Fortune’s 2025 Southeast Asia 500 list reveals a corporate landscape that is shifting beneath the surface. While the region’s biggest commodity and energy companies are losing steam, a new wave of businesses—led by Vietnamese conglomerates—is picking up the pace and reshaping the rankings.
According to Fortune via PRNewswire, the second annual list ranks the largest companies in Southeast Asia by revenue. This year, the 500 firms generated a combined $1.88 trillion in revenue, a 3.4% increase from the $1.82 trillion reported in the 2024 list. That growth rate is faster than last year’s, despite global economic uncertainties.
Vietnam Emerges as a Key Growth Driver
The headline of this year’s list is clear: Vietnam is the new engine. A total of 76 Vietnamese companies made the cut, according to Báo Chính Phủ. These firms are not just participating—they are capturing a greater share of regional revenue and profits, even as the energy giants at the top of the list slow down.
As noted by Diễn Đàn Doanh Nghiệp, the list highlights how sluggishness at the very top is masking dynamism throughout the rest of the rankings. Vietnamese conglomerates, alongside Singaporean banks and once-loss-making digital platforms, are driving this shift.
What the Numbers Show
The 2025 list includes companies from seven countries: Indonesia, Thailand, Malaysia, Singapore, Vietnam, the Philippines, and Brunei. Indonesia has the most companies with 109, but Singapore leads in total revenue, profits, and assets. Vietnam, however, stands out for its rapid rise in both the number of firms and their financial contribution.
Another notable trend: the number of female CEOs at Southeast Asia 500 companies has increased to nearly 40, up 28% from last year, as reported by Fortune.
Our Take: Vietnam’s Rise Is a Signal for the Region
In our view, Vietnam’s growing presence on the Southeast Asia 500 is more than just a statistic—it is a clear signal that the region’s economic center of gravity is shifting. While commodity giants have long dominated, their slowdown opens the door for more diversified, resilient economies like Vietnam’s. The fact that 76 Vietnamese firms now rank among the region’s largest shows that the country is not just manufacturing for others—it is building its own corporate champions. For investors and businesses, this means paying closer attention to Vietnam’s domestic conglomerates, which are increasingly competing on a regional stage.
