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ASEAN Cannot Be Treated as Single Market for Corporate Expansion, New Reeracoen Workforce Study Finds

Rebecca PY 2 days ago
A comprehensive regional workforce survey by Reeracoen Group and Rakuten Insight reveals that Southeast Asian nations are evolving along distinctly different business and consumer trajectories, warning expanding Japanese firms against adopting a unified strategy across the ASEAN region. The data shows individual leadership across key indicators divided among member nations, with Singapore taking the top spot for AI technology investments while Indonesia leads regional business confidence.

MALAYSIA, 29 SEPTEMBER 2026 – Japanese corporations expanding into Southeast Asia must abandon unified regional strategies in favor of market-specific approaches, according to new research published by Asia-based HR solutions firm Reeracoen Group in partnership with Rakuten Insight.

The report, titled The Great Restructuring: ASEAN Consumer & Business Pulse Survey 2026, surveyed 3,630 consumers and business leaders across Malaysia, Singapore, Indonesia, Thailand, Vietnam, and the Philippines. The findings indicate that economic confidence, operational priorities, and talent motivations differ significantly across borders, with no single market leading across all indicators.

The survey highlights distinct market characteristics across the region:

  • Malaysia shows the strongest domestic focus, with 75 percent of businesses pointing to their home market as the primary growth driver.
  • Singapore leads in technology adoption, with 33 percent of organizations prioritizing AI and digital investments.
  • Indonesia records the highest business confidence at 66 percent alongside strong career mobility, with 29 percent of workers considering career changes.
  • Vietnam ranks highest in consumer optimism at 48 percent, with 16 percent of enterprises actively expanding headcount.
  • Thailand reports the highest business investment growth at 28 percent.
  • The Philippines demonstrates resilient market optimism with 65 percent business confidence.

    • Workforce motivations also vary widely across ASEAN. Vietnam emerged as the only market where AI and automation serve as the primary driver for career changes (39 percent), outranking compensation. In contrast, income diversification remains paramount in Indonesia (71 percent) and the Philippines (70 percent), where workers actively seek supplementary income streams in response to broader economic conditions.

    Kosuke Soejima, Managing Director of Reeracoen Japan, emphasized that treating ASEAN as a single homogeneous market poses the largest strategic risk for foreign investors. He noted that understanding distinct local market dynamics is essential for corporate decision-makers building long-term operations across Southeast Asia.

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