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INVESTMENT AND INDUSTRIAL THE SOCIALIST REPUBLIC OF VIETNAM

DEVELOPMENT JOINT STOCK Independence - Freedom - Happiness
CORPORATION --------------
--------------

DISCLOSURE OF INFORMATION ON THE ELECTRONIC PORTAL OF

THE STATE SECURITIES COMMISSION AND HO CHI MINH STOCK
TỔNG CÔNG EXCHANGE
Digitally signed by TỔNG CÔNG TY
ĐẦU TƯ VÀ PHÁT TRIỂN CÔNG

TY ĐẦU TƯ VÀ
NGHIỆP – CTCP
DN: C=VN, S=BÌNH DƯƠNG, L=TDM,

PHÁT TRIỂN To: The State Securities Commission

CN=TỔNG CÔNG TY ĐẦU TƯ VÀ
PHÁT TRIỂN CÔNG NGHIỆP – CTCP,

Ho Chi Minh Stock Exchange

OID.0.9.2342.19200300.100.1.1=
MST:3700145020
CÔNG NGHIỆP Reason: I am the author of this document
Location:
Date: 2025.04.20 15:16:52+07'00'
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Investment and Industrial Development Joint Stock Corporation (Stock symbol:

BCM)
Head Office Address: 9th Floor, WTC Tower, No 01 Hung Vuong street, Hoa Phu
ward, Thu Dau Mot city, Binh Duong province, Vietnam.
Telephone: 0274 3822 655 Fax: 0274 3822 713

Submitted by:
1. Mr. Nguyen Van Hung – Chairman of the BOD – Legal representative.
2. Mr. Pham Ngoc Thuan – General Director – Legal representative.

Telephone: 0274 3822 655 Fax: 0274 3822 713

Information disclosure:
X Periodic 24h 72h On demand Other

Content of information disclosure:

Investment and Industrial Development Joint Stock Corporation hereby
discloses information regarding the Annual Report for 2024.

This information was published on the corporation’s website on …/…/2025,

20 4 as
in the link http://www.becamex.com.vn, under the section "For Shareholders -
Information Disclosure.

We hereby certify that the information provided is true and correct and we bear
the full responsibility to the law.

Attached: April 20 th, 2025

January th, 2025

The Annual Report 2024. Information Disclosure Officer

PHAM NGOC THUAN

BM-TC-10-25040029
INVESTMENT AND INDUSTRIAL DEVELOPMENT JOINT STOCK CORPORATION
ANNUAL REPORT

THE KEY TO GROWTH

NEW INDUSTRIAL ECOSYSTEM

1
 ABBREVIATIONS

BCM/Becamex IDC/ : Investment and Industrial Development

The Corporation Joint Stock Corporation
FS : Financial Statements

JSC : Joint Stock Company

GSM : General Meeting of Shareholders

BOD : Board of Directors

SB : Supervisory Board

GDP : Gross domestic product

CPI : Consumer price index

PAT : Profit After Tax

LLC : Limited Liability Company

SLLC : Single-Member Limited Liability Company

Dept : Department

2 ANNUAL REPORT 2024 3

 MESSAGE FROM
THE CHAIRMAN OF THE BOARD

Dear Shareholders and Partners,

During a period of vigorous industrial transformation, where green, smart,
First and foremost, on behalf of the Board of Directors, I would like to extend
and sustainable factors are becoming mandatory standards, modern
my heartfelt thanks to all our shareholders and partners who have always
Industrial Parks need to integrate 4.0 technology, production automation,
trusted and accompanied us over the years.
and compliance with ESG (Environmental, Social, and Governance) standards
After more than 40 years of formation and development, Investment and to get ahead in the race to attract FDI globally.
Industrial Development Joint Stock Corporation (Becamex IDC Corporation)
Catching up with the new trend, Becamex IDC has cooperated with the World
has been striving to achieve many achievements in production and business
Bank to develop an ecological Industrial Park in Vietnam according to the
activities, brand building, demonstrating solid bravery with stable financial
international EIP 2.0 framework. We commit to creating new momentum for
capacity, and good resilience in the context of a volatile global economy in
the sustainable development of Binh Duong province’s economy in particular
the past year.
and the key economic region throughout the country.
In the past year, in order to attract investors in the field of high-tech
In order to implement the set goals, Becamex IDC Corporation will continue
manufacturing such as electronics and semiconductors, Becamex IDC has
to strive, unite, innovate, promote the spirit of innovation and creativity,
developed a new generation of industrial ecosystems with advanced shared
apply science and technology, promote cooperation and association with
infrastructure for research, development, pilot production, and large-scale
domestic and foreign partners, contributing to promoting socio-economic
production in ecological industrial parks, integrating a renewable energy
development not only of Binh Duong province but also in many localities
platform. With this comprehensive approach, Becamex IDC not only attracts
across the country in accordance with the development orientation of the
FDI but also creates sustainable value, affirming its pioneering position in
Government and the cooperation program between Binh Duong province
the field of industrial real estate development in Vietnam.
and other provinces and cities.
Our success is a testament to continuous efforts and commitment to
We will constantly strive to make Becamex IDC a symbol of innovation
sustainable development. Becamex IDC has built thousands of kilometers
and sustainable development, contributing to the prosperity of the
of intra-provincial roads, expanded inter-regional connecting routes, built
region and the country. Together, we build a future where every step
international hospital and school systems, social housing projects for
forward brings profound value and meaning to the community and
workers, as well as urban areas and green industrial parks. This not only helps
society. Sincerely thank you for your trust and support.
create a modern living environment but also contributes to the prosperity
of the economy and the national budget.

4 ANNUAL REPORT 2024 5

 “
FOREWORD
ANNUAL REPORT

“Having spent over four decades diligently cultivating, Becamex

IDC plays a key role in the socio-economic development and proud
industrialization of Binh Duong province as well as many localities
across the country. With a strategic vision towards development
according to sustainable criteria, Becamex IDC always maintains the
spirit of “Pioneer” in developing industrial and urban infrastructure
in Vietnam. Thanks to that, Becamex IDC affirms itself as one of the
leading and pioneering enterprises in creating sustainable value
for the development of the community, economy, environment and
society”
Not only stopping at expanding the scale, modern industrial park
need to integrate 4.0 technology, automate production and comply
with ESG (Environment - Society - Governance) standards to lead the
race to attract FDI in the world. In the past year, Becamex IDC has
cooperated with the World Bank to develop an ecological industrial
park in Vietnam according to the international EIP 2.0 framework
demonstrating its determination to build a “New generation
industrial ecosystem - Key to reaching out” in the current economic
period. This is not only an important step forward in building a modern
industrial park, but also affirms Becamex’s pioneering role in applying
the world’s leading sustainable development standards, creating a
superior competitive advantage in attracting FDI, affirming Becamex
IDC’s position on the industrial map of Vietnam and the region.
Becamex IDC looks forward to receiving sincere comments from
Shareholders, Investors, Partners, General Corporation employees
and readers so that the content of Becamex IDC’s subsequent reports
will become more complete.

6 ANNUAL REPORT 2024 7

 TABLE OF CONTENTS

01
GENERAL INFORMATION
12 General information
16 Vision, Mission, Core Values
04
CORPORATE GOVERNANCE
104 Report of Board of Directors
112 Board of Directors
18 Establishment and development process 120 Supervisory Board
22 Achievements and Commendations of the Corporation 140 Transactions, remuneration and benefits of the
Since Its Inception Board of Directors, Supervisory Board and Board of
24 Highlights of 2024 Management
26 Key Highlights
30 Business lines and locations of the business
36 Information about governance model, business organiza-

05
tion and managerial apparatus
48 Development orientations
52 Risks
SUSTAINABLE DEVELOPMENT
REPORT
62 Board of Management Information
154 Sustainable Development activities at
Becamex IDC in the year 2024

02
OPERATIONS IN THE YEAR
72 Financial Summary
80 Investment activities, project implementation
86 Shareholders structure, change in the owner’s equi-
ty

06
2024 FINANCIAL STATEMENTS

03
REPORT BY THE BOARD OF
MANAGEMENT
90 Assessment of operating results
94 Financial Situation
99 Business plan for 2025
99 Explanation of the Board of Management for
auditor’s opinions
100 Assessment Report related to environmental and
social responsibilities of the Corporation

8 ANNUAL REPORT 2024 9

 GENERAL
INFORMATION
1
10 ANNUAL REPORT 2024 11
 GENERAL INFORMATION

Corporation Name: INVESTMENT AND INDUSTRIAL DEVELOPMENT JOINT Telephone: 02743822655

STOCK CORPORATION
Fax: 02743822713
Trading name: INVESTMENT AND INDUSTRIAL DEVELOPMENT JOINT STOCK
Website: www.becamex.com.vn
CORPORATION
Email: info.becamex@gmail.com
Abbreviated name: Becamex IDC Corp.
Stock code: BCM
Business Registration Certificate No: 3700145020 issued by the Department
of Planning and Investment of Binh Duong province for the first time on June Corporation Logo:
3, 2010, changed for the eighth time on November 22, 2023.

Charter capital: VND 10,350,000,000,000

Address: 9th Floor, WTC Tower, 1 Hung Vuong Street, Hoa Phu Ward, Thu Dau
Mot City, Binh Duong Province, Vietnam.

12 ANNUAL REPORT 2024 13

 GENERAL INFORMATION
NEW BRAND IDENTITY SET BECAMEX IDC

The Apex
Symbolising Becamex as the pioneer
and leader in industrial deverloper.

Structural and morden sans serif Forward arrow

Professional, credible. Symbolising progress &
future-forward.

The forward arrow symbol created from the letters E and X is a sign of a
development process and a vision towards the future

The Becamex logo consists of a specially created typeface and the Apex
symbol – Peak Status represented by the letter “A” in the middle.

Using a warm color palette, the logo is designed with the dominant
orange color and supported by purple, the new identity evokes the
strength, power and positive spirit of the new brand..

14 ANNUAL REPORT 2024 15

 VISION, MISSION, CORE VALUES

CORE
VALUES
VISION PIONEERING
Constantly exploring new areas MISSION
for continuous development

At Becamex, our success stems

To become a leading developer of from our mission to support,
INNOVATE Flexibly adapt and innovate
industrial and urban real estate, connect, promote, develop, and
continuously for growth
contributing to the economic and foster common prosperity, while
social growth of Vietnam shaping sustainable values for the
Always act for the benefit of community.
RESPONSIBILITY people, businesses and the
community.

Empowering people and

PEOPLE-
respecting relationships,
ORIENTED
friendly cooperation

Dedicating with the spirit

DETERMINATION
of progress and promoting
collective strength.

16 ANNUAL REPORT 2024 17

 ESTABLISHMENT AND DEVELOPMENT PROCESS
The Investment and
Industrial Development
The Investment and Company (Becamex
Industrial Development IDC) transforms into the
Joint Stock Corporation Industrial Investment
(Becamex IDC), initially and Development
the Ben Cat General Corporation operating
Trading Company under the Parent -
(Becamex), was Subsidiary model, with
established, primarily the parent company as
focusing on purchasing, a one-member limited
processing agricultural company.
products, and
distributing consumer
goods.
The Investment Becamex IDC transi- After nearly 50 years
The Ben Cat General
and Industrial tioned into a joint-stock of construction
Trading Company
Development company, now known and development,
merged with provincial
Company (Becamex as the Investment and Becamex IDC has
companies to form
IDC Corp) was Industrial Development now become the
the Song Be Province
established, Joint Stock Corporation. leading prestigious
Trading – Import and
restructuring and Industrial and
Export Company
reorganizing the Urban Real Estate
(Becamex), with the
activities of the Developer in
Ben Cat General Trading
Trading – Investment In a significant step Vietnam.
Company as its core,
expanding its functions and Development marking the beginning
and scope. Company (Becamex). of a new chapter,
Becamex IDC launched
its new brand identity.
The company
On July 31, 2020, the
officially changed
BCM stock was officially
its name to the
listed on HOSE.
Trading – Investment
and Development
Company (BECAMEX
1976 Corp). 2010
2006 2023
1999 2020

1992 2018

18 ANNUAL REPORT 2024 19

 ESTABLISHMENT AND DEVELOPMENT PROCESS

Throughout its establishment and development, Becamex IDC has invested in and
established subsidiary companies to increase its competitiveness. Today, it has 24 subsidiaries
operating in various fields: construction, trade, real estate, services, telecommunications 2019

10,350
and information technology, concrete production, building materials, mineral extraction,
electricity, ports, healthcare, and education
2018

CHANGES IN CHARTER CAPITAL OVER THE YEARS 10,125

2013

8,500
2011

5,500
2010

2,143
2006

797
2005

213

20 ANNUAL REPORT 2024 21

 ACHIEVEMENTS AND COMMENDATIONS OF THE
CORPORATION SINCE ITS INCEPTION

2022 2023 - 2024

Top 50 Best Listed Companies in Vietnam
Top 50 Best Listed Companies in Vietnam
For the second consecutive year, Forbes Vietnam recognized Becamex IDC as one of the 50 For the third consecutive year, Forbes Vietnam recognized Becamex IDC as one of the 50
best-listed companies. best-listed companies.

Title of The Most Reputable Industrial Real Estate Company in Vietnam

For two consecutive years, Becamex IDC has maintained its position at the top of the ranking.
The recognition ceremony was organized by Vietnamnet, in collaboration with Vietnam Re-
port JSC and media partners.

2021 Top 1 Most Reputable Industrial Real Estate Company in Vietnam

Top 50 Best Listed Companies in Vietnam 2021 Receiving the title of Vietnam’s most reputable Industrial Real Estate Company for the 4th
consecutive time after three years 2021, 2022 and 2023.
Forbes Vietnam magazine, in collaboration with partners, recognized Becamex IDC in the top
50 best-listed companies with excellent business results.

Ranking at the top of the most reputable industrial real estate companies

Recognized by Vietnamnet newspaper, in collaboration with Vietnam Report JSC and media
partners, based on three criteria: financial capacity, media reputation, and stakeholder surveys.

Top 1 Global Smart Community by ICF in 2023

2019
Certificate of Commendation from the Vietnam Chamber of Commerce and Industry (VCCI)

Awarded to Becamex IDC for its positive contributions to the Southern Key Economic Region.

2018
Commendation Flag from the Bình Dương Province Committee of the Communist Party,
People’s Council, People’s Committee, and Vietnam Fatherland Front

Awarded to Becamex IDC on the occasion of its 30th anniversary.

22 ANNUAL REPORT 2024 23

 HIGHLIGHTS OF 2024

BECAMEX IDC AND CAPITALAND COMMENCE

THE SYCAMORE BINH DUONG PROJECT

On February 28, the consortium of Becamex

IDC and CapitaLand Group (Singapore)
held the groundbreaking ceremony for The
Orchard subdivision of the Sycamore Binh
Duong Project.

OPENING OF THE ECONOMIC COOPERATION

FORUM HORASIS CHINA 2024

On the morning of April 15, at the Binh Duong

Province Convention and Exhibition Center,
the Opening Ceremony of the Horasis China
Meeting 2024 took place. This is the first
important international event held in 2024
after 4 times of holding the Horasis Asia
Economic Cooperation Forums in 2018, 2019,
NET ZERO CONFERENCE BETWEEN 2023 and Horasis India 2022 in Binh Duong.

