<p>[新加坡] 在疫情之前的几十年里，东南亚的出口推动了该地区的经济增长。然而，这里的商业领袖们现在正更加关注本土的机会。</p>
<p>从 1980 年代到 2000 年代，向美国等市场的商品出口帮助新加坡、马来西亚和泰国等国的经济蓬勃发展。</p>
<p>最近，它们也推动了越南的经济增长，因为河内利用全球供应链重组的机会。</p>
<p>_《商业时报洞察：东盟情报 2026》_发现，63% 的 538 位受访商业领袖认为未来三年东盟的经济机会最强。</p>
<p>62% 的人也认为他们的国内市场提供了最具吸引力的机会。中国排名第三，48% 的受访者提到它。</p>
<p>与市场调研公司 Kantar 合作，BT 研究对东盟六国经济体的不同产业的企业领导者进行了调查：新加坡、马来西亚、印度尼西亚、泰国、菲律宾和越南。</p>
<h3>东盟情报</h3>
<p>获取东南亚各地企业的洞察</p>
<p>获取免费报告</p>
<p>东盟现在是全球第五大经济体，预计到 2030 年将成为全球第四大经济体，DBS 首席经济学家 Taimur Baig 和高级经济学家 Chua Han Teng 表示。</p>
<p>根据世界银行的统计，自 2022 年以来，印度尼西亚、越南和菲律宾的经济年均增长至少为 4%。</p>
<h2>在 “邻里” 中</h2>
<p>除了增长叙事，熟悉度和政策也是这一前景的关键因素，Maybank 证券经济学家 Brian Lee 表示。</p>
<p>另见</p>
<p><img src="https://imageproxy.pbkrs.com/https://cassette.sphdigital.com.sg/image/businesstimes/55cff04dcf415d017b0adf194de121de5082dce950d48de47a674816ee6d677b/query-ZHByPTEmZj13ZWJwJnc9MjQw?x-oss-process=image/auto-orient,1/interlace,1/resize,w_1440,h_1440/quality,q_95/format,jpg" alt="" original-src="https://imageproxy.pbkrs.com/https://cassette.sphdigital.com.sg/image/businesstimes/55cff04dcf415d017b0adf194de121de5082dce950d48de47a674816ee6d677b/query-ZHByPTEmZj13ZWJwJnc9MjQw"/></p>
<h3>印度尼西亚在人工智能采用方面领先东盟，主权模型需求上升：BT 调查</h3>
<p><img src="https://imageproxy.pbkrs.com/https://cassette.sphdigital.com.sg/image/businesstimes/afd8a034a49da08663441cfc2bf585a6770c1f34699c67d59791ecf904c9155e/query-ZHByPTEmZj13ZWJwJnc9MjQw?x-oss-process=image/auto-orient,1/interlace,1/resize,w_1440,h_1440/quality,q_95/format,jpg" alt="" original-src="https://imageproxy.pbkrs.com/https://cassette.sphdigital.com.sg/image/businesstimes/afd8a034a49da08663441cfc2bf585a6770c1f34699c67d59791ecf904c9155e/query-ZHByPTEmZj13ZWJwJnc9MjQw"/></p>
<h3>东盟企业将在亚洲分配 81% 的投资，将供应链转移到该地区：BT 调查</h3>
<p><img src="https://imageproxy.pbkrs.com/https://cassette.sphdigital.com.sg/image/businesstimes/44345b2b81bb58bcf3f0fd424b56af9fe553663e33f6cfbac853ba33e7462d89/query-ZHByPTEmZj13ZWJwJnc9MjQw?x-oss-process=image/auto-orient,1/interlace,1/resize,w_1440,h_1440/quality,q_95/format,jpg" alt="" original-src="https://imageproxy.pbkrs.com/https://cassette.sphdigital.com.sg/image/businesstimes/44345b2b81bb58bcf3f0fd424b56af9fe553663e33f6cfbac853ba33e7462d89/query-ZHByPTEmZj13ZWJwJnc9MjQw"/></p>
<h3>2026 年将推动增长的是什么？东盟商业领袖表示答案就在家门口：BT 调查</h3>
<p>“许多在东盟受访的商业领袖可能在该地区有过商业经验，” 他指出，并补充说 “该地区就在他们的邻近地区”。</p>
<p>“长期以来，东亚自由贸易协定和中国与东盟国家之间的双边自由贸易协定的网络帮助降低了投资壁垒，增强了市场准入，” 他说。</p>
<p>在 3 月份的一次投资者演示中，菲律宾综合企业 SM Investments Corporation（SMIC）强调其计划在今年增加三到四个购物中心，以扩大其零售足迹。</p>
<p>它还计划在该国服务不足的地区扩展其银行业务。该集团是菲律宾最大的综合房地产开发商，同时也是该国最大的银行 BDO Unibank 的拥有者。</p>
<p>在与 BT 的电子邮件采访中，SMIC 总裁兼首席执行官 Frederic DyBuncio 表示，该集团自 3 月份以来的前景依然保持不变。</p>
