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www.cushmanwakefield.com

We deliver

world-class advice

for owners and occupiers ofoffice, industrial, hospitality,

retail and residential real estate

3 Church Street

#09-03 Samsung Hub

Singapore 049483

Telephone: (+65) 6535 3232

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The American Chamber of Commerce in Singapore (AmCham Singapore) and the U.S.

Chamber of Commerce, in cooperation with other AmChams in the ASEAN region, conducted

a study among AmCham members of American businesses in seven Southeast Asiancountries: Cambodia, Indonesia, Malaysia, the Philippines, Singapore, Thailand, and Vietnam.

This study, now in its 11th year, builds on previous studies conducted by AmCham Singapore

and the U.S. Chamber of Commerce. The purpose of the study was to understand members

outlook on business growth and perceptions about a series of local factors in the ASEAN

region. The members surveyed were senior executives, working with for a companyies held by

or with an American majority interests. For the rst time in 2012, multiple senior members from

each U.S. company were asked to complete the survey.

This regional report presents collective feedback received from senior members of: The

American Chamber of Commerce in Singapore, The U.S. Chamber of Commerce, TheAmerican Cambodian Business Council, The American Malaysian Chamber of Commerce, The

American Chamber of Commerce of The Philippines, The American Chamber of Commerce in

Indonesia, The American Chamber of Commerce in Thailand, and The American Chamber of

Commerce in Vietnam (Ho Chi Minh City and Hanoi).

INTRODUCTION

CONTENTS

EXECUTIVE SUMMARY

The outlook on investment opportunities in ASEAN is good across the region, with 92% of

respondents indicating a positive outlook, with 70% of respondents plan to expand theirbusiness in ASEAN.

Expansion is expected to continue region-wide. The most popular location for expansion

is Vietnam, followed by Thailand.

Companies view ASEAN economic integration as very important, yet are sceptical that

ASEAN will achieve its ASEAN Economic Community (AEC) goals by 2015.

Fewer than half of the respondents say they can utilize the provisions of ASEANs free

trade agreements with major trading partners, including China, India, Japan, Australia

& New Zealand, and South Korea. Large majorities indicated that those agreements are

important to their future investment plans in the region.

Corruption continues to be the most signicant concern across the region. In addition,

housing costs emerged as a new concern this year, most prominent in Singapore.

02 ECONOMIC OUTLOOK04 ASEAN INTEGRATION AND FTAS06 BUSINESS EXPANSION IN ASEAN10 STRENGTHS AND CHALLENGES11 WORKFORCE EXPANSION11 EXPATRIATE SATISFACTION14 CAMBODIA REPORT HIGHLIGHTS15 INDONESIA REPORT HIGHLIGHTS

16 MALAYSIA REPORT HIGHLIGHTS17 PHILIPPINES REPORT HIGHLIGHTS18 SINGAPORE REPORT HIGHLIGHTS19 THAILAND REPORT HIGHLIGHTS20 VIETNAM REPORT HIGHLIGHTS21 SURVEY METHODOLOGY21 PROFILE OF RESPONDENTS23 ACKNOWLEDGEMENTS

01

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ECONOMIC OUTLOOK

INVESTMENT OPPORTUNITY IN ASEANASEANs economic outlook continues to be positive after the volatility of the past few years.

More than nine in ten business executives (92%) have a positive or very positive outlook on

the investment opportunities for their company in the ASEAN region. Respondents in both the

services and manufacturing sectors were equally positive, at 90%.

At least 84% of respondents indicate a positive outlook for the region as a whole.

Respondents in Cambodia and Indonesia have the most optimistic outlooks of all countries

surveyed, with 100% reporting a positive or very positive outlook, while those in the

Philippines are nearly as optimistic (96% positive or very positive).

