This study aimed to examine the relationship between foreign direct investment and economic growth of ASEAN countries. This study also discovered impacts of other factors such as labor force, trade openness, gross fixed capital formation, domestic credit, and pandemic on economic growth. We used country panel data during the period of 1998-2021 from nine ASEAN countries including Brunei Darussalam, Cambodia, Indonesia, Lao PDR, Malaysia, Myanmar, Philippines, Thailand, and Vietnam. Data were collected from world development indicators of the World Bank and UNCTAD database. Estimation results from fixed effects models showed a consistency in terms of impact of foreign direct investment on economic growth between two outputs (GDP per capita and national GDP). This study found that foreign direct investment had a positive and significant effect on economic growth in the ASEAN region. Moreover, control factors also impacted economic growth positively, except for COVID- 19 v ariable, w hich h ad a n egative impact. Labor force had the strongest impact, followed by gross fixed capital formation, COVID-19, and bank credit. Based on these results, some implications for ASEAN policymakers are suggested.

ABSTRACT
INTRODUCTION
LITERATURE REVIEW
    Hypothesis
DATA AND METHODOLOGY
    Methodology
RESULTS AND DISCUSSIONS
CONCLUSIONS
REFERENCES
Appendix

• Nguyen Thi Cam Phuong(School of Economics and Law, Tra Vinh University, Department of Agricultural and Resource Economics, Kangwon National University) | 응웬 티 캄 프엉 (경제법학부 짜빈대학교, 농업자원경제학과 강원대학교)
• Ji Yong Lee(Department of Agricultural and Resource Economics, Kangwon National University) | 이지용 (농업자원경제학과 강원대학교) Corresponding author