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Borderless Business: Europe-ASEAN Corridor Opening doors to diverse opportunities
Contents: Overview of the Europe-ASEAN Corridor: Opening New Doors for European Businesses 3 Growth Watchlist: Six Sectors Driving the Future of the Europe-ASEAN Corridor 9 Critical Success Factors: Five Focus Areas for European Companies to Drive Resilient Growth in ASEAN 18
Overview of the Europe-ASEAN Corridor: Opening New Doors for European Businesses
Overview of the Europe-ASEAN Corridor
Against the backdrop of a sluggish recovery this and is prompting European companies
from the pandemic, European companies are to bring forward their plans for international
actively seeking new growth opportunities expansion in search of new growth opportuni-
overseas, whilst simultaneously aiming to ties in high-growth regions such as ASEAN.
diversify their production footprints in order to
build greater operational resilience. As ASEAN As the fifth largest economy globally, with a
emerges as a global economic powerhouse, it population of over 655 million, ASEAN provides
offers significant trade and investment significant growth opportunities for companies
opportunities for European companies, not only across the EUb and the UK. Within Europe,
due to its large and growing consumer market, ASEAN’s largest trading partner is Germany,
but also its increasing connectivity with the responsible for over a quarter of merchandise
world via an expanding network of free trade exports worth USD28.3 billion in 2020, followed
agreements (FTAs). by France and the UK, with exports worth
USD17.7 billion and USD14.1 billion, respectively.
Sectors such as infrastructure, manufacturing, Within ASEAN, Singapore tops the exports
renewable energy, and e-commerce present destination list, receiving over a third of
strong growth opportunities for European European exported goods (USD41.8 billion in
businesses. However, to succeed in ASEAN, they 2020). Other major destination markets are
need to focus on a few critical factors. These Thailand and Malaysia, which account for a 15.7
include diversifying their supply chains in strong per cent and 14.2 per cent share, respectively.
manufacturing economies such as Vietnam, Vietnam has also become a prominent desti-
Thailand or Malaysia; leveraging local partner- nation for trade in recent years, with imports
ships to facilitate and speed up market access; from Europe growing at a compound average
ramping up digitalisation and cyber resilience growth rate (CAGR) of 8.5 per cent between
efforts; increasing focus on environmental and 2015 and 2020.
social initiatives; and establishing the right
governance frameworks to mitigate risks inher- Figure 1: Imports and FDI from Europe
ent in operating in ASEAN’s diverse economic (EU and UK) into ASEAN (US$ billion)
and business environment, especially given the
uncertainty of current times.
‘Borderless Business: Europe-ASEAN corridor’,
a strategic point-of-view commissioned by
Standard Chartered and prepared by PwC,
provides a snapshot of the main opportunity
sectors as well as the key success factors for
European companies to drive sustainable and
resilient growth as they venture into ASEAN
markets. Our insights also take into account
inputs from a survey conducted with senior
executives from European companies currently
engaged in cross-border activities across the
Europe-ASEAN corridor.a
Overview of the Europe-ASEAN
Corridor: Opening New Doors for
European Businesses
Source: ASEANStats
Since 2017, Europe has been experiencing
more moderate growth rates. The onset of the
COVID-19 pandemic has further exacerbated
a Survey commissioned by Standard Chartered in April 2021 and completed by senior executives at 40 companies based in Europe and
focusing on the Europe-ASEAN corridor
b EU-27 countries
Borderless Business: Europe-ASEAN Corridor 4
Overview of the Europe-ASEAN Corridor
Going forward, we expect European companies Vietnam, Malaysia and Thailand feature as
to step up investment and trade activities with the most attractive markets in terms of sales
ASEAN, propelled by increased government or expansion opportunities for majority of
focus and support in enabling cross-border respondents. With almost half of the respond-
expansion. A pulse survey of European com- ents expanding into ASEAN to diversify their
panies focusing on ASEAN revealed that 68 production footprintc - likely as part of a ‘China
per cent of respondents are driven to ASEAN Plus One’ strategy - many are turning towards
for access to its large and growing consumer countries like Vietnam for the geographical
market, with 48 per cent planning to increase proximity and comparable or lower manu-
annual revenues in ASEAN by more than 10 per facturing costs vis-à-vis China; or Malaysia
cent over the next 12 months. and Thailand for their strong manufacturing
capabilities.
Figure 2: Major economies in ASEAN offering the best expansion opportunities
68%
Access to the large and growing ASEAN
consumer market
50%
Access to a global market (from ASEAN),
enabled by a network of FTAs
48%
Diversification of production footprint
48%
Presence of a mature and reliable
supplier base
35%
Availability of abundant
and skilled workforce
33%
Local government incentives and support
for project sustainability/ stability
13%
Enhanced connectivity in digital
and physical infrastructure
Note: Survey questions asked: ‘What are the key drivers for your
focus on ASEAN?’ and ‘Which of these major economies within
ASEAN do you think offers the best expansion (sales / production)
opportunities for your company?’
For key drivers – the values indicated above refer to the % of survey
respondents who included the driver as one of the top 3 ranked
choices
Source: Standard Chartered Survey, 2021
c For key drivers, values refer to the % of survey respondents who included the driver as one of the top 3 ranked choices
Borderless Business: Europe-ASEAN Corridor 5
Overview of the Europe-ASEAN Corridor
Recent trade agreements to reducing regulatory barriers. At the regional
level, the EU and ASEAN agreed to upgrade
boost Europe-ASEAN trade their relationship to a Strategic Partnership in
December 2020, which further indicates greater
Key drivers for growth include recent trade
engagement, with both blocs having agreed
agreements between EU or UK and ASEAN,
to enhance economic and security cooper-
and EU-led initiatives to help European business
ation, sustainable connectivity and driving
expand in the region. Recently, ASEAN countries
sustainability.2
have concentrated efforts on accelerating
trade growth with Europe as seen through the
various FTAs summarised below: Strengthening of UK-ASEAN
trade ties following Brexit
Agreement Signed Ratified/
In Force Since leaving the Eurozone, the UK has been
EU-Singapore October 2018 November
working to establish formal bilateral trade
Free Trade 2019 relations and negotiated agreements with 63
Agreement countries, including ASEAN member states.