<p>“菲律宾继续受益于强劲的国内消费基础，” 他指出。“家庭支出占经济的约四分之三，受到汇款和年轻人口增长的支持。</p>
<p>“这提供了相对稳定的需求环境，即使在成本压力期间。”</p>
<p>他补充说，SMIC 对菲律宾总体持乐观态度，并在负责任地投资以抓住机会。</p>
<p>除了其银行、房地产和消费业务外，该集团还在通过 2GO 投资物流，并通过菲律宾地热生产投资可再生能源。</p>
<h2>机会与信任差距</h2>
<p>尽管该地区提供了许多机会——与商业活动相符——但东盟及一些个别经济体可能需要克服信任障碍。</p>
<p>这些市场被企业视为有吸引力，但更难以驾驭。</p>
<p>在区域层面，这种 “高机会与低信任” 的不匹配尤为明显，BT 调查发现了这一点。</p>
<p>例如，超过 40% 的菲律宾和新加坡受访者表示他们对该地区的信任度低，即使他们看到那里有 “强劲” 的机会。</p>
<p>越南、印度尼西亚和马来西亚的商业领袖同样报告了对东盟的情绪中存在显著的信任差距。</p>
<p>激烈的竞争和东盟经济体中不断上升的成本被认为是关键因素。其他原因包括经济发展步伐不均和该集团内部的结构性分裂。</p>
<p>在国内，菲律宾在机会与信任之间的差距最大，三分之一的 46 位受访高管在其本土市场中识别出这种差距。他们提到的原因包括地方法规的僵化。</p>
<p>印度尼西亚排名第二，21% 的 43 位受访者提到存在不匹配。他们将其归因于汇率波动和通货膨胀上升等因素。</p>
<p><strong>深入了解商业未来，并在应对未来挑战时更好地掌握信息，</strong> <em><strong>《商业时报洞察：东盟情报》</strong></em></p>
<p>解码亚洲通讯：您在新全球秩序中导航亚洲的指南。点击此处注册以获取解码亚洲通讯。直接发送到您的收件箱。免费。</p>

新加坡 MSCI ETF - iShares

富时东南亚 40 ETF - GlobalX

菲律宾指数 MSCI ETF - iShares

<p>最近《商业时报》的一项调查显示，63% 的东南亚商业领袖认为在未来三年内，东盟地区存在强劲的经济机会，其中国内市场被视为最具吸引力。然而，信任缺口显著存在，特别是在菲律宾和新加坡，超过 40% 的受访者尽管认识到机会，但仍表示信任度低。激烈的竞争、成本上升和监管挑战等因素导致了这种差异</p>

<p>[SINGAPORE] In the decades before the pandemic, South-east Asian exports drove economic growth for the region. However, business leaders here are now looking closer to home for opportunities.</p>
<div class="lb-trans"><p>[新加坡] 在疫情之前的几十年里，东南亚的出口推动了该地区的经济增长。然而，这里的商业领袖们现在正更加关注本土的机会。</p>
</div><p>From the 1980s to the 2000s, exports of goods to markets such as the United States helped to power economies of countries such as Singapore, Malaysia and Thailand.</p>
<div class="lb-trans"><p>从 1980 年代到 2000 年代，向美国等市场的商品出口帮助新加坡、马来西亚和泰国等国的经济蓬勃发展。</p>
</div><p>More recently, they have also boosted Vietnam’s economic growth as Hanoi capitalises on a restructuring of global supply chains.</p>
<div class="lb-trans"><p>最近，它们也推动了越南的经济增长，因为河内利用全球供应链重组的机会。</p>
</div><p><em>The Business Times Insights: Asean Intelligence 2026</em> found that 63 per cent of the 538 business leaders surveyed think the strongest economic opportunities in the next three yearsare in Asean.</p>
<div class="lb-trans"><p>_《商业时报洞察：东盟情报 2026》_发现，63% 的 538 位受访商业领袖认为未来三年东盟的经济机会最强。</p>
</div><p>Sixty-two per cent also viewed their domestic markets as offering the most compelling opportunities. China ranked third, with 48 per cent of those surveyed citing it.</p>
<div class="lb-trans"><p>62% 的人也认为他们的国内市场提供了最具吸引力的机会。中国排名第三，48% 的受访者提到它。</p>
</div><p>Working with market survey firm Kantar, the BT study polled corporate leaders from different industries in the Asean-6 economies: Singapore, Malaysia, Indonesia, Thailand, the Philippines and Vietnam.</p>
<div class="lb-trans"><p>与市场调研公司 Kantar 合作，BT 研究对东盟六国经济体的不同产业的企业领导者进行了调查：新加坡、马来西亚、印度尼西亚、泰国、菲律宾和越南。</p>
