500 Companies to Watch in a Region on the Rise

The Fortune Southeast Asia 500 makes its debut at a time when global business is elevating the region's profile like never before.

- CLAY CHANDLER

Our new rankings reflect the impact of energy markets, multinational supply chains, and tourism on some of the world's most dynamic economies.

THE INAUGURAL Fortune Southeast Asia 500 list, our firstever 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.

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.

A defining feature of the Southeast Asia 500 is its domination by a handful of giant firms with far-flung global operations. But greater exposure to overseas markets may explain why Southeast Asia's largest companies saw their revenue shrink last year even as regional economies grew.

In total, companies on the Fortune Southeast Asia 500 took in $1.79 trillion in revenue in 2023, a drop of $45 billion, or 2.5%, from the previous year. Earnings shrank to nearly $130 billion, down $13.9 billion, or 9.6%, from 2022.

The declines contrasted with the relative resilience of the region's six core economies. Those nations-Indonesia, Thailand, Malaysia, Singapore, Vietnam, and the Philippines-all grew their GDP last year, accelerating at a collective pace of 4.2%, down from 5.5% in 2022, according to the International Monetary Fund.

A deeper dive into the list helps explain the discrepancy.