Becamex signs VND 2.94 trillion projects. Becamex IDC stock faces dilution

Published on 10/19/2026 at 10:17 | Editorial responsibility: Rafael Müller, Editor-in-Chief AD HOC NEWS

A plan dated October 14, 2026 lowers state ownership from 95.44 percent to above 65 percent before 2030. Becamex IDC stock faces dilution.

Ownership and earnings pressure

Becamex BCE signed VND 2.94 trillion in projects for Becamex IDC on October 15, 2026.
Ho Chi Minh City approved a state ownership path above 65 percent on October 14, 2026.
First-half 2026 revenue reached VND 1.66 trillion and net profit VND 320.50 billion.

Becamex IDC, VN000000BCM3, Illustration mit AI erstellt.

Becamex IDC (VN000000BCM3) is tied to VND 2.94 trillion in new residential construction contracts dated October 15, 2026, while a separate state ownership plan could increase the share count. Tin nhanh chung khoan reported that Becamex BCE will build two projects for Becamex IDC, including a VND 807.10 billion contract and a VND 2.14 trillion contract.

VND 2.94 trillion project pipeline

The contracts cover high-rise residential developments in Dinh Hoa and are scheduled to run for 846 and 874 days after the construction sites are handed over. Becamex IDC owned 44.40 percent of Becamex BCE as of June 30, 2026, giving the project announcement a direct group-company connection.

Three capital and project dates

On August 28, 2026, Becamex IDC issued VND 710 billion of three-year secured bonds at an 11.00 percent coupon, according to Tin nhanh chung khoan. On October 14, 2026, Ho Chi Minh City approved a restructuring plan that keeps the state stake above 65 percent before 2030, down from 95.44 percent as of September 30, 2026. On October 15, 2026, the two Becamex BCE construction contracts reached VND 2.94 trillion.

What does the ownership plan change?

The plan points toward dilution if the state keeps its existing shares while Becamex IDC issues new shares to reduce the ownership ratio. Tin nhanh chung khoan said the approved framework follows Becamex IDC's earlier plan to issue shares publicly so it can retain public-company status. The exact issue size, price and investor allocation remain key variables for existing shareholders.

Operating figures add pressure to that capital story. In the second quarter of 2026, revenue was VND 890.90 billion, down 64.70 percent year over year, while net income was VND 211.10 billion, down 85.60 percent. For the first half of 2026, revenue reached VND 1.66 trillion, down 65.00 percent, and net income was VND 320.50 billion, down 82.60 percent, according to Tin nhanh chung khoan.

Next dates for Becamex

The approved restructuring framework runs from July 2027 through December 2028, while the ownership target is set for before 2030. These dates describe the broader implementation window rather than a confirmed Becamex IDC share-offer timetable.

HOSE price stays a dated reference

Becamex IDC closed at VND 38,550 on HOSE on October 16, 2026. The move was VND 300 on that session, while the ownership plan and weak first-half results provide the more material context for the stock.