Southeast Asia's Largest Companies 2025: The Region Makes Its Mark On The Global 2000 With Banks Leading The Way
Southeast Asian countries reaped a windfall after U.S. President Donald Trump imposed tariffs on China in his first term that redirected foreign investment to the region. But the threat of broader tariffs from Trump 2.0 could undo those gains. The region is represented by a total of 63 companies from half a dozen countries—Indonesia, Malaysia, the Philippines, Singapore, Thailand and Vietnam—on this year's Forbes Global 2000 ranking of the world's largest public corporations, up from 57 in 2024. More than 40% of them are banks with a regional presence.The list weighs market value, revenue, profit and assets equally, using the latest 12 months of data as of April 25.
The biggest contingent of companies is from Thailand with 16, a number that's unchanged from last year. The country's top-ranked company is state-owned oil and gas giant PTT, though it fell 41 spots to No. 284 after its net profit dropped by more than a fifth to $2.6 billion due to the weaker performance of its petrochemical and refining business. Meanwhile, PTT's smaller rival, Bangchak, debuted at No. 1,923 on a 39% jump in sales to nearly $17 billion. The oil refiner got a boost from acquiring a majority stake in Esso Thailand from U.S. energy major Exxon Mobil for roughly 26 billion baht ($800 million).
Notable gainers in Thailand include billionaire Dhanin Chearavanont's food giant Charoen Pokphand Foods, which climbed 155 spots to No. 1,296 thanks to robust overseas sales, which helped reverse a $60 million loss in the previous year into a $523 million net profit. Airports of Thailand fell the most among Thai companies, sliding 200 spots to No. 1,843. Its stock plunged 45% over the past year as tourist arrivals from China dropped and its key concessionaire, King Power, sought to cancel contracts to operate duty-free shops at five airports.
This year, Indonesia overtook Singapore to become the second most-represented country in Southeast Asia, with a dozen companies on the Global 2000, up from nine last year. The three newcomers are all linked to billionaires: Otto Toto Sugiri's data center operator DCI Indonesia (No. 1,923, tied with Thailand's Bangchak), Garibaldi Thohir's coal miner Adaro Andalan Indonesia (No. 1,986) and Mochtar Riady's property developer Lippo Karawaci (No. 1,998). All but one of the nine returnees from last year dropped in the ranking, with the sole exception of Amman Mineral Internasional. The copper and gold miner jumped 169 spots to No. 1,436 as record production and prices of gold resulted in net profit more than doubling to $641 million on a nearly one-third rise in revenue to $2.7 billion.
The 11 companies from Singapore on the list—up from ten last year—are led by the city-state's biggest banks: DBS (No. 113), Oversea-Chinese Banking (No. 213) and United Overseas Bank (No. 227). Profiting hugely from a continuing wealth influx, they are also the top three among all Southeast Asian companies on the list. Singapore saw two new entrants, including defense company ST Engineering and jet fuel supplier China Aviation Oil. ST Engineering, which manufactures aerospace parts and defense systems, debuted at No. 1,487 after its stock shot up 71% over the past year on robust earnings. Meanwhile, China Aviation Oil landed at No. 1,997 after net profit rose by a third to $78.4 million, thanks to the rebound in air travel. Real estate heavyweight CapitaLand Investment dropped off the ranking due to its exposure to China's struggling property market.
The Malaysian contingent of nine companies is led by Maybank, which climbed 25 spots to No. 438 after reporting record profit, driven partly by its wealth management business. The only Malaysian company to drop in the ranking is Sime Darby, which fell 433 spots to No. 1,966. The conglomerate, with interests from automobiles to heavy equipment, saw its net profit plummet nearly 60% to $335 million, partly due to sluggish car sales.
All of the eight Vietnamese companies on the list—up from last year's seven—are banks, except for the country's sole new entrant, Vingroup, a conglomerate with interests in real estate, hospitality and electric vehicles. Controlled by Vietnam's richest person, Pham Nhat Vuong, Vingroup debuted at No. 1,504 after its shares rose 43% over the past year on strong earnings. Meanwhile, the country's two largest companies, the Joint Stock Commercial Bank for Foreign Trade of Vietnam (No. 841) and the Commercial Bank For Investment and Development Of Vietnam (No. 998), both fell in the ranking as their revenue dropped to $4.7 billion and $6.9 billion, respectively.
The biggest company among the seven from the Philippines (up from 6 last year) is SM Investments, a conglomerate controlled by the Sy family. It slipped five spots to No. 811 despite a moderate increase in sales and net profit. Port operator International Container Terminal Services, controlled by billionaire Enrique Razon Jr., made its debut at No. 1,702, buoyed by a 15% uptick in sales to $2.9 billion and a 54% jump in net profit to $830 million.
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