The 'Winning in ASEAN' report launched by Standard Chartered on Thursday, showcasing business sentiments, opportunities, and strategies corporates can undertake to navigate the global shifts and drive growth in the region. With 58 per cent having existing and future plans to expand sales in the country.The findings underscore the impetus for greater effective public-private partnership (PPP), to accelerate recovery and resilience in ASEAN and beyond.

The report shows that Vietnam has made significant progress in becoming a dynamic, cost-competitive nation. The country has received greater attention as an alternative manufacturing hub as businesses increasingly adopt a 'China plus one' diversification strategy.

Anchoring on three strategic national plans including New National Industrial Policy, Digital Transformation Plan, and National Strategy on Green Growth, Vietnam has a long-term plan to digitise production and supply chains. For instance, it is developing smart factories to improve efficiency and competitiveness, as well as foster priority industries and green growth.

Michele Wee, CEO, Vietnam, Standard Chartered, said: "Vietnam's medium to long-term prospects remain bright, supported by its favourable demographics, improving domestic fundamentals and strong commitment to regional and global integration. As an increasingly important player in international trade and global supply chains, and with its role as an alternative manufacturing hub, Vietnam continues to present appealing opportunities for businesses looking to expand in the region."

Benjamin Hung, Chief Executive Officer (CEO), Asia, Standard Chartered, said: "ASEAN is an oasis of growth, with its GDP forecasted to grow about 4 per cent annually to $4.5 trillion by 2030. Amid global complexities, we see structural trends presenting significant opportunities in ASEAN, where there is growing inter-connectivity in trade and capital flows, strong digital adoption, and an acceleration of green transition. Corporates need to act decisively to capture what ASEAN has to offer today."

Business leaders will also progressively step up on net-zero commitments to drive long-term growth. Some 52 per cent of those surveyed plan to invest in sustainability initiatives within the next three years.