The UK-Singapore Free Trade Agreement
EU-Vietnam Free June 2019 August 2020
(UKSFTA) and the UK-Vietnam Free Trade
Trade Agreement
Agreement (UKVFTA) were designed to allow
EU-Indonesia Free Under negotiation the UK to enjoy the same benefits it did under
Trade Agreement the EUSFTA and EUVFTA. With effect from
EU-Philippines Under negotiation January 2021, the UKSFTA is expected to be an
Free Trade additional platform for driving British exports
Agreement into Singapore and allowing British companies
EU-Philippines 2011 March 2018
to leverage the city’s growing regional
Partnership connectivity to solidify their presence in ASEAN.
Cooperation In fact, post-Brexit UK exports of goods to
Agreement (PCA) non-EU countries (excluding precious metals)
increased by about USD1.8 billion (9.9 per cent)
EU-Thailand Free Negotiations on hold since
Trade Agreement 2014 in March 2021.
UK-Singapore December February The UK and Thailand also committed to
Free Trade 2020 2021 strengthening bilateral trade ties through a
Agreement
Memorandum of Understanding (MoU) in
UK-Vietnam Free December January 2021 March 2021 focused on reducing market access
Trade Agreement 2020 barriers and increasing access to financial
services markets. Moreover, the UK’s intention
Singapore was the first ASEAN nation to have to apply for Comprehensive and Progressive
an FTA with the EU when the EUSFTAd was Agreement for Trans-Pacific Partnership
signed in 2018. The EUSFTA aims to remove (CPTPP) membership, alongside its recent
customs duties, reduce bureaucracy, stimulate status as an ASEAN Dialogue Partner, has the
green growth – in areas like green infrastructure potential to further deepen trade links
and renewable energy – and encourage more with ASEAN.3
bilateral investment. Since being enforced
in November 2019, goods exported from
Singapore to the EU jumped 12 per cent in the
first half of 2020, despite COVID-19 disruptions.
Similarly, the EUVFTAe with Vietnam, in force
since August 2020, seeks to increase trade
by eliminating ~99 per cent of tariffs and
d European Union-Singapore Free Trade Agreement
e European Union-Vietnam Free Trade Agreement
Borderless Business: Europe-ASEAN Corridor 6
Overview of the Europe-ASEAN Corridor
“At Standard Chartered, we believe “The ASEAN markets continue to
that including ASEAN as part of offer huge opportunity for European
international companies’ wider business companies, both for those looking to
strategy is paramount. As a 10-member diversify and expand their investment
economic powerhouse, ASEAN presents and trade activities, and those who are
unparalleled opportunities for European well aware of the deep technological
companies. And that is why we are expertise and significant consumer
committed to supporting European base across the markets. Our clients are
businesses’ entry into ASEAN’s thriving thinking about how their businesses can
sectors, from infrastructure and go deeper and leverage the strengths
renewable energy to e-commerce. As the of the ASEAN community to broaden
only international financial institution their activities, potentially including
with a presence in all ASEAN markets, opportunities in other markets across
we have the right set of local knowledge the region which they may not already
and extensive experience to help our be active in. Given our unique footprint
European clients better leverage the at Standard Chartered, we have the
ASEAN opportunity that will help define expertise to support our clients across all
their future.” ASEAN markets, to ultimately help them
tap into those potential opportunities
and strive for continued growth.”
Rino Donosepoetro
Vice Chairman, ASEAN & President
Commissioner Indonesia, Robert Newell
Standard Chartered Managing Director,
Global Corporates, Europe,
Standard Chartered
Borderless Business: Europe-ASEAN Corridor 7
Overview of the Europe-ASEAN Corridor
Initiatives and support to (listed below) to drive internationalisation.
These efforts have paid off, with European
increase European focus companies having generated ~USD9 billion in
on ASEAN additional exports in 2019 thanks to its Market
Access Partnership framework, part of the
Increasing internationalisation and helping EU’s Market Access Strategyf, for example.
companies expand into emerging markets is Recognising that exports will be crucial for the
crucial for Europe’s competitiveness, UK’s economic recovery, particularly following
economic growth and innovation. The Brexit and the pandemic, the British govern-
European Commission has recognised this as ment also plans to continue with its Export
priority and has begun to ensure that enter- Strategy designed to support British businesses
prises can take full advantage of opportunities looking to export to the global market through
presented by growth markets outside the EU. a series of initiatives outlined below.4
As such, it has designed a series of initiatives
Initiative* Description
EU Market Access Strategy Part of the MAS, the EU Market Access Partnership (MAP) is aimed at
(MAS) preventing and removing of trade barriers and the EU Market Access
Database (MAB) provides European companies with information on
markets access conditions
EU Gateway | Business Assists European companies to access business opportunities in the region
Avenues
EU Intellectual Property Rights European Union co-funded project that provides European SMEs with free,
Help Desk for Southeast Asia practical, business advice relating to intellectual property rights in
Southeast Asia
Enterprise Europe Network Provides support for SMEs with international ambitions, helping them
innovate and grow internationally
EU-ASEAN Business Council Promote the interests of EU and UK businesses operating within ASEAN and
(EUABC) and UK-ASEAN advocate for changes in trade and investment policies and regulations.
Business Council (UKABC) Also provide awareness on the latest opportunities in ASEAN and facilitates
trade and investment content delivery for companies looking to expand
into regional markets
UK Department for As part of UK’s Export Strategy launched in 2018, DIT runs a series of
International Trade (DIT)’s programmes and initiatives to encourage and support British companies to
Programmes export to overseas markets. Examples include:
• Tradeshow Access Programme (TAP) – support for overseas tradeshows
• DIT Export Academy – webinars or events for companies in the Midlands,
North, South West, or East of England
• Local trade advisers – local, tailored support from an International Trade
Adviser on exporting technicalities
UK Export Finance (UKEF) UKEF is the UK’s export credit agency. In the last five years they have
provided £14 billion of support for exports and international trade
Britain in Southeast Asia BiSEA is a grouping of British Chambers and Business Groups in Southeast
(BiSEA) Asia, which provides European businesses with a network to establish them-
selves in the region and facilitate their business interests. BiSEA also
provides companies with relevant information, services and guidance
*non-exhaustive
f The European MAS is underpinned by two pillars: Market Access Partnership (MAP), which covers the prevention and removal of trade
barriers; and Market Access Database (MADB), which provides information on market access conditions.