VIETNAM AND THE UNITED STATES

Especially at the event, Becamex IDC
Corporation and Sunwah Group signed a

On the morning of January 18, at the Binh memorandum of understanding to promote

Duong Province Convention & Exhibition Center, specific cooperation programs related to the

Becamex IDC Corporation and the Consulate comprehensive development between the

General of the United States in Ho Chi Minh City two parties, towards important fields such as

jointly organized the Net Zero Conference with innovation, digital transformation, technology

the theme: “Vietnam - U.S. Cooperation towards development, sustainable development, net

Net Zero, Energy saving and emission reduction zero, and ensuring shared prosperity.

for sustainable industry”.

24 ANNUAL REPORT 2024 25

 HIGHLIGHTS OF 2024 THE ELECTRICITY AND ENERGY EXHIBITION 2024 AND
AUTOMATION VIETNAM 2024
THE AWARD FOR THE MOST REPUTABLE
INDUSTRIAL REAL ESTATE COMPANY IN VIETNAM
On September 25, 2024 at WTC BDNC, the
Electricity and Energy Exhibition 2024 and the

On the afternoon of April 24, 2024, in Hanoi, Vietnam Automation Exhibition 2024 opened at

Vietnamnet Newspaper, along with Vietnam the WTC Expo Binh Duong International Exhibition

Report Joint Stock Company (Vietnam Report) Center with the participation of domestic and

and media partners, held the Honoring Ceremony foreign units, organizations, and businesses.

for the Top 10 reputable industrial real estate The Electricity and Energy Exhibition 2024
companies in 2024. Among them, Becamex IDC is organized by KOEMA (Korea Electrical
Corporation was the leading unit in the Top 10 for Manufacturers Association), KEPCO (Korea Electric
4 consecutive years. Power Corporation), and COEX (Korea Exhibition
Convention Center) to introduce sustainable
energy solutions, efficient energy management,
and distribution.

COOPERATION PROGRAM FOR DEVELOPMENT The Vietnam Automation Exhibition 2024,

WITH SOUTH KOREA organized by COEX, KOSMO (Korea Smart
Manufacturing Office), and Becamex IDC
Corporation, is held in coordination with strategic
On the morning of May 17, within the framework of partners both domestically and internationally.
the 6th “Meet Korea” Conference, a memorandum
Also on the same day, Becamex IDC and LS Electric
of cooperation was signed between Binh Duong
signed a Memorandum of Understanding for
and its Korean partners to promote urban
cooperation.
development, public infrastructure, digital
transformation, and cultural industries in Binh
Duong province. BECAMEX IDC HOSTS THE GOVERNOR’S DELEGATION AND
Vietnam Technology and Communications Joint REPRESENTATIVES OF THE YAMAGUCHI PROVINCIAL COUNCIL
Stock Company, a member of Becamex IDC, and
Orion Vina Food Company signed a cooperation
agreement and launched the smart factory On the morning of December 18, Yamaguchi

project of Orion Vina Company at My Phuoc 2 Prefecture Governor Muraoka Tsugumasa and

Industrial Park. his delegation visited and worked at Becamex

IDC. The delegation was received by Mr. Nguyen
World Trade Center Binh Duong New City and
Van Hung, Chairman of the Board of Directors of
the Korea Creative Content Agency (KOCCA)
Becamex IDC.
Vietnam continued to sign an agreement to
promote the cultural industry and expand the
fields of animation, game design, and information
technology.

26 ANNUAL REPORT 2024 27

 KEY
HIGHLIGHTS
Return on Assets
Return on Equity
Charter capital 4.27%
10,350 11.93%
billion VND
After-tax
profit
Equity
2,395 20,679
Total revenue
billion VND
Total assets
7,383 billion VND

58,781
billion VND
billion VND

28 ANNUAL REPORT 2024 29

 BUSINESS LINES

1
INDUSTRIAL PARK DEVELOPMENT
2
RESIDENTIAL AND COMMERCIAL REAL
ESTATE DEVELOPMENT
4
SERVICE INFRASTRUCTURE

This is the core business area of the corporation. One-stop Services: A one-stop mechanism is implemented across administrative levels, streamlining
Over the past three decades, Becamex has Residential projects are developed in public services, including provincial administrative centers, modern one-stop counters at the district
developed a network of integrated industrial strategic locations with diverse amenities, and commune levels, improving efficiency and satisfaction for residents and businesses.
and urban parks across Binh Duong and serving various market segments. Aimed On-site Customs: Customs offices are located in industrial parks managed by Becamex IDC, offering
Vietnam, from north to south. All industrial at enhancing the living standards of local electronic customs services for investors and businesses.
parks are built in an integrated manner with residents, Becamex has invested in developing Firefighting: Industrial parks are equipped with firefighting equipment, including booster pumps,
urban areas and services, serving as models uniformly planned urban and residential areas water tanks, and hydrants. Firefighting teams are on standby 24/7.
with complete infrastructure, designed near industrial zones, such as My Phuoc, Thoi Security: Industrial parks feature professional security systems, 24/7 personnel, and surveillance
to be green and environmentally friendly, Hoa, Bau Bang Residential Areas, and VietSing cameras, ensuring maximum safety for the entire area.
and ensuring long-term and sustainable Residential Area. Becamex, in collaboration
development. This pioneering model by with subsidiaries and partners, has also
Becamex creates ideal living and working invested in mid-to-high-end commercial

5
environments for residents, workers, and projects like hotels, restaurants, and shopping
investors. The industrial parks have now centers, contributing to urban renewal and
expanded to other provinces, including Quang providing housing and workplaces, along with
Ngai, Bac Ninh, Hai Phong, Nghe An and etc. amenities. This has also offered consumers
opportunities for shopping and entertainment
in a convenient and modern environment, TECHNICAL INFRASTRUCTURE
enhancing quality of life.
Electricity Supply: A 500MVA substation and a 220kV national grid deliver power to lot boundaries,
ensuring stable supply for investors and residents.

3
Water Supply: Industrial parks have complete water supply systems, delivering directly to each
factory, with sufficient pressure and flow. Additional booster pumps, tanks, and hydrants are
installed in each zone.
Transport: Becamex ensures seamless connectivity between its projects and international gateways
such as ports and airports. It has invested in expanding QL13 with 2 additional lanes, sidewalks,
greenery, and drainage, connecting Binh Duong’s industrial parks to main routes leading to Binh
HEALTHCARE AND EDUCATION SERVICES Phuoc and the Central Highlands. The 6-lane My Phuoc - Tan Van road connects industrial parks to
key southern economic zones, reducing transport time to ports and airports to about 30 minutes,
These are strategic, long-term areas for Becamex, supporting social welfare and sustainable develop-
significantly lowering costs.
ment for Binh Duong. In education, Becamex developed and launched Eastern International Universi-
Wastewater Treatment: Industrial parks have centralized wastewater treatment plants with large
ty (EIU) on October 3, 2011, to supply a future-ready workforce for Binh Duong and the region, aiming
capacities, meeting standards before discharge.
to be a knowledge hub for innovation and technology transfer through partnerships with leading
Telecommunications: VNTT, a Becamex subsidiary, manages telecom infrastructure across its
universities and corporations. In healthcare, Becamex has launched My Phuoc General Hospital and
industrial parks, offering fiber-optic connections to telecom applications and private leased
Becamex International General Hospital, each with modern equipment, and highly skilled medical
channels. Phone lines are installed to lot boundaries, and IDD, VoIP, and ADSL services are available.
staff, improving healthcare quality for investors, workers, and the community.

30 ANNUAL REPORT 2024 31

 BUSINESS LINES

6
CONSTRUCTION 9
SOCIAL INFRASTRUCTURE
The Group has identified this as a supporting activity that primarily serves
the development of industrial park infrastructure and real estate project Social Housing: Becamex is currently the largest social housing developer in Vietnam. The social
infrastructure. Throughout the process of construction and development, the housing projects are located in many convenient positions within the Corporation’s industrial
construction team’s capacity, particularly in the field of infrastructure, has parks and urban areas. As of the end of 2024, the Corporation has completed and handed
consistently ensured the quality and progress of many projects within the system. over 8,904 social housing units. This supply will offer apartments for sale and rental options to
meet the diverse needs of workers. Additionally, Becamex IDC continues to push forward with
the next phases of the project to better meet the demands of the community and businesses.

7 8
Education: The education system, from preschool to university, includes KinderWorld, Ngo
Thoi Nhiem Middle School and High School, and Eastern International University, which are all
operational and effectively provide high-quality human resources for businesses in Binh Duong
and surrounding areas. The system has become a knowledge hub for the new Binh Duong
PORT OPERATIONS city, as well as a place for technology transfer and research, meeting the needs of specialists.
ELECTRIC INSTALLATION AND BUSINESS

The activities related to electrical This is a new field of activity for the Culture, Sports, and Entertainment: Cultural facilities such as theaters, markets, central parks,
installation services and business aim Corporation. In this sector, Becamex community sports centers, and religious buildings are always prioritized for investment
to meet the needs of investors in the IDC will focus on developing inland and development to meet the diverse needs of the people living and working in the area.
Corporation’s industrial parks. Becamex waterway cargo transport using both
IDC will focus on transmission and motorized and manual vehicles, as Vocational Training: Several vocational training centers have been established to
distribution of electricity and solar energy well as operating inland waterway meet the needs of the local community and businesses, such as the Vietnam-
up to a voltage level of 110kV, investing ports. Additionally, the Corporation will Singapore College of Technology and the Vietnam-Korea College of Technology.
in the development of the power grid, focus on developing warehouses and
retail distribution, and the operation storage facilities for goods in bonded Retail/Services: Becamex IDC has launched several key developments, such as the Becamex Tower
and maintenance of the electricity grid warehouses, refrigerated warehouses, Shopping Center and the Becamex Hotel system, which includes the Becamex Thu Dau Mot Hotel
up to the 110kV level. Simultaneously, and managing operations at seaports and Becamex New City Hotel with a 4-star standard. Additionally, to meet the transportation needs
the construction of electrical works, and inland waterway ports. This is of the local population, Becamex IDC has launched the Becamex Tokyu Bus System (BRT), the first
specifically the installation of power expected to be a sector that opens up public transport project in Vietnam based on Japanese standards. The Binh Duong Convention
lines and substations, as well as solar many potential opportunities for the and Exhibition Center, located next to the provincial government center, spans 16,357.5 m²
energy systems, will also be carried out business in the upcoming period. (excluding open space) and is designed to meet international event standards and requirements.
by the Corporation in the year.
Healthcare: Becamex IDC provides world-class healthcare services to meet the health needs of
the local population and experts working in the region. Currently, Becamex IDC operates two
internationally accredited hospitals: Becamex International Hospital with 1,000 beds, 10 clinical
departments, and 4 subclinical departments, and My Phuoc Hospital with 500 beds, 18 specialized
departments, and 10 functional rooms.

32 ANNUAL REPORT 2024 33

 LOCATION OF BUSINESS
In previous years, Becamex IDC primarily focused on
developing industrial and urban service zones within
Binh Duong Province. However, to meet sustainable
development trends, Becamex and VSIP have expanded
projects into other provinces:

Current Projects: VSIP Bac Ninh, VSIP Hai Phong, VSIP Hai
Duong, VSIP Nghe An, VSIP Quang Ngai, VSIP Binh Đinh,
and VSIP Binh Duong.

Investment Approvals for 7 Industrial Parks: VSIP Lang Son,

VSIP Thai Binh, VSIP Quang Ngai II, VSIP Ha Tinh, VSIP Can
Tho, VSIP Quang Tri và VSIP Nam Dinh.

Commitments to Research Investments in 10 Other

Provinces: Binh Phuoc, Tay Ninh, Khanh Hoa, Quang Ngai,
Thua Thien Hue, Thanh Hoa, Nam Đinh, Ninh Binh, Hai
Duong, and Hai Phong.
4 New Projects Commenced: VSIP Can Thơ, VSIP Bac Ninh
II, VSIP Nghe An II, and Quang Tri Industrial Park.

34 ANNUAL REPORT 2024 35

 INFORMATION ABOUT GOVERNANCE MODEL, BUSINESS
ORGANIZATION AND MANAGERIAL APPARATUS

GOVERNANCE MODEL
The governance model at the Corporation includes the General Meeting of Sharehold-
ers, the Board of Directors, the Supervisory Board, the Board of Management, and
functional departments

GENERAL MEETING OF SHAREHOLDERS (GMS)

BOARD OF MANAGEMENT

The GMS comprises all shareholders and is the highest decision-making The General Director heads the Board of Management and oversees all
body of the Corporation. The General Shareholders’ Meeting convenes business operations of the Corporation; assisting the General Director are
annually to decide on matters within its authority as per the law and the the Deputy General Directors, department heads, and the Chief Accountant.
Corporation’s charter. The General Director is accountable to the law, GSM, and BOD for the
performance of assigned tasks. The functions, powers, and responsibilities
of the General Director are governed by the Corporation’s Charter and
BOARD OF DIRECTORS (BOD) regulations.

The BoD manages the Corporation’s activities. Its members are elected and FUNCTIONAL DEPARTMENTS
dismissed by the GMS, serving a 5-year term. The BOD is headed by the
Chairman. The functions, responsibilities, and powers of the Chairman and
BOD members are governed by the law, the Corporation’s charter, and the These departments fulfill their functions and tasks as as-signed, based on
BOD’s organizational regulations, which are subject to change over time. the inherited operational structure of the current organizational chart.
Currently, the BOD has 5 members, including 1 independent member of
the Board of Directors.

SUPERVISORY BOARD (SB)

The Supervisory Board, elected by the GMS, represents the shareholders to

oversee all business, management, and executive activities of the Corpora-
tion. Its members serve a 5-year term and are headed by the Head of the Su-
pervisory Board. The functions, powers, and responsibilities of the Head and
the Supervisory Board members are defined by the law, the Corporation’s
charter, and the Supervisory Board’s organizational regulations, which are
sub-ject to change over time. The current Supervisory Board comprises 3
members.

