This report highlights some of ACCMSME’s key initiatives and the impact of these initiatives towards the advancement of MSME development both regionally and nationally. The mid-term review was and opportunity for the ACCMSME to evaluate if these initiatives have truly impacted the beneficiaries of the SAP SMED 2025, assess the changes in contexts and landscape, and propose the necessary steps for even more effective implementation in the second phase, especially important now as economies reopen and ASEAN businesses adapt to the COVID-19 pandemic. This report shares some of the megatrends impacting MSMEs in ASEAN and makes recommendations on SAP SMED 2025 future priorities, and propose the necessary shifts in alignment with these priorities.