Ho Chi Minh City to Cut Becamex IDC (BCM) Stake from 95.44% to Above 65% by 2030

Overview

Ho Chi Minh City’s People’s Committee has approved a 2026-2030 plan to restructure state capital that will reduce its holding in Becamex IDC (BCM) from 95.44% to above 65% before 2030. The decision, reported by local media, is part of a broader reorganisation of city-owned enterprises and directly affects the free float of the HOSE-listed industrial park developer.

Key Facts

• HCMC held 95.44% of Becamex IDC (BCM) as of 30 September, according to the approved plan.
• The target is to bring the city’s stake to above 65% before 2030, a reduction of roughly 30 percentage points.
• The plan keeps the state capital value intact while lowering the state ownership ratio, per the city’s decision.
• In June, Becamex IDC said it did not meet the conditions to be a public company and was building a roadmap to cut state ownership to 65% over 2026-2030.
• The same plan transfers four companies to Tổng công ty Công nghiệp Sài Gòn and consolidates ownership representation for 32 units under an urban services corporation.
• HCMC will retain its current ownership levels in Saigon Water Corporation, Saigon Industry Corporation, HCMC Finance and Investment State-owned Company and several other city enterprises.
• The source article does not disclose the transaction value, pricing mechanism or placement method for the BCM reduction.

What Happened

Ho Chi Minh City’s People’s Committee approved a plan to restructure capital at state-owned and state-invested enterprises under its management for 2026-2030. Under the decision, the city will keep its ownership unchanged at a list of companies including Công ty Đầu tư Tài chính nhà nước TPHCM, Tổng Công ty Cấp nước Sài Gòn and Tổng Công ty Công nghiệp Sài Gòn, while transferring four companies to Tổng công ty Công nghiệp Sài Gòn and consolidating ownership representation for 32 units under an urban services corporation.

The BCM element is the most market-relevant. The city plans to hold above 65% of Becamex IDC, down from 95.44% as of 30 September, with the reduction to be completed before 2030. The plan states the state capital portion will be retained in value while the ownership ratio falls. Becamex IDC said in June that it did not satisfy the conditions for public-company status and was preparing a roadmap to bring state ownership to 65% between 2026 and 2030. The article does not specify whether the stake will be sold to strategic investors, via the market, or through another mechanism.

Market Context

BCM closed at VND 38,550 on 17 October 2026 on HOSE. The stock trades as a large-cap industrial park and real estate name, a segment sensitive to foreign direct investment flows into Bình Dương and broader southern Vietnam. The wider market was soft in the week of 12-16 October: the VN-Index fell 29.18 points to 1,705.91, the HNX-Index dropped 7.62 points to 259.13, and foreign investors sold a net VND 3,136 billion across the three exchanges over five consecutive sessions. A reduction in the state stake would raise BCM’s free float and could eventually affect index weighting and liquidity.

Strategic Significance

The core issue is public-company status. With the city holding 95.44%, BCM’s minority free float is thin, which constrains liquidity, index eligibility and institutional participation. Cutting the stake to above 65% would still leave the city in control but create room for a meaningfully larger float. For long-term investors, the key questions are the sale mechanism and pricing: a placement to strategic or institutional buyers at a discount would dilute near-term value, while an orderly market sale could improve BCM’s investability and support a re-rating of its industrial park land bank. The 2026-2030 timeline is long, so execution risk and political priorities in HCMC will shape the pace.

What to Watch

• A formal filing or resolution from Becamex IDC detailing the reduction roadmap and any shareholder meeting date.
• Disclosure of the sale mechanism, pricing and buyer profile for the state stake.
• HCMC People’s Committee announcements on the 2026-2030 restructuring implementation schedule.
• BCM free-float and foreign-ownership data after any placement or market sale.
• Quarterly Becamex IDC results and industrial park leasing updates for Bình Dương.