Author: Mohammad Jamil Hilmi bin A Ghani and Dr Stewart Nixon
Foreign direct investment (FDI) remains central to ASEAN’s growth model, but global shifts since 2019 have reshaped how member states manage openness amid rising geopolitical, technological, and security risks. As supply chains fragment and strategic sectors come under greater scrutiny, ASEAN governments are adapting their investment governance frameworks to balance liberalisation with targeted safeguards.
This paper examines how Singapore, Vietnam, the Philippines, and Indonesia have adjusted their investment screening and regulatory regimes between 2019 and 2025. While approaches differ, all four economies are moving toward conditional openness—maintaining investment attractiveness while embedding proportionate measures to manage risks related to national security, data governance, and critical infrastructure.
Key findings:
- Singapore has introduced the region’s most comprehensive entity-based screening regime through the Significant Investments Review Act (2024).
- Vietnam is expanding regulatory oversight in critical sectors while introducing fast-track pre-clearance for priority and strategic investments.
- The Philippines has paired broad liberalisation with statutory screening powers for foreign investments in sensitive public-service sectors.
- Indonesia continues to welcome foreign investment while tying entry to downstream industrial policy, local content, and value-addition requirements.
Overall, the paper argues that openness should remain the cornerstone of ASEAN’s investment framework, with safeguards applied only where risks genuinely justify them. When designed to be proportionate, transparent, and non-discriminatory, regulatory measures can strengthen—rather than deter—ASEAN’s long-term attractiveness to foreign investors.
Mempersiapkan Kawal Selia Pelaburan Masa Hadapan di Seluruh ASEAN
Pelaburan langsung asing (FDI) kekal sebagai teras kepada model pertumbuhan ASEAN, namun perubahan dunia sejak tahun 2019 telah membentuk semula cara negara anggota mengurus keterbukaan ekonomi dalam persekitaran yang semakin dibayangi risiko geopolitik, teknologi dan keselamatan. Ketika rantaian bekalan semakin terpecah dan sektor strategik berada di bawah penelitian yang lebih ketat, kerajaan negara ASEAN menyesuaikan rangka kerja tadbir urus pelaburan mereka bagi mengimbangi liberalisasi dengan langkah perlindungan bersasar.
Laporan ini meneliti cara Singapura, Vietnam, Filipina dan Indonesia telah menyesuaikan rejim penapisan dan kawal selia pelaburan mereka antara tahun 2019 hingga 2025. Walaupun pendekatan yang diambil berbeza, keempat-empat ekonomi ini bergerak ke arah keterbukaan bersyarat — mengekalkan daya tarikan pelaburan sambil menggabungkan langkah-langkah yang seimbang bagi mengurus risiko berkaitan keselamatan negara, tadbir urus data dan infrastruktur kritikal.
Dapatan utama:- Singapura memperkenalkan rejim penapisan berasaskan entiti yang paling menyeluruh di rantau ini melalui Akta Semakan Pelaburan Signifikan (2024).
Secara keseluruhan, laporan ini berhujah bahawa keterbukaan perlu kekal sebagai asas kepada rangka kerja pelaburan ASEAN, dengan langkah perlindungan hanya diterapkan apabila risiko benar-benar wajar untuk ditangani. Apabila direka bentuk secara seimbang, telus dan tidak diskriminatif, langkah kawal selia boleh mengukuhkan daya tarikan jangka panjang ASEAN kepada pelabur asing.
