VPBank Listed in the Top 100 of the Fortune Southeast Asia 500

VPBank is honored to be named one of the 500 largest companies in the region by revenue, according to the latest announcement from the newly released Fortune Southeast Asia 500 ranking.

Ranked 91st on the list, VPBank stands alongside many prominent regional financial institutions such as DBS, UOB, and OCB from Singapore, Maybank and CIMB from Malaysia, Kasikornbank and Bangkok Bank from Thailand, as well as major domestic banks including VietinBank, BIDV, and Techcombank.

VPBank's revenue in 2023, calculated according to Fortune's methodology, reached approximately USD 4.05 billion, with after-tax profit recorded at nearly USD 419 million, and total assets amounting to USD 33.7 billion as of December 31, 2023.

This marks the first edition of the Fortune Southeast Asia 500, an exclusive ranking of the region’s largest enterprises based on FY2023 revenue. The growing importance of the Southeast Asian economy - fueled by global supply chain shifts and the rapid expansion of leading enterprises - has prompted Fortune to launch this annual list, complementing its renowned Fortune 500, Fortune Global 500, and Fortune Europe 500 rankings.

The list features companies from seven Southeast Asian countries, including Indonesia, Thailand, Malaysia, Singapore, Vietnam, the Philippines, and Cambodia. Vietnam contributed 70 companies, spanning sectors such as banking and finance, real estate, energy, food, heavy industry, aviation, and retail. The minimum revenue threshold to enter the list was over USD 460 million.

Banking is the second-largest sector in Southeast Asia, according to the Fortune Southeast Asia 500, with 67 financial institutions generating a combined USD 242 billion in revenue - second only to the energy sector, which contributed nearly USD 591 billion in 2023.

As one of the earliest established joint-stock commercial banks in Vietnam, VPBank is now a leading bank in terms of operational efficiency and profitability. The bank maintains strong growth in retail and SME segments and is gradually expanding into the FDI customer segment to tap into the rising wave of foreign investment flowing into Vietnam.

The year 2023 marked a significant capital milestone for VPBank, with its owner’s equity reaching nearly VND 140 trillion (~USD 5.7 billion) - the second-largest in Vietnam’s banking system - following the successful sale of a 15% stake to strategic shareholder SMBC (Japan).

As of the end of Q1 2024, VPBank reported consolidated pre-tax profit of over VND 4.1 trillion (~USD 165 million), an increase of nearly 66% compared to the previous quarter, and 64% year-over-year.