Among the seven Southeast Asian countries surveyed by Fortune magazine, Vietnam ranks 5th in terms of the number of enterprises listed in the first ever Southeast Asia Fortune 500 list.

As the biggest economy in the region, Indonesia contributes the most companies to the list with 110 enterprises, followed by Thailand (107 companies), Malaysia (89 companies) and Singapore (84 companies).

With 70 enterprises listed in the Southeast Asia top 500 list, Vietnam is regarded by Fortune as one of the region's fastest growing economies. Among these companies, 28 of them are based in Hanoi and 25 in Ho Chi Minh City. The biggest Vietnamese business listed by Fortune is the energy corporation Petrolimex, which is ranked at 23rd, with revenues of $11.5 billion. 

Among the five largest Vietnamese enterprises highlighted by Fortune magazine, three are in the banking and finance sector, including Agribank (37th), BIDV (39th), and Vietinbank (48th).

Ranked 45th overall with revenue of $6.77 billion, Vingroup is the largest Vietnamese private company on the list. The list also included various other notable private companies in Vietnam such as Hoa Phat Group (76th), Masan Group (110th) and Vietjet Aviation (147th).

“The inaugural Fortune Southeast Asia 500 list, Fortune’s first-ever ranking of the largest companies in this part of the world, reflects a dynamic and fast-changing region—one that boasts a GDP of $4 trillion, and one whose core economies are growing notably faster than those of Europe or the U.S”, said Mr. Clay Chandler, Executive Editor for Asia at Fortune Magazine.

“Southeast Asia is also taking on far greater significance in the global economy. In the wake of the COVID pandemic, a host of Global 500 multinationals have shifted more of their supply chains to Southeast Asian nations. Foreign direct investment to the region is soaring. And with a young and growing population of 680 million, low inflation, and stable exchange rates, Southeast Asia is emerging as an attractive market in its own right”, he added.