diff --git a/crates/turbopack-ecmascript/src/lib.rs b/crates/turbopack-ecmascript/src/lib.rs
index bb3108674527f..23975adbcc002 100644
--- a/crates/turbopack-ecmascript/src/lib.rs
+++ b/crates/turbopack-ecmascript/src/lib.rs
@@ -660,7 +660,7 @@ impl ChunkItem for ModuleChunkItem {
     #[turbo_tasks::function]
     async fn is_self_async(&self) -> Result<Vc<bool>> {
         if let Some(async_module) = *self.module.get_async_module().await? {
-            Ok(Vc::cell(*async_module.is_self_async().await?))
+            Ok(async_module.is_self_async())
         } else {
             Ok(Vc::cell(false))
         }
diff --git a/crates/turbopack-ecmascript/src/references/async_module.rs b/crates/turbopack-ecmascript/src/references/async_module.rs
index 2cb771e9c5695..6d4ca2d7ad55a 100644
--- a/crates/turbopack-ecmascript/src/references/async_module.rs
+++ b/crates/turbopack-ecmascript/src/references/async_module.rs
@@ -9,6 +9,7 @@ use swc_core::{
 use turbo_tasks::{trace::TraceRawVcs, TryFlatJoinIterExt, TryJoinIterExt, Vc};
 use turbopack_core::{
     chunk::{AsyncModuleInfo, ChunkableModule},
+    reference::{ModuleReference, ModuleReferences},
     resolve::ExternalType,
 };
 
@@ -17,7 +18,7 @@ use crate::{
     chunk::{EcmascriptChunkPlaceable, EcmascriptChunkingContext},
     code_gen::{CodeGenerateableWithAsyncModuleInfo, CodeGeneration},
     create_visitor,
-    references::esm::{base::insert_hoisted_stmt, EsmAssetReference},
+    references::esm::base::insert_hoisted_stmt,
 };
 
 /// Information needed for generating the async module wrapper for
@@ -47,7 +48,7 @@ impl OptionAsyncModuleOptions {
 #[turbo_tasks::value(shared)]
 pub struct AsyncModule {
     pub placeable: Vc<Box<dyn EcmascriptChunkPlaceable>>,
-    pub references: IndexSet<Vc<EsmAssetReference>>,
+    pub references: Vc<ModuleReferences>,
     pub has_top_level_await: bool,
     pub import_externals: bool,
 }
@@ -92,9 +93,11 @@ impl AsyncModule {
 
         let reference_idents = self
             .references
+            .await?
             .iter()
             .map(|r| async {
-                let referenced_asset = r.get_referenced_asset().await?;
+                let referenced_asset =
+                    ReferencedAsset::from_resolve_result(r.resolve_reference()).await?;
                 Ok(match &*referenced_asset {
                     ReferencedAsset::External(
                         _,
@@ -140,9 +143,11 @@ impl AsyncModule {
             self.import_externals
                 && self
                     .references
+                    .await?
                     .iter()
                     .map(|r| async {
-                        let referenced_asset = r.get_referenced_asset().await?;
+                        let referenced_asset =
+                            ReferencedAsset::from_resolve_result(r.resolve_reference()).await?;
                         Ok(matches!(
                             &*referenced_asset,
                             ReferencedAsset::External(
diff --git a/crates/turbopack-ecmascript/src/references/mod.rs b/crates/turbopack-ecmascript/src/references/mod.rs
index bd7c9f760d578..2b0b772fae6b8 100644
--- a/crates/turbopack-ecmascript/src/references/mod.rs
+++ b/crates/turbopack-ecmascript/src/references/mod.rs
@@ -736,7 +736,7 @@ pub(crate) async fn analyse_ecmascript_module_internal(
     if eval_context.is_esm() || specified_type == SpecifiedModuleType::EcmaScript {
         let async_module = AsyncModule {
             placeable: Vc::upcast(module),
-            references: import_references.iter().copied().collect(),
+            references: Vc::cell(import_references.iter().map(|&r| Vc::upcast(r)).collect()),
             has_top_level_await,
             import_externals,
         }
diff --git a/crates/turbopack-ecmascript/src/side_effect_optimization/facade/chunk_item.rs b/crates/turbopack-ecmascript/src/side_effect_optimization/facade/chunk_item.rs
index 4c12229540e6d..c1e36b17d536b 100644
--- a/crates/turbopack-ecmascript/src/side_effect_optimization/facade/chunk_item.rs
+++ b/crates/turbopack-ecmascript/src/side_effect_optimization/facade/chunk_item.rs
@@ -31,13 +31,13 @@ use crate::{
 
