According to the outlook, expansion of the ASEAN 5, consisting of Vietnam, Indonesia, Malaysia, the Philippines and Thailand will exceed 5 percent through 2022.

Aging will clip the potential growth rates of all major North Asian economies in coming years, while those of Southeast Asian ones may accelerate, with the exception of Singapore’s, Nomura Holdings Inc. said.

Infrastructure spending by the 10-member Association of Southeast Asian Nations will average $110 billion a year through 2025, according to Ernst & Young LLP.

Countries in Southeast Asia are also ramping up on ambitious large-scale infrastructure projects.

The region’s strong growth outlook is luring companies such as Coca-Cola Co., which is expanding in Vietnam and in Myanmar. Heineken NV is competing with Anheuser-Busch InBev NV, Asahi Group Holdings Ltd. and Kirin Holdings Co. for a stake in Vietnam’s largest brewer SaiGon Beverages Joint-Stock Company.