GBA companies step up ASEAN plans as expansion becomes a calculated move

“During the research period, there were already many factors that could have encouraged caution. Instead of holding back, firms are looking for ways to move their business forward,” said Chu, who noted that this reflected a more outward-looking approach.

The survey, conducted among 600 enterprises in Hong Kong and five mainland GBA cities, shows ASEAN has become a strategic destination to forward planning for most respondents. Almost all said they plan to maintain or expand sales operations in the region over the next three years, while more than nine in ten expect to keep or increase their use of ASEAN markets as production or sourcing bases.

The findings suggest a shift in corporate expansion strategy. Rather than waiting for greater clarity on trade policy or international relations, many firms are weighing uncertainty against longer-term growth needs, supply chain resilience and access to new markets. Wing Chu, Deputy Director of Research at HKTDC, said the scale of interest had exceeded expectations. “We anticipated closer connections between the GBA and ASEAN, but the level of commitment was still higher than we had assumed,” he said. “What is striking is that companies are choosing to act even when the external environment remains complex.”

Companies across the Greater Bay Area (GBA) are stepping up plans to expand into Southeast Asia, even as global trade conditions remain unsettled. A joint study by the Hong Kong Trade Development Council (HKTDC) and UOB Hong Kong shows that 73 per cent of surveyed firms intend to speed up busin