The Association of Southeast Asian Nations (ASEAN) is a political and economic organisation of ten Southeast Asian countries. It was formed on 8 August 1967 by Indonesia, Malaysia, the Philippines, Singapore, and Thailand. Since then, membership has expanded to include Brunei, Cambodia, Laos, Myanmar (Burma), and Vietnam. Its aims include accelerating economic growth, social progress, and sociocultural evolution among its members, alongside protection of regional stability as well as providing a mechanism for member countries to resolve differences peacefully.
ASEAN covers a land area of 4.5 million square kilometres, 3% of the total land area of Earth. ASEAN territorial waters cover an area about three times larger than its land counterpart. Member countries have a combined population of approximately 625 million people, 8% of the world’s population. In 2015, the organisation’s combined nominal GDP had grown to more than US$2.6 trillion. If ASEAN were a single entity, it would rank as the seventh largest economy in the world, behind the USA, China, Japan, Germany, France, and the United Kingdom. ASEAN shares land borders with India, China, Bangladesh, East Timor, and Papua New Guinea, and maritime borders with India, China, and Australia. Singapore is the main financial Hub in AESEAN.
Factsheets ASEAN (pdf)
Malaysia has emerged as a prime destination for businesses seeking a competitive edge through enticing tax incentives. The country’s proactive approach to attracting investments and fostering economic growth is evident in its diverse range of incentives tailored to different industries and business activities.
Vietnam has rapidly transformed into a thriving business destination, fueled by its strategic tax incentives designed to propel economic growth and encourage investment. The country’s pro-business approach is evident in its diverse range of incentives catering to various industries and business activities.