Credit Rating Result
Note: On 19 August 2026, Vietnam Investors Service and Credit Rating Agency Joint Stock Company (VIS Rating) revised the Rating Announcement dated 24 July 2026 to reflect the change in the bond code from BCM12601 to BCML12601 in accordance with the new regulations of the Vietnam Securities Depository and Clearing Corporation (VSDC). The revision can be found on Page 6 herein.
Hanoi, 24 July 2026 - Vietnam Investors Service and Credit Rating Agency Joint Stock Company (VIS Rating) has assigned an A bond rating to Becamex Investment and Industrial Development Group’s (short name: BCM) proposed three-year VND710 billion senior secured bonds. The outlook on the ratings is stable.
The bond rating is based on our review of the draft bond offering prospectus, terms and conditions of the bond issuance, and other relevant documents. BCM intends to use the bond proceeds to repay its existing short-term debt obligations.
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in this announcement is effective from the date of the announcement and remains in effect unless and until it is superseded by a subsequent rating action.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 A senior secured bond rating is underpinned by BCM’s ‘Above-Average’ standalone assessment and A long-term issuer rating.
The senior secured bonds constitute direct, senior and secured obligations of BCM, and will rank pari passu with the corporation’s other senior secured obligations. The senior secured bond rating is aligned with the A issuer rating, reflecting the preponderance of secured debt in its debt structure.
Proceeds of the proposed three-year VND710 billion senior secured bond (bond code: BCML12601) will be used to repay existing short-term debt obligations, including bank borrowings at Joint Stock Commercial Bank for Investment and Development of Vietnam – Binh Duong Branch (BIDV Binh Duong) and Vietnam Joint Stock Commercial Bank for Industry and Trade – Dong Nai Branch (VietinBank Dong Nai). The transaction will help extend BCM’s debt maturity profile and reduce near-term refinancing pressure. BCM intends to issue the bond in August 2026.
The bond is secured by land-use rights and related assets associated with 49 land lots in Binh Duong New City project owned by BCM. As of 2 July 2026, the collateral assets were valued at around VND1 trillion in total, equivalent to 143% of the bond principal.
BIDV Binh Duong has been appointed as the collateral management agent, while Shinhan Securities Vietnam Company Limited (Shinhan Securities Vietnam) will act as the bondholder representative and issuance agent. Shinhan Securities Vietnam is responsible for monitoring BCM’s compliance with the terms and conditions of the bonds, notifying bondholders of any breach of the bond terms and conditions, and coordinating with the collateral management agent and bondholders in collateral liquidation.
We note that recoveries from collateral liquidation in the event of default depend on the market valuation of the pledged real estate assets, which may be affected by investor sentiment, protracted negotiations, and legal delays.
According to management, BCM intends to meet its bond obligations using operating cash flow from industrial land leasing, urban and residential land sales, dividends and profit distributions from subsidiaries and associates.
BCM is required to maintain collateral coverage of at least 143% of outstanding bond principal throughout the bond tenor, and to restore compliance by topping up collateral or repurchasing bonds if breached.
BCM’s A long-term issuer rating reflects its ‘Above-Average’ standalone assessment, underpinned by its ‘Above-Average’ scale, ‘Strong’ business profile, ‘Very Strong’ profitability and efficiency, and ‘Average’ leverage and coverage profile.
BCM is a state-owned group in Vietnam specializing in investing, developing, and managing industrial parks integrated with residential and urban services. Over the past three decades, the company has built one of the country’s largest industrial real estate portfolios through direct investments, strategic tie-ups, and joint ventures with both local and foreign partners, most notably VSIP.
Over the next 12-18 months, revenue is projected to grow by around 18%yoy, underpinned by both industrial land leasing and residential bulk sales. We expect gradual leverage improvement, supported by EBITDA growth outpacing debt growth and the corporation’s planned equity issuances. However, the rating remains constrained by BCM’s weak operating cash flow (CFO) due to its large capital expenditure spending. We assess liquidity risks as manageable over the next 12–18 months, supported by its land sales and leasing proceeds, dividends from its affiliates, planned bond and equity issuance and strong banking access.
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 | Bond code | Maturity | Outlook | Action |
|---|---|---|---|---|---|---|
| 24 July 2026 | Senior secured debt rating | A | BCML12601 | 3 years | 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: VN3700145020-003-240726
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.