Borderless Business: Europe-ASEAN Corridor 8
Growth Watchlist: Six Sectors Driving the Future of the Europe-ASEAN Corridor
Our Growth Watchlist
ASEAN’s deepening partnership and connec- rapid urbanisation, digitalisation and maturing
tivity with Europe will provide an additional manufacturing capabilities, are opening up new
channel for European players to access signifi- sectors of opportunities for European compa-
cant growth opportunities in the region. Several nies. Overall, we see six high potential sectors
trends across ASEAN countries, including driving future growth through this corridor,
growing consumption and rising income levels, highlighted below.
Figure 3: Key sectors in ASEAN-6 (by contribution to national GDP), 2020
Note: Trade includes wholesale and retail trade
Source: ASEANStats
1. ASEAN’s aging population Vietnam and Thailand are the three largest,
responsible for USD15.3 billion of sales in 2019
and focus on healthcare (67.9 per cent of the total ASEAN
affordability to fuel growth in pharmaceuticals market).
the pharmaceuticals sector European countries have acknowledged the
growth potential of this sector in ASEAN, with
ASEAN’s pharmaceuticals market recorded
Germany, France, and Belgium being the three
sales of USD22.79 billion in 2020 and it is
largest European exporters of pharmaceutical
forecasted to grow at a CAGR of 8.6 per cent
products to the region. European exports to
from 2020 to 2025, faster than Asia’s overall
ASEAN in 2019 were worth USD7.3 billion (51
growth (5.8 per cent). A large part of this
per cent of total pharmaceutical imports),
growth will be driven by demand for generics,
growing at a CAGR of 8.2 per cent between
due to the cost consciousness of most markets
2014 and 2019. 5
in ASEAN. Among these markets, Indonesia,
Borderless Business: Europe-ASEAN Corridor 10Our Growth Watchlist
As most manufacturing in the region is for per cent of ASEAN’s European pharmaceutical
finished goods, local manufacturers often imports). As ASEAN governments continue to
depend on Active Pharmaceutical Ingredients push for regulatory policies to boost investment
(API) imports from these non-ASEAN countries. in the sector and provide citizens universal
In fact, Singapore, Vietnam and Thailand are healthcare access, the region is poised to be
the largest importers of European pharma- an attractive market for European players.6
ceutical products, valued at USD4.9 billion (68
Figure 4: Sales of pharmaceutical products in ASEAN-6
Markets covered: Indonesia, Malaysia, Philippines, Singapore, Thailand, Vietnam
Source: Fitch Solutions
Greater openness to foreign participation in markets like Indonesia, Vietnam and Thailand expected
to drive expansion in the pharmaceuticals sector
Indonesia Vietnam Thailand
Indonesia’s New Investment List, passed Growing urbanisation and government As part of its goal of becoming a regional
in March 2021, lifted caps on foreign efforts to expand healthcare access life sciences centre, Thailand’s govern-
investment in the sector, and now allows are driving development of the ment has selected healthcare as one of its
100% foreign ownership in the manufac- pharmaceutical sector in Vietnam. The 10 priority industries, with incentives grant-
ture and wholesaling of finished and raw sector is seeing increasing activity of ed to pharmaceutical investors and a
pharmaceutical products. Sanofi, GSK and foreign firms acquiring local firms to regulatory framework designed to support
Bayer have a manufacturing presence in gain market access. In 2020, German local R&D. In October 2020, Thai biophar-
Indonesia. pharmaceutical giant Stada announced ma company Siam Biosciences signed an
plans to raise its stake and takeover agreement with AstraZeneca to produce
Vietnam-based Pymepharco. the COVID-19 vaccine for ASEAN.
Source: Fitch Reports, SSEK, UNCTAD, ASEAN Investment Report 2019, VN Express, Nikkei Asia
Borderless Business: Europe-ASEAN Corridor 11Our Growth Watchlist
2. Uplift in FMCG demand potential as a strong consumer market, FMCG
companies are also attracted by ASEAN’s
anticipated in ASEAN on the maturity of skills, investment-friendly policies,
back of growing incomes and and competitive manufacturing costs, and
are setting up production bases in the region.
increased consumption With COVID-19 accelerating digital adoption,
ASEAN’s growing middle income class and e-commerce has also emerged as an important
higher consumption appetite is spurring channel for sales of FMCG products, especially
demand for fast-moving consumer goods among the more digitally-savvy.
(FMCG). Household spending on consumer
In addition, as rising incomes lead to increasing
goodsg in ASEAN-6 reached USD574.8 billion in
demand for branded products, there is
2020 and it is expected to grow at a CAGR of
significant potential for European FMCG brands
7.4 per cent to reach USD820.5 billion in sales
to expand their presence in the region. Players
by 2025. Thanks to the region’s growing popu-
such as Unilever and Nestlé, who already have
lation, food products hold the largest share (83
strong market presence, have taken note of
per cent) of total consumer goods spending,
this trend and announced further investment in
expected to reach USD713 billion in sales
ASEAN, as shown below. 7
by 2025. In addition to the region’s growing
Figure 5: Household spending on consumer products in ASEAN-6
Markets covered: Indonesia, Malaysia, Philippines, Singapore, Thailand, Vietnam
Note: Segments covered: Food, Alcoholic and Non-Alcoholic drinks, Personal care products
Source: Fitch Solutions
The food and beverages sector is expected to drive growth in major ASEAN economies like Indonesia,
Thailand and Philippines
Indonesia Thailand Philippines
A key area of consideration for foreign To drive the next phase of growth for its The country is making the business
players looking to enter the market is established food processing industry, environment friendlier for manufacturers
Indonesia’s 2019 Halal Product law which Thailand is positioning its high-tech through regulations such as the CREATE
requires consumer products to be halal Eastern Economic Corridor as a Food In- act and investment programmes like
certified. The country also aims to be a novation Hub for future advances in food ‘Make It Happen in the Philippines”. In
global hub for halal manufacturing and technology. In 2020, Nestlé Thailand 2018, Nestlé Philippines invested USD52
thus provide manufacturers with further announced an investment of USD145 million for a new manufacturing plant
growth opportunities. In 2017, Unilever million to expand production at three in Batangas and announced plans of
Indonesia announced an investment of factories and expand its eBusiness. further investment to prioritise local
USD500 million to expand its production manufacturing.
in the country.