 /// The chunk item for [EcmascriptModuleFacadeModule].
 #[turbo_tasks::value(shared)]
-pub struct EcmascriptModuleReexportsChunkItem {
+pub struct EcmascriptModuleFacadeChunkItem {
     pub(crate) module: Vc<EcmascriptModuleFacadeModule>,
     pub(crate) chunking_context: Vc<Box<dyn EcmascriptChunkingContext>>,
 }
 
 #[turbo_tasks::value_impl]
-impl EcmascriptChunkItem for EcmascriptModuleReexportsChunkItem {
+impl EcmascriptChunkItem for EcmascriptModuleFacadeChunkItem {
     #[turbo_tasks::function]
     fn content(self: Vc<Self>) -> Vc<EcmascriptChunkItemContent> {
         panic!("content() should never be called");
@@ -68,8 +68,9 @@ impl EcmascriptChunkItem for EcmascriptModuleReexportsChunkItem {
 
         let mut code = RopeBuilder::default();
 
-        let mut code_gens = Vec::new();
-        for r in self.module.references().await?.iter() {
+        let references = self.module.references().await?;
+        let mut code_gens = Vec::with_capacity(references.len() + 2);
+        for r in references.iter() {
             let r = r.resolve().await?;
             if let Some(code_gen) =
                 Vc::try_resolve_sidecast::<Box<dyn CodeGenerateableWithAsyncModuleInfo>>(r).await?
@@ -82,6 +83,11 @@ impl EcmascriptChunkItem for EcmascriptModuleReexportsChunkItem {
             }
         }
 
+        code_gens.push(
+            self.module
+                .async_module()
+                .code_generation(chunking_context, async_module_info),
+        );
         code_gens.push(exports.code_generation(chunking_context));
         let code_gens = code_gens.into_iter().try_join().await?;
         let code_gens = code_gens.iter().map(|cg| &**cg).collect::<Vec<_>>();
@@ -150,7 +156,7 @@ impl EcmascriptChunkItem for EcmascriptModuleReexportsChunkItem {
 }
 
 #[turbo_tasks::value_impl]
-impl ChunkItem for EcmascriptModuleReexportsChunkItem {
+impl ChunkItem for EcmascriptModuleFacadeChunkItem {
     #[turbo_tasks::function]
     fn references(&self) -> Vc<ModuleReferences> {
         self.module.references()
diff --git a/crates/turbopack-ecmascript/src/side_effect_optimization/facade/module.rs b/crates/turbopack-ecmascript/src/side_effect_optimization/facade/module.rs
index 6743f88180636..9bc51bc256c9b 100644
--- a/crates/turbopack-ecmascript/src/side_effect_optimization/facade/module.rs
+++ b/crates/turbopack-ecmascript/src/side_effect_optimization/facade/module.rs
@@ -12,11 +12,11 @@ use turbopack_core::{
     resolve::ModulePart,
 };
 