36 ANNUAL REPORT 2024 37

 INFORMATION ABOUT GOVERNANCE MODEL, BUSINESS
ORGANIZATION AND MANAGERIAL APPARATUS
MANAGEMENT STRUCTURE

GENERAL MEETING OF
SHAREHOLDERS
SUPERVISORY BOARD

BOARD OF DIRECTORS BOARD OF CAPITAL

DEVELOPMENT AND
MANAGEMENT OF
INTERNAL AUDIT
BECAMEX
BOARD OF MANAGEMENT

CHIEF ACCOUNTANT ASSISTANT’S OFFICE

Organization Economic Smart B.I.M Land Use

Production Financial Land Digital Planning Right
and and Investment Legal Production Development Becamex
Marketing Management Management
Administration Technical and Sales Transforma- Center Center Bidding Center Certificate
Dept Dept Dept Dept Dept
Dept Dept Dept tion Center Management
Center Center

ASSOCIATED UNITS

Directly report
My Phuoc Bau Bang Thoi Hoa Complex
The specified function report Industrial Industrial Industrial Development
Construction Ho Chi
& Urban & Urban & Urban Management
Enterprise Minh
Development Development Development Board Office
Enterprise Enterprise Enterprise

38 ANNUAL REPORT 2024 39

 INFORMATION ABOUT GOVERNANCE MODEL, BUSINESS
ORGANIZATION AND MANAGERIAL APPARATUS

LIST OF SUBSIDIARY UNITS AND BRANCHES

List of Subsidiaries and Affiliated Companies as of December 31, 2024

Becamex’s
Registered
No. Unit Name Address Function/Field Company Main Production and Ownership
No. Address Capital
Name Business Field Percentage
(VND)
(%)
Binh Duong Integrated Huynh Van Luy Street,
I. SUBSIDIARIES
Industrial – Service – Urban Phu Hoa Ward, Thu Dau Management and implementation of
1
Development Management Mot City, Binh Duong construction investment projects. Business and investment
Board Province Binh Duong
in infrastructure of
Trade And No. 26-27, Lot 1, Dong Khoi
residential areas and
Development Street, Hoa Phu Ward,
1 urban areas. Construction 1,000 60.70%
Room 1908-09, 19th floor, Joint Stock Thu Dau Mot City, Binh
of industrial and civil
Branch of Investment and Saigon Trade Center, 37 Company Duong Province
works. Production of
2 Industrial Development Ton Duc Thang Street, Marketing activities (Becamex TDC)
building materials
Joint Stock Corporation Ben Nghe Ward, District
1, Ho Chi Minh City Production of ready-
Becamex mixed concrete.
C1-2-3 DT6 Road, Binh
Urban Investment in
My Phuoc 1 Industrial Duong Service – Industrial
My Phuoc Industrial Management and support for investors Development construction, trading in
3 Zone, Ben Cat City, Binh 2 Complex Zone, Hoa Phu 165 51%
Development Enterprise in the industrial zone Joint Stock technical infrastructure
Duong Province Ward, Thu Dau Mot City,
Company of industrial parks,
Binh Duong Province
(Becamex UDJ) residential areas, urban
Thoi Hoa Industrial & areas, real estate business
Thoi Hoa Industrial & Urban Management and support for investors
4 Urban Zone, Ben Cat City,
Development Enterprise in the industrial zone
Binh Duong Province My Phuoc TC3 Road, My Phuoc 1
Medical examination and
3 Hospital Joint Industrial Park, Ben Cat 200 65.47%
My Phuoc 1 Industrial treatment
Bau Bang Industrial & Urban Management and support for investors Stock Company City, Binh Duong Province
5 Zone, Ben Cat City, Binh
Development Enterprise in the industrial zone
Duong Province New urban area in Binh
Eastern Duong Urban – Service –
4 International Industrial Complex Zone, Education 60 51%
Becamex Construction Thoi Hoa, Ben Cat City, Construction of infrastructure and
6 University (EIU) Thu Dau Mot City, Binh
Enterprise Binh Duong Province traffic facilities
Duong Province
Becamex
Binh Duong Avenue, Go
International
Cat Area, Lai Thieu Ward, Medical examination and
5 General 200 90%
Thuan An City, Binh treatment
Hospital Joint
Duong Province
Stock Company
Civil construction
Binh Duong
and industry. Ground
Construction
Lot G, Dong Khoi Street, leveling, construction
& Civil
Hoa Phu Ward, Thu Dau investment and business
6 Engineering 350 44.42%
Mot City, Binh Duong in infrastructure of
Joint Stock
Province residential and industrial
Company
zones. Real estate
(Becamex BCE)
business

40 ANNUAL REPORT 2024 41

 INFORMATION ABOUT GOVERNANCE MODEL, BUSINESS
ORGANIZATION AND MANAGERIAL APPARATUS

LIST OF SUBSIDIARY UNITS AND BRANCHES

Becamex’s Becamex’s
Main Production Registered Registered
Ownership Main Production Ownership
No. Company Name Address and Business Capital No. Company Name Address Capital
Percentage and Business Field Percentage
Field (VND) (VND)
(%) (%)

I. SUBSIDIARIES
Highway 14, Group 8,
Becamex Binh
Becamex IDC- Tower B2, Apartment Complex Hamlet 3, Minh Thanh Real estate
Phuoc Infrastructure
Block 71 Startup Lot M2 – No. 72 Nguyen Co C o n s u l t i n g 6 Commune, Chon Thanh investment and 1,798 40%
7 2 100% Development Joint
Support MTV Thach Street, An Loi Dong Ward, service District, Binh Phuoc business
Stock Company
Company Limited Thu Duc City, Ho Chi Minh City Province

II. AFFILIATED AND FINANCIAL INVESTMENT COMPANIES

17th Floor, Becamex
Maintenance, BW Industrial Tower, No. 230 Binh
Warehousing and
repair, 7 Development Joint Duong Avenue, Phu Hoa 17,178 24.06%
storage of goods
Becamex exploitation Stock Company Ward, Thu Dau Mot City,
5th Floor, Becamex Tower, No.
Infrastructure and collection Binh Duong Province
230 Binh Duong Avenue, Phu
1 Development of traffic tolls. 3,777 49.76%
Hoa Ward, Thu Dau Mot City,
Joint Stock Civil & industrial
Binh Duong Province Becamex Binh No. 35, Le Loi Street, Quy Real estate
Company construction,
real estate 8 Dinh Joint Stock Nhon City, Binh Dinh investment and 590 40%
business Company Province business

Binh Duong ĐT750 Road, Cay Truong Cultivation

2 Rubber Joint Commune, Bau Bang District, and trading of 180 46.94% Viet Nam 21 VSIP II, Road No. 1,
Telecommunications
Stock Company Binh Duong Province rubber and latex Technology & VSIP II, Hoa Phu Ward,
9 business, information 367 48.59%
Telecommunication Thu Dau Mot City, Binh
technology
Joint Stock Company Duong Province
Office building, R11-1 street,
Setia – Becamex
EcoLakes My Phuoc, Quarter Real estate
3 Joint Stock 660 40% Lot Z.01-02-03A,
6, Thoi Hoa Ward, Ben Cat City, business
Company Tan Thuan Export
Binh Duong Province
Savi Pharmaceutical Processing Zone, Tan Pharmaceutical
10 160 35.19%
Joint Stock Company Thuan Dong Ward, business
District 7, Ho Chi Minh
New urban area in Binh Duong
City
Becamex Tokyu Urban – Service – Industrial
4 Urban business 8,600 35%
Co., Ltd Complex Zone, Thu Dau Mot
Lot M2, Ly Thai To Street,
City, Binh Duong Province Eastern Educational
Hoa Phu Ward, Thu Dau
11 Development Joint Education business 366 50%
Mot City, Binh Duong
Stock Company
Province
Vietnam -
Singapore No. 8 Huu Nghi Avenue, VSIP, 19th Floor, Becamex
Industrial park Vietnam - Singapore
5 Industrial Park Thuan An City, Binh Duong 2,678 49% Tower, No. 230 Binh
business Smart Energy Providing electrical
Joint Venture Province 12 Duong Avenue, Phu Hoa 361 36%
Solutions Joint Stock installation services
Company Limited Ward, Thu Dau Mot City,
Company
Binh Duong Province

42 ANNUAL REPORT 2024 43

 INFORMATION ABOUT GOVERNANCE MODEL, BUSINESS
ORGANIZATION AND MANAGERIAL APPARATUS
BUSINESS RESULTS OF UNITS
LIST OF SUBSIDIARY UNITS AND BRANCHES
Unit: billion VND

Becamex’s
Main Registered
Ownership No. Company Name Total Revenue Profit before tax Profit after tax
No. Company Name Address Production and Capital
Percentage
Business Field (VND)
(%)
I. Subsidiaries
East Saigon
Investment Binh Duong Trade
No. 337 Vo Van Kiet Street, And Development
and Industrial Trading real 1 1,308.8 431.1 417.5
13 Phu Thuy Ward, Phan Thiet 100 30% Joint Stock Company
Development estate
City, Binh Thuan Province (Becamex TDC)
Joint Stock
Company Becamex Urban
Development Joint
Becamex - Vsip 2 42.8 8.6 6.8
20th Floor, Becamex Tower, Stock Company
Power Investment (Becamex UDJ)
No. 230 Binh Duong Avenue, Investing and
14 and Development 100 36%
Phu Hoa Ward, Thu Dau Mot trading power My Phuoc Hospital
Joint Stock 3 322.4 8.4 3.7
City, Binh Duong Province Joint Stock Company
Company

Eastern International
4 113.3 11.2 9.4
Vinh Thanh Hamlet, Vinh University (EIU)
VSIP Can Tho Joint Operating the
15 Trinh Commune, Vinh Thanh 558 40%
Stock Company industrial park Becamex International
District, Can Tho City
5 General Hospital Joint 481.0 50.9 48
Stock Company
Production
and trading of Binh Duong
clean water; Construction & Civil
Binh Duong Water collection and 6 Engineering Joint Stock 296.5 78.1 74.6
- Enviroment No 11, Ngo Van Tri, Phu Loi treatment of Company (Becamex
16 Corporation Ward, Thu Dau Mot City, Binh waste; collection 2,199 19.44% BCE)
- Joint Stock Duong Province and treatment Becamex IDC- Block 71
Company of wastewater; 7 Startup Support MTV 0.046 0.043 0.034
bottled water, Company Limited
fertilizers,
bricks...
Vietnam -
S i n g a p o r e 21st Floor, Capital Tower
Industrial Park Building, No. 109 Tran Hung Business and
17 and Township Dao, Cua Nam Ward, Hoan management of 650 8%
Development Kiem District, Hanoi City, industrial zones
Joint Stock Vietnam
Company

44 ANNUAL REPORT 2024 45

 INFORMATION ABOUT GOVERNANCE MODEL, BUSINESS
ORGANIZATION AND MANAGERIAL APPARATUS

BUSINESS RESULTS OF UNITS

According to the 2024 Audited Consolidated Financial Statements data

No. Company Name Total Revenue Profit before tax Profit after tax No. Company Name Total Revenue Profit before tax Profit after tax

II. AFFILIATED AND FINANCIAL INVESTMENT COMPANIES Savi Pharmaceutical Joint

17 696.5 194.9 149.6
Stock Company
Becamex Infrastructure Development
8 1,170 414.9 354.1 Eastern Educational
Joint Stock Company
18 Development Joint Stock 511.9 93.7 83.7
Binh Duong Rubber Joint Stock Company
9 103.9 (38.8) (38.8)
Company
Vietnam - Singapore Smart
Setia – Becamex Joint Stock 19 Energy Solutions Joint Stock 139.3 (106) (109)
10 628 246.1 196.3
Company Company
11 Becamex Tokyu Co., Ltd 1,666.9 258.7 196.1 East Saigon Investment and
20 Industrial Development Joint 1.1 (6.1) (6.1)
Vietnam - Singapore Industrial Park
12 13,032 4,147 3,283 Stock Company
Joint Venture Company Limited
Becamex-VSIP Power
Becamex Binh Phuoc Infrastructure 21 Investment and Deveopment 4.0 (10.3) (10.3)
13 871.4 475 383
Development Joint Stock Company Joint Stock Company
BW Industrial Development Joint
14 2.951 121 48 VSIP Can Tho Joint Stock
Stock Company 22 0.3 (28.4) (28.4)
Company
Becamex Binh Dinh Joint Stock
15 107.9 13.9 11.7 Binh Duong Water -
Company
23 Enviroment Corporation - 4,181.8 736.6 660.6
Viet Nam Technology &
Joint Stock Company
16 Telecommunication Joint Stock 369.0 76 61
Company Vietnam Singapore
Industrial Park and Township
24 4,479 1,713 1,350
Development Joint Stock
Company

46 ANNUAL REPORT 2024 47

 DEVELOPMENT ORIENTATIONS

DEVELOPMENT OBJECTIVES
After more than 40 years of formation and to industry-urban-smart services. This In order to continue contributing resources to local social security work, better serve the people,
development, with the operating motto of includes upgrading existing industrial and upgrade the ecosystem around existing Industrial Parks, urban areas, and services, Becamex
“continuous innovation for development”, parks and constructing new green, smart IDC plans to invest in the construction of 40,336 social housing units in the next phase at VietSing
Becamex IDC continuously innovates to industrial parks, with the ability to provide Area (Thuan An City); Dinh Hoa Area (Thu Dau Mot City); My Phuoc Area (Ben Cat City); Bau Bang
create prosperous and sustainable values, a 4.0 technology platform, to help investors area (Bau Bang District), phase 2021-2025, oriented to 2030.
always striving to improve brand value and deploy smart factory models, produce With the Smart City project and the development of the Innovative Zone, in the coming period, the
reputation through improving the quality of efficiently and with higher productivity. enterprise will focus on developing high-quality services in the New City. In addition to the “brand”
products and services to optimize the value of good industrial park infrastructure, Becamex IDC also focuses on information technology
In addition, recognizing the important role
brought to customers. and telecommunications infrastructure, continuing to contribute to promoting socio-economic
of innovation in the new era, Becamex IDC
In the coming time, Becamex IDC will has been boldly researching, joining hands development of Binh Duong province through proposing and coordinating the construction of the
continue to promote the development of to build commercial service infrastructure, “Innovation” strategy. In addition, the Corporation continues to deploy a smart Logistics system,
industry and urban areas. In particular, in information technology infrastructure, associated with the development orientation of railways and waterways to create regional links,
Binh Duong, it will focus on developing education and training infrastructure, and build a science and technology industrial park, This is expected to be the driving force to help
the northern region as well as continuing and healthcare, making an important traditional industrial parks develop, improve added value for investors in the near future.
to expand the model to other provinces contribution to serving the goal of The Corporation’s projects are always associated with environmental responsibility. “Green” and
and cities under the cooperation programs sustainable development, towards building “Clean” are key factors in development projects. Continue to promote the application of solar
of Binh Duong province. To meet the a successful Innovation Zone, helping Binh energy by turning factory and warehouse roofs into renewable energy generators.
new requirements, Becamex IDC has Duong province create a solid foundation to
been adjusting the development model, enter the digital age.
shifting from industry-urban-services

MID- AND LONG-TERM DEVELOPMENT STRATEGY

To cater to the sustainable development of investors, Becamex IDC has been gradually
building a comprehensive ecosystem. With the upcoming development orientation, Becamex
IDC will continue to develop core areas that are breakthroughs in transport, expand urban
and industrial development, and develop the Innovative Zone—the next step of the Smart
City project.

48 ANNUAL REPORT 2024 49

 DEVELOPMENT ORIENTATIONS

MID- AND LONG-TERM DEVELOPMENT STRATEGY

BUILDING ECO-INDUSTRIAL PARKS (EIP) ACCORDING TO ESG STANDARDS, AIMING FOR NET ZERO The combination of the above factors shows that Becamex
IDC’s industrial parks are a model for building a comprehen-
sive ecosystem that supports industrial development and
attracts investment, contributing to creating a significant
competitive advantage for Binh Duong in general and for
the Corporation itself in particular.
To adapt to the new context and
The new EIP (Eco-Industrial Park)
requirements, Becamex IDC focuses
ecosystem is an important and inevitable
on sustainable development factors,
development trend of the era, bringing
from creating advantages for investors
numerous benefits in terms of economics,
in implementing Environmental, Social,
environment, society, and enhancing
and Governance (ESG) principles, to
governance efficiency, complementing
achieving the Net Zero emission target
the existing Industrial – Urban – Service
by 2050.
Integration Model of Becamex IDC.

