Petrovietnam, Petrolimex, Vingroup named Vietnam's biggest firms in Fortune ranking
Petrovietnam, Petrolimex, Vingroup, BIDV bank, and Agribank are among the 50 biggest companies in Southeast Asia, according to the Fortune Southeast Asia 500 Ranking 2025.
The Fortune Southeast Asia 500, published by Fortune magazine on Tuesday, ranks 500 largest corporations in Southeast Asia by total revenue for their respective fiscal years.
An oil rig of Russian-invested Vietsovpetro, with Petrovietnam as a joint venture partner. Photo courtesy of Vietsovpetro.
Petrovietnam ranks 11th in Southeast Asia, fifth in the region's energy sector, and first among Vietnamese enterprises featured on the list. It marks the state-owned group’s first appearance in a Fortune ranking.
The energy group reaped $22,297 million in revenue for 2024, up 2.8% year-on-year. Profit was $1,159 million, down 4.9%. Its assets reached $42,381 million, while employees numbered 55,000, according to the magazine's release.
"The ranking reflects our efforts in management and response to a volatile world market and in taking advantage of the restructuring of global supply chains," Petrovietnam stated on its website following the news.
In 2024, Petrovietnam exceeded all key targets by 6-27%, setting several new records. The group also expanded its traditional operations, took the lead in the offshore energy industry, and for the first time participated in the global energy value chain, openning new development space, it noted.
By the end of 2024, Petrovietnam had fully met all financial targets set for the 2021-2025 period and exceeded projections by 6-32%, the group added.
State-controlled Petrolimex, Vietnam's biggest gasoline retailer, ranked 26th in Southeast Asia and second among the Vietnamese enterprises.
It achieved $115.3 million in profit in 2024, down 3.1% from 2023, on revenue of $11,337 million, down 1.4%.
Private conglomerate Vingroup ranked 37th in the Southeast Asia 500, up eight places compared to last year. It ranked third among the Vietnamese enterprises.
According to Fortune, in 2024, Vingroup reaped $7,548 million in revenue and $475 million in profit, up 11.4% and 450.5% respectively compared to 2023. The group's total assets was $32,827 million and its employees hit 67,342.
Vingroup is operating in property, electric vehicle manufacturing, technology, education, healthcare, infrastructure, and energy. The last two segments are its new business lines.
State-controlled BIDV bank ranked 43rd in the Southeast Asia 500 and fourth among the Vietnamese enterprises, followed by wholly state-owned Agribank, which was at the 45th and fifth positions, respectively.
Next were Vietinbank (55th in the Southeast Asia 500), Hoa Phat Group - Vietnam's largest steelmaker (62nd), Mobile World Investment (64th), Vietcombank (81st), Vietnam Airlines (86th), VPBank (87th), and MBBank (94th).
Seventy six Vietnamese companies appeared in the Southeast Asia 500 list, collectively recording more than $161 billion in revenue and employing over 1.1 million workers.
Companies are ranked by revenues for their latest available respective fiscal years ended on, or before, December 31, 2024, unless otherwise noted. All companies on the list must publish financial data and report part, or all, of their figures to a government agency.
Revenue and profit figures for companies reporting in their local currency have been converted to U.S. dollars at the average exchange rate during each company’s fiscal year (ended December 31, 2024, unless otherwise noted).
This is the second year Fortune Southeast Asia 500 has been published, underscoring the rapid rise of Southeast Asian enterprises as the region emerges as a global hub for manufacturing and investment amid shifting global value chains.
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