The 2019 ranking, which honors 200 small and midsized listed companies in the Asia-Pacific region with revenues of between $5 million and $1 billion, includes property developer Dat Xanh Group, Dong Nai Port Joint Stock Company, Binh Duong Minerals and Construction Joint Stock Company, and Phu Tai Joint Stock Company.

The four have a combined market value of nearly $509 million and net annual income of $87 million.

Dat Xanh Group is worth $285 million and is followed in size by Phu Tai ($128 million), Binh Duong Minerals ($53 million) and Dong Nai Port ($43 million).

Forbes said Dat Xanh, established in 2003, now has 28 projects with 652 hectares under construction. The company invested around $2 billion in these projects, comprising affordable condominiums for Vietnam’s rapidly expanding middle class.

Phu Tai Company, which specializes in trading products like granite, basalt, marble, cars, and spare parts, leads the group with annual sales of $205 million followed by Dat Xanh Group with $202 million, Binh Duong Minerals ($51 million) and Dong Nai Port ($29 million).

The four Vietnamese companies beat 19,000 candidates when they were assessed for profitability, growth and indebtedness.

"The Best Under A Billion list demonstrates the dynamism of Asia’s small and medium-sized businesses in creating value across the region," Justin Doebele, editor of Forbes Asia, said.

The top 200 companies in this year's list averaged more than 50 percent growth in annual net profit and sales in their latest financial year to a combined $10 billion and $54 billion.

Companies from mainland China, Hong Kong and Taiwan continue to dominate the ranking with 122 entries, up from 108 last year. 

This year 149 of the 200 are new to the list, according to Forbes.