Depend on what you mean by world manufacturing hub and depending on nation.
For example, US foreign investment is mainly in Canada, Mexico and South American nations with very little in East/Southeast Asia. A lot of these countries have much higher wages than both East Asia and Southeast Asia, but US factory tends to go to these places because political inclinations.
Similarly, Chinese fixed capital investment (thus the primary manufacturing assets) are 95% domestic and large portion of the remaining 5% is from Hongkong or Taiwan. So vast majority of Chinese manufacturing will move in land instead outward to other nations.
So ASEAN nations are a lot more likely to receive manufacturing investment from EU and Japan than from China or US, but since the latter two accounts for vast majority of the manufacturing on the planet, the term world manufacturing hub is rather misleading.
Of course when talking about Japan and EU, we also need to take into consideration of domestic retention of businesses. A lot of time the government will give its core business groups rather substantial amount of subsidiaries to retain the business so domestic employment doesn't become an issue.
A common misconception is that the rise of major manufacturing hubs are the result of foreign investment in the area. Sure, if the nation's economy is small enough, then foreign investment can accounts for quite a large share of the pie. However, if we are talking about THE world manufacturing hub, it is pretty much automatically means a very large economy. For these economies, the businesses generating these capacity will instead be largely domestic simply because it isn't enough foreign investment in the world to support that kind of large economy. This is the case with both US and Japan in the past and it is the same case with China now. Also, foreign capitals are notoriously volatile as demonstrated in the 97 financial crisis. It is rather contradictory to world manufacturing hub which implies large term stability in the nation.
Basically, if any ASEAN nation wishes to become a major world manufacturing hub, low-wage and foreign investment are not sufficient to do it because it says nothing about the domestic strength of the nation's economy. Worse still, if the domestic industries are not sufficient developed, sudden in-rush of foreign competitors can be devastating.
At the end of the day, if you want to be best, you have to be strong yourself instead of relying on the mercy of others.
