Vietnam Emerges as Key Revenue Driver in Southeast Asia 500 List

Fortune's annual Southeast Asia 500 list for this year indicates a corporate environment characterized by contrasting trends. While commodity and energy giants, which have traditionally dominated the list since its 2024 inception, are experiencing slower growth, other sectors and nations are showing increased dynamism. Total revenue for companies on the list reached $1.88 trillion, marking a 3.4% increase from the $1.82 trillion reported on the 2025 list. This growth rate surpassed that of the previous year, despite earlier concerns regarding U.S. President Donald Trump's tariffs on ASEAN economies. Total profits across the region amounted to $150 billion, resulting in an 8% net margin, attributed to economic tailwinds and corporate restructuring efforts.

Thailand and Indonesia host the highest number of companies on the list, with 105 and 104 firms respectively. Singapore, however, leads in total revenue, with its 500 companies generating $657.5 billion, representing nearly 35% of the regional total. The city-state also excels in profitability, with its "Big Three" banks—DBS Group, OCBC, and UOB—ranking among the most profitable. DBS notably maintained its position as the top earner with $8.4 billion in profit. Five Singaporean firms were recognized for significant jumps in profitability, including Sea, which nearly quadrupled its profit to $1.58 billion.

Vietnam distinguished itself as the primary driver of revenue growth. Vietnamese firms on the list recorded $177.9 billion in revenue, a 10.5% increase, which is triple the regional average and the fastest growth among all countries, excluding Cambodia. Vietnam was responsible for approximately a quarter of the total revenue growth on the SEA 500, despite contributing less than 10% of the overall revenue base. Vingroup, ranked No. 26, saw a 69% revenue surge to $12.8 billion, making it the only top-50 firm to be among the fastest-growing. This performance aligns with the Politburo's 2025 designation of the private sector as Vietnam's most crucial economic driving force.

Other notable performances include turnaround stories from Thailand, where Thai Airways International returned to a $941 million profit after exiting bankruptcy in 2025, and True Corp. also became profitable following merger-related write-downs. Indonesia's gold jewelry maker, Hartadinata Abadi, achieved the biggest jump on the list, climbing 115 positions to No. 129, primarily due to higher gold prices. The Southeast Asia 500 list ranks companies based on their 2025 revenues. While the region navigated past tariff concerns, a new challenge in the form of rising energy prices due to the war in Iran is noted as a potential future impact.

According to Fortune, this article appeared in the June/July 2026: Asia issue with the headline “A two-speed Southeast Asia 500 takes shape.”