Very positive Somewhat positive Neutral Negative

ASEAN Investment Opportunity Outlook

55% 37% 6% 1%

Regional

Total

Singapore Malaysia Vietnam Philippines Thailand Indonesia Cambodia

ASEAN Investment Opportunity Outlook (By Country)

6%

1%

37%

55%

5%

2%

37%

56%

7%

0%

47%

47%

9%

0%

41%

49%

3%0%

38%

58%

13%

2%

38%

47%

0%

32%

68%

0%

19%

81%

Negative Neutral Positive Very PositiveVery Negative

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90% of survey respondents expect their companies trade and investment to increase in theASEAN region over the next ve years. 27% expect the level to increase signicantly.

PROFIT OUTLOOKThe majority of respondents (70%) expect their companies prots to increase in 2012 and

85% expect a prot increase in 2013.

Level o Trade/Investment in ASEAN Past 2 Years

25% 54% 17% 3%

Increase signicantly Increase Stay at about the same level Decrease

Increase signicantly Increase Stay at about the same level Decrease

Level o Trade/Investment in ASEAN Next 5 Years

27% 63% 8% 1%

2012 Decrease 2012 Remain 2012 Increase 2013 Decrease 2013 Remain 2013 Increase

Compared to 2011, do you expect your profts in ASEAN to increase,decrease, or remain the same in 2012 and 2013?

Regional Singapore Malaysia Vietnam Philippines Thailand Indonesia Cambodia

Business executives report strong increases in the level of investment by their company

in the ASEAN region. 79% of respondents indicate that their companys level of trade and

investment in the ASEAN region has increased in the past two years. One quarter of the

respondents say it has increased signicantly, while 17% say it has stayed about the same,

and 3% say it has decreased.

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FINANCING AND COSTS OF BORROWINGThe percentage of respondents experiencing signicant nancing constraints has decreased

over the past three years, from 24% in 2009 to 20% in 2011 and 19% in 2012. Regional

experiences with costs of borrowing remained similar to those of the past two years, with

much variance across the region.

IMPORTANCE OF ASEAN INTEGRATIONASEAN economic integration is valuable to majority of respondents, with 65% reporting that

this integration is important to helping their companies do business in the region. Of all the

countries surveyed, executives in Vietnam had the highest positive response rate (76%).

2009 2010 2011 2012

Percentage o respondents acing signifcant fnancing constraints

RegionalTotal


2009 2010 2011 2012

Percentage o respondents acing higher costs o borrowing

Regional

Total


Yes No

Is ASEAN integration important to helping your company do business in the region?


ASEAN INTEGRATION AND FTAs

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ASEAN REGIONAL AGREEMENTSBusiness executives in the ASEAN region consider each of the ve regional agreements

assessed to be important to their companys investment plans in the region. Importance

ratings range from 64% for the Framework Agreement on Services to 55% on the

Comprehensive Investment Agreement.

ASEAN FREE TRADE AGREEMENTSFewer than half of business executives surveyed say their company can utilize the provisions

of ASEANs free trade agreements with major trading partners. 47% of respondents report

that their companies can use the provisions of the ASEAN-China agreement, while 30% can

do so under the Korea agreement.

The data below shows the responses for each agreement.

Can your company utilize the provisions o the agreement toexport goods or services rom ASEAN to the specifed country?

Not Sure No Yes

Australia &

New Zealand

China India Japan Korea

Importance o ASEAN Regional Agreements

Important Neutral / Not Important / Not Sure

64%

61%

60%

58%

55%

36%

39%

40%

42%

45%

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However, the majority of respondents consider the ASEAN Free Trade Agreements to be

either important or extremely important to their investment plans in the region.

LOCATION OF BUSINESS EXPANSION IN ASEANVietnam is by far the most popular location for expansion, receiving 57% of responses.

Thailand is the second most popular location at only 11%. No respondents indicated that

their top location for expansion was Brunei.