-use super::chunk_item::EcmascriptModuleReexportsChunkItem;
+use super::chunk_item::EcmascriptModuleFacadeChunkItem;
 use crate::{
     chunk::{EcmascriptChunkPlaceable, EcmascriptChunkingContext, EcmascriptExports},
     references::{
-        async_module::OptionAsyncModule,
+        async_module::{AsyncModule, OptionAsyncModule},
         esm::{EsmExport, EsmExports},
     },
     side_effect_optimization::reference::EcmascriptModulePartReference,
@@ -38,6 +38,17 @@ impl EcmascriptModuleFacadeModule {
     pub fn new(module: Vc<Box<dyn EcmascriptChunkPlaceable>>, ty: Vc<ModulePart>) -> Vc<Self> {
         EcmascriptModuleFacadeModule { module, ty }.cell()
     }
+
+    #[turbo_tasks::function]
+    pub fn async_module(self: Vc<Self>) -> Vc<AsyncModule> {
+        AsyncModule {
+            placeable: Vc::upcast(self),
+            references: self.references(),
+            has_top_level_await: false,
+            import_externals: false,
+        }
+        .cell()
+    }
 }
 
 #[turbo_tasks::value_impl]
@@ -247,8 +258,8 @@ impl EcmascriptChunkPlaceable for EcmascriptModuleFacadeModule {
     }
 
     #[turbo_tasks::function]
-    fn get_async_module(&self) -> Vc<OptionAsyncModule> {
-        self.module.get_async_module()
+    fn get_async_module(self: Vc<Self>) -> Vc<OptionAsyncModule> {
+        Vc::cell(Some(self.async_module()))
     }
 }
 
@@ -267,7 +278,7 @@ impl ChunkableModule for EcmascriptModuleFacadeModule {
                      EcmascriptModuleFacadeModule",
                 )?;
         Ok(Vc::upcast(
-            EcmascriptModuleReexportsChunkItem {
+            EcmascriptModuleFacadeChunkItem {
                 module: self,
                 chunking_context,
             }
diff --git a/crates/turbopack-ecmascript/src/side_effect_optimization/locals/chunk_item.rs b/crates/turbopack-ecmascript/src/side_effect_optimization/locals/chunk_item.rs
index 0d05bd49f1593..beb4201901329 100644
--- a/crates/turbopack-ecmascript/src/side_effect_optimization/locals/chunk_item.rs
+++ b/crates/turbopack-ecmascript/src/side_effect_optimization/locals/chunk_item.rs
@@ -100,4 +100,13 @@ impl ChunkItem for EcmascriptModuleLocalsChunkItem {
     fn module(&self) -> Vc<Box<dyn Module>> {
         Vc::upcast(self.module)
     }
+
+    #[turbo_tasks::function]
+    async fn is_self_async(&self) -> Result<Vc<bool>> {
+        if let Some(async_module) = *self.module.get_async_module().await? {
+            Ok(async_module.is_self_async())
+        } else {
+            Ok(Vc::cell(false))
+        }
+    }
 }
diff --git a/crates/turbopack-ecmascript/src/side_effect_optimization/locals/module.rs b/crates/turbopack-ecmascript/src/side_effect_optimization/locals/module.rs
index d7b306317a0ab..0afd314d1ac57 100644
--- a/crates/turbopack-ecmascript/src/side_effect_optimization/locals/module.rs
+++ b/crates/turbopack-ecmascript/src/side_effect_optimization/locals/module.rs
@@ -14,7 +14,10 @@ use turbopack_core::{
 use super::chunk_item::EcmascriptModuleLocalsChunkItem;
 use crate::{
     chunk::{EcmascriptChunkPlaceable, EcmascriptChunkingContext, EcmascriptExports},
-    references::esm::{EsmExport, EsmExports},
+    references::{
+        async_module::OptionAsyncModule,
+        esm::{EsmExport, EsmExports},
+    },
     EcmascriptModuleAsset,
 };
 
@@ -94,6 +97,11 @@ impl EcmascriptChunkPlaceable for EcmascriptModuleLocalsModule {
     fn is_marked_as_side_effect_free(&self) -> Vc<bool> {
         self.module.is_marked_as_side_effect_free()
     }
+
+    #[turbo_tasks::function]
+    fn get_async_module(&self) -> Vc<OptionAsyncModule> {
+        self.module.get_async_module()
+    }
 }
 
