VIS Rating assigns A- bond rating to Becamex IDC stock

Published on 10/20/2026 at 09:38 | Editorial responsibility: Rafael Müller, Editor-in-Chief AD HOC NEWS

State stake may fall from 95.44 percent to above 65 percent by 2030. For Becamex IDC stock, first-half 2026 revenue was VND 1.66 trillion.

Debt and ownership milestones

VIS Rating assigned an A- rating to VND 1.2 trillion of bonds on October 19, 2026.
HCM City plans to reduce its Becamex stake from 95.44 percent to above 65 percent before 2030.
Becamex IDC reported VND 1.66 trillion in revenue and VND 320.00 billion in net profit for the first half of 2026.

Becamex IDC, VN000000BCM3, Illustration mit AI erstellt.

Becamex IDC (VN000000BCM3) is refinancing VND 1.20 trillion of proposed bonds after VIS Rating assigned the issue an A- rating with a stable outlook on October 19, 2026. The three-year senior unsecured bonds are intended to refinance existing obligations, placing debt structure rather than a new operating project at the center of the latest Becamex IDC stock story.

Three events set the backdrop

On October 14, 2026, HCM City approved a restructuring plan that would reduce the State's 95.44 percent stake in Becamex to above 65 percent before 2030, according to Tin nhanh chung khoan. The plan points to future share issuance as the route to a lower State percentage.

On October 15, 2026, Becamex BCE disclosed construction contracts for two Becamex IDC residential projects worth VND 2.94 trillion in total, including VND 807.10 billion for one project and VND 2.14 trillion for the other, reported Tin nhanh chung khoan. The October 19 bond rating was the latest of the three dated developments.

What does the bond plan change?

VIS Rating said VND 886.00 billion of the proceeds would repay VietinBank borrowings and VND 314.00 billion would repay BIDV borrowings in the fourth quarter of 2026. The bonds will be unsecured at issuance, while land-use rights and related assets over seven lots in Binh Duong New City are expected to provide collateral later. The rating agency said the collateral is not included in its initial assessment.

Which figures test the story?

Operating performance provides a tougher counterweight. Asianomist reported that Becamex IDC revenue fell 65.00 percent to VND 1.66 trillion in the first half of 2026, while net profit fell 82.70 percent to VND 320.00 billion. That combination makes refinancing capacity and the timing of residential land sales important measures for the next phase.

Dates after the rating

VIS Rating said BCM plans to issue the bonds in October 2026 and expects the collateral agent appointment in December 2026. The proceeds are earmarked for debt repayment in the fourth quarter of 2026.

Financing remains the key test

Becamex now has a stronger formal rating for a planned bond issue, but the first-half figures show why refinancing terms and asset-backed protection matter. The ownership plan adds a separate dilution question before 2030.