Global Finance News
13 Feb 2026, 10:06
GBA Enterprises Accelerate ASEAN Expansion Amid Trade Tensions
Enterprises across the Guangdong-Hong Kong-Macao Greater Bay Area (GBA) are fast-tracking expansion into ASEAN markets as global trade uncertainties and tariff pressures intensify, according to a joint study released by United Overseas Bank (UOB) Hong Kong and the Hong Kong Trade Development Council (HKTDC).
The report, titled “Hong Kong Empowers GBA Enterprises for ASEAN Growth Amid Global Trade Challenges,” found that 73% of surveyed GBA companies plan to accelerate their ASEAN business development. The region is increasingly viewed not just as a diversification strategy, but as a core growth engine.
Vietnam emerged as the top priority market, with companies planning to allocate 47% more resources to expansion there. Indonesia followed with a 37% increase in planned investment, while Thailand and Malaysia each saw 32% projected resource increases. Even Singapore, where GBA firms already maintain a strong presence, is set to receive an average 23% increase in committed resources, particularly in financing and regional office functions.
The study also highlighted a sharp rise in supply chain diversification efforts. Some 91% of respondents intend to expand or maintain ASEAN-based production and sourcing hubs, up seven percentage points from 2024. Meanwhile, 98% continue targeting ASEAN for sales operations, reflecting a 25 percentage point year-on-year increase in companies seeking to expand or maintain sales presence in the bloc.
Despite strong momentum, businesses face growing challenges. The most cited hurdle is identifying suitable local partners (47%), up 24 percentage points from 2024. Cultural and language barriers (46%) and shortages of specialist talent (40%) are also becoming more significant constraints.
Sustainability commitments are also strengthening. Eighty-three percent of participating enterprises have active green initiatives, while 96% plan to increase or maintain ESG funding over the next two years. The average intended ESG funding level has nearly doubled year-on-year to HK$874,771.
The report underscores Hong Kong’s continued role as a “superconnector” between the GBA and ASEAN. Among companies planning to accelerate ASEAN expansion, two-thirds have leveraged Hong Kong’s financial and professional services platform to support their growth strategies. Over 90% are considering or increasing their use of Hong Kong’s sustainable development services, particularly green finance, ESG reporting, and green asset valuation.
The findings are based on responses from more than 600 businesses across Hong Kong and five major mainland GBA cities, illustrating how regional enterprises are repositioning for growth amid shifting global supply chains and geopolitical tensions.
Enterprises across the Guangdong-Hong Kong-Macao Greater Bay Area (GBA) are fast-tracking expansion into ASEAN markets as global trade uncertainties and tariff pressures intensify, according to a joint study released by United Overseas Bank (UOB) Hong Kong and the Hong Kong Trade Development Council (HKTDC).
The report, titled “Hong Kong Empowers GBA Enterprises for ASEAN Growth Amid Global Trade Challenges,” found that 73% of surveyed GBA companies plan to accelerate their ASEAN business development. The region is increasingly viewed not just as a diversification strategy, but as a core growth engine.
Vietnam emerged as the top priority market, with companies planning to allocate 47% more resources to expansion there. Indonesia followed with a 37% increase in planned investment, while Thailand and Malaysia each saw 32% projected resource increases. Even Singapore, where GBA firms already maintain a strong presence, is set to receive an average 23% increase in committed resources, particularly in financing and regional office functions.
The study also highlighted a sharp rise in supply chain diversification efforts. Some 91% of respondents intend to expand or maintain ASEAN-based production and sourcing hubs, up seven percentage points from 2024. Meanwhile, 98% continue targeting ASEAN for sales operations, reflecting a 25 percentage point year-on-year increase in companies seeking to expand or maintain sales presence in the bloc.
Despite strong momentum, businesses face growing challenges. The most cited hurdle is identifying suitable local partners (47%), up 24 percentage points from 2024. Cultural and language barriers (46%) and shortages of specialist talent (40%) are also becoming more significant constraints.
Sustainability commitments are also strengthening. Eighty-three percent of participating enterprises have active green initiatives, while 96% plan to increase or maintain ESG funding over the next two years. The average intended ESG funding level has nearly doubled year-on-year to HK$874,771.
The report underscores Hong Kong’s continued role as a “superconnector” between the GBA and ASEAN. Among companies planning to accelerate ASEAN expansion, two-thirds have leveraged Hong Kong’s financial and professional services platform to support their growth strategies. Over 90% are considering or increasing their use of Hong Kong’s sustainable development services, particularly green finance, ESG reporting, and green asset valuation.
The findings are based on responses from more than 600 businesses across Hong Kong and five major mainland GBA cities, illustrating how regional enterprises are repositioning for growth amid shifting global supply chains and geopolitical tensions.