 #[turbo_tasks::value_impl]
diff --git a/crates/turbopack-ecmascript/src/side_effect_optimization/reference.rs b/crates/turbopack-ecmascript/src/side_effect_optimization/reference.rs
index c34e1971e75d0..833d033876435 100644
--- a/crates/turbopack-ecmascript/src/side_effect_optimization/reference.rs
+++ b/crates/turbopack-ecmascript/src/side_effect_optimization/reference.rs
@@ -6,7 +6,10 @@ use swc_core::{
 };
 use turbo_tasks::{ValueToString, Vc};
 use turbopack_core::{
-    chunk::{ChunkItemExt, ChunkableModule, ChunkableModuleReference, ModuleId},
+    chunk::{
+        ChunkItemExt, ChunkableModule, ChunkableModuleReference, ChunkingType, ChunkingTypeOption,
+        ModuleId,
+    },
     reference::ModuleReference,
     resolve::{ModulePart, ModuleResolveResult},
 };
@@ -95,7 +98,12 @@ impl ModuleReference for EcmascriptModulePartReference {
 }
 
 #[turbo_tasks::value_impl]
-impl ChunkableModuleReference for EcmascriptModulePartReference {}
+impl ChunkableModuleReference for EcmascriptModulePartReference {
+    #[turbo_tasks::function]
+    fn chunking_type(self: Vc<Self>) -> Vc<ChunkingTypeOption> {
+        Vc::cell(Some(ChunkingType::ParallelInheritAsync))
+    }
+}
 