Source: ASEAN Briefing, UK-ASEAN Business Council, Asia Pacific Food Industry, Nestlé, Philippine News Agency, Food Navigator Asia
g Including food, drinks and personal care products
Borderless Business: Europe-ASEAN Corridor 12Our Growth Watchlist
3. ASEAN’s automotive sector As a post-COVID economy recovery boosts
consumer sentiment in the region, the sector is
expected to rebound strongly expected to continue seeing favourable growth
post-COVID, boosted by the at a projected 9 per cent CAGR from 2020 to
2025, with Thailand, Indonesia, and Malaysia as
region’s focus on Electric key contributors (75 per cent of sales).8
Vehicles (EVs)
ASEAN’s automotive market boasts 2.5 million
vehicles (excluding two-wheelers) sold in 2020.
Figure 6: Sales of passenger and commercial vehicles in ASEAN-6
Markets covered: Indonesia, Malaysia, Philippines, Singapore, Thailand, Vietnam
Source: Fitch Solutions
Naturally, regional manufacturing activity thanks to the region’s connectivity to regional
has seen an upsurge as ASEAN works towards and global trade partners. Alongside serving
strengthening its position as an automotive ASEAN markets, companies based in the
production and export hub. EVs features as an region also supply vehicles to countries such as
attractive segment for European manufacturers Australia, Japan, and the United States, with
and suppliers, given strong anticipated demand USD30.7 billion worth of automotive goods and
and presence of government support and accessories exported globally from ASEAN in
incentives. Moreover, the automotive sector’s 2019.9
growth potential extends beyond ASEAN,
EVs a potential focus, with major ASEAN production hubs offering incentives to attract investments
Thailand Indonesia Malaysia
Growth drivers for the sectors will be in the Demand for passenger and electric vehi- Malaysia is working to drive development
form of government incentive schemes cles is expected to be spurred by easing of the established automotive industry in
to drive demand, and industrial policies of vehicle loan requirements, suspension emerging areas such as EVs, Next Gen-
(e.g. trimming of excise taxes for local of a luxury vehicle tax, and government eration Vehicle (NxGV), and Industry 4.0
EV manufacturing) to increase Original policies that encourage EV uptake. BASF through the National Automotive Policy
Equipment Manufacturer (OEM) manu- and Eramet have partnered to assess 2020. Support is also being provided for
facturing activity. Mercedes Benz invested development of a plant in Weda Bay, In- local assembly of hybrid electric vehicles
USD120 million for expanding its Bangkok donesia to supply the EV battery market. through the Energy Efficient Vehicles
plant and started producing batteries Programme. In 2021, Porsche announced
there in 2019. a partnership with Shell to set up an EV
charging network in Malaysia to address
the growing opportunity for electric
vehicles.
Source: ASEAN Briefing, Daimler, Electrek, BASF, Eramet, Malaysia Ministry of International Trade and Industry, Porsche newsroom
Borderless Business: Europe-ASEAN Corridor 13Our Growth Watchlist
4. Investment in smart cities, urbanisation. In light of this, transport (road,
rail, port and airports) is expected to be a key
transport and logistics area of growth with a projected CAGR of 11.1
infrastructure necessary per cent in 2020 to 2025; and the Master Plan
on ASEAN Connectivity 2025, adopted by
to bridge ASEAN’s all ASEAN countries in 2016, will guide future
infrastructure gap development in the sector. In the near future,
ASEAN’s development will focus on sustainable
As the cornerstone of the region’s development, infrastructure, digital innovation, seamless
infrastructureh in ASEAN is tied to population logistics, regulatory excellence, and people
growth, urbanisation, and mobility. Within mobility, embodied in various initiatives such
ASEAN-6, the industry is projected to grow at a as the ASEAN Smart Logistics Network (ASLN)
CAGR of 10.6 per cent in 2020 to 2025 to reach launched in 2020.
USD144 billion by 2025. To ensure sustainable
infrastructural development that will support Given that Europe is comparatively more
population growth and enhance connectivity, advanced in this segment, ASEAN presents
ASEAN member countries launched the ASEAN European construction and engineering compa-
Smart Cities Network (ASCN) in 2018, which nies with numerous opportunities, particularly
identified 26 cities to pilot smart city for green and digital forward solutions, as it
projects, leveraging on digital tools and ramps up its capabilities to meet demand. 10
external partnerships to achieve sustainable
Figure 7: Infrastructure industry GVA (gross value added) in ASEAN-6
Markets covered: Indonesia, Malaysia, Philippines, Singapore, Thailand, Vietnam
Source: Fitch Solutions
Large scale government-led infrastructure programmes and investment to play a critical role in economies
like Indonesia, the Philippines and Vietnam
Indonesia Philippines Vietnam
The government announced funding of Infrastructure development in the country The government announced funding of
USD450 billion for infrastructure projects is being pushed through the government’s USD450 billion for infrastructure projects
in the country as part of the National ‘Build Build Build’ programme with 100+ in the country as part of the National
Development Agenda (RRJMN) 2020-24 projects planned. Spain’s Acciona con- Development Agenda (RRJMN) 2020-24
to promote economic transformation. struction has been awarded a contract to promote economic transformation. A
A consortium of Dutch firms is working on for construction of the Malolos Clark Rail consortium of Dutch firms is working on
the USD40 billion Giant Sea Wall Project Project. the USD40 billion Giant Sea Wall Project
in North Jakarta in collaboration with the in North Jakarta in collaboration with the
Indonesian government. Indonesian government.