Becamex Group has been a pioneer in The Group is committed to

partnering with reputable organizations providing full technical, social, and
such as the World Bank, the United Nations service infrastructure to investors
Industrial Development Organization while continuously improving the
(UNIDO), and the German International management and operational model
Cooperation Agency (GIZ) to study and of industrial parks according to ESG
promote the development of the first Eco- criteria. The Group hopes that the
Industrial Park (EIP) in Vietnam based on implementation of the EIP in Bình
the EIP 2.0 international framework. The Dương will bring significant benefits,
Group is meeting international criteria including knowledge enrichment,
and the guidance of the Vietnamese attracting Foreign Direct Investment
government to create a new type of EIP (FDI), saving production costs,
ecosystem, which will bring many benefits improving carbon-neutral rankings,
in terms of economics, the environment, and enhancing the competitiveness
society, and governance efficiency. of both investors and the industrial
park. This will make Binh Duong an
attractive destination for top investors
and FDI, while contributing to the
global community’s common goal of
sustainable development.

50 ANNUAL REPORT 2024 51

 ORGANIZATION AND HUMAN RESOURCE

BOARD OF MANAGEMENT
01
Date of Birth
MR.PHAM NGOC THUAN
General Director
1966
Educational Qualification Bachelor of Business Administration - Bachelor of Economics
Member of the Board of
No. Position Current position at BCM Member of the BOD cum General Director.
Management
Chairman of the BOD at Becamex Binh Dinh Joint Stock Company;
1 Mr.Pham Ngoc Thuan General Director
Chairman of the BOD at Becamex Binh Phuoc Infrastructure
Permanent Deputy General Director - Person in Development Joint Stock Company; Vice Chairman of the BOD at
2 Mr.Giang Quoc Dung Position at other organizations
charge of administration and Company Secretary East Saigon Investment and Industrial Development Joint Stock
Company ; Member of the Members’ Council at Becamex Tokyu Co.,
3 Mr.Nguyen Van Thanh Huy Deputy General Director Ltd.
Career History:

4 Mr.Quang Van Viet Cuong Deputy General Director Investment and Industrial Development
2005 - 09/2018 Deputy General Director
One Member Limited Liability Company
5 Mr.Trinh Xuan Duc Deputy General Director Investment and Industrial Development
10/2018 - 06/2020 General Director
Joint Stock Corporation
6 Ms. Tran Thi Hong Minh Deputy General Director
Investment and Industrial Development Member of the BOD cum
06/2020 – present
Joint Stock Corporation General Director
7 Mr. Nguyen The Duy Deputy General Director
Total number of shares held at BCM: 1,103,000 shares, accounting for 0.1066% of the charter capital
8 Ms. Nguyen Thi Thanh Nhan Chief Accountant • Individual ownership: 1,103,000 shares, accounting for 0.1066% of the charter capital;
• Representative ownership: 0 shares, accounting for 0% of the charter capital;

02
Date of Birth
MR. GIANG QUOC DUNG
Deputy General Director

1974
Educational Qualification Master of Economics
Deputy General Director, Person in charge of administration and
Current position at BCM
cum Secretary of the Company
Chairman of the BOD at Eastern Educational Development
Joint Stock Company; Vice Chairman of the BOD at My Phuoc
Position at other organizations Hospital Joint Stock Company; Vice Chairman of the BOD at Savi
Pharmaceutical Joint Stock Company
Career History:

Investment and Industrial Development Assistant to the General Director,

2009 - 2018
One Member Limited Liability Company Secretary of the Members’ Council
Investment and Industrial Development Deputy General Director, Secretary of
2019 - 08/2023
Joint Stock Corporation the Board of Directors
Permanent Deputy General Director,
Investment and Industrial Development
08/2023 - present Person in charge of administration and
Joint Stock Corporation
Secretary of the Board of Directors

Total number of shares held at BCM: 606,900 shares, accounting for 0.0586% of the charter capital
• Individual ownership: 606,900 shares, accounting for 0.0586% of the charter capital;
• Representative ownership: 0 shares, accounting for 0% of the charter capital

52 ANNUAL REPORT 2024 53

 ORGANIZATION AND HUMAN RESOURCE

BOARD OF MANAGEMENT
04 MR. NGUYEN VAN THANH HUY
Deputy General Director

03
Date of Birth
MR. QUANG VAN VIET CUONG
Deputy General Director

1970
Date of Birth
Educational Qualification
Current position at BCM
1970
Civil Engineer; Bachelor of Law
Deputy General Director

Member of the Members’ Council at Becamex Tokyu Co., Ltd;

Position at other organizations Vice Chairman of the BOD at Vietnam - Singapore Smart
Educational Qualification Master of Arts in English
Energy Solutions Joint Stock Company
Current position at BCM Deputy General Director
Career History:
Vice Chairman of the Board of Directors at Becamex
Infrastructure Development Joint Stock Company (IJC);
Chairman of the BOD at Binh Duong Trade And Development Investment and Industrial Development Head of Economic and
2006 - 2017
Joint Stock Company (TDC); One Member Limited Liability Company Technical Department
Vice Chairman of the BOD at Becamex Urban Development Investment and Industrial Development
Joint Stock Company (UDJ); 2018 - present Deputy General Director
Joint Stock Corporation
Member of the BOD at Viet Nam Technology &
Telecommunication Joint Stock Company;
Member of the BOD at Becamex Binh Dinh Joint Stock Total number of shares held at BCM: 384,300 shares, accounting for 0.0371% of the charter capital
Company; • Individual ownership: 384,300 hares, accounting for 0.0371% of the charter capital;
Position at other organizations
Vice Chairman of the BOD at Becamex Binh Phuoc • Representative ownership: 0 shares, accounting for 0% of the charter capital;
Infrastructure Development Joint Stock Company;
Vice Chairman of the BOD at Becamex International General

05
Hospital Joint Stock Company;
Chairman of the BOD My Phuoc Hospital Joint Stock Company;
MR. TRINH XUAN DUC
Chairman of the BOD at Binh Duong Rubber Joint Stock
Company; Deputy General Director
Vice Chairman of the Board at Eastern International University;
Member of the BOD at Setia – Becamex Joint Stock Company Date of Birth 1970
Educational Qualification Bachelor of Economics
Career History:
Current position at BCM Deputy General Director

Investment and Industrial Development Director of Investment

2009 - 2018
One Member Limited Liability Company Department Position at other organizations None
Investment and Industrial Development
2018 - present Deputy General Director Career History:
Joint Stock Corporation

Investment and Industrial Development

Total number of shares held at BCM: 537,700 shares, accounting for 0.0520% of the charter capital 07/2019 - 12/2018 Deputy Director of Investment
Joint Stock Corporation
• Individual ownership: 537,700 shares, accounting for 0.0520% of the charter capital;
Investment and Industrial Development
01/2021 - 03/2022 Director of Legal Affairs
• Representative ownership: 0 shares, accounting for 0% of the charter capital; Joint Stock Corporation
Investment and Industrial Development
03/2022 - present Deputy General Director
Joint Stock Corporation

Total number of shares held at BCM: 0 shares, accounting for 0% of the charter capital

54 ANNUAL REPORT 2024 55

 ORGANIZATION AND HUMAN RESOURCE

BOARD OF MANAGEMENT

06
Date of Birth
MR. NGUYEN THE DUY
Deputy General Director
1994
08
Date of Birth
MS. NGUYEN THI THANH NHAN
Chief Accountant
1976

Educational Qualification Master of Business Administration Educational Qualification Master of Business Administration
Current position at BCM Deputy General Director Current position at BCM Chief Accountant

Position at other organizations None Position at other organizations Member of SB at Becamex Tokyu Co., Ltd.

Career History: Career History:

Investment and Industrial Development

2020 - 11/2024 Marketing Department Market Director 05/1999 - 07/2010 Accountant
One Member Limited Liability Company
Investment and Industrial Development Investment and Industrial Development
11/12/2024 - present Deputy General Director 08/2010 - 2017 Supervisor
Joint Stock Corporation One Member Limited Liability Company
Investment and Industrial Development
2018 - present Chief Accountant
Total number of shares held at BCM: 300 shares, accounting for 0.00003% of the charter capital Joint Stock Corporation

• Individual ownership: 300 shares, accounting for 0.00003% of the charter capital;
Total number of shares held at BCM: 574,500 shares, accounting for 0.0555% of the charter capital
• Representative ownership: 0 shares, accounting for 0% of the charter capital;
• Individual ownership: 574,500 shares, accounting for 0.0555% of the charter capital;
• Representative ownership: 0 shares, accounting for 0% of the charter capital;

07
Date of Birth
MS. TRAN THI HONG MINH
Deputy General Director
1983
CHANGES IN THE BOARD OF MANAGEMENT

Member of the Board of Date of

Educational Qualification Bachelor of Chinese Language and Literature No. Position
Management Appointment
Current position at BCM Deputy General Director
1 Mr. Nguyen The Duy Deputy General Director December 11, 2024
Position at other organizations None

2 Ms. Tran Thi Hong Minh Deputy General Director December 11, 2024
Career History:

Investment and Industrial Development Executive Deputy Director of

2018 - 11/2024
Joint Stock Corporation the Marketing Department
Investment and Industrial Development
11/12/2024 - present Deputy General Director
Joint Stock Corporation

Total number of shares held at BCM: 55,500 shares, accounting for 0.005% of the charter capital
• Individual ownership: 55,500 shares, accounting for 0.005% of the charter capital
• Representative ownership: 0 shares, accounting for 0% of the charter capital

56 ANNUAL REPORT 2024 57

 ORGANIZATION AND HUMAN RESOURCE
HUMAN RESOURCES AND LABOR POLICIES

2024
NUMBER OF STAFFS
• As of December 31, 2024, the total number of staff and employees is 2,020 people.
• The average income per person in 2024 is 196 million VND per year
• Newly recruited employees in 2024: 163
• Employees who resigned in 2024: 143

2023 2024
No. Criteria
Number Proportion Number Proportion
(people) (%) (people) (%)

I By Qualification 1,999 100% 2,020 100%

1 University and above 855 43% 879 43%

2 College, professional intermediate level 139 7% 139 7%

3 Basic level and skilled workers 1,005 50% 1,002 50%

II By Labor Type 1,999 100% 2,020 100%

1 Direct labor 1,933 96.7% 1,945 96.3%

2 Indirect labor 66 3.3% 75 3.7%

III By Gender 1,999 100% 2,020 100%

1 Male 1,541 77% 1,554 77%

2 Female 458 23% 466 23%

IV By Employment Duration 1,999 100% 2,020 100%

1 Fixed-term contracts (1 to 3 years) 1,054 53% 1,074 53%

2 Indefinite-term contracts 945 47% 946 47%

V By Management Level 1,999 100% 2,020 100%

1 Senior management 7 0.35% 9 0.4%

Middle management (department, division,

2 49 2.45% 50 2.5%
center)

3 Branch management 10 0.5% 16 0.8%

4 Specialists, employees 1,933 96.7% 1,945 96.3%

VI By Age 1,999 100% 2,020 100%

1 18-25 years 92 4% 84 4%

2 26-35 years 533 27% 482 24%

3 36-45 years 714 36% 718 36%

4 Over 45 years 660 33% 736 36%

58 ANNUAL REPORT 2024 59

 ORGANIZATION AND HUMAN RESOURCE Becamex IDC places great emphasis
on the role of the workforce in the
HUMAN RESOURCES AND LABOR POLICIES Corporation’s development resources.

LABOR POLICIES
Therefore, for many years, the Corporation

SALARY, BONUS, AND BENEFIT POLICIES has consistently prioritized investment

in its employees through appropriate

The core activity of the business is labor-intensive, which is why training, salary, bonus, and welfare policies.

Becamex IDC Corp highly values the role of the workforce in the
development of the corporation. Salary, bonus, and labor allowance
policies are always strictly followed by the corporation according to
the agreements outlined in the contracts. The corporation always
focuses on providing the following benefits for employees:

Recognizing the importance of human

Assess Guarantee Focus on resources for the survival and development However, the recruitment process must

RECRUITMENT POLICY
of the company, attracting high-quality align with the Corporation’s medium-
talent is one of the key objectives of and long-term development strategy.
the Corporation. To attract more talent The hired personnel must not only meet
Accurately evaluating the work Ensure fairness and equity based Focus on employee welfare, and foster long-term commitment, the current job requirements but also
performance of each employee; on the accurate assessment of such as health and accident the Corporation always creates a contribute to the Corporation’s long-
encouraging employees to employees’ work results, quality, insurance in accordance with professional work environment, providing term development goals. Additionally,
continuously improve their and performance. Payments legal regulations, to ensure conditions for employees to learn, work with the advancement of science and
professional skills in order to must be made in full, on time, employees’ peace of mind while efficiently, develop their careers, and technology, the Corporation accepts
enhance the quality of their and based on the quality of working. Additionally, there are stay with the company for the long term. interns in fields such as information
work for the development of the work, job performance, and policies supporting bonuses technology and engineering.
Corporation and in compliance the business results of the during holidays such as New
with the state’s regulations on Corporation. Year, National Day, International Becamex IDC Corp clearly identifies “human resources” as the most important asset of

salary policies. Workers’ Day, etc. Alongside the Corporation. Therefore, the quality of human resources is always given the appropriate

salary and benefit policies, the attention to enhance the business capabilities of the Company. The Group places great

DEVELOPMENT POLICY
Corporation also offers and importance on training, improving professional knowledge, and working skills to create

maintains various employee favorable conditions for employees to perform their tasks as effectively as possible.

TRAINING AND
benefits throughout the year,
such as travel programs and The Group regularly organizes external short-term training courses and internal training

regular health check-ups. sessions for all employees annually. At the same time, Becamex IDC has sponsored in-depth
training programs over the years to improve the professional qualifications, expertise, and
other complementary skills of each employee to meet the development needs of the Company.
The training courses are designed effectively based on the practical requirements
of each department, with different tasks that suit specific positions, ensuring
that employees can apply the maximum skills and knowledge gained during
the training to their work. Additionally, each year, the Corporation updates legal
documents and facilitates employee participation in industry-specific seminars.

60 ANNUAL REPORT 2024 61

 RISKS RISKS DETAILS

Economic Growth

In 2024, the world economy faced significant volatility with slow growth. The
International Monetary Fund (IMF) stated that inflation pressures, the food
and energy crises caused by the war, and high interest rates were pushing
the global economy to the brink of recession. In line with this trend, the real
Becamex IDC has two core business areas: industrial and
residential real estate. In its operations, the corporation
ECONOMIC estate sector also faced numerous challenges. However, in Vietnam, with a
strong determination to recover and develop the economy, macroeconomic
faces several key risks: RISKS stability was maintained, and inflation was safely controlled. Monetary and
fiscal policies were managed proactively, flexibly, and effectively. According
to the General Statistics Office, the Gross Domestic Product (GDP) for 2024
RISKS DETAILS grew by 7.09%. Notably, the industrial and construction sectors recovered
positively and grew strongly compared to 2023. The added value of the
Economic risk is identified as a systemic risk created by macroeconomic industrial sector in 2024 increased by 8.32% compared to the previous year, just
factors. These macroeconomic factors can directly and indirectly below the 8.52% increase in 2022 during the 2019-2024 period, contributing
impact the business performance of the Corporation, thus greatly 2.70 percentage points to the overall added value growth of the economy.
influencing the investment effectiveness, especially as Vietnam has
deeply integrated into the international community. The fundamental In 2024, the global economy remained complex and unpredictable, with
factors affecting business operations include: economic growth rate, continued slowdowns in economic growth, trade, and global investment.
ECONOMIC the construction and real estate sectors, inflation rate, and interest rates. However, Vietnam’s economy continued to receive high praise from
RISKS reputable international organizations, with optimistic forecasts for a
To mitigate this risk, the Corporation has analyzed and predicted the quick recovery in the near future. This is expected to attract more foreign
macroeconomic environment in each period, implemented projects investment. To seize these opportunities, the Corporation continually
with timelines aligned with those periods to reduce the impact of risks improves service quality, strengthens internal management systems,
on projects, and closely followed the national strategy. The study of the diversifies new product segments in industrial parks and luxury housing,
macroeconomic environment allows the Corporation to forecast the and maintains its competitive position in the market. Additionally, the
potential impact of risk factors on the growth strategy and ensure the Corporation is expanding its scale and striving to achieve new growth
smooth operation of the business model. targets.