 #[turbo_tasks::value_impl]
 impl CodeGenerateable for EcmascriptModulePartReference {
diff --git a/crates/turbopack-tests/tests/execution/turbopack/tree-shaking/side-effects/input/index.js b/crates/turbopack-tests/tests/execution/turbopack/tree-shaking/side-effects/input/index.js
index 18d346d176bd3..5c0a0cb8a2b33 100644
--- a/crates/turbopack-tests/tests/execution/turbopack/tree-shaking/side-effects/input/index.js
+++ b/crates/turbopack-tests/tests/execution/turbopack/tree-shaking/side-effects/input/index.js
@@ -87,3 +87,61 @@ it("should handle globs in sideEffects field", () => {
   expect(b9).toBe("b");
   expect(effects).toEqual(["file.side.js", "dir/file.js"]);
 });
+
+it("should generate a correct facade from async modules", async () => {
+  expect(await import("tla/local")).toEqual(
+    expect.objectContaining({
+      tla: "tla",
+      reexported: "reexported",
+      reexported2: "reexported",
+    })
+  );
+  expect(await import("tla/reexport")).toEqual(
+    expect.objectContaining({
+      local: "local",
+      tlaReexported: "tla-reexported",
+      tlaReexported2: "tla-reexported",
+    })
+  );
+  expect(await import("tla/both")).toEqual(
+    expect.objectContaining({
+      tla: "tla",
+      tlaReexported: "tla-reexported",
+      tlaReexported2: "tla-reexported",
+    })
+  );
+});
+
+import * as tlaLocal from "tla/local";
+import * as tlaReexport from "tla/reexport";
+import * as tlaBoth from "tla/both";
+it("should generate a correct namespace object from async modules", async () => {
+  expect(tlaLocal).toEqual(
+    expect.objectContaining({
+      tla: "tla",
+      reexported: "reexported",
+      reexported2: "reexported",
+    })
+  );
+  expect(tlaReexport).toEqual(
+    expect.objectContaining({
+      local: "local",
+      tlaReexported: "tla-reexported",
+      tlaReexported2: "tla-reexported",
+    })
+  );
+  expect(tlaBoth).toEqual(
+    expect.objectContaining({
+      tla: "tla",
+      tlaReexported: "tla-reexported",
+      tlaReexported2: "tla-reexported",
+    })
+  );
+});
+
+import { tlaReexported2 as tlaReexported } from "tla/reexport";
+import { tlaReexported2 as tlaReexportedBoth } from "tla/both";
+it("should generate correct renaming facades from async modules", async () => {
+  expect(tlaReexported).toBe("tla-reexported");
+  expect(tlaReexportedBoth).toBe("tla-reexported");
+});
diff --git a/crates/turbopack-tests/tests/execution/turbopack/tree-shaking/side-effects/input/node_modules/tla/both.js b/crates/turbopack-tests/tests/execution/turbopack/tree-shaking/side-effects/input/node_modules/tla/both.js
new file mode 100644
index 0000000000000..3b6be057170ea
--- /dev/null
+++ b/crates/turbopack-tests/tests/execution/turbopack/tree-shaking/side-effects/input/node_modules/tla/both.js
@@ -0,0 +1,5 @@
+await 1;
+
+export { tlaReexported } from "./tla-reexported.js";
+export { tlaReexported as tlaReexported2 } from "./tla-reexported.js";
+export const tla = "tla";
diff --git a/crates/turbopack-tests/tests/execution/turbopack/tree-shaking/side-effects/input/node_modules/tla/local.js b/crates/turbopack-tests/tests/execution/turbopack/tree-shaking/side-effects/input/node_modules/tla/local.js
new file mode 100644
index 0000000000000..30394b75dfa68
--- /dev/null
+++ b/crates/turbopack-tests/tests/execution/turbopack/tree-shaking/side-effects/input/node_modules/tla/local.js
@@ -0,0 +1,5 @@
+await 1;
+
+export { reexported } from "./reexported.js";
+export { reexported as reexported2 } from "./reexported.js";
+export const tla = "tla";
diff --git a/crates/turbopack-tests/tests/execution/turbopack/tree-shaking/side-effects/input/node_modules/tla/package.json b/crates/turbopack-tests/tests/execution/turbopack/tree-shaking/side-effects/input/node_modules/tla/package.json
new file mode 100644
index 0000000000000..a43829151e142
--- /dev/null
+++ b/crates/turbopack-tests/tests/execution/turbopack/tree-shaking/side-effects/input/node_modules/tla/package.json
@@ -0,0 +1,3 @@
+{
+  "sideEffects": false
+}
diff --git a/crates/turbopack-tests/tests/execution/turbopack/tree-shaking/side-effects/input/node_modules/tla/reexport.js b/crates/turbopack-tests/tests/execution/turbopack/tree-shaking/side-effects/input/node_modules/tla/reexport.js
new file mode 100644
index 0000000000000..61ddf718c70ce
--- /dev/null
+++ b/crates/turbopack-tests/tests/execution/turbopack/tree-shaking/side-effects/input/node_modules/tla/reexport.js
@@ -0,0 +1,3 @@
+export { tlaReexported } from "./tla-reexported.js";
+export { tlaReexported as tlaReexported2 } from "./tla-reexported.js";
+export const local = "local";
diff --git a/crates/turbopack-tests/tests/execution/turbopack/tree-shaking/side-effects/input/node_modules/tla/reexported.js b/crates/turbopack-tests/tests/execution/turbopack/tree-shaking/side-effects/input/node_modules/tla/reexported.js
new file mode 100644
index 0000000000000..8f8db5be12d6b
--- /dev/null
+++ b/crates/turbopack-tests/tests/execution/turbopack/tree-shaking/side-effects/input/node_modules/tla/reexported.js
@@ -0,0 +1 @@
+export const reexported = "reexported";
diff --git a/crates/turbopack-tests/tests/execution/turbopack/tree-shaking/side-effects/input/node_modules/tla/tla-reexported.js b/crates/turbopack-tests/tests/execution/turbopack/tree-shaking/side-effects/input/node_modules/tla/tla-reexported.js
new file mode 100644
index 0000000000000..6519255662b7b
--- /dev/null
+++ b/crates/turbopack-tests/tests/execution/turbopack/tree-shaking/side-effects/input/node_modules/tla/tla-reexported.js
@@ -0,0 +1,3 @@
+await 1;
+
+export const tlaReexported = "tla-reexported";