Vietnam drives revenue gains in Southeast Asia company ranking

Vietnamese companies supplied a large share of the growth in Fortune’s 2026 Southeast Asia 500, the magazine’s annual ranking of the region’s biggest companies by revenue. Fortune said the performance matters because it shows faster expansion outside the commodity and energy groups that have long sat near the top of the list.

The 500 companies reported $1.88 trillion in revenue, up 3.4% from $1.82 trillion in the prior year’s ranking, according to Fortune. Combined profit reached $150 billion, equal to an 8% net margin, which Fortune linked to both economic conditions and company-level restructuring, including the recovery at Thai Airways.

Fortune ranks the list by 2025 revenue. The magazine said this year’s results showed a split between slower growth among large commodity and energy companies and stronger momentum among banks, digital platforms and diversified groups elsewhere in Southeast Asia.

Vietnam outpaces the region

Vietnamese companies on the list produced $177.9 billion in revenue, a 10.5% increase, Fortune reported. That growth rate was about three times the regional average and was the fastest among countries on the ranking except Cambodia, according to the magazine.

Fortune said Vietnam accounted for about one-quarter of the list’s total revenue growth while making up less than 10% of the revenue base. One standout was Vingroup, ranked No. 26, whose revenue rose 69% to $12.8 billion, according to Fortune.

Fortune said Vingroup was the only top-50 company that also ranked among the fastest-growing firms. The magazine also noted that Vietnam’s Politburo in 2025 described the private sector as the country’s “most important driving force,” reinforcing Vingroup’s role as a national champion.

Singapore leads on profit

Thailand and Indonesia had the largest number of companies on the list, with 105 and 104 respectively, Fortune said. Singapore led the ranking by revenue, with companies based there generating $657.5 billion, just under 35% of the list’s total.

Fortune said Singapore’s largest banks again dominated profitability. DBS Group, OCBC and UOB were among the region’s most profitable companies, and DBS topped the profit ranking with $8.4 billion.

Five Singaporean companies were among the firms with the largest profit gains, according to Fortune. Sea, ranked No. 12, lifted profit nearly fourfold to $1.58 billion as Shopee, Monee and Garena each posted record profit, the magazine reported.

Turnarounds in Thailand, jump in Indonesia

Fortune highlighted two Thai recoveries. Thai Airways International, ranked No. 67, moved from a $764 million loss to a $941 million profit after leaving bankruptcy protection in 2025 and returning to the Stock Exchange of Thailand that year, according to the magazine.

True Corp., ranked No. 62, also returned to profit after it moved past merger-related write-downs from 2024, Fortune said. In Indonesia, gold jewelry maker Hartadinata Abadi made the largest climb in the ranking, rising 115 places to No. 129, with Fortune attributing the move to higher gold prices rather than higher sales volume.

Fortune said Southeast Asian companies showed resilience despite concerns that tariffs under U.S. President Donald Trump would hit ASEAN economies hard. The magazine said a new test may come from higher regional energy prices tied to the war in Iran, with the effect likely to show up in next year’s ranking.

This story draws on original reporting from Fortune.