AsemconnectVietnam - In the future, after including the old Binh Duong in the new city planning, BECAMEX IJC's land fund will directly benefit from the revaluation of the land fund.

This is the sharing of Ms. Vo Thi Huyen Trang, Member of the Board of Directors, and Deputy General Director, BECAMEX IJC Technical Infrastructure Development Joint Stock Company (IJC - HOSE) in the program Dialogue on real estate and infrastructure industry between SSI Research experts and BECAMEX IJC representatives.
Profit point in the second half of the year, confident in completing the 2025 plan
In the first half of 2025, IJC only achieved 33% of the profit after tax plan, mainly from the segment that brings in stable cash flow, which is BOT toll collection. IJC's profit point is in the second half of 2025, focusing on accounting for profits of projects under implementation.
According to Ms. Trang, the Company's profits will be contributed mainly by real estate business activities, traffic toll collection and other business activities such as asset leasing, subsidiaries and associated companies.
"The Company's key real estate projects are expected to record profits in the last 6 months of 2025, which is the basis for IJC to believe that it will complete the set plan," Ms. Trang said.
In 2025, IJC set a target of VND990 billion from real estate business activities, mainly from two projects: Sunflower expansion and IJC Hoa Loi residential area. Of which, the Sunflower 2 project is planned to be 11.2 hectares, including 87 Five-star luxury villas and 1,442 luxury apartments. The construction area is about 5.2 hectares.
Currently, the Sunflower 2 project has completed the legal phase 1 of the project, which is 87 villas. Construction and handover of houses to customers will fall in late 2025 and early 2026 according to the progress of the sales contract. In phase 2, 2025 - 2026, the project will complete legal procedures and start construction of 3 18-storey apartment blocks, 4 15-storey apartment blocks, parks and swimming pools of the apartment project.
With the 15-hectare IJC Hoa Loi project, adjacent to the VSIP 2, Dong An 2 and My Phuoc 3 and My Phuoc 4 industrial parks, which are home to thousands of experts and workers, IJC is promoting business and implementing quite well.
Mr. Ho Huu Tuan Hieu, investment strategy expert, SSI Research, sent the investor's views to the program, saying that IJC is a business with enough land fund advantages to develop sustainably in the coming years, but they also have concerns about the real estate market situation, especially in the area around industrial parks in the old Binh Duong province after many fluctuations in 2025, especially the merger with Ho Chi Minh City.
According to Ms. Trang, after the merger, the administrative abolition between Binh Duong (old) and Ho Chi Minh City will be an opportunity to integrate Binh Duong into Ho Chi Minh City, creating a shift in population and increasing income. The expanded infrastructure creates more convenient travel conditions and saves more time. People living in Binh Duong and working in Ho Chi Minh City and vice versa will also support the real estate market in the area to develop more strongly.
"In the future, after including the old Binh Duong in the new city planning, BECAMEX IJC's land fund will directly benefit from the revaluation of the land fund," Ms. Trang said, emphasizing that, not only stopping at Binh Duong province, IJC is also expanding its development space to Binh Phuoc province, now Dong Nai province. This is an area emerging as a new land of industrial and urban real estate.
Investing in many key projects, about to offer 251 million shares
At the end of August, the State Securities Commission granted IJC a certificate of registration to offer additional shares to the public. Accordingly, IJC plans to issue about 251 million shares at a price of VND10,000/share, with an exercise ratio of 3:2. The goal of raising capital is to continue investing in key and potential projects.
Specifically, for infrastructure, IJC has been present in key infrastructure projects in the Southern region. For example, the Ho Chi Minh City - Thu Dau Mot - Chon Thanh Expressway with a total investment of VND8,833 billion. Of which, IJC contributed VND530 billion, accounting for 20% of the charter capital and equity of the project. In this project, IJC will also play the role of general contractor for a 24 km long highway section. Ring Road 4 Project, with a total investment of VND11,743 billion. Of which, IJC will contribute VND1,608 billion, accounting for 36% of equity. In this project, IJC will also be the general contractor for a length of 19.15 km from VSIP Industrial Park to Saigon River.
Along with that are projects to adjust the BOT project to upgrade and expand National Highway 13 with a total investment of VND1,477 billion. In this project, BECAMEX IJC is the main investor and the toll collection period is expected to be extended to 2047.
“With the Government's policy of expanding regional connectivity, the Northwest area of Ho Chi Minh City will be the main artery for provinces to trade goods to border ports, which is the basis for the leadership to believe that investing in the Ho Chi Minh City - Thu Dau Mot - Chon Thanh Expressway and Ring Road 4 projects will bring very high efficiency in the current period and in the future,” said Ms. Trang.
In addition, IJC will also continue to invest in Binh Phuoc Infrastructure Development Joint Stock Company and infrastructure investment enterprises.
BECAMEX Binh Phuoc has approved a plan to increase charter capital. Currently, with IJC's equity ownership in Binh Phuoc at 31.77%, IJC plans to contribute an additional VND715 billion in the capital increase of BECAMEX Binh Phuoc to maintain the ownership ratio.
Ms. Trang said that this is an industrial park investment company, with an area of about 4,633 hectares for residential and industrial areas. This project has a lot of potential with low rental prices, convenient location, and especially when the Ho Chi Minh City - Thu Dau Mot - Chon Thanh expressway is put into operation.
Mr. Hieu added that BECAMEX Binh Phuoc is an industrial park in a locality that is relatively new in attracting FDI in recent years. Looking back about 5-6 years ago, the area where IJC was operating was the old Binh Duong province - one of the focal points for attracting FDI in this area and causing rental prices in historical growth periods to be very high.
However, along with the development of infrastructure and the increase in rental prices in traditional areas such as Dong Nai or the old Binh Duong - also shows the spread of FDI capital seeking opportunities from other localities. In such a perspective, we begin to see industrial parks with a relatively good occupancy rate in new localities such as the old Tay Ninh province or Binh Phuoc province.
N.Nga
Source: VITIC/Tinnhanhchungkhoan