Vietnam's leading developer Becamex IDC delays blockbuster share action amid US tariff shock
Becamex IDC Corp, a top-tier eco-industrial and urban real estate developer in Vietnam, has announced the postponement of its highly anticipated public offering of 300 million shares, in response to unfavorable stock market conditions triggered by the U.S. tariff announcement.

An industrial park developed by Becamex IDC Corp. Photo courtesy of the company.
The board of directors will formally present the decision at the company’s upcoming AGM, said its leadership.
The public auction was originally slated for 9 am on April 28, 2025 on the Ho Chi Minh City Stock Exchange (HoSE). With a starting price of VND69,600 ($2.7) per share, the offering was estimated to have a value of nearly VND21 trillion (around $816 million), making it the largest share auction since the state capital divestment boom between 2016 and 2018.
Previously, SSI Securities, acting as the exclusive advisor and distributor for the offering, had also postponed a planned seminar promoting Becamex share investment opportunities, originally scheduled for April 10, citing various external factors.
Industrial real estate outlook dims
The Vietnamese stock market had experienced a significant jolt following former U.S. President Donald Trump’s April 2 announcement of reciprocal tariffs on several countries - including a steep 46% duty on Vietnamese exports.
Although Trump later delayed the imposition of the tariffs for 90 days (excluding China) to allow for negotiations, uncertainty continues to loom over the industrial property sector - Becamex IDC’s core business.
Previously, the industrial park segment was considered highly promising due to robust FDI inflows and the global shift in manufacturing away from China. However, analysts now warn that these prospects could face setbacks as tariff-related concerns may discourage new FDI commitments.
According to KB Securities, short-term FDI disbursements (2025-2026) are likely to stall, as many enterprises reconsider or delay their factory expansion plans. In the longer term, recovery is expected as companies pivot toward non-U.S. export markets and Vietnam still maintains competitive advantages such as low-cost labor, a strategic geographic location, and favorable FDI policies.
However, analysts noted that expansion may remain on hold for 1-2 years, due to overcapacity tied to U.S.-oriented production and the time needed to shift supply chains.
If tensions escalate into a “Trade War 2.0,” industrial real estate developers like Becamex IDC could face direct and significant risks to both business operations and profitability in 2025.
As a result, Becamex’s stock (BCM) has also reversed course. After surging from VND51,000 to VND78,700 ($3.06) per share over the past year, it has lost 25.5% within seven trading sessions - nearing last year’s low of VND56,500.
On Thursday, BCM hit its ceiling price amid a strong market rally. However, on Friday, it dropped back to VND59,700, even as the VN-Index - the benchmark index of the HoSE - climbed 54.12 points, or 4.63%.
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