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

Overview

Ho Chi Minh City’s People’s Committee has approved a 2026-2030 state capital restructuring plan under which its holding in Becamex Group (BCM, HOSE) would fall from 95.44% to above 65% before 2030. The decision, issued as Quyết định số 6810/QĐ-UBND dated 14/10/2026, matters because BCM has itself flagged that its ownership structure fails public-company requirements, and a lower state stake is the mechanism to fix that.

Key Facts

• HCMC currently holds 95.44% of Becamex Group (BCM) as of 30/9/2026, according to the approved plan.
• The target is to reduce state ownership to above 65%, to be completed before 2030.
• The plan is set out in Quyết định số 6810/QĐ-UBND dated 14/10/2026, covering state capital restructuring for 2026-2030.
• In June 2026, Becamex Group stated it did not meet public-company conditions and was building a roadmap to cut state ownership to 65% over 2026-2030.
• The company said it had drafted a plan and proposed that UBND TP.HCM approve the state ownership ratio.
• BCM closed at VND 38,550 on 18/10/2026 on HOSE.
• The same decision reassigns ownership representation for dozens of other city-owned entities, including SJC, Liksin and Bến Thành.

What Happened

UBND TP.HCM issued Decision 6810/QĐ-UBND on 14/10/2026, approving the plan to restructure state capital in state-owned enterprises and enterprises with state capital under its management for the 2026-2030 period. The decision publishes the list of entities subject to rearrangement and capital restructuring, and assigns ownership-representation rights across a wide range of city companies to designated holding vehicles.

Within that list, the plan states that state capital at Tập đoàn Đầu tư và Phát triển Công nghiệp Becamex – CTCP (Becamex Group, ticker BCM, HOSE) is expected to be reduced to above 65%, to be carried out before 2030. The document records that UBND TP.HCM held 95.44% of BCM as of 30/9/2026. The article notes that in June 2026 Becamex Group said it did not satisfy public-company conditions and was therefore building a roadmap to bring state ownership down to 65% in 2026-2030, and that the company had proactively prepared a plan and recommended that the city approve the state ownership ratio. The filing does not disclose the sale method, pricing, timetable within the period, or the identity of potential buyers.

Market Context

BCM trades on HOSE and closed at VND 38,550 on 18/10/2026. The stock sits in the Real Estate and Infrastructure sectors as the listed vehicle of the Becamex industrial park and urban platform centred on Bình Dương, now administratively folded into the enlarged Hồ Chí Minh City. A state holding above 95% leaves a thin free float, which constrains index weighting, foreign ownership capacity and liquidity. The restructuring decision lands alongside a broader city-level programme that reassigns ownership representation for dozens of entities, part of a national push to separate state ownership from direct administrative control.

Strategic Significance

The core thesis is a free-float event, not an earnings event. Reducing the state stake from 95.44% to just above 65% would release roughly 30 percentage points of BCM shares into the market over time, potentially improving liquidity, enabling foreign room and supporting eligibility for index and public-company status. The 65% floor is deliberate: it preserves state control while meeting the ownership dispersion required of a public company. Execution risk is the counterweight, since the plan sets only an outer deadline of 2030 and no pricing mechanism, leaving the pace and buyer base undetermined.

What to Watch

• A formal BCM disclosure or shareholder resolution setting the sale method (block trade, auction or private placement) and timetable.
• Any update on BCM’s public-company status filing with the State Securities Commission.
• Foreign-ownership room and free-float data for BCM following the first tranche.
• HOSE and index-provider reviews of BCM’s weighting eligibility.
• Follow-through on the other ownership transfers in Decision 6810/QĐ-UBND, as a signal of city execution capacity.