Ho Chi Minh City to Cut Becamex (BCM) State Stake to 65% by 2030

Overview

Ho Chi Minh City has approved a plan to reduce its state ownership in Becamex Group (BCM) from 95.44% to above 65% before 2030, as part of a broader 2026-2030 restructuring of state capital in city-affiliated enterprises. The plan also transfers ownership representation of SJC and six other companies to the Ho Chi Minh City State Financial Investment Company (HFIC). For BCM, a HOSE-listed industrial real estate and infrastructure developer, the move points to a gradual dilution of direct city control over the coming years.

Key Facts

• HCMC currently holds 95.44% of Becamex’s charter capital, according to the approved plan.
• The target is to reduce the state stake to above 65% before 2030.
• The restructuring plan covers the 2026-2030 period and involves 60 state-owned enterprises.
• 11 enterprises will maintain their current state ownership ratios, including HFIC and Saigon Water Corporation.
• Ownership representation for SJC and six other companies will transfer to HFIC.
• A new urban services corporation will be formed to consolidate state capital in 32 enterprises, with 29 companies transferring 100% before 2030.
• Three units will merge and transfer to the urban services corporation before 2029.

What Happened

The Ho Chi Minh City People’s Committee approved a plan to restructure state capital in state-owned and state-invested enterprises under its authority for the 2026-2030 period. Under the plan, Becamex Group (BCM) will see the city’s ownership ratio fall from 95.44% to above 65% before 2030. The city will also transfer ownership representation of seven companies, including Saigon Jewelry Company (SJC), to HFIC.

The plan categorizes 60 state-owned enterprises into various restructuring forms: merger or transfer of ownership representation, consolidation to establish new entities and transfer capital representation, maintaining or reducing state capital, and bankruptcy or dissolution. The city will establish an urban services corporation to consolidate state capital in 32 enterprises, with 29 companies transferring 100% before 2030. Three units will merge and transfer to this corporation before 2029. The filing does not disclose the transaction value or the specific method by which the Becamex stake reduction will be executed.

Market Context

Becamex Group (BCM) trades on the HOSE exchange. The stock closed at VND 38,250 on 2026-10-15. The planned reduction in state ownership comes amid broader efforts to streamline state capital management in Vietnam. As a major industrial real estate and infrastructure developer in Binh Duong province and beyond, Becamex is sensitive to changes in state control and potential increases in free float. The restructuring plan aligns with ongoing state divestment trends, though the timeline extends to 2030.

Strategic Significance

For long-term investors, the reduction of HCMC’s stake in Becamex from 95.44% to above 65% could improve liquidity and potentially lead to a more market-driven governance structure. The transfer of SJC and other companies to HFIC suggests a consolidation of state capital management under a financial investment arm, which may allow for more professional oversight. However, the plan does not specify whether the stake reduction will be through public offering, strategic sale, or other means, leaving uncertainty about the pace and pricing. The creation of an urban services corporation indicates a broader reorganization of municipal assets, which could affect related sectors such as utilities and infrastructure.

What to Watch

• Official announcement of the method and timeline for reducing the state stake in BCM.
• Any change in BCM’s foreign ownership limit or free-float percentage.
• HFIC’s management strategy for SJC and the six other transferred companies.
• Progress on the establishment of the urban services corporation and the transfer of 32 enterprises.
• BCM’s quarterly earnings and any updates on industrial park land leases or infrastructure projects.