The Southeast Asia 500 has a new engine: Vietnam

This year’s Southeast Asia 500, Fortune’s annual ranking of the region’s largest companies by revenue, captures a corporate landscape pulling in two directions at once.

At the top, the commodity and energy giants that have anchored the list since its 2024 debut are slowing down. Yet sluggishness at the very top is masking dynamism throughout the rest of the list, as a new generation of firms—whether Vietnamese conglomerates, Singaporean banks, or once-loss-making digital platforms—is capturing a greater share of regional revenue and profits.

Companies on this year’s list generated $1.88 trillion in revenue, up 3.4% from the $1.82 trillion reported on the 2025 list. That’s also a faster growth rate than observed last year, despite concerns that U.S. President Donald Trump’s tariffs might disproportionately hurt ASEAN economies. Total profits reached $150 billion, meaning the region enjoyed a 8% net margin, which owes as much to corporate restructuring, like the turnaround at Thai........

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