Fortune has launched its first-ever Southeast Asia 500 rankings, listing the largest companies in the region by revenue for the 2023 fiscal year. This new ranking highlights the growing significance of Southeast Asia in the global economy due to shifting supply chains and rapid economic development.
The inaugural list includes companies from seven Southeast Asian countries: Indonesia, Thailand, Malaysia, Singapore, Vietnam, the Philippines, and Cambodia. Indonesia leads with 110 companies, followed by Thailand with 107. Malaysia has 89 companies, slightly ahead of Singapore with 84. Vietnam has 70 companies, the Philippines 38, and Cambodia 2.
Maybank is the only Malaysian company in the top 20 by revenue, ranking 17th with $14.15 billion. Additionally, three Malaysian companies—Maybank, CIMB Group Holdings, and Public Bank—are among the top 20 most profitable companies.
Singapore-based Trafigura tops the revenue list with $244 billion in sales, despite having the fewest employees among the top ten by revenue. Trafigura is also the second most profitable company in this group.
The top 10 companies in the Southeast Asia 500 represent diverse sectors. The energy sector features prominently with Thailand’s PTT at No. 2, Indonesia’s Pertamina at No. 3, and Indonesia’s Perusahaan Listrik Negara at No. 6. Singapore has the most companies in the top 10, including Wilmar (No. 4), Olam (No. 5), Flex (No. 8), and DBS (No. 10). Thailand’s CP All ranks 7th, and the Philippines’ San Miguel is 9th.
These top 10 companies reported combined revenues of $650 billion, over a third of the total $1.8 trillion revenue for all Southeast Asia 500 companies. The minimum revenue required to make the list was $460.8 million.
Banking is the region’s second-largest sector by revenue, with collective earnings of $242 billion. Nine banks are among the top 20 most profitable companies, with Singapore’s DBS leading in both revenue and earnings.
While overall revenues and profits declined due to weak energy markets, there were notable growth stories in various industries. Fast-growing companies included Indonesian miners Harita Nickel and Merdeka Battery Materials, Thai Airways, and several insurers and banks.
“The Fortune Southeast Asia 500 reflects a dynamic and fast-changing region — one whose core economies are growing notably faster than those of Europe or the U.S.,” said Clay Chandler, Executive Editor, Asia. He noted the increasing global significance of Southeast Asia due to multinationals shifting more of their supply chains to the region.
Fortune’s analysts identified about 30 female CEOs and chairpersons among the Southeast Asia 500 companies. The youngest CEO is 34-year-old Sinon Vongkusolkit of Thailand’s Banpu. Overall, 16 leaders in their 30s hold top executive positions. The 500 companies collectively employ nearly 6 million people.
The Southeast Asia 500 rankings are now part of the prestigious Fortune 500 franchise, which includes the original Fortune 500, the Fortune Global 500, the Fortune Europe 500, and the Fortune China 500. The list and related stories will be available on newsstands across Asia starting June 18.
