Amid growing instability in global supply chains from the intensifying US-China competition, the so-called China Plus One strategy has been drawing attention to diversify corporate investments to potentially viable alternatives to the Chinese market, namely the ASEAN region, which boasts some of the world’s fastest growing economies. However, whether ASEAN can truly become a reliable substitute to China is unclear due to questions surrounding economic integration among the ASEAN states, a fundamental issue that remains mere rhetoric and has yet to materialize. To what extent is ASEAN economic integration feasible? What impact would this have on stabilizing global supply chains and the US-China economic competition? Furthermore, what are the merits and risks of ASEAN economic integration for states seeking to diversify their corporate investments?