ASEAN has rapidly become one of the world’s most promising destinations for investment and business. (Photo: asean.org)

Hanoi - The embassies of Vietnam, the Philippines, Thailand, and Indonesia in Denmark recently co-hosted the ASEAN-Denmark Business Forum, bringing together nearly 50 guests, including representatives from the Ministry of Foreign Affairs, the Chamber of Commerce, and major corporations of the host country.

Addressing the event, Philippine Ambassador Leo Herrera-Lim, Chairman of the ASEAN Committee in Copenhagen, underscored ASEAN’s dynamic and strategically crucial position at the heart of the Indo-Pacific. With a booming economy, a market of over 670 million people, and a combined GDP of approximately 3.8 trillion USD, the region continues to attract European investors, including those from Denmark.

During discussions, business leaders operating in ASEAN highlighted the thriving investment environment of member countries. They pointed to ASEAN’s emergence as a logistics hub, its young and increasingly skilled workforce, and its strong commitment to sustainable development and digitalisation, all aligning with Danish business priorities. However, challenges remain, including underdeveloped infrastructure, inconsistent legal frameworks, and complex administrative procedures, which pose hurdles for expansion. Despite these concerns, many Danish firms are determined to strengthen their footprint in ASEAN.

Vietnamese Ambassador to Denmark Luong Thanh Nghi stressed that ASEAN has rapidly become one of the world’s most promising destinations for investment and business. With the third-largest GDP in Asia and the fifth-largest globally, ASEAN enjoys a prime strategic location between major economies like China, India, and Australia.

He highlighted the bloc’s proactive economic integration efforts through initiatives such as the ASEAN Free Trade Area (AFTA), the ASEAN Economic Community (AEC), and major trade agreements, including the Regional Comprehensive Economic Partnership (RCEP) and ASEAN’s free trade deals with key global partners, including the EU.

As global economic and geopolitical landscapes shift, ASEAN is emerging as a top choice for investors due to its adaptability to new trends such as digitalisation, cross-border trade, green transition, circular economy practices, and sustainable growth. Ambassador Nghi affirmed ASEAN’s position as a vast consumer market, a logistics hub, a production powerhouse, and a key partner for Danish businesses in various fields, particularly in green transition. He urged Danish enterprises to deepen their engagement in ASEAN, assuring them of the region’s commitment to fostering a business-friendly environment and mutually beneficial partnerships.

On this occasion, the ambassador also highlighted Vietnam’s efforts, as an ASEAN member, in implementing three strategic breakthroughs: institutional reform, infrastructure development, and human resource enhancement. He reiterated Vietnam’s and ASEAN’s shared dedication to improving the investment climate, ensuring the region remains a prime destination for global businesses, including those from Denmark.