BUSINESS EXPANSION IN ASEAN

Importance o ASEAN FTAs

Australia and

New Zealand

China India Japan Korea

Not at all Important Not Important Neutral Important Extremely Important

Location o Expansion in ASEAN

Vietnam Thailand Singapore Philippines Indonesia Myanmar Cambodia Malaysia Laos

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DIVERSIFYING OPERATIONS FROM CHINA TO ASEANIn this years survey, signicantly more respondents reported that their companies are

planning to diversify some investments or business from China into ASEAN over the next twoyears than when asked in 2011. Vietnam is the only country in which fewer respondents plan

to diversify investments away from China in 2012.

BUSINESS DIRECTION IN MYANMARThe large majority of respondents (72%) either support or strongly support the United States

governments decision to suspend some sanctions currently placed on Myanmar. Only 2% ofthe respondents are in opposition to suspending sanctions. Respondents based in Cambodia

are the strongest supporters, with 81% indicating either support or strong support.

Yes 2011 Yes 2012

Does your company plan to diversiy some investments or business rom China intoASEAN Over the Next Two Years?


Strongly Oppose Oppose Neutral Support Strongly Support

Please indicate how you eel about the United States government suspendingsanctions on Myanmar


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33% of respondents are either currently exporting, planning to export, or considering

exporting. Vietnam and Thailand had the largest numbers of respondents considering

exporting to Myanmar, at 22% and 21%, respectively.

35% of respondents currently invest in Myanmar or planning or considering doing so in the

future. In Cambodia, 31% of respondents are currently investing or planning to invest, making

it the country with the highest interest.

Not Sure Do not export and no plans

to export

Considering Exporting Planning to Export Currently Exporting

Which one o the ollowing best describes your export activity with Myanmar?


Not Sure Do not invest and currently

no plans to invest

Considering investing Planning to invest Currently investing

Investment activity with Myanmar


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LOCAL BUSINESS ENVIRONMENTExcluding respondents from Singapore, corruption and laws and regulations continue to be

sources of dissatisfaction for respondents, similar to ndings in 2011, 2010, and 2009. In fact,

corruption was the highest source of dissatisfaction for all countries except Singapore andMalaysia.

Sentiment towards the U.S. remains highly positive across the ASEAN region and is a major

strength in every country, with satisfaction above 50%.

Respondents across the region are also satised with personal security in all the countries with

the exception of Malaysia, in which responses were mixed.

STRENGTHS AND CHALLENGES

Factors Regional Malaysia Philippines Singapore Thailand Vietnam Indonesia Cambodia

Infrastructure 57% 90% 40% 94% 51% 57% 74% 44%

Availability of raw materials 52%

Availability of low cost labor 73% 40% 55% 71% 69%

Availability of trained

personnel/efcient

manpower

50% 78% 61% 44% 50%

Ofce lease costs 72% 60% 48% 56% 58% 56%

Housing cost 44% 77% 51% 55%

Laws and regulations 55% 43% 86% 56% 59% 61% 44%

Corruption (or lack of) 46% 48% 73% 88% 64% 77% 87% 81%

Local protectionism

(or lack of)71%

Tax Structure 55% 83% 47%

Personal security 74% 58% 96% 69% 72% 52% 56%

Stable government and

political system64% 62% 53% 94% 60% 62% 52% 75%

New business incentives by

government62%

Ease of moving products

through customs66% 65% 52%

Free movement of goods

within the region66% 62% 56%

Sentiment towards the U.S. 70% 76% 83% 75% 56% 68% 58% 75%

Strength: 50% or greater satisfaction rate Concern: 40% or greater dissatisfaction

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EXPAT ASSIGNMENT SATISFACTIONThe majority of respondents (51%) stated that their companies regularly receive requests

from employees based in other locations to work in their response location. This is an

increase from 39% in 2011 and 2010.

EXPATRIATE SATISFACTION

Does your company regularly receive requests rom employees based in otherlocations to work in your response location?

Yes 2010 Yes 2011 Yes 2012


OVERALL WORKFORCE BY COUNTRYThe majority of respondents (60%) predict an increase in their companies ASEAN overall

workforce. Only 4% expect a decrease, while 36% expect it to remain about the same. This

data is comparable with 2011 data.