62 ANNUAL REPORT 2024 63

 RISKS

RISKS DETAILS RISKS DETAILS

Inflation Risks Interest Rate Risks

Inflation is a macroeconomic factor that can affect all entities in With the nature of business in real estate and essential infrastructure
the economy, significantly impacting the economy in general and (such as roads, healthcare, and education), the Corporation always
the Corporation specifically. In 2024, the global commodity market needs to maintain an investment capital source. Additionally,
experienced significant volatility, influenced by economic, political, projects are typically large-scale and frequently incur credit

ECONOMIC and social factors. The ongoing military conflict between Russia and ECONOMIC demands, primarily relying on financial support from banks.
Ukraine, along with increasing instability in the Middle East, contributed Therefore, fluctuations in interest rates will affect the business,
RISKS to the uncertainty. Many countries maintained tight monetary policies,
RISKS and interest rate risks are always present for the company.
weakening overall demand, and leading to slow economic growth,
while financial, monetary, and real estate markets in several countries In 2024, the State Bank of Vietnam (SBV) made several adjustments
presented numerous risks. Global inflation has shown a gradual decline to interest rates, with deposit and lending rates continuing to
after countries simultaneously raised interest rates to curb inflation, remain low. This is a positive factor for the Corporation in reducing
along with falling energy prices. However, the inflation rate in some interest rate pressures and improving operational performance.

countries, such as the U.S., sources. The Consumer Price such as real estate. Additionally, the The Group consistently seeks to manage interest rate risks by exploring

Europe, South Korea, Laos, Index (CPI) in 2024 increased rising costs of goods sold may pose low-interest credit sources, such as foreign capital, and collaborating

and others, remains high. by 3.63% compared to the risks to the Corporation’s operations. not only with commercial credit institutions but also with development

previous year, meeting the goal banks. Additionally, the Corporation expands the range of various credit

On the other hand, inflation set by the National Assembly. To mitigate inflation risks, the products to minimize capital costs.

in Vietnam has shown Corporation has developed a risk

signs of rising more slowly Looking ahead, with the management system and proactively
compared to the global recovery of the economy planned its business activities with
trend. The inflation rate and society, along with traditional suppliers of raw materials,
has generally been well- the increasing activity in while also adjusting the sales prices for
controlled, as the country production, business, and customers based on forecasts of inflation
has ensured stable supply consumption, inflationary trends. Additionally, the Corporation
pressure in 2024 may rise, has implemented measures such as
potentially leading to a price enhancing cost management, seeking
increase in the asset market, reasonably priced construction
material suppliers, and optimizing
production and operational processes
to adapt to market conditions.

64 ANNUAL REPORT 2024 65

 RISKS

RISKS DETAILS

Project-related risks
The nature of businesses operating in real estate investment and
development requires significant capital, long project construction
timelines, and slow capital recovery periods. Therefore, the business
must maintain a high debt ratio and a long capital utilization period.
The implementation of sales also depends on the cyclical nature of the
INDUSTRY- real estate industry. During market downturns, when market liquidity

SPECIFIC decreases, sales can also face difficulties. The characteristics of the
industry may lead to risks such as reduced payment ability and lower
RISKS
expected profits if the Corporation is unable to recover debts or expected RISKS DETAILS
cash flows, or if major customers of the Corporation go bankrupt.

Competition risk
Therefore, to minimize the risks related to the projects, the Corporation
The Group may face competition risks from other competitors in
(Becamex IDC) consistently monitors the financial situation of the
the industry. Competition in business is always a challenge for any
company, updates and controls receivables, and ensures that the financial
enterprise, including Becamex IDC Corp. In a competitive environment,
targets of the Corporation are always maintained at a safe level.
the advantage belongs to companies with strong reputations for
INDUSTRY- product and service quality, providing tangible benefits to customers
Risks related to land clearance
This is a characteristic of the real estate business in Vietnam. In reality,
SPECIFIC and earning their trust, as well as large enterprises with solid
financial power that are committed to continuous investment and
the demand for land for urban development, offices, housing, and RISKS improvement of product and service quality for long-term benefits.
tourism areas is increasingly rising, while the remaining land supply
is becoming more limited. Currently, most of the land planned for The main competition risks the Corporation may face include: direct
urban areas, industrial zones, and tourist areas has already been competition from other investors developing real estate projects and
allocated by the government to organizations and individuals for competition from substitute services – from investors who create their
management and use. Therefore, land clearance for projects is generally own distribution networks. To mitigate these risks, the Corporation has
very complex. On the other hand, the compensation framework for developed an appropriate competitive strategy by selecting strategic
land acquisition as per government regulations is unstable and is locations that bring value to investors and residents, focusing on
frequently adjusted based on market price fluctuations. This creates providing high-class internal services and amenities to ensure residents’
difficulties in the land clearance process, affects project timelines, peace of mind, and combining suitable sales policies that bring value
and directly impacts the company’s investment costs. As a result, the to customers. The Group always remains cautious about competition
Corporation’s costs, revenue, and profits may be affected by this risk. risks by continuously monitoring market trends, updating changes in
customer demands and preferences, and constantly improving service
To minimize risks related to land clearance, the Becamex IDC Group quality to remain a pioneer in the business and real estate development
consistently monitors, conducts thorough checks, and promptly updates sector of the Corporation.
the progress of projects undergoing land clearance, ensuring that the
land clearance process aligns with the Corporation’s schedule.

66 ANNUAL REPORT 2024 67

 RISKS
RISKS DETAILS

RISKS DETAILS The Group operates and conducts business in Vietnam in the form of a
joint-stock company and is listed on the Ho Chi Minh City Stock Exchange

Sustainable development is a goal pursued not only by Becamex IDC but (HOSE). As such, Becamex IDC is significantly impacted by various laws,

also by countries around the world. Becamex IDC is strongly aware of the such as the Enterprise Law, Securities Law, Tax Law, Labor Law, Accounting

negative environmental impacts caused by its activities. In fact, during Law, and industry-specific regulations like the Land Law, Planning Law,

the development of projects, from land clearance to the construction decrees, circulars, and implementation guidelines. Even minor changes

phase, it is inevitable that there will be impacts on the surrounding

LEGAL RISKS in the legal framework can have a significant impact on the Corporation.

environment, such as noise pollution, air pollution, water pollution, etc.

ENVIRONMENTAL Vietnam’s legal system is still in the process of being perfected, so laws
RISKS To minimize environmental risks, the Corporation focuses on and guiding documents may be adjusted to align with the development

building and upgrading high-tech centralized wastewater treatment of the economy. Some laws, such as the Real Estate Business Law 2023

plants. The effluent is automatically sampled and continuously and the Land Law 2024, have already come into effect and directly impact

transmitted to the Corporation’s control center as well as the businesses. At the same time, changes in the domestic legal system

Department of Natural Resources and Environment to monitor and and policies could affect the Corporation’s plans and business activities.

address any issues when the output exceeds the allowed threshold.
To proactively anticipate and respond to these changes, and to

Additionally, the Corporation has developed Environmental ensure the best preparation for legal policy shifts, the Corporation

Incident Response Procedures, and environmental management regularly updates new legal documents with the leadership and

is conducted in compliance with ISO 14001:2015 standards to ensure relevant departments. Additionally, the Corporation consults and

that the surrounding environment is not impacted by the activities hires legal advisors for issues that fall outside its internal expertise.

of the Corporation or the entities operating in the industrial parks

and urban areas. The buildings constructed by the Corporation In addition to the aforementioned risks, other unforeseeable risks
are designed like a park, with green spaces and pedestrian paths, such as earthquakes, epidemics, floods, and crises could also impact
providing an attractive living and working environment for residents. the Corporation’s operations. When these events occur, they may
cause significant damage to the Corporation’s assets and affect the
Furthermore, the Corporation is collaborating with the World Bank Corporation’s business activities. These are rare risks in practice, but when
in researching and developing the first Eco-Industrial Park (EIP) they occur, they can result in considerable material and human losses,
in Vietnam to create an eco-industrial urban ecosystem, aligned OTHER as well as disruptions to the Corporation’s overall operations. To prevent
such unforeseeable risks, the Corporation consistently implements
with ESG criteria and aimed at achieving sustainable development.
RISKS a policy of monitoring and promptly gathering information to take
preventive measures and ensure the smooth operation of the business.

68 ANNUAL REPORT 2024 69

 OPERATIONS
IN THE YEAR
2
70 ANNUAL REPORT 2024 71
 FINANCIAL SUMMARY

FINANCIAL SITUATION IN 2024

FINANCIAL INDICATORS
In 2024, significant economic and social fluctuations continued to profoundly
impact the global supply chain, and Vietnam was no exception, facing the effects Indicators Unit 31/12/2023 31/12/2024
of this crisis. Despite facing many challenges, thanks to the right direction from
the Board of Directors, along with the determination and continuous effort of the Solvency ratio
Board of Management and all employees, the consolidated business results of
Current Ratio Times 1.24 1.45
Becamex Group in the past year have shown certain achievements. Specifically:

Quick Ratio Times 0.37 0.49

Capital Structure Ratio

BUSINESS RESULTS
Debt-to-Assets Ratio % 63.55 64.82

Net Revenue in 2024 5,239 Billion VND

Debt-to-Equity Ratio

Operation capability Ratio

% 174.35 184.25

Inventory Turnover Times 0.18 0.08

Asset Turnover Times 0.15 0.09

2,395 Profitability Ratios

ROS (profit after tax/Net revenue Ratio) % 28.93 45.71

Profit after tax in 2024 Billion VND

Unit: Billion VND ROE (profit after tax / Average equity) % 12.25 11.93

Increase/Decrease ROA (profit after tax / Average total assets) % 4.48 4.27
Year Year Year Year compared to the
Indicators Year 2024
2020 2021 2022 2023 same period last Operating profit /Net revenue Ratio % 35.59 49.43
year
Net Revenue 6,505 6,990 6,565 7,883 5,239 -33.54% According to the 2024 consolidated financial statements
Gross Profit 3,261 3,221 2,774 4,248 3,498 -17.66%

Net Profit from

2,470 2,216 1,813 2,805 2,590 -7.66%
operating activities
Earnings Before Interest,
Taxes, Depreciation, and 3.307 2.699 3.020 3.870 4.116 6,36%
Amortization (EBITDA)
Earnings before interest
3.069 2.513 2.830 3.603 3.854 6,97%
and taxes (EBIT)
Profit after tax 2,186 1,457 1,724 2,280 2,395 5.00%
72 ANNUAL REPORT 2024 73
According to the 2024 consolidated financial statements
 FINANCIAL SUMMARY

FINANCIAL INDICATORS 3 OPERATION CAPABILITY

The inventory turnover ratio in the audited 0.18

1
consolidated financial statements for
0.15
SOLVENCY 2023 was 0.18 times, indicating that
the Corporation has a large amount of
Solvency ratios such as the current ratio
1.45 inventory, primarily consisting of work-
and quick ratio indicate the Corporation’s
1.24 in-progress costs for ongoing projects.
ability to meet its short-term obligations. 0.09
In 2024, the inventory turnover ratio 0.08
The current ratios being above 1 reflect
in the audited consolidated financial
that the Corporation has sufficient assets
statements remained at 0.08 times.
that can be easily converted to meet short-
Meanwhile, the asset turnover ratio in
term payments. In 2023, the current ratio,
the audited 2024 consolidated financial
according to the audited consolidated
statements of BCM is at 0.09 times.
financial statements, was 1.24 times.
2023 2024
0.49
0.37 In addition, the quick ratio of BCM is also Inventory Turnover
relatively high, indicating a good liquidity Asset Turnover
position. In 2024, the current ratio and
2023 2024 quick ratio were 1.45 times and 0.49 times,

4
Current Ratio respectively, according to the audited
consolidated financial statements. PROFITABILITY
Quick Ratio

In 2024, the earnings per share of the Corporation, according to the audited consolidated financial
statements, reached VND 1,923. For the profit margin on revenue, BCM achieved 45.71% according to the

2
audited 2024 consolidated financial statements, a significant increase compared to the same period last
CAPITAL STRUCTURE year. As for ROA and ROE, calculated from the 2024 consolidated financial statements, they respectively
reached 4.27% and 11.93%.
The capital structure reflects the Corporation’s
184.25 The EBIT and EBITDA indicators of the General Corporation have steadily increased year by year, showing
financial funding strategy through the proportion
174.35 the business’s ability to generate profit from its core business activities, increasing by 6.97% and 6.36%
of debt and equity in total capital. According to the
compared to the same period.
consolidated financial statements, at the end of
2023, the debt-to-total-assets ratio was 63.55%, while
the debt-to-equity ratio stood at 174.35%. By the end
of 2024, these ratios remained relatively unchanged,
recording 64.82% and 184.25%, respectively, according
64.82 to the audited consolidated financial statements.
63.55

2023 2024
Debt-to-Assets Ratio
Debt-to-Equity Ratio

74 ANNUAL REPORT 2024 75

 FINANCIAL SUMMARY

ASSETS/ RESOURCES STATUS

Unit: Billion VND

Indicators Year 2020 Year 2021 Year 2022 Year 2023 Year 2024

Short-term Assets 29,840 29,147 27,849 28,441 31,704

Cash & Cash Equivalents 1,776 2,985 1,071 1,332 2,205

Short-Term Financial Investments 64 214 436 87 300

Short-Term Receivables 3,779 4,942 5,333 7,024 8,064

Inventory 24,191 20,931 20,841 19,834 21,055

Other Current Assets 30 75 168 164 80

Long - term assets 18,645 19,805 20,456 24,983 27,077

Long-Term Receivables 312 318 570 533 413

Fixed Assets 1,819 1,220 1,246 1,160 1,062

Investment Properties 812 456 425 2,535 2,662

Construction in Progress 2,936 2,297 1,904 3,191 3,046

Long-Term Financial Investments 12,186 15,059 15,884 17,226 19,493

Other long-term assets 580 456 428 338 400

Total assets 48,485 48,952 48,305 53,424 58,781

Liabilities 31,298 31,807 30,540 33,951 38,102

Short - term liabilities 21,453 18,470 18,837 22,998 21,930

Long – term liabilities 9,845 13,337 11,703 10,953 16,172

Equity 17,187 17,145 17,765 19,473 20,679

Total resources 48,485 48,952 48,305 53,424 58,781

According to the 2024 consolidated financial statements

76 ANNUAL REPORT 2024 77

 FINANCIAL SUMMARY

REVENUE STRUCTURE COST STRUCTURE

Unit: billion VND Unit: billion VND

Year 2023 Year 2024 Increase/Decrease Year 2023 Year 2024 Increase/Decrease
Categories Categories
Value Proportion Value Proportion Value % Change Value Proportion Value Proportion Value % Change

