese companies investing in ASEAN reached 6,200 as of the end of 2024, with total annual revenue exceeding US$260 billion, demonstrating robust economic strength. This indicates that the government’s“New Southbound Policy,” implemented since 2017, has contributed to Taiwan’s growing economic engagement with ASEAN. However, while Taiwanese company revenue peaked in 2023, growth momentum slowed in 2024.
The quantitative results of this survey serve as an important reference for understanding how Taiwanese companies shifted supply chains and established new investment distribution in key industries over the past seven years (2018–2024) in response to major geopolitical events and the COVID-19 pandemic. Furthermore, these results allow for an evaluation of the “New Southbound Policy” and the further formulation of economic and trade policies for ASEAN countries and industries. They also support efforts to secure various cooperation agreements or action plans with ASEAN nations―covering trade, investment, supply chain resilience, industrial upgrading, and talent training―to link Taiwanese investment in ASEAN with the broader benefits of economic cooperation and strengthen Taiwan’s regional economic ties.