WORKFORCE EXPANSION

Decrease Same Increase

Do you expect your total number o employees in the response location toincrease, decrease, or remain about the same in 2012?


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EXPAT SATISFACTION IN RESPONSE LOCATIONSatisfaction rates remain high at 96%, a slight increase from the past two years.

REQUESTS FOR EXTENSION OF ASSIGNMENTSResults show that, in most countries, increasing numbers of expatriate employees attempt

to extend their time in their response location within ASEAN. In 2012, Thailand was the only

country in which fewer respondents stated that expatriate employees attempt to extend their

time there.

Do your expatriate employees attempt to extend their time in your response location?

Yes 2010 Yes 2011 Yes 2012


Are your expatriate employees generally satisfed with their assignments inyour response location?

Yes 2010 Yes 2011 Yes 2012


EXPATRIATE SATISFACTION

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Outlook or Investment Opportunitiesin ASEAN

Proft Outlook 2012

Proft Outlook 2013

CAMBODIA

Target Countries for Business Expansion

Myanmar Cambodia Vietnam Laos

Major Strengths

(% Satised)

Major Concerns

(% Dissatised)


political system (75%)

Corruption (81%)

Sentiment towards the

U.S. (75%)


personnel/efcient

manpower (50%)

Availability of low costlabor (69%)

Laws and Regulations(44%)

Personal security (56%) Infrastructure (44%)

Ofce lease costs (56%)

Free movement of goodswithin the region (56%)

BUSINESS OUTLOOK

ASEAN Economic Outlook: All respondents maintain a positive or

very positive outlook for the ASEANregion as an investment opportunity fortheir companies.

Current Business Climate:

Percentage of respondents facingsignicant nancing constraintsdecreased from 28% in 2011 to 13% in2012.

The majority of respondents (73%) are notfacing higher costs of borrowing in 2012.

Importance of ASEAN Markets in GlobalBusiness:

69% of respondents reported thatASEAN markets have increased inimportance to their companies in the pasttwo years.

Most respondents (75%) expect ASEANimportance to continue to increase in thenext two years.

Business Direction and Movement inASEAN:

75% of respondents plan to expand theircompanies business in ASEAN.

Prot Outlook:



Workforce Expansion:

69% expect a workforce increase in 2012.

27% expect an increase of 5 to 10%.


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BUSINESS OUTLOOK

ASEAN Economic Outlook: All respondents in Indonesia indicated

a positive or very positive outlook forthe ASEAN region as an investmentopportunity for their companies.


Respondents facing signicant nancingconstraints decreased from 22% in 2011to 13% in 2012.

The large majority of respondents (74%) arenot facing higher costs of borrowing in 2012.



Most respondents (84%) also expect ASEANimportance to increase in the next two years.


81% of respondents plan to expand theircompanies in ASEAN.

Prot Outlook:








Proft Outlook 2012

Proft Outlook 2013

INDONESIA

Vietnam Indonesia Myanmar Singapore

Major Strengths

(% Satised)

Major Concerns

(% Dissatised)

Availability of low cost

labor (71%)

Corruption (87%)

Ofce lease costs (58%) Infrastructure (74%)

Sentiment towards U.S.

(58%)

Local protectionism

(71%)

Housing costs (55%) Laws and Regulations

(61%)

Ease of moving productsthrough customs (52%)

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BUSINESS OUTLOOK

ASEAN Economic Outlook: 94% of respondents maintain a positive

or very positive outlook for the ASEANregion as an investment opportunity fortheir companies.



There has been a decrease in those facinghigher costs of borrowing, from 37% in 2011to 13% in 2012.


53% of respondents report that ASEANmarkets have increased in importance totheir companies in the past two years.

The majority of respondents (60%)expect ASEAN importance to increase inthe next two years.

Business Direction and Movement in

ASEAN: 70% of respondents companies plan to

expand in ASEAN, and none expect tocontract.

