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Portfolio Investment Trends in ASEAN-5 (2016–2024)

(Source) IMF International Financial Statistics, Central bank reports and online databases from Bank of Thailand, Bank Negara Malaysia, Bank Indonesia, Bangko Sentral ng Pilipinas, and State Bank of Vietnam.
(Source) IMF International Financial Statistics, Central bank reports and online databases from Bank of Thailand, Bank Negara Malaysia, Bank Indonesia, Bangko Sentral ng Pilipinas, and State Bank of Vietnam.

This stacked bar chart shows Net Portfolio Investment flows (equities, bonds, etc.) in ASEAN-5 countries: Thailand, Philippines, Malaysia, Indonesia, and Vietnam.


Key Observations:

  • 2016–2019 mostly positive: Indonesia and the Philippines received substantial portfolio inflows during this period.

  • Post-2020 shift to outflows: A sharp reversal began in 2020, with Malaysia, Indonesia, and Thailand showing major outflows through 2022–2023.

  • 2024 still weak: Malaysia is projected to see significant outflows again, suggesting continued global risk aversion.


Implication:

Portfolio investment in ASEAN-5 is highly sensitive to external shocks and global financial conditions. Unlike FDI, these short-term capital flows are volatile and reflect structural weaknesses in capital market depth and investor confidence.

 
 
 

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