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Taking a broader look at Asia: the ASEAN opportunity
Natalya Zeman
Investment Director
Andrew Lee
Investment Director
October 8, 2024
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Comprising 10 countries¹ , the Association of South East Asian Nations (ASEAN) represents a combined GDP of over $2.9 trillion and a population approaching 650 million².


In the wake of China and India’s dominance, however, smaller ASEAN countries have slipped under the investment radar and valuations in select companies look increasingly attractive. 


Investment flows are beginning to return to the region and asset managers who have maintained local knowledge, relationships and research capabilities should be in a strong position to identify the most compelling long-term opportunities.


While this cohort has many differences − politics, culture, demographics, economic drivers, and levels of development − we observe common factors underpinning positive long-term growth across the region, including favourable population dynamics, increasingly stable and supportive government policy, and diversifying economies. 


This paper focuses on a subset of emerging ASEAN markets, Indonesia, the Philippines and Vietnam, Malaysia and Thailand.


ASEAN countries have particularly strong growth and favourable demographics

ASEAN countries have particularly strong growth and favourable demographics

Data as at August 2024. Source: IMF

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1. Brunei Darussalam, Burma, Cambodia, Indonesia, Laos, Malaysia, the Philippines, Singapore, Thailand, and Vietnam
2. Data as at April 2024. Source International Monetary Fund, World Economic Outlook


Natalya Zeman is an equity investment director at Capital Group. She has eight years of industry experience, all with Capital Group. Prior to joining Capital, Natalya worked in Beijing and Hong Kong. She holds a first-class honours degree from the University of Oxford. Natalya is based in London.

Andrew Lee is an investment director at Capital Group. He has 13 years of industry experience and has been with Capital Group for three years. He holds a bachelor's degree in business administration with accounting and marketing from the Hong Kong University of Science and Technology. Andrew is based in Hong Kong.

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