Becamex Group (BCM) Adds VND 375.5B to HCMC–Chon Thanh Expressway JSC

Overview

Becamex Group (HOSE: BCM) has approved a further capital contribution of nearly VND 375.5 billion to CTCP Đường Cao tốc TP.HCM - Thủ Dầu Một - Chơn Thành, the project company behind the HCMC–Thu Dau Mot–Chon Thanh expressway. The move keeps Becamex Group at 49% of the vehicle as its charter capital rises from VND 100 billion to more than VND 866.2 billion. Fellow founding shareholder Becamex IJC (HOSE: IJC) is also a listed participant in the same consortium.

Key Facts

• Becamex Group will contribute an additional VND 375.5 billion, with the payment scheduled for Q4/2026.
• The project company’s charter capital rises from VND 100 billion to over VND 866.2 billion, an increase of more than VND 766.2 billion.
• Becamex Group’s cumulative contribution rises from VND 49 billion to nearly VND 424.5 billion, equal to a 49% stake.
• The project company was incorporated on 25 January 2025 with four founding shareholders; Becamex IJC subscribed VND 20 billion at inception.
• The other founders are CTCP Phát triển Hạ tầng Kỹ thuật Becamex - Bình Phước and CTCP Tập đoàn Đèo Cả.
• The expressway section through the former Bình Dương province spans roughly 52 km, designed for six lanes at 100 km/h.
• Phase 1 is a PPP with four lanes and a total investment of about VND 17,400 billion, of which construction and installation costs exceed VND 8,833 billion; completion is targeted for 2027.

What Happened

Becamex Group disclosed the decision through a Board of Directors resolution, according to the company announcement cited in the report. The resolution authorises the group to subscribe to the project company’s charter-capital increase on a pro-rata basis, holding its ownership at 49% rather than diluting. The capital call is sized so that Becamex Group’s share of the VND 766.2 billion increase matches its existing stake.

The project company, headquartered at WTC Tower on Hùng Vương street in Bình Dương ward, Hồ Chí Minh City, was established on 25 January 2025 with registered capital of VND 100 billion. Its four founding shareholders are Becamex Group, Becamex IJC, Becamex - Bình Phước and Tập đoàn Đèo Cả, which together form the investor consortium for the expressway. The report does not disclose the contribution amounts committed by the other three shareholders in this round, nor the precise payment schedule within Q4/2026.

Market Context

BCM closed at VND 38,400 on 30 October 2026 on HOSE, while Becamex IJC closed at VND 6,850. Both tickers sit in the infrastructure and industrial-real-estate complex tied to the former Bình Dương province, a corridor that has drawn sustained attention as Hồ Chí Minh City absorbs the province and reworks its transport masterplan. The expressway is one of the flagship PPP projects in that corridor, and capital calls of this size are typically read as confirmation that construction timelines remain on track rather than as standalone earnings events.

Strategic Significance

The 49% holding is the crux. Becamex Group is funding its share of a VND 17,400 billion project through a vehicle it does not control outright, alongside Đèo Cả, one of Vietnam’s most established transport-infrastructure builders. Maintaining the stake preserves Becamex Group’s influence over a road that will run through land the group has spent two decades industrialising, linking its industrial parks and urban areas to Hồ Chí Minh City and the Chơn Thành border gate. For Becamex IJC, the smaller VND 20 billion founding ticket signals a supporting role rather than a lead position, which limits direct capital exposure but also limits upside capture.

What to Watch

• Confirmation that the Q4/2026 capital contribution was actually disbursed, via BCM’s quarterly financial statements.
• Disclosure of the contribution amounts committed by Becamex IJC, Becamex - Bình Phước and Đèo Cả in the same round.
• Progress milestones on the 52 km section, given the 36-month construction window and 2027 completion target.
• Any credit or lending arrangements announced to fund the remaining VND 17,400 billion investment.
• BCM and IJC share price reaction around the Q4/2026 reporting season.