Published on June 17, this is the second consecutive year Fortune has compiled the Southeast Asia 500, ranking the region’s largest companies by revenue in the 2024 fiscal year. The expansion of the list and Vietnam’s rising representation underscore the region’s increasing weight in global trade, especially amid the ongoing shift of manufacturing from China.

“Southeast Asia has become a crucial manufacturing and export hub, which is drawing significant capital flows. This momentum has been further fuelled by Trump-era tariffs, which have reshaped global trade dynamics and driven a shift towards Southeast Asia,” said Clay Chandler, executive editor for Asia at Fortune.

This year, Vietnam ranked fifth among the seven countries featured, behind Indonesia (109 firms), Thailand (100), Malaysia (92), and Singapore (81). The Philippines had 40 companies listed, while Cambodia contributed two.

Vietnam’s largest state-run oil and gas conglomerate, PetroVietnam, made its debut on the list in 11th place, also the only Vietnamese firm in the top 20 by revenue. The group’s entrance marks a milestone for the country’s energy sector in reaching regional scale.

In total, 12 Vietnamese enterprises made it into the top 100, including steel giant Hoa Phat Group. This marks the second consecutive year the group has been included in the ranking, rising from 76th place in 2024 to 62nd this year. According to Fortune’s methodology, the company posted revenue of $5.54 billion in 2024, with after-tax profit reaching $479 million and total assets valued at $8.8 billion as of December 31, 2024.

Top 10 Vietnamese companies by revenue on the 2025 Fortune Southeast Asia 500 list

Hoa Phat Group is the largest steel producer in both Vietnam and Southeast Asia. By the end of 2025, its designed capacity is expected to reach 15 million tonnes per year, primarily focusing on hot-rolled coil and high-quality steel used in machinery and manufacturing industries. It currently holds the largest market share domestically and exports a diverse range of steel products to more than 40 countries and territories.

Other notable appearances include Vietcombank, which entered the top 20 most profitable firms and ranked 19th by market capitalisation. Vietnamese companies featured span a wide range of industries, including finance, banking, real estate, energy, food processing, heavy industry, aviation, and retail, signalling a more balanced and diversified corporate landscape.

Across the region, Singapore-based commodities trader Trafigura retained the top spot with $243 billion in revenue, followed by Thailand’s PTT, Indonesia’s Pertamina, and Singapore’s Wilmar and Olam. These five alone generated nearly $516 billion, equivalent to 28 per cent of the total revenue of the entire list.

The top 10 companies collectively produced $660 billion (36 per cent of the total), while the top 20 contributed $836 billion, accounting for nearly half the revenue of all 500 companies.

Singapore’s corporate sector demonstrated particular strength, with firms headquartered there producing a combined revenue of $637 billion in 2024, over one-third of the list’s total. Altogether, companies in the ranking generated $1.82 trillion in revenue last year, slightly up from $1.79 trillion in 2023. The minimum revenue threshold for inclusion was $349.4 million.

Energy remained the dominant sector, making up nearly one-third of the total revenue on the list. Thailand’s Bangchak Corporation broke into the top 20 for the first time, backed by an impressive 47 per cent on-year revenue growth. Meanwhile, financial services formed the second-largest segment, with 13 banks and financial institutions among the most profitable 20. Singapore’s DBS Bank continued to lead in both revenue and profitability for the second straight year.

As global trade flows recalibrate and production bases diversify, Southeast Asia’s rise as a stable engine of economic growth becomes clearer. Vietnam’s consistent improvement in both volume and visibility on this year’s list reflects individual corporate performance and broader structural tailwinds that are transforming the region’s business environment.