Source: ADB, German-Indonesian Industry of Commerce, Dutch Water Sector, Acciona, Vietnam Briefing, Alstom Press Release
h Includes transportation, energy and utilities
Borderless Business: Europe-ASEAN Corridor 14Our Growth Watchlist
5. Priority growing for renewable energy from renewable sources by 2025, there
is a substantial market for growth. Within this
or clean energy initiatives across market, solar power generation is the fastest
ASEAN to meet rapidly growing growing segment, with a projected CAGR of
16 per cent (2020-2025), compared to 4.8 per
consumption needs cent for the sector overall. Europe has long
Growing at a CAGR of 6 per cent over the past since invested in supporting ASEAN’s green
two decades, ASEAN’s energy consumption development, with the EU, European Investment
has reached 994 terawatt-hours (TWh) in Bank, and the Deutsche Gesellschaft für
2020, one of the fastest growing, globally. This Internationale Zusammenarbeit (GIZ) financing
is expected to continue with ASEAN’s energy green infrastructure projects and providing
consumption reaching 1287 terawatt-hours technical assistance in the region. As such,
by 2025. With the ASEAN Plan of Action and renewable energy is bound to continue being
Energy Cooperation 2021-2025 setting the an opportune market for European companies
target to have nearly one third of ASEAN’s expanding in this corridor.11
Figure 8: Renewable energy generation in ASEAN
Source: Fitch Solutions
Focus on solar energy across key markets like Thailand, Vietnam and the Philippines
Thailand Vietnam Philippines
Solar energy, pushed by initiatives such Solar and wind energy show the highest As per latest energy targets, renewable
as the Energy Ministry’s Solar Rooftop growth potential in Vietnam. The offshore energy is expected to account for 35
Scheme is a key growth segment in wind sector is being emphasised by the per cent of the country’s power mix by
Thailand’s renewable energy industry. government under Vietnam’s National 2030. Geothermal energy which currently
French solar company GreenYellow Energy Development Strategy. accounts for 70 per cent of renewable
completed the installation of one of Copenhagen Infrastructure Partners generation, will now allow 100 per cent
Thailand’s largest floating photovoltaics signed an MoU in 2020 for the foreign investment. There will also be a
projects in 2020. development of a USD10 billion offshore stronger focus on solar projects as per the
wind project in Binh Thuan, Vietnam. country’s Energy Plan 2040 as the country
looks to increase capacity. In 2018,
Germany-based Schletter Group
announced that they would be supplying
solar mounting systems to the largest
solar park in the Philippines.
Source: PV Magazine, GreenYellow, Copenhagen Infrastructure Partners, Renewable Energy Magazine
Borderless Business: Europe-ASEAN Corridor 15Our Growth Watchlist
6. ASEAN’s e-commerce industry the upsurge of the sector’s gross merchandise
value (GMV) across the ASEAN-6 markets,
poised to be one of the fastest which reached USD104 billion in 2020. Moving
growing sectors, with sustained forward, the industry is forecasted to grow at a
CAGR of 24 per cent from 2020 to 2025, reach-
momentum even in a post- ing a GMV of USD309 billion by 2025. Driving
COVID-19 scenario this growth are rising income levels, increased
consumer preference for purchasing goods and
With 400 million internet users, ASEAN’s services online, and improved regional digital
e-commerce market presents vast potential for and logistics infrastructure. As this trend con-
growth. Rapid e-commerce expansion in ASEAN tinues, e-commerce is posed to be an engine of
has seen dominant players such as Lazada, growth for companies in the region, making it
Shopee and Tokopedia emerge. During the an important channel for European companies
pandemic, demand for e-commerce servicesi looking to access the ASEAN market.12
gained significant momentum, as reflected in
Figure 9: e-Commerce GMV in ASEAN-6
CAGR 24.3%
USD billion 309
300
35
42
104
46
Markets covered: Indonesia, Malaysia, Philippines, Singapore, Thailand, Vietnam
Source: Google & Temasek, e-Conomy SEA, 2020
i Including online retail, online travel, online media, transport and food
Borderless Business: Europe-ASEAN Corridor 16Our Growth Watchlist
Governments supporting start-ups and enabling foreign investment in markets like Indonesia, Thailand,
and Vietnam to drive further innovation in the digital space
Indonesia Thailand Vietnam
In order to attract technology-related Growth of e-commerce in the country The government’s National e-commerce
investment, the government has has been driven by the government’s Development Plan 2021-2025 focused on
established friendly FDI policies and now National E-commerce Strategy (2017- boosting e-commerce adoption,
allows 100 per cent foreign ownership of 2022) and initiatives such as the envisioning that 55 per cent of the popula-
e-commerce businesses in the country. PromptPay e-payment service, making it tion will shop online by 2025 with average
In 2020, Berlin-based Global Founders an attractive destination for investments. annual consumer spending online rising
Capital invested in Indonesian B2B startup During the COVID-19-induced lockdowns, to USD600 by 2025, up from USD202 in
Klikdaily. European luxury brands such as Louis 2018. Estonia-based MetaPlanet (backed
Vuitton and Chanel used communication by Skype cofounder Jaan Tallinn) invested
app ‘Line’ as a channel for selling their in Vietnam’s fast growing food delivery
products. startup Loship in 2021.
Source: E27, Tech In Asia
Role of financial partners
Digital tools offered by financial partners can help streamline and aggregate payment
methods. Financial partners can also offer technology solutions to help reduce the
compliance burden and provide a more seamless reporting process for European
companies targeting ASEAN.
Case study:
Online payment solution in Vietnam: Top multi-national mail and logistic company
Background Solutions Offered Impact
A top multinational mail and Standard Chartered integrated • Eliminated cash collection and
logistics company operating in its Straight2Bank platform with streamlined payment collection
Vietnam, dealing with standard the client, supporting the clients’ through single provider
parcel delivery for business clients online space with multiple payment
through cash collections, wanted methods for payers to choose at • Single contract with Standard
an online single payment gateway check out. Chartered, no additional due
to minimise merchant accounts diligence required and seamless
and better support their clients Standard Chartered also provided reporting process
with mature e-commerce shipping real time update of transaction
completion, intra-day report, while • Receipt of real-time notification on
solutions. transactions
funding is credited to the client’s
It also wanted to standardise account on agreed terms. • Company able to view and
reporting processes through a reconcile vital transaction details
single platform and improve the via Standard Chartered’s e-banking
reconciliation process. platform
Online fashion retailer YOOX Net-A-Porter partners with Singapore
e-commerce platform BlinQ to expand ASEAN market reach
Background Impact
Italian online fashion retailer YOOX Net- BlinQ has over 30,000 users joining the
A-Porter Group has partnered with BlinQ, platform every month, with luxury brands
a luxury e-commerce platform based in such as Kenzo, Prada and Off-White included
Singapore, to bring YOOX’s products to the on the platform.
region.
This partnership will provide YOOX with a
The collaboration will enable customers to strong Southeast Asian partner to expand
access a catalogue of more than 10,000 their potential customer base in Southeast
products from over 700 luxury brands, on top Asia.
of the products already on the platform — all
while enjoying better customer experience,
with lower shipping costs and shorter
fulfilment times.
