The figures for the ASEAN economies and relations with Italy
In 2026, the economies of ASEAN member countries are expected to grow by 4.6%. Vietnam, Indonesia, and Malaysia are the countries with the highest growth rates. Business opportunities for Italian companies
The evolution of trade policies and the positioning of ASEAN countries on the global stage are expanding opportunities for Italian companies, which are facing markets with economic growth rates significantly higher than those of many other countries. In this regard, as the final figures for 2025 are not available at the time of writing, we refer to the estimates published in October by AMRO (ASEAN+3 Macroeconomic Research Office), a Singapore-based body established in 2009 on the initiative of the finance ministers of ASEAN countries, China, Korea, and Japan, which became an international organization in 2016. AMRO estimates growth of 4.6% for the ASEAN area in 2025 (+4.3% in 2026). Meanwhile, the forecast for China, Korea, and Japan combined is 4.1% in 2025 (+3.8% in 2026). Both figures are lower than those for 2024, confirming the effects of the geopolitical turmoil that characterized international trade in 2025. The highest incremental rates for the two-year period 2025/2026 are expected in Vietnam (7.5% and 6.4%, respectively), the Philippines (5.6% and 5.5%), and Indonesia (5% and 4.9%). When analyzing these data, it is important to consider the size of individual economies, measured by gross national product (GNP) and per capita income. The International Monetary Fund ranks Indonesia as the largest economy in ASEAN (US$1.44 trillion, 17th in the world ranking), while Singapore, Thailand, the Philippines, Vietnam, and Malaysia rank between 26th and 34th with a GNP value of between US$570 billion and US$470 billion. These figures confirm that the main target for Italian companies within the ASEAN region is the six markets of Indonesia, Singapore, Thailand, the Philippines, Vietnam, and Malaysia.
Our exports to ASEAN in 2024 amounted to €10.7 billion, of which almost all (€10 billion) was attributable to the six target countries. In the case of imports too – €12.2 billion – the vast majority of trade involved the target countries, with a value of €11 billion. The same trend was observed in the period from January to August 2025, with Italian exports reaching €6.75 billion and imports reaching €8.6 billion.
As regards Italian companies with a direct presence in the six countries considered (parent company branches or companies incorporated under local law), they are estimated to number around 800. The sectors most represented are infrastructure and major works, energy, oil & gas, defense, aerospace, electronics and semiconductors, green technologies, machinery and mechanical engineering, agro-industry, insurance, and finance. In addition to Italian companies in the above-mentioned sectors, there is also a diverse and enterprising community of SMEs ranging from fish imports (from Thailand or Vietnam) to coffee imports (from Vietnam), electronics to furniture (from Indonesia), dehydrated fruit to tourism services, as well as collaborations in the footwear, clothing, and marble industries.
Returning to the Export Action Plan, it is easy to understand why ASEAN is identified as a target area, with a specific focus on Thailand, Vietnam, and Indonesia. It should also be noted that Vietnam has a free trade agreement with the EU, while a Global Economic Partnership Agreement was signed with Indonesia last September, which is expected to come into force in 2027.
As part of the activities envisaged in the Export Plan, those aimed at promoting trade relations have been developed through various institutional events, such as the Italy-Malaysia Business Forum held last July and the Italy-Vietnam Business Forum held in Hanoi last September.