</div><h3>Asean Intelligence</h3>
<div class="lb-trans"><h3>东盟情报</h3>
</div><p>Get insights into businesses across South-east Asia</p>
<div class="lb-trans"><p>获取东南亚各地企业的洞察</p>
</div><p>Get the free report</p>
<div class="lb-trans"><p>获取免费报告</p>
</div><p>Asean, now the world’s fifth-largest economic bloc, is poised to become the world’s fourth-largest by 2030, said DBS chief economist Taimur Baig and senior economist Chua Han Teng.</p>
<div class="lb-trans"><p>东盟现在是全球第五大经济体，预计到 2030 年将成为全球第四大经济体，DBS 首席经济学家 Taimur Baig 和高级经济学家 Chua Han Teng 表示。</p>
</div><p>The economies of Indonesia, Vietnam and the Philippines have expanded by at least 4 per cent annually since 2022, based on World Bank statistics.</p>
<div class="lb-trans"><p>根据世界银行的统计，自 2022 年以来，印度尼西亚、越南和菲律宾的经济年均增长至少为 4%。</p>
</div><h2>In the “neighbourhood”</h2>
<div class="lb-trans"><h2>在 “邻里” 中</h2>
</div><p>Beyond the growth narrative, familiarity and policy are also key contributors to this outlook, said Maybank Securities economist Brian Lee.</p>
<div class="lb-trans"><p>除了增长叙事，熟悉度和政策也是这一前景的关键因素，Maybank 证券经济学家 Brian Lee 表示。</p>
</div><p>SEE ALSO</p>
<div class="lb-trans"><p>另见</p>
</div><p><img src="https://imageproxy.pbkrs.com/https://cassette.sphdigital.com.sg/image/businesstimes/55cff04dcf415d017b0adf194de121de5082dce950d48de47a674816ee6d677b/query-ZHByPTEmZj13ZWJwJnc9MjQw" alt="" original-src="https://cassette.sphdigital.com.sg/image/businesstimes/55cff04dcf415d017b0adf194de121de5082dce950d48de47a674816ee6d677b?w=240&amp;dpr=1&amp;f=webp"/></p>
<h3>Indonesia leads Asean in AI adoption as demand for sovereign models rises: BT survey</h3>
<div class="lb-trans"><h3>印度尼西亚在人工智能采用方面领先东盟，主权模型需求上升：BT 调查</h3>
</div><p><img src="https://imageproxy.pbkrs.com/https://cassette.sphdigital.com.sg/image/businesstimes/afd8a034a49da08663441cfc2bf585a6770c1f34699c67d59791ecf904c9155e/query-ZHByPTEmZj13ZWJwJnc9MjQw" alt="" original-src="https://cassette.sphdigital.com.sg/image/businesstimes/afd8a034a49da08663441cfc2bf585a6770c1f34699c67d59791ecf904c9155e?w=240&amp;dpr=1&amp;f=webp"/></p>
<h3>Asean firms to allocate 81% of investments within Asia, move supply chains to region: BT survey</h3>
<div class="lb-trans"><h3>东盟企业将在亚洲分配 81% 的投资，将供应链转移到该地区：BT 调查</h3>
</div><p><img src="https://imageproxy.pbkrs.com/https://cassette.sphdigital.com.sg/image/businesstimes/44345b2b81bb58bcf3f0fd424b56af9fe553663e33f6cfbac853ba33e7462d89/query-ZHByPTEmZj13ZWJwJnc9MjQw" alt="" original-src="https://cassette.sphdigital.com.sg/image/businesstimes/44345b2b81bb58bcf3f0fd424b56af9fe553663e33f6cfbac853ba33e7462d89?w=240&amp;dpr=1&amp;f=webp"/></p>
<h3>What will power growth in 2026? Asean business leaders say answer lies close to home: BT survey</h3>
