Fortune on June 16 unveiled the third annual Southeast Asia 500, ranking the region’s largest companies by FY2025 revenue with Vietnam’s headline names reshaping the list.
Dozens of construction vehicles operate continuously overnight at the Hùng Vương Stadium construction site. Photo: VNA
Vingroup, the country’s largest private-sector conglomerate, leaps from 37th to 26th on 12.8 billion USD in revenue, a 69% jump that places it ninth among the fastest-growing companies on the list.
This lifts its market capitalisation to 66.7 billion USD – the third-most valuable listed company in the region, behind only Singapore’s DBS and OCBC.
State-owned Vietnam National Chemical Group (Vinachem) debuts at 148th with 2.3 billion USD in revenue, one of three new Vietnamese entrants alongside infrastructure firms PC1 Group and Construction Corporation No 1, reflecting the country’s expanding industrial base.
The same seven countries appear on the 2026 list, but the leaderboard has shifted: Thailand overtook Indonesia as the most-represented country with 105 companies to Indonesia’s 104, while Singapore remained the revenue leader at 657.6 billion USD across 82 companies – 35% of the list’s total. Malaysia contributes 93, Vietnam 72, the Philippines 42, and Cambodia two.
Vietnam’s Petrovietnam holds at No. 11, the only Vietnamese company in the regional top 20 by revenue.
Together, the top 10 generated 662.7 billion USD, 35.3% of the list’s total revenue, while the top 20 accounted for 850.4 billion USD, or 45.3% of combined revenue.
Collectively, companies on the 2026 list generated 1.88 trillion USD in revenue in FY2025, up 3.4% from 1.82 trillion USD the year before. The minimum revenue threshold to be included on the 2026 list was 440.6 million USD, 26% higher than last year’s 349.4 million USD.
“What this year’s Southeast Asia 500 really tells us is that the region is starting to decouple from its commodity identity," said Andrew Staples, Editorial Director, Asia.
"The corporate centre of gravity is moving toward finance, technology, and a new tier of national champions.
“The fourth edition, in 2027, will tell us whether 2026 marked the start of a genuine reordering of the Southeast Asian corporate landscape – or simply a particularly good year for the region’s emerging tier.
“Vietnam is very successfully navigating this new environment, as reflected in terms of economic growth as a whole and in the performance of the Vietnamese firms on this list.”
Energy, whether resource extraction, power generation, or electrical transmission, remained the dominant sector by revenue on the 2026 list, accounting for 31.5% of the total across 57 companies.
Financials was the most populous sector with 76 companies, representing 16.2% of total revenue.
Singapore’s DBS leads the top 20 by profits, with the city-state’s banks – DBS, OCBC and UOB – occupying three of the top four spots.
In his introduction to the new list in the June/July issue of Fortune Asia magazine, Nick Gordon, Editor, Asia, writes that the 2026 Southeast Asia 500 captures “a region that has absorbed tariff shocks, supply-chain reroutes, and slowing global demand—and still grown. Aggregate revenue is up, the threshold to make the list jumped 26%, and the leaderboard is being reshaped by companies betting on AI infrastructure, electrified transport, and energy transition.”/.