Based on information from our own network, published data from the World Bank and other business sources, we have compiled the following chart, that shows -for some of the major countries in the region-, 

The current Chinese law recognizes three types of business entities that have foreign interest. These are as follows:

A Foreign Representative Office

This was the earliest and for a time the predominant form of foreign related entity that was/is allowed to do business in China. A so called Rep office, as it is commonly called, can only perform liaison work between the foreign parent and local businesses. A Rep office cannot generate revenue in China and cannot sign or enter into any types of revenue generating contracts with local businesses. It is solely a communications vehicle that helps its parent company to do business with Chinese clients.

Advantage: easy to establish, visible and looks good;
Disadvantage: cannot operate as a revenue-generating business, can be expensive and has negative tax consequences.

This used to be the predominant business vehicle for foreign companies. The foreign company provided the product, the money and sometimes the management expertise, the Chinese company provided the local connections necessary for government approval and local market expertise and the two companies split any profits.

In China, a JV is a recognized corporate entity, which is a partnership between the foreign investor and the local Chinese partner. However, the JV is a corporate entity and not a
partnership in the western legal sense. A JV can conduct business in China like any other
business although there are certain industries that only permit 100% Chinese companies.

With China’s entry into the World Trade Organization (WTO), the country is becoming more and
more open to foreign businesses. A JV can enter into a vast majority of Chinese industries.

Advantage: immediate market entry with local market expertise and understanding of local
practice and requirements;
Disadvantage: shared decision-making power, which sometimes resulted in conflict, delay or confusion.Often, less efficient use of resources and slowdown in decision making.
There are instances in which the joint venture still makes sense but generally Wholly Foreign Owned Enterprises make the best sense today.

A WFOE is a 100 percent wholly owned foreign subsidiary doing business in China. This is becoming increasingly the vehicle of choice for foreign direct investment in China. The WFOE is a registered local company but the difference with other local companies is that is its’ 100% foreign ownership.

Advantage: absolute decision making power, no sharing of profits, more control over company operations, can be quicker decision making, more use of western business customs; Disadvantage: lack of local knowledge, lack of local government connections, less ability to influence government permit, tax and other decisions. This can be mitigated by using expert assistance, hiring qualified local managers and building a quality staff.

All of the above comments are applicable to China.

Vietnam follows a somewhat similar system.
Thailand, Malaysia, Singapore and to some extent Cambodia utilize more westernized business
structures with definite British business influence such as the use of the Limited Partnership,
Managing Directors in place of Company Presidents, etc.