Prot Outlook:





40% expect an increase of 5-10%.



Proft Outlook 2012

Proft Outlook 2013

MALAYSIA

Vietnam Thailand Indonesia Malaysia Philippines

Major Strengths

(% Satised)

Major Concerns

(% Dissatised)

Infrastructure (90%) Corruption (48%)

Sentiment towards U.S.(76%)

Personal security (38%)

Ofce Lease Costs

(72%)

Housing costs (31%)

Free movement of goods

within the region (66%)

Ease of moving yourproducts through

customs (66%)



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BUSINESS OUTLOOK





Most respondents (80%) are not facinghigher costs of borrowing in 2012.



The majority of respondents (58%)expect ASEAN importance to increase inthe next two years.


ASEAN: 83% of respondents companies plan to

expand in ASEAN.

Prot Outlook:





30% expect an increase of 20 to 50%. Major Strengths(% Satised)

Major Concerns

(% Dissatised)


U.S. (83%)

Corruption (73%)


personnel/efcient

manpower (78%)

Laws and Regulations

(43%)



Ofce lease costs (60%) Infrastructure (40%)



Proft Outlook 2012

Proft Outlook 2013

PHILIPPINES

Philippines Vietnam Singapore IndonesiaThailand Myanmar

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BUSINESS OUTLOOK




Respondents facing signicant nancingconstraints rose slightly from 14% in2011 to 17% in 2012.

Most of respondents (75%) are not facinghigher costs of borrowing.



Most respondents (69%) expect ASEANimportance to increase in the next twoyears.


81% of respondents companies expectto expand in ASEAN.

Prot Outlook:








SINGAPORE

Indonesia MyanmarVietnam Singapore Thailand Philippines Malaysia


Proft Outlook 2012

Proft Outlook 2013

Major Strengths

(% Satised)

Major Concerns

(% Dissatised)

Personal Security (96%) Housing Costs (77%)

Infrastructure (94%) Ofce Lease Costs (48%)

Stable Government & Political

System (94%)

Availability of Low Cost

Labor (40%)

Corruption (88%)

Laws and Regulations (86%)

Tax Structure (83%)

Sentiment Towards the U.S. (75%)

Ease of Moving Products throughCustoms (65%)

New Business Incentives Offeredby Government (62%)

Free Movement of Goods within the

Region (62%)

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BUSINESS OUTLOOK

ASEAN Economic Outlook: 85% of respondents indicated a positive




The percentage of those facing highercosts of borrowing decreased signicantlyfrom 34% in 2012 to 11% in 2012.



A majority of respondents (64%) expectASEAN importance to increase in thenext two years.


ASEAN: 65% of respondents companies expect

to expand in ASEAN.

Prot Outlook:








Proft Outlook 2012

Proft Outlook 2013

THAILAND

SingaporeVietnam Thailand Myanmar Indonesia

Major Strengths

(% Satised)

Major Concerns

(% Dissatised)

Personal security (69%) Corruption (64%)

Ofce lease costs (56%) Stable government andpolitical system (60%)


U.S. (56%)

Laws and regulations

(56%)

Housing costs (55%) Tax structure (47%)

Infrastructure (51%)

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BUSINESS OUTLOOK




Respondents facing signicant nancingconstraints doubled from 19% in 2011 to39% in 2012.

A majority of respondents (62%) do notface higher costs of borrowing.



Most respondents (76%) expect ASEANimportance to increase in the next twoyears.


73% of respondents companies plan toexpand in ASEAN.

