73% of respondents in a survey of enterprises in the Guangdong-Hong Kong-Macao Greater Bay Area (GBA) intend to ramp up business development in ASEAN markets, with two-thirds leveraging Hong Kong’s platform to advance their expansion.
The finding comes from a new research study by UOB Hong Kong and the Hong Kong Trade Development Council (HKTDC) titled Hong Kong Empowers GBA Enterprises for ASEAN Growth Amid Global Trade Challenges.
Based on insights from more than 600 businesses in Hong Kong, Dongguan, Foshan, Guangzhou, Shenzhen and Zhongshan, the report examines how businesses are adjusting strategies in response to global challenges and highlights their views on how Hong Kong’s service platform can support their growth ambitions.
The report finds that ASEAN will become a near-ubiquitous market for GBA enterprises with 98% of respondents targeting sales growth in the region – a rise of 25% compared to the previous year. In addition, 91% of companies plan to expand or maintain their production and sourcing hubs in ASEAN, up 7 percentage points from 2024.
47% of respondents cited Vietnam as the priority destination for allocating resources, followed by Indonesia (37%), Thailand and Malaysia (32% each). On average, respondents expect to allocate 30% more resources in ASEAN, focussing on boosting sales and expanding their production and sourcing bases.
Even in Singapore, where GBA enterprises already have the largest footprint, respondents plan to increase investment by an average of 23% to accelerate their business development, especially in areas such as financing and establishing regional offices.
Localisation challenges
While the momentum is strong, the study also points out the significant hurdles GBA enterprises face as they expand into ASEAN.
The most frequently cited challenge is finding suitable local partners (47%), a figure that has risen by 24 percentage points since 2024 and has climbed steadily over the past three years. Cultural and language barriers (46%) and difficulties in sourcing specialist talent (40%) are also on the rise, up 23 and 15 percentage points, respectively. These challenges underscore the need for trusted advisors and deeper cross-border support.
CEO of UOB Hong Kong Adaline Zheng reinforced this point, saying: “For GBA enterprises, ASEAN is not just the next stop – it is the growth frontier. With our extensive ASEAN network and deep local insight, we help businesses in Hong Kong scale faster, strengthen their resilience and capture opportunities. We help businesses win the next chapter of regional growth.”
Hong Kong as the gateway
The survey reaffirms Hong Kong’s role as a critical platform for GBA enterprises seeking to speed up their ASEAN expansion and strengthen their ESG programmes. Hong Kong’s position as a superconnector is widely recognised and valued highly, earning a score of 7.9 out of 10 for supporting connectivity between GBA cities and the ASEAN bloc.
The report also shows that GBA firms are strengthening their ESG commitment, with 83% running green initiatives and 96% planning to maintain or increase funding. Two‑thirds aim to boost investment, and intended ESG spending has nearly doubled from 2024 to HK$874,771.
On this point, the survey found that more than 90% of respondents are considering or already increasing their uptake of Hong Kong’s sustainable development services over the next two years. The most in-demand services include: (1) green financial products and services; (2) green financing services; (3) ESG reporting, due diligence, ESG rating; and (4) green asset valuation.
HKTDC Deputy Director of Research Wing Chu said: “Many GBA enterprises are accelerating their ASEAN engagement not merely as a means of risk diversification, but to capture new growth opportunities. Hong Kong’s unique positioning as a superconnector allows businesses to leverage the city’s comprehensive trade, financial and professional services platform to navigate this transformation efficiently, while strengthening their ESG commitments to support their expansion.”
The report is available for download from the HKTDC Research portal.