Construction revenue 54 1% 233 4% 179 331% Cost of goods sold 3,635 59% 1,741 36% (1894) -52%

Real estate business revenue,

6,582 81% 3,444 65% (3,138) -48% Financial expenses 906 15% 1,310 27% 404 45%
real estate investment
Revenue from goods sales, Selling expenses 873 14% 1,067 22% 194 22%
1,064 13% 1,167 22% 103 10%
service provision
Business management
Revenue from finished 592 10% 6,46 13% 54 9%
372 5% 380 7% 8 2% expenses
goods sales
Other expenses 127 2% 59 1% (68) -54%
Other operating revenue 102 1% 89 2% (13) -13%

Total consolidated revenue Total Expenses 6,133 100% 4,823 100% (1,310) -21%
8,174 100% 5,313 100% (2,861) -35%
from sales and services
According to the 2024 consolidated financial statements
According to the 2024 consolidated financial statements

In 2024, the consolidated revenue from sales and services of the Corporation reached VND 5,313 billion, a In 2024, the consolidated total expenses amounted to VND 4,823 billion, a decrease of 21% compared to
decrease of 35% compared to 2023. 2023, mainly due to the decline in the cost of goods sold corresponding to revenue.
• This decline was primarily due to the real estate and investment real estate segments, which have
• The cost of goods sold decreased sharply by 52%, falling to VND 1,741 billion. The proportion of cost
been the main contributors. Revenue from these segments dropped significantly by 48% (from VND
of goods sold in total expenses decreased significantly from 59% to 36%, reflecting the change in
6,582 billion to VND 3,444 billion) due to the general market difficulties. The proportion of this segment
revenue structure (a sharp decline in real estate revenue with high cost of goods sold) and improved
in the revenue structure also decreased from 81% to 65%.
management of cost of goods sold (improved gross profit margin).
• Construction revenue recorded a remarkable growth of +331%, reaching VND 233 billion. However, its
• Financial expenses surged by 45%, reaching VND 1,310 billion, primarily due to increased interest
share remains relatively small (4%) in the total revenue structure.
expenses. The proportion of financial expenses rose from 15% to 27%.
• Revenue from goods sales, service provision showed stability and a slight growth of 10%, reaching
• Selling expenses also increased by 22%, reaching VND 1,067 billion, accounting for 22% of total
VND 1,167 billion and accounting for the second-largest proportion (22%).
expenses (up from 14% in 2023).
• Revenue from finished goods sales also saw a slight increase of 2% (reaching VND 380 billion,
accounting for 7%). • Business management expenses rose slightly by 9%, reaching VND 646 billion, accounting for 13% of
total expenses (up from 10% in 2023).
• Other operating revenue decreased by 13%, holding a small proportion (2%).
• Other expenses decreased by 54%, to VND 59 billion.
In general, the real estate and investment real estate sectors remain the main revenue-generating areas
for the Corporation in 2024, although their proportion in the total revenue structure has decreased from Thus, in 2024, the Corporation’s cost structure underwent significant changes: the proportion of cost of

81% to 65%, while the service, goods, and construction sectors have shown stability or growth. goods sold decreased sharply, while the proportion of operational expenses (finance, sales, management)
increased significantly. This indicates increased pressure from interest expenses and operating costs in
the context of declining core revenue.

78 ANNUAL REPORT 2024 79

 INVESTMENT ACTIVITIES, PROJECT IMPLEMENTATION
INDUSTRIAL PARK PROJECTS
In line with the policy of industrial services provided to businesses Bang Industrial Park is sufficient 2 MY PHUOC 2 INDUSTRIAL PARK

746
development towards the leasing land for production for the Corporation’s business
northern part of the province, the in the industrial parks activities until the end of 2024.
Corporation has invested in and invested by the Corporation. To create an industrial park land Total investment
developed My Phuoc 1 Industrial In the period from 2023 to 2025, in fund for leasing in the next phase, billion VND
Park, My Phuoc 2 Industrial Park, addition to leasing the remaining the Corporation has invested in
My Phuoc 3 Industrial Park, Thoi land, the Corporation will focus the Cay Tuong Industrial Park Located in Ben Cat City, Binh Duong Province, this is the next

Hoa Industrial Park, and Bau on attracting large corporations project in Cay Tuong Commune, industrial park developed after My Phuoc 1 Industrial Park. My

Bang Industrial Park (existing that apply advanced production Binh Duong Province (with a Phuoc 2 Industrial Park can be conveniently connected to the

and expanded). As of now, technologies with high scalability planned area of 700 hectares and infrastructure system of My Phuoc 1 Industrial Park.

the infrastructure investment into the expanded Bau Bang an investment capital of nearly
Investment and Industrial Development
progress at these
industrial Industrial Park (with nearly 400 VND 4,000 billion), which has been Investor
Joint Stock Corporation .
parks has reached over 95%, hectares of available business approved by the Prime Minister
Property type Industrial Park
with an occupancy rate of over land), located next to the existing for the investor. With years of
My Phuoc Ward, Ben Cat City, Binh Duong
80%. In addition to income from Bau Bang Industrial Park, with experience and a strong reputation Project location
Province
land leasing, the Corporation good transport connections. in implementing industrial
also generates steady
annual With an annual demand for park projects, the Corporation Project scale 343 hectares of land for lease
revenue from management industrial park land leasing of has significant advantages in Traffic, stormwater drainage, wastewater
Amenities
fees, wastewater treatment fees, 100 hectares, the remaining expanding industrial park projects drainage, and electricity supply
clean water supply, and other land in the expanded Bau to other provinces, creating a
solid growth foundation for the
NOTABLE COMPLETED PROJECTS Corporation in the future.
3 MY PHUOC 3 INDUSTRIAL PARK

1
2,864
MY PHUOC 1 INDUSTRIAL PARK

Total investment 451 billion VND

Total investment
billion VND

Located in Ben Cat City, Binh Duong Province, this is the next
Located in Ben Cat City, Binh Duong Province, this
expansion phase after My Phuoc 2 Industrial Park, which has
is one of the first industrial parks to be put into
the advantage of an investor ecosystem and workers currently
operation in the area. After a period of operation, the
investing and working in My Phuoc 1 and 2 Industrial Parks.
industrial park has maintained its good infrastructure
quality and continues to earn the trust of its partners.
Investment and Industrial Development Investment and Industrial Development
Investor Investor
Joint Stock Corporation Joint Stock Corporation
Property Property type Industrial Park
Industrial Park
type
Phu Hoa Ward, Chanh Phu Hoa Ward,
Project My Phuoc Ward, Ben Cat City, Binh Duong Project location
Ben Cat City, Binh Duong Province
location Province
Project scale 670 hectares of land for lease
Project scale 274 hectares of land for lease
Traffic, stormwater drainage,
Traffic, stormwater drainage, wastewater Amenities wastewater drainage, and electricity
Amenities
drainage, and electricity supply supply
Completion 2015
80 ANNUAL REPORT 2024 81
 INVESTMENT ACTIVITIES, PROJECT IMPLEMENTATION
INDUSTRIAL PARK PROJECTS

4 BAU BANG INDUSTRIAL PARK

5 BAU BANG EXPANDED INDUSTRIAL PARK

Total investment 3,334 billion VND

Total investment 5,762 billion VND

Bau Bang Industrial Park is located in Bau Investment and Industrial The expanded Bau Bang Industrial Park
Investment and Industrial
Bang District, Binh Duong Province. This Investor Development Joint Stock Corporation is located in Bau Bang District, Binh Investor
Development Joint Stock Corporation .
is a large-scale industrial park invested by . Duong Province. This is the expansion
Property type Industrial Park
Becamex Group. Situated in the northern Property type Industrial Park phase of the original Bau Bang Industrial
Cay Truong II Commune, Lai Uyen
part of Binh Duong Province, Bau Bang Lai Hung Commune, Lai Uyen Town, Park. The expanded Bau Bang Industrial
Project location Town, Bau Bang District, Binh Duong
Industrial Park has convenient access to Project location Bau Bang District, Binh Duong Park benefits from the investor network
Province
the Central Highlands and Ho Chi Minh Province and workforce from Bau Bang Industrial
Park, My Phuoc Industrial Park, and is Project scale 1.000 hectares
City through National Route 13, and the
Project scale 735 hectares of land for lease
My Phuoc – Tan Van – Bau Bang Road. conveniently connected to National Route Traffic, stormwater drainage,
Traffic, stormwater drainage,
13 and the My Phuoc Tan Van Road via the Amenities wastewater drainage, and electricity
Amenities wastewater drainage, and electricity
internal roads within the industrial park. supply
supply

82 ANNUAL REPORT 2024 83

 INVESTMENT ACTIVITIES, PROJECT IMPLEMENTATION
INDUSTRIAL PARK PROJECTS RESIDENTIAL AND RESETTLEMENT AREA PROJECTS
As of December 31, 2024

6 THOI HOA INDUSTRIAL PARK

No.
Residential and Resettlement
Location
Remaining Business

666
Projects Area (ha)

1 New Binh Duong City Thu Dau Mot City 441

Total investment
Thoi Hoa Residential Area
billion VND 2 Ben Cat 294
My Phuoc Urban Area
Thoi Hoa Industrial Park is located in Ben Cat City, Binh Duong
3 Bau Bang Residential Area Bau Bang 451
Province. This industrial park is developed by Becamex Group
following the establishment of the My Phuoc Industrial Park
4 Vietnam-Singapore Residential Area Thuan An 14
system.

Investment and Industrial Development

Investor Linked to industrial development, Binh Duong Province continues to invest in the construction and
Joint Stock Corporation .
development of service infrastructure such as commercial, financial, and banking centers, hospitals,
Property type Industrial Park
training facilities, and especially new urban areas to meet the long-term settlement needs of investors
Thoi Hoa Ward, Ben Cat City, Binh Duong and residents working in the industrial parks and surrounding areas in Thu Dau Mot City and Ho Chi Minh
Project location
Province City.
Project scale 153 hectares of land for lease
Traffic, stormwater drainage,
TRANSPORTATION INFRASTRUCTURE PROJECTS
Amenities wastewater drainage, and electricity

20,000
supply

The Ring Road 4 Project in Ho Chi Minh City, which

7 CAY TRUONG INDUSTRIAL PARK

billion VND
spans from Thu Bien Bridge to Sai Gon River

5,459
18,000
Total investment
billion VND The HCMC - Thu Dau Mot - Chon Thanh
Expressway Project
Cay Truong Industrial Park is located in Investment and Industrial
Cay Truong II Commune and Lai Uyen billion VND
Investor Development Joint Stock
Town, Bau Bang District, Binh Duong Corporation .

17,000
Province. Cay Truong Industrial Park
Property type Industrial Park
is planned as an eco-industrial park,
Cay Truong II Commune, Lai Uyen The completion of the My Phuoc - Tan Van Road
green and sustainable, aiming towards
Project location Town, Bau Bang District, Binh Project under the PPP model
Vietnam’s net zero target. The internal
Duong Province
road system within Cay Truong Industrial billion VND
Project scale 700 hectares
Park is widely invested and conveniently

1,500
Traffic, stormwater drainage,
connects to Bau Bang Industrial Park and
Amenities wastewater drainage, and
the expanded Bau Bang Industrial Park.
electricity supply
Project to upgrade and expand National Route 13
Currently completing legal
billion VND
Status procedures, expected to be
operational in 2025.
84 ANNUAL REPORT 2024 85
 SHAREHOLDERS STRUCTURE, CHANGE IN THE OWNER’S EQUITY

SHAREHOLDERS STRUCTURE STOCK INFORMATION

As of November 5, 2024 In 2024, the Corporation conducted 03 bond issuance rounds with a total raised value of VND 3,200 billion.
Detailed information is provided in the table below:
Number of
No. Shareholder Number of shares Tỷ lệ
Shareholders Plan (VND Actual Results Completion
No. Board Resolution
Billion) (VND Billion) Rate
I Domestic Shareholders 4,565 1,014.039,257 97.97%
1 No. 15/NQ-HĐQT dated June 11, 2024 800 800 100%
1 Organization 37 990,171,703 95.67%
2 No. 18/NQ-HĐQT dated June 28, 2024 1.500 1.320 88%
2 Individual 4,528 23,867,554 2.31%
3 No. 42/NQ-HĐQT dated November 14, 2024 1.080 1.080 100%
II Foreign Shareholders 106 20,960,743 2.03%
The details of the outstanding bonds are explained in detail in the 2024 audited financial statements.

1 Organization 26 20,770,810 2.01%

CHARTER CAPITAL
2 Individual 80 189,933 0.02%

Total 4,671 1,035,000,000 100%

VND 10,350,000,000,000

TOTAL NUMBER OF SHARES ISSUED

1,035,000,000 shares

TOTAL NUMBER OF FLOATING SHARES

STOCK
1,035,000,000 shares
INFORMATION
NUMBER OF FREELY
TRANSFERABLE SHARES

1,035,000,000 shares

NUMBER OF TREASURY STOCKS

0 shares

LIST OF SHAREHOLDERS HOLDING MORE THAN 5% During the year, the Corporation did not engage in treasury stock transactions and
there was no change in the owner’s investment capital.
The People’s Committee of Binh Duong Province, with 987,804,800 shares,
accounting for 95.44% of the Corporation’s charter capital.

86 ANNUAL REPORT 2024 87

 REPORT OF
BOARD OF
MANAGEMENT
3
88 ANNUAL REPORT 2024 89
 ASSESSMENT OF OPERATING RESULTS
In 2024, the global and Vietnamese economies unfolded in the context of intertwined opportunities
and challenges. The Vietnamese economy continued its positive recovery trajectory, with GDP growth CHALLENGES
reaching 7.09%, surpassing the target set by the National Assembly (6-6.5%), demonstrating the potential
and adaptability of the Vietnamese economy. Additionally, inflation was well-controlled within the target.
As a business primarily engaged in industrial park development, residential area development, and urban
Foreign Direct Investment (FDI) attraction continued to be a bright spot, reaffirming Vietnam’s position
development, Becamex IDC is influenced by the overall economy and the real estate market in particular.
as an attractive investment destination, particularly in the manufacturing and processing industries.
However, the global economic recovery remains slow and poses significant risks due to geopolitical In 2024, military conflicts, political instability, and unrest continued to escalate in some countries; the
tensions, energy price fluctuations, and tightening monetary policies in some major economies. global economy and trade recovered slowly and unstably; aggregate demand and investment declined;
In this context, Becamex Industrial Investment and Development Joint Stock Corporation (Becamex exchange rates and interest rates fluctuated unpredictably. Natural disasters, droughts, storms, floods, and
IDC) has made great efforts to overcome difficulties, maintain stable operations, and achieve remarkable climate change have become increasingly severe, heavily impacting economic and social development as
results, continuing to assert its leading role in the socio-economic development of Binh Duong Province. well as people’s lives. The real estate market, particularly the commercial housing segment, is recovering
slowly with low liquidity, which has affected the real estate revenue of the Corporation and its subsidiaries.
OPPORTUNITIES
These adverse macroeconomic fluctuations directly affect the business operations of companies.
In particular, when operating costs increase while consumer and investment demand declines, the
DOMESTIC MACROECONOMIC ENVIRONMENT investment plans for projects are also delayed.

