Management said the state ownership reduction would be implemented in phases, drawing lessons from earlier divestment efforts between 2018 and 2020 and taking into account legal requirements and market conditions.

Under a prime ministerial decision issued in June 2024, the state's ownership target in Becamex was lowered to 65% for the 2024-2025 period from 95% previously.

To support investment needs, the company plans to increase charter capital by VND1.45 trillion ($55.08 million) in 2026 through a share issuance funded by retained earnings as payment of its 2025 dividend.

Executives said future reductions in the state's stake could be achieved either through divestments or new share issuances that dilute government ownership, although any capital increase would require approval from multiple authorities.

Becamex is also awaiting new regulations on the classification of state-owned enterprises for 2026-2030. If it is reclassified into a category where the state holds 50% of equity, approval authority for certain corporate actions would shift to the Ho Chi Minh City People's Committee, potentially shortening administrative procedures. This regulation is expected to be issued in early July 2026.

The company expects to complete legal procedures for its planned stock dividend in the third quarter after obtaining opinions from the Ministry of Finance and approval from the Prime Minister.

For the longer term, Becamex aims to maintain state ownership above 60% through 2030. However, management said it could propose reducing the stake below that threshold if market conditions are favorable and capital raising progresses as planned.

The capital restructuring is intended to support an investment program worth about VND65 trillion ($2.47 billion), including strategic projects, while helping the company pursue its goal of reaching a market capitalisation of $15-20 billion by the end of the decade.

Separately, shareholders approved a 2026 business plan targeting consolidated revenue of VND10.23 trillion ($388.83 million) and net profit of over VND3.88 trillion ($147.59 million), representing increases of 4% and 10%, respectively, from 2025.

However, preliminary results for the first half suggest the company remains well short of those targets. CEO Nguyen Hoan Vu said Becamex expects first-half revenue of about VND2.48 trillion ($94.26 million) and net profit of VND292 billion ($11.1 million), equivalent to roughly 24% of its annual revenue target and 7.5% of its full-year profit goal.

Becamex IDC is one of Vietnam’s largest industrial real estate developers, with a sizeable land bank across key economic regions.

VSIP, a joint venture between Becamex IDC and Singapore’s Sembcorp, developed its first IP in the southern province of Binh Duong in 1996. As of 2025, its portfolio comprised around 20 IPs covering a combined 12,000 hectares across Vietnam.