Source: Retail News Asia
Borderless Business: Europe-ASEAN Corridor 17Critical Success Factors: Five Focus Areas for European Companies to Drive Resilient Growth in ASEAN
Critical Success Factors
ASEAN’s landscape is characterised by strong digitalisation with strong cybersecurity mea-
geographic, political, social and cultural sures to reduce risk exposure, as well as investing
diversity. As such, European companies in Environmental, Social, and Governance (ESG)
targeting ASEAN must focus on five key areas initiatives and effective governance frame-
to ensure resilient growth in such a dynamic works. Figure 10 below shows that European
region – including forging key local partnerships, companies are prioritising their focus on new
diversifying their supply chains and driving partnerships and joint ventures over other areas.
Figure 10: Key focus areas to drive resilient growth in ASEAN
Note: Survey question asked: ‘What are the key initiatives / focus areas for your organisation to drive resilient and rebalanced growth in
ASEAN? Please select the relevant options and rank them in order of importance, 1 being the most important.’
Values indicated above refer to the % of survey respondents who included the initiative as one of the top 3 ranked choices
Source: Standard Chartered Survey, 2021
Borderless Business: Europe-ASEAN Corridor 19Critical Success Factors
1. Expanding market presence Explore options for ‘coopetition’ – i.e.
and access through local public partnering with competitors in specific
and private partnerships areas to accelerate market entry
ASEAN’s strengths as a large, growing market, European companies seeking to enter
and its appealing demographics and produc- or expand across ASEAN markets can
tion capabilities have attracted European consider ‘coopetition’, i.e. partnering
companies, especially those considering diver- with international or local competitors in
sifying their supply chains as part of a “China specific areas to facilitate and accelerate
Plus One” strategy. The EUABC 2020j Business their market entry. This could involve
Sentiment Survey reported that EU companies collaborating with competitors outside
viewed ASEAN as the region with the best core business areas to achieve synergies
economic opportunities for the next five years.14 – for example, companies can consider
sharing “economy logistics” to reduce fixed
Given supply chain disruptions from COVID- costs and investments for both parties, an
19 souring commercial prospects for some approach explored by companies such as
European investors targeting ASEAN, regional PepsiCo and Nestlé, which capitalised on
economic integration and progress on trade shared warehouse capabilities and joint
facilitation will be crucial to the region’s sus- logistics, generating 12 to 15 per cent cost
tained economic recovery. As one of ASEAN’s savings. Customer service also improved as
main investors, the EU has committed to both companies were able to make more
stepping up its economic efforts to speed up frequent deliveries. Whilst ‘coopetition’ is
ASEAN’s post-pandemic recovery, including still nascent in ASEAN, similar partnership
pursuing its trade agenda with ASEAN models could be explored in the region,
countries beyond Singapore and Vietnam, and within the context of local anti-trust laws.13
further advancing UK/EU-ASEAN programmes
– a move expected to grant wider and easier
access to the region for European businesses.15
j European Union ASEAN Business Council
Borderless Business: Europe-ASEAN Corridor 20Critical Success Factors
A. Engaging local partners to facilitate firms and industry associations, which have
market entry relevant market experience and expertise
as well as wide-reaching networks of
ASEAN’s diverse and fragmented market, with
local contacts, can help companies better
varying business practices across its member
understand local market dynamics and
states, often poses a challenge to European
business practices, mitigate risks, and overcome
companies with no local presence or experi-
market entry barriers. Figure 11 shows how
ence. In fact, our survey indicates that 85 per
financial services partners are helping European
cent of respondents give high importance to
companies engaged in this corridor. Majority
local partnerships to increase market presence
of companies look to banks for their multi-
in ASEAN.k
currency management capabilities as well
Forging local partnerships will be vital to as their networks and local expertise. Others
expediting their successful market entry. Apart also count on cash management and advisory
from government support via local Investment support from their banking partners to help
Promotion Agencies (IPAs), commercial them achieve their ASEAN growth plans.
partners such as banks, professional services
Figure 11: Key requirements from banking partners to support growth in ASEAN
55%
Foreign exchange hedging and multi-currency settlement services
55%
Widespread cross-border network and understanding of the local markets
48%
Strong cash management capabilities
48%
Advisory services (financial advisory, ESG rating etc)
28%
Extensive trade financing services
28%
Digitalised platforms for foreign exchange, transaction banking, etc.
23%
One-stop corporate financing and capital raising services
Note: Survey question asked: ‘Where are the key requirements from your banking partner, to support your growth in ASEAN? Please select the
relevant options and rank them in order of importance, 1 being the most important.’
Values indicated above refer to the % of survey respondents who included the requirement as one of the top 3 ranked choices
Source: Standard Chartered Survey, 2021
k For priority initiatives, values refer to the % of survey respondents who included the initiative as one of the top 3 ranked choices
Borderless Business: Europe-ASEAN Corridor 21Critical Success Factors
Role of financial partners
For foreign companies looking to expand into ASEAN, financial partners can assist
with trade financing needs in the region and help clients build stronger, more reliable
relationships with local partners, including their distributors.
Case study:
Standard Chartered Trade Finance in Indonesia: Payables financing through VPP for Hypermarket
Retail Chain
Background Solutions Offered Impact
• A hypermarket retail chain Standard Chartered provided the • As of Q3 2017, more than
was looking for the option to client with a Vendor PrePay (VPP) 50 suppliers are part of the
receive early payment at a more programme: programme
affordable cost
• Suppliers can automatically or • Improved clients’ relationship with
• The company hoped that selectively discount their invoices suppliers with advanced payment
cheaper borrowing costs paid in advance at lower interest rate
by suppliers would lead to better
costs of goods • All requests for financing • Strengthened clients’ supply
are seamlessly done via chains as VPP programme assures
• The company also wanted to Straight2Bank suppliers that invoices will be
increase the days of payable unconditionally paid by Standard
outstanding (DPO) Chartered on due date
B. Leveraging new and planned FTAs to to new locations in ASEAN. Some examples
facilitate trade and drive market access include Singapore Economic Development
Board, Malaysian Investment Development
While efforts to forge an EU-ASEAN FTA have
Authority, the Thai and Philippines’ Boards of
not been successful to date despite strong
Investments, Indonesia Investment Promotion
lobbying from European corporates, the EU
Centre, and Vietnam’s Foreign Investment
and UK are proactively securing FTAs with
Agency. These IPAs can assist European
individual ASEAN countries instead. It is
companies in connecting with the right local
particularly important, therefore, for companies
partners and understanding the local business
targeting ASEAN to also note FTAs currently
landscape as they explore opportunities in
under negotiation, which could significantly
ASEAN markets.
