• Among the Greater Bay Area (GBA) enterprises with an existing presence within the ASEAN bloc, Singapore, Vietnam, Thailand, Malaysia and Indonesia are considered the prime business locations.
• Over the next three years, sales development and supply chain refinements are set to be the priorities of the surveyed GBA enterprises.
• 73% of participating GBA enterprises had plans in place to accelerate the development of their ASEAN business in response to growing global trade friction.
• By sector, real estate, hospitality and construction companies (77%) put the highest priority on accelerating their ASEAN business, followed by suppliers of professional and financial services (76%), manufacturers of consumer goods (72%) and providers of industrial goods (71%).
• Among the participants surveyed, 96% plan to increase or maintain their level of environmental, social and governance (ESG) funding over the next two years.
• For the next two years, the intended level of ESG funding among GBA enterprises has increased significantly, with the average amount now HK$874,771, up almost 90% from the figure of HK$462,535 recorded for 2024.

In recent years, global supply chains have been transformed beyond recognition, largely due to the ongoing geopolitical tensions and the substantial tariff increases imposed by the US. In order to keep track of the regional impact of these developments, Hong Kong Trade Development Council (HKTDC) Research and UOB Hong Kong collaborated on a study in the third quarter of 2025. The study aims to gain an in-depth understanding of how corporate supply chains and global business strategies are being reinvented. The report also forms part of an ongoing commitment to continue tracking the sustainable development journey of the Greater Bay Area (GBA) business community.

Major trade environment challenges have led 73% of GBA enterprises to accelerate their ASEAN business development

Currently, among those GBA enterprises with an existing presence within the ASEAN bloc, Singapore, Vietnam, Thailand, Malaysia and Indonesia are considered the prime business locations. In terms of their three-year development plans, enterprises are most likely to maintain a focus on the markets they are currently active in. Over the next three years, sales development and supply chain refinements are set to be the priorities of the surveyed GBA enterprises. In all, 98% of the participating enterprises plan to maintain or expand their sales operations in the ASEAN region, a 25 percentage point rise on the comparable figure for 2024. In addition, 91% of respondents said they would maintain or expand their utilisation of ASEAN locations as production/sourcing hubs, a seven percentage point rise compared to 2024.

73% of participating GBA enterprises had plans in place to accelerate the development of their ASEAN business in response to growing global trade friction. By sector, real estate, hospitality and construction companies (77%) put the highest priority on accelerating their ASEAN business, followed by suppliers of professional and financial services (76%), manufacturers of consumer goods (72%) and providers of industrial goods (71%).

ESG investment expected to surge by 90% in the next two years

The survey also clearly showed that an ever-higher proportion of GBA enterprises are now adopting green and sustainable business practices. Of the surveyed enterprises, 83% have already begun to implement green initiatives, an increase of two percentage points on the 81%
recorded for 2024 and a three-year high. At 53%, environmental protection is the most widely adopted sustainable solution, followed by green office practices (47%) and green services (44%). Among the surveyed participants, 96% plan to increase or maintain their level of environmental, social and governance (ESG) funding over the next two years. Of these, 66% indicated an intention to increase their level of ESG investment, a rise of 26 percentage points on the 40% recorded for 2024 and a three-year high.

For the next two years, the intended level of ESG funding among GBA enterprises has increased significantly, with the average amount of HK$874,771, up almost 90% from the figure of HK$462,535 recorded for 2024.

Hong Kong: Helping GBA enterprises accelerate ASEAN business and advance green development

According to the survey, Hong Kong’s super-connector role continues to be widely recognised and highly appreciated. It was also acknowledged that Hong Kong plays a crucial and diversified role in helping GBA enterprises expand within the ASEAN bloc. Spurred by intensifying global trade friction, 73% of the surveyed enterprises confirmed they had plans in place to accelerate the development of their ASEAN business. Of these, two-thirds had made use of the Hong Kong platform to accelerate or expand their ASEAN-related business.

The perception of Hong Kong as one of the region’s most significant sustainability platforms was also underlined by the report, while the quality of the city’s green services was also widely acknowledged by many GBA enterprises. Overall, there was a recognition that Hong Kong offers
the kind of diversified, forward-looking, sustainable development solutions necessary for the green and sustainable development of many enterprises. Accordingly, Hong Kong’s diversified green services were accorded an average score of 8.81 out of 10 by the surveyed enterprises. Given the positive perception, 90% of respondents indicated they would consider starting using or increasing their uptake of Hong Kong’s sustainable development services over the next two years. Of the services on offer, the most in demand by survey respondents were: (1) green financial products and services; (2) green financing services; (3) ESG reporting, due diligence, ESG rating; and (4) green asset valuation.