<div class="lb-trans"><h3>2026 年将推动增长的是什么？东盟商业领袖表示答案就在家门口：BT 调查</h3>
</div><p>“Many business leaders surveyed across Asean could have had prior experience in doing business around the region,” he noted, adding that “the region is within their immediate neighbourhood”.</p>
<div class="lb-trans"><p>“许多在东盟受访的商业领袖可能在该地区有过商业经验，” 他指出，并补充说 “该地区就在他们的邻近地区”。</p>
</div><p>“The longstanding network for intra-Asia free-trade agreements and bilateral free-trade agreements between China and Asean countries has helped ease investment barriers and strengthen market access,” he said.</p>
<div class="lb-trans"><p>“长期以来，东亚自由贸易协定和中国与东盟国家之间的双边自由贸易协定的网络帮助降低了投资壁垒，增强了市场准入，” 他说。</p>
</div><p>In an investor presentation in March, Philippine conglomerate SM Investments Corporation (SMIC) highlighted that it intends to expand its retail footprint by adding three or four malls this year.</p>
<div class="lb-trans"><p>在 3 月份的一次投资者演示中，菲律宾综合企业 SM Investments Corporation（SMIC）强调其计划在今年增加三到四个购物中心，以扩大其零售足迹。</p>
</div><p>It also plans to expand its banking operations with branches in underserved areas of the country. The group is the Philippines’ largest integrated real estate developer, and it also owns BDO Unibank, the nation’s largest bank.</p>
<div class="lb-trans"><p>它还计划在该国服务不足的地区扩展其银行业务。该集团是菲律宾最大的综合房地产开发商，同时也是该国最大的银行 BDO Unibank 的拥有者。</p>
</div><p>In an e-mail interview with BT, SMIC president and chief executive officer Frederic DyBuncio said the conglomerate’s outlook from March still holds.</p>
<div class="lb-trans"><p>在与 BT 的电子邮件采访中，SMIC 总裁兼首席执行官 Frederic DyBuncio 表示，该集团自 3 月份以来的前景依然保持不变。</p>
</div><p>“The Philippines continues to benefit from a strong domestic consumption base,” he noted. “Household spending accounts for about three-quarters of the economy, supported by remittances and a young and growing population.</p>
<div class="lb-trans"><p>“菲律宾继续受益于强劲的国内消费基础，” 他指出。“家庭支出占经济的约四分之三，受到汇款和年轻人口增长的支持。</p>
</div><p>“This provides a relatively stable demand environment, even during periods of cost pressure.”</p>
<div class="lb-trans"><p>“这提供了相对稳定的需求环境，即使在成本压力期间。”</p>
</div><p>He added that SMIC remains generally positive on the Philippines, and is investing responsibility to capture the opportunities.</p>
<div class="lb-trans"><p>他补充说，SMIC 对菲律宾总体持乐观态度，并在负责任地投资以抓住机会。</p>
</div><p>Apart from its banking, real estate and consumer businesses, the group has been investing in newer segments such as logistics through 2GO, and renewable energy via Philippine Geothermal Production.</p>
<div class="lb-trans"><p>除了其银行、房地产和消费业务外，该集团还在通过 2GO 投资物流，并通过菲律宾地热生产投资可再生能源。</p>
</div><h2>Opportunity vs trust gap</h2>