impact their future operations and growth
prospects in the region. Furthermore, the EU’s
growing trade connections with signatories
of the Regional Comprehensive Economic
Partnership (RCEP), in particular Singapore
and Vietnam, will enhance European exporters’
access to the ASEAN market.16
C. Tapping into local government-led
initiatives to overcome barriers to trade
in ASEAN
A variety of EU and UK government-led
programmes and initiatives have helped
remove barriers to overseas trade and will
continue to play an important role in facilitating
trade and investment opportunities for
European companies going forward. European
companies should note that in addition to
those, they would benefit from liaising with local
IPAs for institutional support when expanding
Borderless Business: Europe-ASEAN Corridor 22Critical Success Factors
2. Diversifying production Supply chain resilience, not cost, to be the
networks and supply chains to key measure for success going forward
build resilience post-COVID-19 Incorporating supply chain diversifica-
Elevated geopolitical tensions and COVID-19- tion as part of an overall strategy will
related disruptions are forcing manufacturers, allow European companies to be more
globally, to reassess their supply chains to flexible and better anticipate, adapt to
mitigate risk exposure and increase resilience. and recover from events in an uncertain
Whereas the pandemic was the main catalyst environment. Going forward, supply chain
for this shift, the recent Suez Canal 6-day resilience and customer experience will
blockage, which prevented an estimated become more critical measures as com-
USD9.6 billion worth of trade among Europe, pared to cost, which has typically been the
Asia and the Middle East, starkly illustrates how prime focus area for most organisations.
disruptive events are set to become the norm.17
Companies should, however, adopt a
A. Diversifying footprint by adopting holistic approach to risk diversification
a ‘China Plus One’ strategy which extends beyond supply and pro-
duction networks and also encompasses
Although China has long been a popular choice operations, systems, data and people.
for manufacturing bases, rising labour costs and
tightening environmental standards, coupled
with increased tariffs as a result of geopolitical
tensions, are pushing many manufacturers
to reduce their supply chain dependency on
a single market. For many European compa-
nies, manufacturing activities are “in China,
for China”, meaning a complete withdrawal
from China is unlikely. A more plausible post-
COVID-19 scenario would be “China plus
One” – diversifying supply chains with addi-
tional manufacturing sites outside of China.
Neighbouring ASEAN therefore stands out as
an attractive alternative, given its geographical
proximity to China, openness to foreign invest-
ment and lower labour costs. In fact, the EUABC
2020 Business Sentiment Survey considered
ASEAN a top destination for supply chain
relocation and, with Brexit spearheading new
FTA negotiations with ASEAN countries, the
same is expected of British manufacturers. Our
survey results also validate this trend, with 48
per cent of respondents listing “diversification of
production footprint” as a major driver (among
top 3) for expanding into ASEAN.18
Borderless Business: Europe-ASEAN Corridor 23Critical Success Factors
B. Developing ASEAN production and • Increasing focus on Vietnam and Singapore:
supply networks, capitalising on its diverse Our survey results indicate that Vietnam is
landscape and capabilities one of the top countries in ASEAN where
companies see the most sales or expansion
European companies looking to relocate or
opportunities. This is not only because of its
expand into ASEAN will benefit from under-
geographic proximity and lower productions
standing the region’s diverse landscape,
costs relative to China – factors which has
including each country’s industrial capabilities
prompted automotive players such as BMW,
and ecosystems, as well as international trade
Audi and, more recently, ZF Friedrichshafen
connectivity.
to locate production plants in Vietnam’s
• Disparate manufacturing capabilities in automotive cluster in Northern Vietnam
ASEAN markets: ASEAN’s industrial land- (Haiphong) – but also its connectivity to
scape varies across member countries given European markets via the recently signed
different economic priorities, production EUVFTA. Singapore is well-positioned for
capabilities and infrastructure quality. More European companies within advanced or
mature industrial bases such as Thailand high-tech manufacturing such as GSK, which
and Malaysia are moving up the value chain set up a USD98 million manufacturing facility
towards more advanced manufacturing in in 2019, or those looking to establish a base
industries such as automotive and aviation for their ASEAN footprint. Dyson also recently
maintenance. In comparison, countries like announced plans to hire 250 more engineers
Vietnam are starting from a less developed and scientists in Singapore between 2020
industrial base and will continue to focus and 2025 as part of its expansion plans
on labour-intensive production in the near in the region. This trend is expected to be
future. Companies should be aware of these bolstered by the new UKSFTA, in effect since
disparities and use them to their advan- January 2021.
tage when aligning their strategic priorities
with manufacturing capabilities of target
markets.19
Dyson’s plans to expand in ASEAN
Background Expansion plans in Singapore and the Impact
Philippines
• Leading British • Dyson’s move
company Dyson plans • Dyson plans to delve deeper into areas such reflects the growing
to hire more engineers as robotics, machine learning and artificial importance of ASEAN
and scientists in intelligence. as a manufacturing
Singapore, adding to powerhouse and its
its 1,200 existing staff. • Dyson has already started renovations importance within
and plans to open its new global HQ in global value chains –
• It comes after the Singapore at the end of 2021 as well as a be it for manufacturing
company reduced global cybersecurity centre. capabilities or human
its global headcount talent.
by 900 people in • Dyson already has facilities in Singapore’s
July 2020, due to Science Park for product development and
the impact of the testing, and an advanced manufacturing
COVID-19 pandemic facility in Jurong, developed in 2020 that
now builds its patented digital motors
• Separately, the company also invested in
a software hub in Alabang, Philippines,
to accelerate the development of new
machines, on top of its manufacturing
facility in Calamba.
Source : Channel News Asia, Straits Times
Borderless Business: Europe-ASEAN Corridor 24Critical Success Factors
C. ‘Cash is King’ for resilience when it comes to operating in completely new
markets, which will require European companies
For European companies looking to trade with
to front up heavy initial investments. In addition,
ASEAN, diversification of their supply chains
with ASEAN being such a diverse market, man-
will go a long way in terms of mitigating risks
aging liquidity will also entail developing an
and uncertainties of current times. However,
effective currency management and hedging
managing and maintaining liquidity will be just
strategy for companies looking to trade within
as paramount for ensuring resilient operating
the region.
models going forward. This is especially true
Role of financial partners
Supply chain diversification into ASEAN can come with risk when dealing with multiple
currencies. Financial partners can help foreign companies looking to expand into ASEAN
with customised cash management solutions, to facilitate cross-border payments,
collections, information management and liquidity management.
