HÀ NỘI — Fortune, on June 16, unveils the third annual Southeast Asia 500, ranking the region’s largest companies by FY2025 revenue with Việt Nam’s headline names reshaping the list.

Vingroup, the country’s largest private-sector conglomerate, leaps from 37th to 26th on US$12.8 billion in revenue, a 69 per cent jump that places it ninth among the fastest-growing companies on the list.

This lifts its market capitalisation to US$66.7 billion - 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 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 across 82 companies - 35 per cent of the list’s total. Việt Nam’s Petrovietnam holds at No. 11, the only Vietnamese company in the regional top 20 by revenue. Malaysia contributes 93, Vietnam 72, the Philippines 42, and Cambodia two.

Together, the top 10 generated $662.7 billion, 35.3 per cent of the list’s total revenue. while the top 20 accounted for $850.4 billion, or 45.3 per cent of combined revenue. Collectively, companies on the 2026 list generated $1.88 trillion in revenue in FY2025, up 3.4 per cent from $1.82 trillion the year before. The minimum revenue threshold to be included on the 2026 list was $440.6 million, 26 per cent higher than last year’s $349.4 million.

“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.

“Việt Nam 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 per cent of the total across 57 companies.

Financials was the most populous sector with 76 companies, representing 16.2 per cent 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 per cent, and the leaderboard is being reshaped by companies betting on AI infrastructure, electrified transport, and energy transition.” — VNS