Global FDI patterns are changing and warrant close attention given its critical role in driving economic growth and development. This paper analyzes the reconfiguration of FDI in ASEAN+3 from both immediate- and ultimate-investor perspectives; data are also adjusted for both “phantom” FDI and “round-tripping” to obtain a clearer picture of evolving FDI stocks and flows. The information shows that ASEAN+3 has emerged as a leading destination for FDI, outperforming other regions in its ability to continue attracting long-term business financing. There are strong signs of FDI reconfiguration between the United States and China, with both scaling back investments in each other’s markets, more so from the latter to the former. Meanwhile, ASEAN has overtaken China as the leading recipient of FDI in certain strategic sectors, likely attributable to global efforts to diversify supply chains. More generally, ASEAN+3 economies will need to be continuously proactive in implementing targeted and sound policies to ensure it remains a strong draw for global FDI amid rising geoeconomic fragmentation.