Vietnam gov’t to divest 30.4% stake from industrial property giant Becamex IDC

The Vietnamese government has approved a plan to cut its holding in Becamex IDC, a leading industrial real estate developer, by 30.44%.

Under a decision signed by Deputy Prime Minister Le Minh Khai, the government's stake in Becamex IDC (Ho Chi Minh Stock Exchange: BCM) will be trimmed from 95.44% to 65% throughout 2025.

Becamex IDC runs seven industrial parks (IPs) with a combined area of 4,700 hectares in Binh Duong province, a manufacturing hub in southern Vietnam. The firm is the largest IP owner in the locality, with a 30%-plus market share.

In addition, it holds a 49% stake in Binh Duong-based Vietnam-Singapore Industrial Park JV Company (VSIP), a joint venture with Singapore’s Sembcorp Development.

VSIP, with Sembcorp owning a 51% stake, now has 12 IPs across the country, covering over 10,000 hectares in total.

Becamex IDC boasts 23 subsidiaries that span a wide range of businesses, including IP development, construction, trading, real estate, telecommunications, construction materials, education, and health.

Listed companies in the Becamex ecosystem include Binh Duong Trade and Development JSC (TDC), Becamex Infrastructure Development JSC (IJC), ACC Binh Duong Investment and Construction JSC (ACC), and Binh Duong Construction & Civil Engineering JSC (BCE).

Becamex IDC earned a net profit of VND118.1 billion ($4.6 million) on revenue of VND811.6 billion in Q1/2024, up 29% and 3% year-on-year. As of end-March, its total assets stood at VND54.07 trillion ($2.12 billion), up 1% from end-2023.

Shares in Becamex IDC, listed on the Ho Chi Minh Stock Exchange as BCM since August 2020, closed at VND58,800 ($2.31) on Friday, giving the firm a market cap of VND60.9 trillion ($2.4 billion).