The government and local authorities continue to implement decisive measures to overcome
difficulties and promote growth, such as maintaining stable lending interest rates, reducing taxes,
and accelerating public investment. Notably, the National Assembly’s approval of the amended
Land Law, the amended Real Estate Business Law, and the amended Housing Law, effective from
2025, is expected to address legal obstacles and unlock resources for the real estate market.

INTERNATIONAL MACROECONOMIC ENVIRONMENT

The U.S. Federal Reserve (FED) began lowering interest rates at the end of 2024, easing pressure
on exchange rates and capital costs for emerging economies, including Vietnam. FDI inflows
into Vietnam continue to grow strongly, particularly in key industrial provinces like Binh Duong,
facilitating the core business operations of Becamex IDC.

PROMOTION AND COOPERATION ACTIVITIES

The Corporation has proactively organized several major international events, such as the 2024
Horasis China Forum, and signed memorandums of understanding with the National University
of Singapore (NUS), contributing to enhancing its reputation, brand, and attracting potential
investors.

INTERNAL BUSINESS ENVIRONMENT

Becamex IDC is strategically located in Binh Duong Province, the center of economic and industrial
development in Vietnam. In 2024, Binh Duong attracted over USD 2.2 billion in foreign direct
investment, ranking second in Vietnam (after Ho Chi Minh City). Binh Duong is highly regarded
for its favorable investment environment, developed infrastructure, and attraction of high-tech
investors. Notably, the approval of Binh Duong’s provincial planning for the 2021-2030 period,
with a vision to 2050, provides clear development directions. The strategy of diversifying revenue
sources, focusing on high-margin sectors, and improving governance efficiency has helped the
Corporation maintain financial stability.

90 ANNUAL REPORT 2024 91

 ASSESSMENT OF OPERATING RESULTS BUSINESS RESULTS FOR 2024
According to the consolidated financial statements for the year 2024:
Unit: Billion VND
BUSINESS RESULTS FOR 2024 Implement Implement Growth compared
Plan Implement
According to the combined financial statements for the year 2024: Indicators
Unit: Billion VND 2023 2024 2024 2024/ Plan 2024 to 2023

Implement Plan Implement Implement Growth compared Total Revenue (*) 8,830 9,000 7,383 82% 84%
Indicators
2023 2024 2024 2024/ Plan 2024 to 2023
Total expense 6,133 6,300 4,824 77% 79%
Total revenue (*) 7,245 7,569 4,764 63% 66%
Profit before tax 2,697 2,700 2,559 95% 95%
Total expenses 5,173 5,452 2,740 50% 53%
Profit after tax 2,280 2,350 2,395 102% 105%
Profit befor tax 2,072 2,117 2,024 96% 98%
(*) Total revenue includes net revenue, financial income, profit or loss from joint ventures and associates, and other income
Profit after tax 1,666 1,700 1,797 106% 108%
In 2024, the business operations of the units within Becamex’s
industrial-urban-service ecosystem achieved positive results.
(*) Total revenue includes net revenue, financial income, and other income.
The infrastructure businesses of the industrial parks, such as
Vietnam – Singapore Industrial Park Joint Venture Co., Ltd. (VSIP
Revenue from industrial parks (IPs) and related services in 2024

2,395
JV), Becamex Binh Phuoc Infrastructure Development Joint
contributed nearly 742 billion VND, accounting for 15.5% of the Stock Company and Becamex Binh Dinh Joint Stock Company , billion VND
total revenue structure. The Group has selectively attracted leased a total of nearly 257 hectares of industrial land, an increase
investment, focusing on high-tech and sustainable sectors in line of 20 hectares compared to the same period last year. Notably, PROFIT AFTER TAX

1,797
with new trends. The gross profit margin for the industrial park VSIP JV (in which BCM holds 49% of the charter capital) reported
segment in 2024 improved to 79%, compared to 67% in 2023. Billion VND
positive business results, with consolidated net revenue reaching
12,859 billion VND and consolidated net profit after tax (NPAT)
PROFIT AFTER TAX
The urban development segment achieved revenue of 2,898 billion VND reaching 3,283 billion VND, a 93% increase compared to 2023,
in 2024, contributing 61% to the total revenue structure. During the year, contributing positively to the joint venture profits of Becamex

102%
the Corporation focused on residential projects in the middle and upper- Group. Additionally, BW Industrial Development JSC (in which
middle segments in Bau Bang and Hoa Loi, which have high liquidity. In BCM owns 24.06%) also reported a profitable post-tax result in
terms of profitability, the gross profit margin for the urban development the investment phase.
segment in 2024 reached an average of 79%, compared to 55% in 2023, COMPARED TO THE 2024

106%
In the real estate and construction market, which is recovering PLAN
making a significant contribution to the Corporation’s business results.
but still slowly, the subsidiaries in this sector, such as Becamex
Infrastructure Development Joint Stock Company (IJC) ,
Financial revenue in 2024 reached 1,010 billion VND, contributing 21% to COMPARED TO THE 2024 PLAN
Binh Duong Trade And Development JSC (TDC), Binh Duong
the total revenue, a 2.6-fold increase compared to 2023, driven by higher
Construction & Civil Engineering JSC (BCE) all achieved stable
dividends received from affiliated companies this year. Construction

105%
business results and met the major goals set by the Annual
and other operations contributed the remaining 102 billion VND in
General Meeting of Shareholders.
revenue, with a gross profit of approximately 60 billion VND.

108%
In the services sector, Viet Nam Technology & Telecommunication COMPARED TO THE
Financial expenses in 2024 decreased by 48% compared to the
JSC (VNTT), which provides telecommunications, internet, IMPLEMENTATION IN 2023
same period last year, as the company reversed nearly 535 billion
data center services, and smart solutions for businesses,
VND in investment provisions, primarily due to BW Industrial COMPARED TO THE
IMPLEMENTATION IN 2023 reported its highest net profit after tax (NPAT) in the past
Development JSC (in which BCM holds 24.06% of the charter
five years in 2024. The units operating in education and
capital) eliminating its accumulated losses in 2024. Other
healthcare also achieved stable and efficient business results.
expenses were controlled by the Corporation according to plan.

With these results, the consolidated total revenue in 2024

According to the audited consolidated financial statements for
reached 7,383 billion VND, achieving 82% of the plan. The
2024, total revenue reached 4,763 billion VND, achieving 63% of
consolidated net profit after tax (NPAT) reached 2,395 billion
the plan. Total expenses amounted to 2,740 billion VND, reaching
VND, achieving 102% of the plan set by the General Meeting
50% of the plan. Net profit after tax reached 106% of the GSM’s
of Shareholders and a 5% increase compared to 2023.
target, totaling 1,797 billion VND, an 8% increase compared to 2023.
92 ANNUAL REPORT 2024 93
 FINANCIAL SITUATION

REGARDING THE FINANCIAL SITUATION OF THE

PARENT COMPANY.
Unit: Billion VND Unit: Billion VND

As of 31/12/2023 As of 31/12/2024 % Increase/ As of 31/12/2023 As of 31/12/2024 % Increase/

Indicator Indicator
Value Proportion Value Proportion Decrease Value Proportion Value Proportion Decrease
Short-term Assets 28,871 64.46% 31,105 63.65% 7.74% Short-term Debt 21,200 68.51% 19,324 56.21% -8.85%
Long-term Assets 15,919 35.54% 17,765 36.35% 11.60% Long-term Debt 9,745 31.49% 15,053 43.79% 54.47%
Total Assets 44,790 100.00% 48,870 100.00% 9.11% Total Debt 30,945 100.00% 34,377 100.00% 11.09%

Owner’s Equity 13,845 100.00% 14,493 100.00% 4.68%

Total Assets at the end of 2024 reached VND 48,870 billion, an increase of 9.11% compared to the beginning Total debt as of December 31, 2024, reached VND 34,377 billion, an increase of 11% compared to the
of the year. The proportions of short-term assets and long-term assets were 63.65% and 36.35%, respectively, beginning of the year. The outstanding bank loans and bond issuance liabilities at the end of 2024
consistent with the same period last year. The increase in assets was primarily due to the Corporation’s amounted to VND 21,863 billion, an increase of VND 3,963 billion compared to the beginning of the
increased investments in existing companies and new projects, leading to a rise in inventory value. year. The Corporation increased borrowing to meet funding needs for project investments and capital
contributions to subsidiaries. The financial leverage ratio, Total Debt/Equity, at the end of 2024 was 2.4
times, up from 2.2 times at the beginning of 2024.

63.65%
35.54% 36.35% 56.21%
64.46% 68.51% 31.49% 43.79%

Year 2024
Year 2023 Year 2023 Year 2024

Short-term Assets Short-term Debt

Long-term Assets Long-term Debt

94 ANNUAL REPORT 2024 95

 FINANCIAL SITUATION

REGARDING THE 2024 CONSOLIDATED

FINANCIAL STATEMENTS
Unit: Billion VND Unit: Billion VND

As of 31/12/2023 As of 31/12/2024 % Increase/ As of 31/12/2023 As of 31/12/2024 % Increase/

Indicator Indicator
Value Proportion Value Proportion Decrease Value Proportion Value Proportion Decrease

Short-term Assets 28,441 53.24% 31,704 53.94% 11.47% Short-term Debt 22,998 67.73% 21,930 57.56% -4.64%

Long-term Assets 24,983 46.76% 27,077 46.06% 8.38% Long-term Debt 10,956 32.27% 16,172 42.44% 47.61%

Total Assets 53,424 100.00% 58,781 100.00% 10.03% Total Debt 33,954 100.00% 38,102 100.00% 12.22%

Owner’s Equity 19,473 100.00% 20,679 100.00% 6.19%

In 2024, the total asset value of the Corporation was recorded at VND 58,781 billion, an increase of 10.03% The total debt of Becamex IDC in 2024 were recorded at VND 38,102 billion, an increase of 12.22% compared
compared to 2023, with both short-term assets and long-term assets showing growth rates of 11.47% and to the beginning of the year. Of this, short-term and long-term financial loans and debts amounted to more
8.38%, respectively. Specifically: than VND 23,628 billion, accounting for 62.01% of total liabilities and 40.20% of the Corporation’s equity,
increasing by 19.84% from VND 19,716 billion at the beginning of the year. Due to the nature of developing
Inventory and short-term receivables increased by 6.16% and 14.80%, respectively, corresponding to an
multiple projects simultaneously, the Corporation has increased borrowing to meet the funding needs of
increase of VND 1,221 billion and VND 1,040 billion. This increase was mainly due to the rising costs of
these projects. The Corporation’s equity ratio has remained stable over the past five years, with the total
unfinished construction work from ongoing projects and the receivables from advance compensation for
liabilities to total assets ratio always below 65% (reaching 64.82% in 2024.
projects from the Binh Duong Land Development Center.
As of December 31, 2024, the Corporation had no overdue payables. In 2024, the Corporation’s business
Investments in joint ventures and associates increased by 13.16% in 2024 compared to the previous year,
operations were also not affected by exchange rate fluctuations.
as the Corporation increased its capital contributions and received higher profits from these investments,
which were the main factors impacting the value of Long-term Assets.

53.94% 57.56%
53.24% 46.76% 67.73% 32.27%
46.06% 42.44%

Year 2023 Year 2024 Year 2023 Year 2024

Short-term Assets Short-term Debt

Long-term Assets Long-term Debt

96 ANNUAL REPORT 2024 97

 KẾ HOẠCH KINH DOANH NĂM 2025
INDUSTRIAL PARK SECTOR SOCIAL HOUSING DEVELOPMENT SECTOR

Qua đánh giá các yếu tố có thể tác động đến hoạt động SXKD của Tổng công ty Becamex, Ban điều hành
In 2025,
kỳ vọng năm the
2025Corporation will ngoặt
sẽ là năm bước break trong
ground on
giai đoạn phát triển đột phá của Tổng công ty với nhiều kế Becamex is developing the Vietnam Sing Area 6
the Bau Bang Industrial Park expansion (Phase
hoạch sẽ được triển khai từng lĩnh vực kinh doanh cụ thể như sau: Social Housing Project, with a scale of 1,867 units,
2 - 380 hectares) and the Cay Truong Industrial with delivery to homeowners expected from 2027.
Park (700 hectares) in Binh Duong, increasing Furthermore, the Corporation has received approval
the available land bank for lease in Binh Duong. from the People’s Committee of Binh Duong Province
Cay Truong Industrial Park will be developed to invest in five additional social housing projects in
as an Ecological Industrial Park (EIP) model, Binh Duong, with a total of more than 8,600 units to
meeting sustainable criteria for renewable be built starting in 2025. The development of social
energy, water recycling, and emission reduction. housing reflects the Corporation’s responsibility to
Regarding the development of new industrial the community and its commitment to sustainable
park projects, based on the Binh Duong development.
Provincial Planning for the 2021-2030 period
with a vision to 2050, which has been approved
by the Prime Minister, Becamex is researching Business plan for 2025 Parent Company:
investments in new-generation industrial Unit: Billion VND
parks focusing on science and technology,
information technology in Binh Duong. In KH2025/
STT Indicator Thực hiện năm 2024 Kế hoạch năm 2025
addition, the Corporation, along with VSIP, TH2024
will continue to invest in expanding industrial-
1 Total revenue 4,764 7,786 163%
urban-service projects using the new model
in provinces under research, such as Tay Ninh, 2 Total expense 2,740 5,751 210%
Khanh Hoa, Binh Thuan, and Binh Phuoc.
3 Profit before tax 2,024 2,035 101%

4 Profit after tax 1,797 1,845 103%

TRANSPORT INFRASTRUCTURE SECTOR

Business plan for 2025 consolidated:
Unit: Billion VND
In early February 2025, the Corporation and its joint venture
KH2025/
partners, having won the bid, began the construction of the STT Indicator Thực hiện năm 2024 Kế hoạch năm 2025
TH2024
Ho Chi Minh City – Thu Dau Mot – Chon Thanh Expressway
Project. This strategic transportation project connects 1 Total revenue 7,383 9,500 129%
Ho Chi Minh City and Binh Phuoc through Binh Duong
Province and is being invested under a BOT contract, with 2 Total expense 4,824 6,800 141%
the construction portion having a total investment of over
3 Profit before tax 2,559 2,700 105%
VND 8,833 billion. Becamex will hold 49% of the equity in
the investment company for this expressway project, which 4 Profit after tax 2,395 2,470 103%
is expected to be completed by 2027.

Additionally, the Corporation is the proposed investor for the

Ring Road 4 project through Binh Duong Province, which is
expected to open for bidding in Q2 2025, and is studying the EXPLANATION OF THE BOARD OF MANAGEMENT FOR
proposal for the investment project for Ring Road 3 through AUDITOR’S OPINIONS
Binh Duong Province.
According to the audited consolidated financial statements for 2024, the audit firm A&C Auditing
and Consulting Company Limited. has issued an unqualified audit opinion on the Company’s
report. Therefore, the Board of Management has no additional comments to provide.

