In 2023, VPBank's revenue reached approximately US$4.05 billion, with after-tax profits nearing $419 million. Photo courtesy of VPBank

HÀ NỘI — VPBank has earned a prominent spot in the inaugural Fortune Southeast Asia 500 ranking, securing 91st place among the region's 500 largest companies by total revenue.

This prestigious recognition places VPBank alongside some of the most respected financial institutions in Southeast Asia, including Singapore's DBS, UOB, and OCB, Malaysia's Maybank and CIMB, and Thailand's Kasikornbank and Bangkok Bank, as well as other prominent domestic banks such as Vietinbank, BIDV, and Techcombank.

In 2023, VPBank's revenue reached approximately US$4.05 billion, with after-tax profits nearing $419 million. As of December 31, 2023, the bank's total assets stood at $33.7 billion. This marks a significant milestone in VPBank's journey and affirms its position as one of the region’s most dynamic and profitable financial institutions.

The Fortune Southeast Asia 500 ranking, published for the first time this year, highlights the region's economic vibrancy, fueled by shifts in global supply chains and the rapid expansion of major companies across various sectors. The ranking not only celebrates corporate success but also reflects the growing importance of Southeast Asia's economy on the global stage.

The Fortune Southeast Asia 500 brings together companies from seven countries: Indonesia, Thailand, Malaysia, Singapore, Việt Nam, the Philippines, and Cambodia. To be included on the list, companies must meet a revenue threshold of more than $460 million. In total, the ranking features 70 Vietnamese companies, spanning industries from banking and real estate to energy, food, heavy industry, aviation, and retail.

The banking sector stands as the second-largest industry in Southeast Asia, with 67 credit institutions generating a total revenue of $242 billion in 2023, trailing only the energy sector, which contributed nearly $591 billion in revenue.

VPBank's headquarter in Hà Nội. Photo courtesy of the bank

 As one of Việt Nam’s most established and high-performing financial institutions, VPBank continues to lead in operational efficiency and business profitability. The bank has carved out a strong presence in the retail and SME (small and medium-sized enterprise) segments and is increasingly capitalising on the influx of foreign direct investment (FDI) into Việt Nam trend that is expected to accelerate in the coming years.

2023 also marked a pivotal moment in VPBank’s capital structure, as the bank’s equity reached approximately VNĐ140 trillion (around $5.7 billion), securing its position as the second-largest bank in Việt Nam by equity. This milestone followed the strategic sale of 15 per cent of VPBank’s capital to SMBC, a leading Japanese financial institution.

VPBank's financial performance continues to impress, with robust earnings growth in 2024. By the end of the first quarter, the bank recorded a consolidated pre-tax profit of more than VNĐ4.1 trillion (roughly $165 million), representing a significant 66 per cent increase compared to the previous quarter and a 64 per cent rise year-on-year.

VPBank’s consistent growth and its rising position among the region's top companies are a testament to its sound strategic direction, strong leadership, and commitment to innovation in banking services.

As VPBank looks ahead, its ranking in the Fortune Southeast Asia 500 further solidifies its standing as a key player in Southeast Asia’s financial landscape. The bank’s continued expansion into high-growth areas, its focus on digital banking transformation, and its ability to adapt to emerging market trends position VPBank for even greater success in the years to come.

In a rapidly evolving region, VPBank’s continued focus on customer-centric solutions, operational excellence, and strategic partnerships will ensure its place as one of Southeast Asia's leading financial institutions. — VNS