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.