Case study:
Liquidity Management in Singapore: Multi-regional liquidity management structure
Background
• Client wanted to decide on the regional pooling location for a new single entity
Solutions Offered
Standard Chartered provided the following:
• Customised advisory in the form of a detailed cost-benefit analysis
• Automated liquidity management solution through the Straight2Bank Liquidity (S2BL), best-in-class
customised liquidity management structure designed for the client, comprising physical concentrated to
Singapore by true end-of-day domestic and cross border sweep and single entity multi-currency notional
pooling
• Yield optimisation through competitive credit and debit interest rates, extended cut-off time to give client
flexibility to use the funds and invest pooled balances
• Extensive reporting of MT940 and MT942 for TMS consolidation
Impact
• Consolidation of nine currencies under the client’s global treasury for optimal usage of funds
• Flexible and optimal usage of the consolidated multi-currency positions
Borderless Business: Europe-ASEAN Corridor 25Critical Success Factors
3. Enabling digital advancement Collaborative digitalisation: MNCs
and organisation-wide cyber to support digital advancement of
resilience ecosystem partners
ASEAN’s rising prominence within global European MNCs operating or looking to
manufacturing, trade, and supply chains has operate in ASEAN, particularly those with
been driven by its favourable demographics interconnected regional supply chains, will
and production capabilities. Nonetheless, inevitably need to work within an ecosystem
future growth can only be sustained by a strong of local suppliers – often specialised SMEs.
commitment and drive toward digitalisation. In many cases, such MNCs will have more
This has become more evident during the advanced or further developed digital
global pandemic, which stressed the role and capabilities as compared to local partners.
importance of digital technologies for industry, In order to be able to sustain the growth of
businesses and consumers alike. The ASEAN their ASEAN business, MNCs must look to
Economic Community (AEC) recognises this, support these local, smaller, partners on pro-
with its Blueprint 2025 highlighting ICT develop- gressing them further into their digitalisation
ment as “a key driver in ASEAN’s economic and journey. This will be important for ensuring
social transformation”. European companies connectivity, visibility and transparency
targeting ASEAN should be cognisant of the amongst all ecosystem players, essential for
importance of digitisation and automation to enhancing their business resilience.
generate new business opportunities through
the development of new production processes,
products, and markets. Currently, 43 per cent of
European companies surveyed plan to execute
digital transformation programmes to drive
resilient growth in the region.l
A. Developing a holistic digital
transformation and connectivity
framework
With about 80 per cent of ASEAN’s population
expected to be online by 2030, European
companies that are looking to tap into the
e-commerce boom across the region will need
to acknowledge the need for enhanced safety,
security, reliability, transparency, flexibility, and
efficiency of the supporting logistics infrastruc-
ture. Companies operating in ASEAN will need
to consider digital integration more holistically,
building digitally capabilities across targeted
parts of their supply chains. This will involve
developing a framework for digital connectivity
which should involve:20
• Building integrated digital capabilities
across supply chains: This will depend on
advanced data analytics which will
provide the necessary end-to-end visibility
and enable different parts of the supply
chain to be linked in real time through digital
tracking and communication solutions.21
l For key initiatives, values refer to the % of survey respondents who included the initiative as one of the top 3 ranked choices
Borderless Business: Europe-ASEAN Corridor 26Critical Success Factors
German conglomerate Siemens, pharmaceutical company GSK, and French
logistics company GEODIS digitise operations in ASEAN
Siemens established the first-of- In 2019, GSK opened a fully GEODIS, a French logistics
its-kind Advance Manufacturing automated continuous company, implemented its own
Transformation Centre (AMTC) production facility in Singapore E-solution system called IRIS,
in Singapore’s Jurong Innovation and an expanded manufacturing which provides transparency
District (JID), as part of a local plant in Jurong. The new facility and visibility along all milestones
advanced manufacturing improves conventional batch from when the product leaves
ecosystem masterplan, to production methods and enables the manufacturing plant to final
support the digitalisation and continuous manufacturing of delivery point, and with its new
transformation of manufacturing medicines, which allows for active Transport Management System
facilities in ASEAN. pharmaceutical ingredients for (TMS), these milestones are fully
clinical trials to be produced more automated from the first mile to
The AMTC will house Siemens’ quickly and precisely. the last mile, with a digital sign-off
first Additive Manufacturing on the delivery agent’s handheld
Experience Centre (AMEC) outside device.
Germany, where companies
can experience an end-to-
end additive manufacturing
production line with Siemens’
technology partners.
Source : Company websites, Bloomberg, UK-ASEAN Business Council “Investing in ASEAN 2021 | 2022”
• Developing a framework for digital con- related to digital trust, particularly when it
nectivity to facilitate distribution within the comes to ensuring data protection and digital
region: European companies – especially identities in online transactions.22
those selling consumer products (e.g. fashion
products, gourmet food, and cosmetics) – will Our survey results indicate that only 8 per
need to enhance data capabilities to enable cent of European companies currently have
cross-border transactions. This will involve plans to strengthen cyber security as a priority
preparing logistics to facilitate the free flow (within top 3) initiative. Such companies must
of goods and services across borders, recognise the importance of digital trust to
establish financial connectivity to facilitate the free flow of data and will need to develop
cash flows and payments, and ensure the their cyber resilience capabilities in order to
overall links between cyberspace and the operate smoothly and successfully within the
physical parts of the e-commerce network region. Having said that, rather than focusing
remain seamless. As digital development on cybersecurity to avoid breaches completely,
across ASEAN is not uniform and debatably companies should assume a breach will occur
not as advanced as in Europe, companies and focus on developing the capabilities to
targeting ASEAN should therefore famil- respond quickly and effectively recover from
iarise themselves with the degree of internet any data infringements. As a starting point,
penetration, affordability of internet access, European companies operating in ASEAN can
quality of digital infrastructure available look to the EU’s 2018 General Data Protection
across ASEAN countries, as well as govern- Regulation (GDPR) for guidance on strengthen-
ment initiatives to develop these. ing their cybersecurity, as GDPR norms apply to
European companies operating abroad as well.
B. Adopting an “assumed breach”
approach to enhancing cybersecurity
resilience
The success of digitisation in ASEAN hinges on
the effective implementation of cybersecurity
measures. In comparison to the EU and UK,
ASEAN countries still face significant challenges
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