Credit Rating Result
Hanoi, 24 July 2026 - Vietnam Investors Service and Credit Rating Agency Joint Stock Company (VIS Rating) has affirmed Becamex Investment and Industrial Development Group’s (short name: BCM) A long-term issuer rating. The rating outlook remains stable.
The rating presented in this announcement is effective from the date of the announcement and remains in effect unless and until it is superseded by a subsequent rating action. Please visit https://visrating.com/rating-results to obtain the latest update on the rating.
SUMMARY OF KEY FACTORS
| Extremely Weak |
Very Weak |
Weak | Below- Average |
Average | Above- Average |
Strong | Very Strong |
|
|---|---|---|---|---|---|---|---|---|
| Stand-alone Assessment | ▲ | |||||||
| Scale | ▲ | |||||||
| Business Profile | ▲ | |||||||
| Profitability & Efficiency | ▲ | |||||||
| Leverage & Coverage | ▲ |
| Other consideration | Negative | Stable | Positive |
|---|---|---|---|
| Liquidity | ▲ |
| Low | Moderate | High | Very High | Extremely High | |
|---|---|---|---|---|---|
| Affiliate support | ▲ | ||||
| Government support | ▲ |
Rating rationale
The affirmation of BCM’s A long-term issuer rating with a stable outlook reflects our expectation that BCM will maintain its leading position in integrated industrial park development, supported by its sizeable industrial and urban land bank in former Binh Duong province area - Ho Chi Minh City (HCMC) and the expansion of Vietnam-Singapore Industrial Park (VSIP) and BW Industrial Development JSC (BWID) joint ventures, generating strong profitability to support its credit metrics over the next 12–18 months. The rating also reflects significant capital expenditure in 2026-2028, constraining operating cash flow of the corporation to cover debt obligations.
Revenue rose to VND7 trillion in 2025 from VND5.2 trillion in 2024, driven by stronger residential property sales. Going forward, we expect revenue to grow by around 18% annually in 2026–2027, underpinned by both industrial land leasing and residential bulk sales.
Industrial park leasing demand in HCMC remains robust, supported by foreign manufacturers from Korea, China, Taiwan and Singapore, particularly in electronics and high-tech sectors, as well as stronger registered FDI of USD 6.8 billion in the first half of 2026 (+214% yoy). BCM’s investments in key transport infrastructure, including Ring Road 4 and the Ho Chi Minh City – Thu Dau Mot – Chon Thanh Expressway, should further improve connectivity and enhance the attractiveness of its industrial and urban projects.
According to the management, after facing delays in 2025, BCM will complete legal procedures for Bau Bang Expansion and Cay Truong industrial parks in Q3/2026. The company plans to lease 92 hectares at these industrial parks in 2026–2027, with expected annual leasing price growth of around 5%.
BCM’s exposure to VSIP and BWID joint ventures further strengthens its market position and long-term growth prospects. VSIP recently received approvals for five new industrial parks, expanding its portfolio to 30 industrial parks nationwide. Meanwhile, BWID is a leading platform for ready-built factories and warehouses, enhancing BCM’s vertical presence across the industrial and logistics real estate value chain. We expect VSIP and BWID to provide BCM with increasing recurring dividend income over the next three years.
Residential sales over the next two years will mainly come from planned bulk sales of about 25 hectares at Binh Duong New City project. Nevertheless, we note that tightening funding conditions and cautious buyer sentiment in 2H2026 could pose downside risks to transaction progress, revenue recognition and cash collections for BCM.
BCM’s leverage improved in 2025, with Debt/EBITDA declining to 4.4x from 5.9x in 2024 and EBIT/ Interest rising to 2.2x from 1.7x in 2024. In the next 12-18 months, we expect gradual leverage improvement, supported by EBITDA growth outpacing debt growth and the corporation’s planned equity issuances.
Meanwhile, the rating remains constrained by BCM’s weak operating cash flow (CFO) due to its large capital expenditure spending. CFO remained negative in 2025 because of inventory and project development spending. Going forward, BCM plans to invest around VND12 trillion over the next five years in industrial parks and infrastructure projects, further constraining its CFO.
According to the management, BCM plans to raise equity through the issuance of around 150 million shares annually to support its investment plan over the next five years. We note that the corporation’s equity public offering in 2025 was delayed due to market conditions. Further delays in equity issuance will increase debt reliance and weaken credit metrics of the corporation.
We assess liquidity risks as manageable over the next 12–18 months, supported by its land sales and leasing proceeds, dividends from VSIP, planned bond and equity issuance and strong banking access. The corporation’s long-standing relationships with state-owned and major private banks provide significant refinancing flexibility when needed.
Factors That Could Lead to an Upgrade/Downgrade
Rating methodology
Non-Financial Corporates Rating Methodology.
For more detailed information, please refer to our full credit rating methodology at: here
Credit rating history
| Date | Rating type | Rating | Outlook | Action |
|---|---|---|---|---|
| 24 July 2026 | Long-term issuer credit rating | A | Stable | Affirm |
| 1 August 2025 | Long-term issuer credit rating | A | Stable | First-time assignment |
Regulatory disclosures
For further specification of VIS Rating's Rating Symbols and Definitions, please see: here
BCM’s ownership stake in VIS Rating: 0%
The ownership ratio of BCM held by VIS Rating’s staff: 0%
Cases in which analysts and credit rating council members cease their participation in the credit rating contract before the contract expires and the reason for the cessation: 0
VIS Rating adheres to a stringent independence policy by current regulations governing the provision of credit rating services in Vietnam. This commitment extends to compliance with our conflicts-of-interest policy, aiming to uphold objectivity and independence when expressing opinions on credit ratings.
The rating has been disclosed to the rated entity or its designated agent(s) and issued with no amendment resulting from that disclosure.
This rating is solicited.
Regulatory disclosures contained in this rating announcement apply to the credit rating and, if applicable, the related rating outlook or rating review.
Please see https://visrating.com for any updates on changes to the lead rating analyst and to the VIS Rating's legal entity that has issued the rating.
Please see the rating tab on the issuer/entity page on https://visrating.com for additional regulatory disclosures for each credit rating.
Analyst & Committee
Primary Analysts
Rating Committee Members
Credit Rating Announcement Number
Public credit rating announcement no: VN3700145020-002-240726
Disclaimer
VIS Rating’s credit ratings, assessments, other opinions, and publications are not intended for use by non-professional investors and it would be reckless and inappropriate for non-professional investors to use VIS Rating’s credit ratings, assessments, other opinions or publications when making an investment decision. If in doubt you should contact your financial or other professional adviser.