Where Does Vingroup Stand Among Southeast Asia’s Largest Conglomerates with a Market Cap of 850 Trillion VND?

Vingroup (stock code: VIC), Vietnam’s largest listed company, boasts a market capitalization of 850 trillion VND (approximately $31 billion USD). Founded by billionaire Pham Nhat Vuong, Vingroup was the first Vietnamese company to reach milestones of 600 trillion, 700 trillion, and 800 trillion VND in market capitalization.

Vingroup’s market cap even surpasses the combined value of Vietcombank and BIDV, highlighting its dominance in Vietnam’s corporate landscape.

Among Southeast Asia’s top 15 companies by market capitalization, Vingroup stands as Vietnam’s sole representative, ranking 12th as of October 28th. Malaysia’s Maybank is the only other Southeast Asian company on the list, with a market cap of around $28 billion USD. Singapore and Indonesia each contribute five companies to the top 15, while Thailand has three.

Leading the pack is DBS Group, a Singaporean multinational financial services corporation founded in 1968, with a market capitalization of $118 billion USD. DBS Group is one of Asia’s largest banks, offering a comprehensive range of banking and financial services.

Singapore, a global financial hub known for its strategic location, modern infrastructure, and business-friendly environment, is home to four other top 15 companies: Sea Limited (parent company of Shopee, Garena, and SeaMoney), OCBC Bank, Singtel, and UOB. The city-state also hosts other prominent companies like Grab, CapitaLand, Keppel, and Jardine Cycle & Carriage.

Singapore’s position as a major international financial center facilitates connections between major economies, making it a natural hub for Southeast Asia’s leading corporations.

Indonesia’s five representatives in the top 15 are less globally recognized. Bank Central Asia, the largest commercial bank in Indonesia, leads with a market cap of $61 billion USD. Other Indonesian companies include PT DCI Indonesia Tbk (a leading data center provider), Chandra Asri Petrochemical (Southeast Asia’s largest polyolefin producer), Bayan Resources, and Bank Rakyat Indonesia.

Thailand’s three top 15 companies are Delta Electronics (a subsidiary of Taiwan’s Delta Electronics, Inc.), Advanced Info Service (AIS), the largest telecommunications provider in Thailand, and PTT PCL, Thailand’s leading energy conglomerate.

Other notable Thai companies, some of which are not yet publicly listed, include Thai Beverage, Siam Commercial Bank (SCB), Siam Cement (SCG), Kasikornbank, Carabao Group, C.P., True Corporation, and Central Group.

While Vietnam is often referred to as the “new tiger of Asia” due to its rapid economic growth, its number of large-scale companies remains limited. Vietcombank, the second-largest Vietnamese company, has a market cap of less than $20 billion USD, a modest figure compared to regional financial institutions.

However, with positive developments in recent years, Vietnam is poised to see more companies enter the regional top rankings. Aspirations to become an international financial center, a commitment to growth in the new era, and efforts to upgrade to emerging market status are driving forces behind this ambition.