<div class="lb-trans"><h2>机会与信任差距</h2>
</div><p>While the region offers many opportunities – which track with the business activity – there are trust hurdles that Asean and some individual economies may need to overcome.</p>
<div class="lb-trans"><p>尽管该地区提供了许多机会——与商业活动相符——但东盟及一些个别经济体可能需要克服信任障碍。</p>
</div><p>These are markets that businesses perceive as attractive, but harder to navigate.</p>
<div class="lb-trans"><p>这些市场被企业视为有吸引力，但更难以驾驭。</p>
</div><p>At the regional level, this mismatch of “high opportunity and low trust” is especially pronounced, as the BT survey has found.</p>
<div class="lb-trans"><p>在区域层面，这种 “高机会与低信任” 的不匹配尤为明显，BT 调查发现了这一点。</p>
</div><p>For example, more than 40 per cent of respondents in the Philippines and Singapore said they had low trust in the region, even as they saw “strong” opportunities there.</p>
<div class="lb-trans"><p>例如，超过 40% 的菲律宾和新加坡受访者表示他们对该地区的信任度低，即使他们看到那里有 “强劲” 的机会。</p>
</div><p>Business leaders from Vietnam, Indonesia and Malaysia likewise reported significant levels of thisgap in their sentiments towards Asean.</p>
<div class="lb-trans"><p>越南、印度尼西亚和马来西亚的商业领袖同样报告了对东盟的情绪中存在显著的信任差距。</p>
</div><p>Intense competition and rising costs in Asean economies were cited as key contributing factors. Other reasons include the uneven pace of economic development and structural fragmentation within the bloc.</p>
<div class="lb-trans"><p>激烈的竞争和东盟经济体中不断上升的成本被认为是关键因素。其他原因包括经济发展步伐不均和该集团内部的结构性分裂。</p>
</div><p>Domestically, the Philippines had the largest gap between opportunity and trust, with a third of the 46 executives surveyed identifying such a divide in their home market. They cited reasons including rigid local regulations.</p>
<div class="lb-trans"><p>在国内，菲律宾在机会与信任之间的差距最大，三分之一的 46 位受访高管在其本土市场中识别出这种差距。他们提到的原因包括地方法规的僵化。</p>
</div><p>Indonesia came in second, with 21 per cent of the 43 respondents citing a mismatch. They attributed it to factors such as fluctuating exchange rates and rising inflation.</p>
<div class="lb-trans"><p>印度尼西亚排名第二，21% 的 43 位受访者提到存在不匹配。他们将其归因于汇率波动和通货膨胀上升等因素。</p>
</div><p><strong>Gain deeper insights into the future of business and be better informed as you navigate what is ahead with</strong> <em><strong>The Business Times Insights: Asean Intelligence</strong></em></p>
<div class="lb-trans"><p><strong>深入了解商业未来，并在应对未来挑战时更好地掌握信息，</strong> <em><strong>《商业时报洞察：东盟情报》</strong></em></p>
</div><p>Decoding Asia newsletter: your guide to navigating Asia in a new global order. Sign up here to get Decoding Asia newsletter. Delivered to your inbox. Free.</p>
<div class="lb-trans"><p>解码亚洲通讯：您在新全球秩序中导航亚洲的指南。点击此处注册以获取解码亚洲通讯。直接发送到您的收件箱。免费。</p>
</div>

‘高机会，低信任’：为何企业认为东盟市场具有吸引力但难以驾驭