Ho Chi Minh City Keeps State Stakes at 11 Firms, Trims Becamex (BCM)

Overview

Ho Chi Minh City’s People’s Committee approved a plan to restructure state capital across local enterprises, splitting them into two groups: 11 companies where the current state ownership ratio is retained, and 60 companies slated for consolidation, transfer of ownership representation, dissolution or stake reduction. Becamex Group (BCM), listed on HOSE, is the only enterprise in the second group flagged for a lower state ownership ratio while keeping state capital invested.

Key Facts

• 11 enterprises keep their existing state ownership ratio unchanged, including Công ty Đầu tư Tài chính nhà nước TP.HCM and Tổng công ty Cấp nước Sài Gòn.
• 60 enterprises fall into the restructuring group, of which 32 are to be merged into Tổng công ty Lĩnh vực dịch vụ đô thị.
• 19 enterprises will transfer ownership representation rights to four parent entities, including Tổng công ty Công nghiệp Sài Gòn and Công ty Đầu tư Tài chính nhà nước TP.HCM.
• Becamex Group (BCM) is the single enterprise keeping state capital but reducing the state ownership ratio.
• 18 enterprises are earmarked for dissolution or bankruptcy, targeted before December 2027.
• Implementation runs from 1 July 2027 to 31 December 2028, with a preliminary review at end-2028 and a full review by 31 December 2030.
• Preparation and internal dissemination is scheduled from September 2026 to 30 June 2027.

What Happened

The decision, issued by the Ho Chi Minh City People’s Committee, divides state capital restructuring into two tracks. The first retains the current state ownership ratio at 11 named companies, most of them wholly state-owned limited liability entities in water supply, lottery, tourism, trade and industrial development. The second track covers 60 enterprises subject to consolidation, transfer of ownership representation, dissolution or stake reduction.

Within that second group, Becamex Group - CTCP is the only enterprise described as retaining state capital while reducing the state ownership ratio. The remaining items are administrative: 32 companies merging into Tổng công ty Lĩnh vực dịch vụ đô thị, 19 transferring ownership representation to four designated parents, and 18 slated for dissolution or bankruptcy before December 2027. Tổng công ty Nông nghiệp Sài Gòn and Công ty TNHH MTV Lâm nghiệp Bà Rịa - Vũng Tàu will be restructured under Decree 04/2024/ND-CP. The decision does not disclose the target ownership ratio for Becamex, the transaction value, or the method of stake reduction.

Market Context

BCM trades on HOSE and closed at 38,250 on 15 October 2026. The stock sits in the Real Estate sector with infrastructure exposure through its industrial park platform, a segment sensitive to state ownership and foreign-room dynamics. The plan is a local administrative roadmap rather than an immediate transaction: the earliest operational phase begins 1 July 2027, leaving a preparation window from September 2026. For the broader Vietnamese market, the decision fits the ongoing pattern of provincial governments formalising state capital divestment schedules, which affects supply expectations and governance narratives for state-linked listings.

Strategic Significance

A lower state ownership ratio at Becamex opens the theoretical path to greater foreign participation and index-relevant free-float expansion, both of which have historically been re-rating levers for Vietnamese state-linked industrials and industrial park operators. The key uncertainty is sequencing: the decision names no ratio, no buyer and no method, so the practical effect depends on whether the reduction is executed through public auction, block sale or strategic placement. Becamex’s industrial park land bank and its role in the Bình Dương urban-industrial corridor are the assets that make the ownership question material rather than cosmetic.

What to Watch

• Any subsequent HCMC or Becamex disclosure specifying the target state ownership ratio and divestment method.
• The September 2026 to June 2027 preparation phase, including shareholder documents or extraordinary general meeting notices.
• Foreign-ownership room and free-float filings for BCM on HOSE.
• Progress on the 32-company merger into Tổng công ty Lĩnh vực dịch vụ đô thị, which sets the administrative precedent for the group.
• BCM quarterly earnings and industrial park leasing updates, which determine whether the ownership story has fundamental support.