Vietnam's leading industrial park developer Becamex to issue bonds worth $95.7 mln
Leading industrial park developer Becamex IDC (HoSE: BCM) has announced a resolution to issue VND2,500 billion ($95.7 million) worth of private placement bonds between June and November 2025.

One of Becamex's industrial parks. Photo courtesy of the company.
According to the plan, the company will issue 25,000 bonds at maximum, with a face value of VND100 million ($3,830) apiece, for a maximum proceeds of VND2,500 billion ($95.7 million).
The bonds will be issued in book-entry form across a maximum of 10 tranches. Each tranche will have a term of 3 to 5 years.
The issuance will be divided into two phases: from June to September 2025, the company plans to offer the bonds in 6-7 tranches; from October to November 2025, in 2-3 tranches.
These are non-convertible, non-warranted bonds secured by assets, and will be issued domestically.
Becamex IDC recently announced a resolution to implement its 2024 dividend payment plan, as approved at its 2025 AGM.
The company plans to issue 113.85 million shares to pay a stock dividend, equivalent to 11% of its total outstanding shares. The distribution ratio is 100:11, meaning shareholders will receive 11 new shares for every 100 they own.
The capital for this issuance will be sourced from undistributed after-tax profits as reported in the audited 2024 financial statements. The distribution is expected to take place in the second and third quarters of 2025.
Strong Q1 performance in 2025
In Q1/2025, Becamex IDC recorded net revenue of nearly VND1,843 billion ($70.56 million), more than double the figure in the same period last year. However, due to a sharp rise in the cost of goods sold, gross profit increased by only 23% to VND704 billion ($26.95 million).
The real estate segment contributed nearly VND1,427 billion ($54.63 million) in revenue - 3.2 times higher year-over-year. Financial revenue surged to VND102 billion ($3.9 million), a 38-fold increase, primarily from cooperation contracts and dividends.
The company also earned VND271 billion ($10.37 million) in profits from joint ventures and associates, 4.5 times higher than the same period last year.
Despite rising expenses, after-tax profit for the period reached more than VND358 billion ($13.7 million), three times higher than the same quarter in 2024.
For the full year 2025, Becamex IDC is targeting consolidated revenue of VND9,500 billion ($363.7 million), up 29% compared to 2024, and an after-tax profit of VND2,470 billion ($94.56 million), up 3%.
New general director
Becamex IDC recently removed Pham Ngoc Thuan from his role as general director after nearly seven years in the position and has appointed a former employee as his replacement.
In an announcement last Wednesday, the company stated that Thuan was no longer serving as general director or legal representative as of the previous day. However, he will continue to serve as vice chairman of the board of directors.
Born in 1966, Thuan had held the role of general director since October 2018, following 13 years as the company’s deputy general director.
During his tenure, Becamex IDC’s annual revenue ranged from VND5,300 billion ($202.9 million) to VND9,200 billion ($352,557), with after-tax profits never falling below VND1,400 billion ($53.6 million). The company’s peak profit occurred in 2019, surpassing VND2,630 billion ($100.69 million).
On the same day, the company announced that Nguyen Hoan Vu, born in 1973, would succeed Thuan. His term will run until 2028.
Vu is a civil engineer who served as director of production and business from 2009 to 2018. He was later promoted to deputy general director but was removed from the position in June 2023.
Becamex IDC is a leading developer of industrial parks, residential real estate, and infrastructure in southern Vietnam. With over 1 billion shares listed on the Ho Chi Minh City Stock Exchange, the company has a market capitalization of approximately VND64,000 billion ($2.45 billion), placing it among Vietnam’s billion-dollar enterprises.
The Binh Duong Provincial People’s Committee is the largest shareholder, holding a 95.44% stake.
For 2024, Becamex IDC is targeting consolidated revenue of VND9,500 billion ($363.7 million) and after-tax profit of VND2,470 billion (94.56 million) - an increase of 29% and 3% year-over-year, respectively. The company plans to allocate VND1,138 billion ($43.57 million) of its profits toward dividends, equivalent to an 11% payout, up from 10% in 2023.
Two months ago, Becamex IDC postponed its planned auction of 300 million shares due to unfavorable market conditions. The original plan set a starting price of VND69,600 ($2.66) per share, with an expected minimum raise of VND20,880 billion ($799.37 million). This would have been one of the largest public offerings in the history of Vietnam’s capital market.
On the HoSE, BCM closed Monday at VND64,200 ($2.46) per share.
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