The Asian financial crisis caused massive shrinkage in their economies. There's also been political and social instability, such as the Anwar Ibrahim incident in Malaysia, a change in regime in Thailand, a decline in law and order in the Philippines, and anti-Chinese violence in Indonesia, further reducing the willingness of Taiwan companies to invest in Southeast Asia.
亞洲金融風暴造成東南亞各國經濟衰退；馬來西亞發生安華事件、泰國換了政權、菲律賓治安惡化、印尼排華暴動等等政局、治安的不穩定因素，也減低了台商對東南亞的投資意願。