Thai Corporate Giants Secure Dominant Position in Regional Rankings

 

Thailand has cemented its position as a regional economic powerhouse, with 100 Thai companies securing places on Fortune's prestigious Southeast Asia 500 list for 2025, including five firms ranking amongst the top 20 by revenue.

 

The energy giant PTT has maintained its strong second-place position for the second consecutive year, whilst state-owned petroleum company leads Thailand's contingent with impressive financial performance across multiple metrics.

 

The Thai corporate sector's robust showing demonstrates the kingdom's resilience and growing influence within Southeast Asia's rapidly evolving economic landscape.

 

 

Fortune's second annual Southeast Asia 500 ranking, based on fiscal year 2024 revenues, highlights the region's emergence as a critical economic engine adapting swiftly to global market changes.

 

The list encompasses companies from seven nations: Indonesia, Thailand, Malaysia, Singapore, Vietnam, the Philippines, and Cambodia.

 

Indonesia leads with 109 companies, followed by Thailand's century of firms, whilst Malaysia secured 92 positions, surpassing Singapore's 81 entries. Vietnam showed remarkable growth with 76 companies, up from previous years, whilst the Philippines contributed 40 firms and Cambodia maintained two entries.
 

 

Thailand's corporate excellence extends beyond PTT's stellar performance. CP All, Charoen Pokphand Foods, Bangchak, and Indorama Ventures round out the Thai companies achieving top-tier status.
 

Notably, Bangchak entered the top 20 this year following a remarkable 47% revenue increase, reflecting the energy sector's dominance across the regional rankings.

 

The financial sector proved equally impressive for Thai corporations. Kasikornbank joined PTT as one of only two Thai companies amongst the top 20 most profitable firms regionally, demonstrating the strength of Thailand's banking infrastructure alongside its energy dominance.

 

Innovation and growth characterise Thailand's corporate evolution. Four Thai companies—Asset World, Bangchak, Thai Eastern Group Holdings, and Airports of Thailand—secured positions amongst the 20 fastest-growing firms by revenue.

 

This growth trajectory reflects the kingdom's successful navigation of post-pandemic recovery, particularly within tourism and digital transformation sectors.
 

 

 

Thailand's top 20 companies generated a combined $266.4 billion in revenue, representing 76% of the total revenue from all 100 Thai firms on the list.

 

This concentration demonstrates the substantial scale and influence of the kingdom's leading corporations within both domestic and regional markets.

 

The regional rankings reveal broader economic trends shaping Southeast Asia. Energy companies dominated the 2025 list, contributing nearly one-third of total combined revenues across all 500 firms. Financial services emerged as the second-largest sector, with 13 banks and financial companies amongst the top 20 most profitable enterprises.

 

Singapore-based commodity trader Trafigura retained the number one position for the second consecutive year, generating over $243 billion in revenue during 2024. The top five companies—including Thailand's PTT in second place—collectively generated nearly $516 billion, representing 28% of the total revenue across all 500 listed firms.

 

 

Demographic shifts within corporate leadership present encouraging trends for the region. Female CEOs increased from 29 to 37 across the Fortune Southeast Asia 500 companies, whilst 37 women hold chairman positions. Thailand contributes significantly to this leadership diversity, with the kingdom showcasing both established corporate excellence and emerging executive talent.

 

The rankings underscore Southeast Asia's growing strategic importance within global supply chains, particularly as companies relocate operations from China due to escalating trade tensions and higher tariffs.

 

Thailand's strong representation across multiple sectors—from traditional energy and agriculture to emerging digital and tourism ventures—positions the kingdom advantageously for continued regional economic leadership.

 

The minimum revenue threshold for inclusion in the 2025 rankings stood at $349.4 million, with the complete list of 500 companies generating combined revenues of $1.82 trillion in 2024, up from $1.79 trillion the previous year.