Prot Outlook:








VIETNAM

Laos Malaysia Brunei Philippines

Proft Outlook 2012

Proft Outlook 2013

75%

5% 5% 3% 3% 3% 2% 2% 2%

CambodiaVietnam Myanmar Thailand Singapore

Major Strengths

(% Satised)

Major Concerns

(% Dissatised)

Personal security (78%) Corruption (77%)


U.S. (68%)

Laws and Regulations

(59%)



Infrastructure (57%)



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SURVEY METHODOLOGY

Sample Size A list of AmCham members from U.S. companies with e-mail

contacts was provided by each AmCham:

Cambodia: List of 66 members, response rate was 24% (16)

Indonesia: List of 130 members, response rate was 24% (31)

Malaysia: List of 224 members, response rate was 13% (30)

Philippines: List of 238 members, response rate was 17% (40)

Singapore: List of 1,103 members, response rate was 12% (127)

Thailand: List of 238 members, response rate was 19% (45)

Vietnam: List of 367 members, response rate was 18% (67)

Overall: List of 2,366 members, response rate was 15% (356)

Data Collection Method Web-based, self-administered survey. No enforcement on participation.

Data Collection Period June 15, 2012 to July 3, 2012

*Throughout the report, percentages on graphs may not add to 100% due to respondents

selecting multiple answers, respondents selecting not sure, or incomplete entries in the

data set.

Note 1: For the rst time in 2012, multiple senior members of each U.S. company were askedto complete the survey.

Note 2: There is only 2010-2012 data available for Cambodia.

PROFILE OF RESPONDENTS

In the 2012 ASEAN Business Outlook Survey, the largest represented country is

Singapore, whose respondents consist of 36% of the total, followed by Vietnam, whose

respondents make up 19% of the total sample. Cambodia is the least represented,

making up 5% of the total population of respondents.

59% of respondents are responsible for more than one country in the region and the

largest portion of respondents primary activity is in the services sector (53%). 29% of

respondents work in the manufacturing sector. The largest portion of respondents represent companies that have 50 to less than 500

employees in the region.

Refer to the next page for more information.

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Country Region Thailand Singapore Malaysia Vietnam Philippines Indonesia Cambodia

COUNTRY OF RESPONSIBILITY

Only ONEcountry

41% 40% 12% 37% 73% 63% 58% 81%

Multiplecountries

41% 41% 41% 41% 41% 41% 41% 41%

PRIMARY ACTIVITIES

Service 53% 45% 68% 28% 14% 69% 39% 56%

Manufacturing 29% 34% 21% 55% 46% 12% 30% 19%

Other 19% 18% 17% 17% 16% 23% 26% 25%

SIZE OF WORKFORCE (NUMBER OF EMPLOYEES)

Below 50 26% 36% 32% 17% 20% 25% 16% 19%

50 to < 500 45% 36% 40% 47% 54% 45% 58% 56%

500 to

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This report was compiled and published by The American Chamber of Commerce in Singapore

and the U.S. Chamber of Commerce.

Editor-In-Chief:

Liyana Othman, Head of Communications & Corporate Relations, AmCham Singapore

Editors:

Anne Marie Brooks, Head of Regional and Public Affairs, AmCham Singapore

John Goyer, Senior Director, Southeast Asia, U.S. Chamber of Commerce

Brandt Williams, Government Relations Executive, AmCham Singapore

Alex Stuart, Communications Executive, AmCham Singapore

Research and Analysis:

Bill Dalbec, Senior Director, APCO Insight

Hannah Fornero, Government Relations Intern, AmCham Singapore

Georgiy Lomsadze, Government Relations Intern, AmCham Singapore

We would like to thank the following Executive Directors of the following AmChams in the

region for their expertise and support:

Jim Swander, The American Cambodian Business Council

Sarah Howe, The American Chamber of Commerce in Indonesia

Tim Garland, The American Malaysian Chamber of Commerce

Rob Sears, The American Chamber of Commerce of the Philippines

Judy Benn, The American Chamber of Commerce in Thailand

Adam Sitkoff, The American Chamber of Commerce in Vietnam (Hanoi)

Herb Cochran, The American Chamber of Commerce in Vietnam (Ho Chi Minh City)

We would also like to thank James Waller of Nathan Associates for his advice and guidance.

For more information on the survey, visit www.amcham.org.sg/aseanoutlook.

ACKNOWLEDGMENTS

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