Credit Rating Result
Hanoi, 19 October 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 VND1.2 trillion senior unsecured bonds. The rating outlook is stable.
The bond rating is based on our review of the draft bond offering prospectus, terms and conditions, issuance plan, and other relevant documents. BCM intends to use the proceeds to refinance existing 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in this announcement is effective from the date of the announcement and remains in effect unless and until it is superseded by a subsequent rating action.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
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| Other consideration | Negative | Stable | Positive |
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| Low | Moderate | High | Very High | Extremely High | |
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Rating rationale
The A- rating on BCM’s proposed senior unsecured bonds is one notch below its A issuer rating and senior secured bond rating. The notching reflects the predominance of secured debt in BCM’s capital structure and our expectation that unsecured creditors would face higher loss severity in a default.
The bonds will constitute BCM’s direct, senior unsecured obligations and rank at least equally with its other present and future unsecured and unsubordinated obligations.
BCM plans to issue the bonds in October 2026 and use the proceeds to repay VND886 billion of short-term borrowings from VietinBank’s Dong Nai Branch and VND314 billion from BIDV’s Binh Duong Branch in the fourth quarter of 2026.
Management expects to service the bonds with cash flow from industrial park land leasing and related services, residential land sales, and dividends and profit distributions from subsidiaries, joint ventures and associates.
The bonds will be unsecured at issuance. Under the draft terms, BCM plans to secure them subsequently with land-use rights and related assets over seven land lots in the Binh Duong New City project.
The collateral arrangement is expected to be in place within 30 business days after an eligible collateral management agent is appointed. The appointment is expected in December 2026, although the bondholder representative may allow more time.
Our A- rating does not give credit to the proposed collateral because no legally binding collateral agreement will be in place at issuance. Even after the collateral arrangement is legally established and enforceable, recoveries would depend on the collateral’s value and the effectiveness and timing of enforcement. Real-estate recoveries could be constrained by market conditions, protracted negotiations and legal delays.
BCM has appointed MB Securities Joint Stock Company (MBS) as adviser, issuing agent and bondholder representative. MBS will monitor compliance with the bond terms, notify bondholders of breaches and, once the collateral arrangement is in place, coordinate any collateral enforcement on their behalf.
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 |
|---|---|---|---|---|---|---|
| 19 October 2026 | Senior unsecured debt rating | A- | BCML12602 | 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: VN3700145020-004-191026
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.