Purpose – This paper aims to find and analyze factors that determine the flows of bilateral foreign direct investment in intra- ASEAN. It specifically focuses on the dimension of macro- economic, natural resources, human resources, and the quality of governance. Research design, data, and methodology – Data were collected from 64 bilateral relations between ASEAN nations from 2002 to 2013. Panel gravity model was utilized to find factors that determine the flows of bilateral foreign direct investment. Results – Significant factors were identified that determine the flows of bilateral foreign direct investment: GDP home country, GDP host country, real interest rate, distance, and total natural resources rent. Unexpectedly, natural resources have a negative effect. Conclusions – In a situation of increasing the flow of FDI among the countries of ASEAN, the government should control the interest rates and maintain good relations with nearby countries. The negative effect of total natural resource rents implies that ASEAN countries should not depend on their natural resources to attract foreign investments.