98 ANNUAL REPORT 2024 99

 ASSESSMENT REPORT RELATED TO ENVIRONMENTAL
AND SOCIAL RESPONSIBILITIES OF THE CORPORATION

“
At Becamex IDC, sustainable development is not only a direction
but also a guiding principle in all of our strategic decisions. The
SSP 2050 plan is a clear testament to Becamex IDC’s strong
commitment to integrating environmental factors and social
responsibility into the business model, aiming to create sustainable
value, enhance competitiveness, and drive long-term growth.
ASSESSMENT CONCERNING THE LABOR ISSUES
Becamex IDC focuses on investing in human resources, considering it a key factor for the
sustainable development of the Corporation. The Corporation always cares about the lives of its
employees through the implementation of labor policies that ensure health, safety, and welfare
for workers. As a result, the workers’ spirit is enhanced, contributing more to the Corporation.
This is one of the crucial factors that contribute to driving the country’s economic growth and
improving the living standards of workers. Specifically:

Detailed information is presented in the Corporation’s Sustainable Development Report. • Implementing comprehensive solutions to improve employment and income, proactively adjusting
wage rates and bonus policies to enhance competitiveness;

ASSESSMENT CONCERNING THE ENVIRONMENTAL INDICATORS • Ensuring transparency in working hours, wages, and social welfare policies;
The Corporation is committed to strictly complying with environmental regulations and continuously • Improving a dynamic and more professional working environment;
striving to improve operational efficiency to minimize negative impacts on the environment.
• Providing workers with full personal protective equipment that meets standards and is suitable for
As a result, in 2024, the Corporation successfully achieved its environmental protection goals and made each job. As a result, workers can work with peace of mind and contribute their best efforts to the
encouraging progress in sustainable development. Corporation;

CORPORATE RESPONSIBILITY FOR THE LOCAL COMMUNITY • Focusing on developing human resources and improving management capacity. We invest in
specialized training programs and provide soft skills development for employees..
Becamex IDC not only focuses on business activities but also consistently directs its
efforts toward the community with a high sense of responsibility. The Corporation aims
to contribute its efforts to help build a better life for the people. In addition to charitable IMPROVEMENTS IN ORGANIZATIONAL STRUCTURE,
activities, the Corporation strictly adheres to tax regulations and fulfills its tax obligations
in accordance with the state’s requirements. This is how the Corporation demonstrates
POLICIES, AND MANAGEMENT
its responsibility to the community and contributes to the country’s overall development.
THE PROGRESS THE CORPORATION HAS ACHIEVED
Over the years, the Corporation has successfully carried out its social responsibility by creating more
BECAMEX IDC and the World Bank are cooperating in the feasibility study phase to implement the
jobs for local workers, actively participating in social support activities, charity work, and providing
Eco-Industrial Park (EIP) project according to ESG criteria, aiming for Net zero by 2050. BECAMEX IDC
scholarships to underprivileged and hardworking students. These activities have helped improve
the living standards of local people and promote the overall development of the community. has pioneered in accompanying prestigious organizations such as the World Bank, and International
Finance Corporation (IFC) to research and promote the opportunity to develop the first Eco-Industrial
In 2024 alone, the Corporation’s total community support fund was VND 39 billion, with many Park (EIP) in Vietnam according to the international framework EIP 2.0. To adapt to the new context and
community-focused activities, such as: requirements, BECAMEX IDC focuses on sustainable development factors, from creating advantages for
investors in ESG principles to the goal of net zero emissions by 2050
• VND 10 billion in relief for Typhoon No. 3 victims;

• Sponsorship of the “EIU’s Got Talent Season 10” program and cultural exchange activities
between Eastern International University (EIU) and Yamaguchi University (Japan), as well as REGARDING IMPROVEMENTS TO THE ORGANIZATIONAL STRUCTURE
Asia University;
Regarding improvements to the organizational structure: in 2024, the Corporation established the
Becamex Bidding Center to carry out the bidding work of the Corporation in accordance with State
• Implementation of the project to build 1,000 houses for poor households in Phu Yen and an
regulations, regulations, rules, and bidding procedures of the Corporation.
investment of VND 6 billion to plant trees to improve the environment;
In addition, the Corporation focuses on professional training for employees, specifically implementing
• Support for meaningful community events such as an online running event, the “The Season Digital Leadership courses in Singapore for staff and implementing courses on labor safety, fire prevention
of Ripe Fruits” festival, a charity football match fundraiser “Spreading Love,” and the Southern and fighting, project management, updating legal documents, etc., with a total of 232 training hours.
Youth Creativity Festival.

100 ANNUAL REPORT 2024 101

 CORPORATE
GOVERNANCE
4
102 ANNUAL REPORT 2024 103
 REPORT OF BOARD OF DIRECTORS

ASSESSMENTS OF THE BOARD OF DIRECTORS ON THE CORPORATION’S

OPERATION, INCLUDING THE ASSESSMENT RELATED TO ENVIRONMENTAL
AND SOCIAL RESPONSIBILITIES

2024 was a year of significant upheaval in the global economy, compounded by internal challenges as
Vietnam is a developing country in the process of transformation and integration. The economy remains
modest in size, with a high level of openness; its competitiveness and resilience to external shocks are
still limited. However, Vietnam has achieved encouraging results with a GDP growth of 7.09% and a CPI
increase of 3.63%.

Moreover, Vietnam is becoming one of the next priority destinations for international investment. Over
the past 30 years, Becamex has actively participated in attracting foreign investment in Binh Duong as
well as nationwide, with a comprehensive ecosystem model combining Industry - Urban Development -
Services, placing investors, workers, and the community at the center. This model has helped Becamex
IDC contribute to and participate in the development and strengthening of the country’s industrial base
during the opening and integration period. Faced with the ongoing transformation of the world and
moving towards the 4.0 industrial era - automation, shaping a new generation ecosystem is a crucial
step, a key factor for Becamex IDC to continue contributing to the country’s development in the new era.

In the field of social housing In the field of industrial park Regarding the capital Regarding the Corporation’s
development (NOXH), the development, the Corporation contribution and increase environmental policy,
Corporation has approved has approved the investment in charter capital for it is clearly stated that
the High-rise Apartment project for the Becamex subsidiaries: In 2024, the pollution causing harm to
Project – Vietnam Sing Area Smart Industrial and Urban Corporation carried out the environment must be
6 under the Social Welfare Area (Phase 1: Development capital contributions to prevented, and there must
Housing Project – Vietnam and upgrading of the smart purchase shares of Becamex be continuous improvement
Sing Area 6. monitoring and management Technical Infrastructure of the quality management

system) and has approved the Development Joint Stock system, environmental

adjustment of the Bau Bang Company – Binh Phuoc and management, and

Industrial Park Expansion Becamex Binh Dinh Shares information security to

Project in preparation for the Company. achieve perfection and

groundbreaking in 2025. sustainable development.

104 ANNUAL REPORT 2024 105

 Regarding the training and development of staff, the Corporation implements comprehensive healthcare
REPORT OF BOARD OF DIRECTORS support policies, providing financial assistance for employees’ medical expenses at Becamex International
Hospital. This policy includes both outpatient and inpatient treatment, including hospitalization and
surgery. This helps reduce the financial burden on employees and ensures they have access to quality
ASSESSMENTS OF THE BOARD OF DIRECTORS ON THE CORPORATION’S
OPERATION, INCLUDING THE ASSESSMENT RELATED TO ENVIRONMENTAL healthcare services.
AND SOCIAL RESPONSIBILITIES
The Corporation also actively develops social housing projects, making significant contributions to
improving workers’ lives. The implementation of 10,000 social housing units not only increases access

BECAMEX IDC HAS BEEN AND to safe and quality housing for low-income workers but also contributes to improving their health and

IS BUILDING AND DEVELOPING quality of life through a stable and sustainable living environment.
A GREEN, SMART INDUSTRIAL The Corporation’s sustainable development journey
In addition, the Corporation’s employee
PARK ECOSYSTEM, FOCUSING
development and lifelong learning program focuses not only on environmental protection but
ON 5 KEY FACTORS
demonstrates a strong commitment to also on creating social and economic value on
building a skilled and adaptable workforce. a comprehensive scale. To achieve this goal, our

Increase the proportion of clean energy Through comprehensive training programs, workforce plays a key role in achieving the Sustainable

usage: rooftop solar power, solar energy including technical skills, leadership Development Goals. Starting in 2025, the newly

farms, and energy storage batteries. development, regulatory compliance, and established Sustainable Development Council will
safety training, employees are equipped closely cooperate with the Corporation’s leadership
with the necessary competencies to meet and relevant departments to realize the Sustainable
job requirements and advance their careers. Development Goals, including the goal of achieving
Operate and manage smart industrial parks
net-zero emissions by 2050.
with the IOC as the center for centralized
management.

Enhance green spaces with a strategy to

plant 1 million trees, prioritizing forest and
native species to contribute to greening,
reduce carbon emissions, and restore
biodiversity.

Use resources efficiently: promote water

recycling and waste sorting at the source
(including general, industrial, and hazardous
waste).

Raise awareness and provide training on Net

Zero and sustainable development goals.

106 ANNUAL REPORT 2024 107

 REPORT OF BOARD OF DIRECTORS

ASSESSMENT OF BOARD OF DIRECTORS ON BOARD OF PLANS AND ORIENTATIONS OF THE BOARD OF DIRECTORS IN 2024
MANAGEMENT’S PERFORMANCE
The Board of Directors highly The Board of Management has The Board supervises and In 2025, the Corporation forecasts that the business environment will continue to face many difficulties
appreciates the flexible, decisive, timely directed professional directs the implementation of and challenges that will impact investment attraction, capital raising plans, and the progress of new
and timely management by activities to each department, information disclosure to ensure project implementations. With the industrial-urban-service ecosystem developed over many years, the
the Board of Management division, and functional center transparency and timeliness in Corporation will direct its investment resources towards commercial, service, smart production, and
in achieving excellent to ensure that work is handled accordance with regulations; innovation projects to create new growth drivers. Some investment projects expected to be implemented
business results. The Board of efficiently and promptly. The supervises the management in 2025 are as follows:
Management has successfully Corporation has implemented and operation activities of
Bau Bang Industrial Park Expansion Project Vietnam Sing and Dinh Hoa Social Housing Project
completed the tasks, resolutions digital transformation towards the Board of Management to
of the Board of Directors, and centralized and secure improve business efficiency
the production and business management operations. and achieve the set targets and
plans set by the Annual General plans.
Meeting of Shareholders.

ASSESSING ACTIVITIES OF THE BOARD OF DIRECTORS’

INDEPENDENT MEMBERS
The BOD for the second term (2023-2028) consists of 5 members, including
Organizational 1 independent member. All members of the BOD actively and fully
structure participate in the company’s governance activities, ensuring compliance
with good corporate governance practices.

• The BOD has effectively fulfilled its role in implementing the plans, policies, Ho Chi Minh City - Thu Dau Mot - Chon Thanh
Vietnam Sing and Dinh Hoa Social Housing Project
and strategic directions set by the Annual General Meeting of Shareholders. Expressway Project

• The Chairman of the BOD has assigned responsibilities to the members to

oversee and supervise the activities of the Corporation in accordance with
legal regulations and the Charter.

• The BOD has properly carried out its role and responsibilities in directing,
supporting, and supervising the BOM in implementing the matters
approved by the AGM and BOD, ensuring compliance with legal regulations,
while balancing the interests of the Corporation and its shareholders.
Results of • The Corporation has complied with relevant regulations regarding the
management authority for approval, monitoring, and disclosure of transactions between
and supervision
insiders of the Corporation and their related parties. These transactions
have been disclosed in accordance with legal requirements.
Upgrade and Expansion of National Highway 13 Ring Road 4 Ho Chi Minh City Project, from Thu
• The BOD fully performed its function of supervising the Corporation’s Project Bien Bridge to the Saigon River
management, providing appropriate and timely guidance to ensure the
efficient use of resources to achieve the targets assigned by the AGM.

• All BOD activities in 2024 complied with the Company’s Charter, Corporate
Governance Regulations, and legal provisions.

• All BOD members adhered to the regulations when participating in BOD

Conclude meetings, discussing, and voting independently and objectively, with the
utmost aim of safeguarding the interests of the Corporation’s shareholders.
108 ANNUAL REPORT 2024 109
 REPORT OF BOARD OF DIRECTORS

PLANS AND ORIENTATIONS OF THE BOARD OF DIRECTORS IN 2024 BUSINESS PLAN OF THE CORPORATION IN 2024

Unit: VND billion

With a selective investment strategy, prioritizing high-tech industries, green industries, and digital
Implement
No. Indicators Plan 2024 Ratio ( Plan/ Implement) infrastructure, this creates a sustainable driving force for the industrial real estate sector, particularly in
2023
key economic areas.
1 Total revenue 4,764 7,786 163%
Not only does Becamex own a large and long-term land bank in industrially important provinces such
as Binh Duong, Binh Phuoc, Quang Ngai, Nghe An, and Binh Dinh, but it has also developed a complete
2 Total expenses 2,740 5,751 210%
industrial – urban – service ecosystem through its subsidiaries and affiliates, such as VSIP, BW Industrial,
Becamex Tokyu, Becamex Binh Dinh, Becamex Binh Phuoc, etc. This model not only facilitates the
3 Profit before tax 2,024 2,035 101%
attraction of foreign investors but also ensures sustainability in the urban and industrial development

4 Profit after tax 1,797 1,845 103% process at the local level.

Sustainable development is at the core of all the Corporation’s activities and projects, gradually transforming
2025 Business Plan of the Parent Company
existing industrial parks (IPs) into smart and green IPs. For new IPs, Becamex IDC aims to develop
ecological industrial parks (EIPs) according to international standards, including the EIP framework of
Unit: VND billion the World Bank, the United Nations Industrial Development Organization (UNIDO), and the German
International Cooperation (GIZ). We continue to make significant progress in reducing greenhouse gas
Implement emissions, cutting carbon footprints, and improving energy efficiency in our operations, as well as using
No. Indicators Plan 2024 Ratio ( Plan/ Implement)
2023
natural resources efficiently, as part of the Smart Sustainable Development Plan 2050.
1 Total revenue 7,383 9,500 129% Becamex IDC’s sustainable development journey not only focuses on environmental protection but also
aims at creating social and economic value on a comprehensive scale. To achieve this goal, our workforce
2 Total expenses 4,824 6,800 141% plays a key role in implementing the Sustainable Development Goals.

3 Profit before tax 2,559 2,700 105%

4 Profit after tax 2,395 2,470 103%

2025 Consolidated Business Plan

110 ANNUAL REPORT 2024 111

 BOARD OF DIRECTORS

LIST OF MEMBERS OF THE BOARD OF DIRECTORS PROFILE OF MEMBERS OF THE BOARD OF DIRECTORS

No.

1
Member of the Supervisory Board

Mr. Nguyen Van Hung Chairman of BOD

Position

02
Date of birth
MR. NGUYEN PHU THINH
Deputy Chairman of the Board of Directors

1964
2 Mr. Nguyen Phu Thinh Deputy Chairman of BOD
Qualification: Bachelor of Finance
Deputy Chairman of the Board of Directors and State capital
3 Mr. Nguyen Danh Tung Non-Execute Member of BOD Position at Becamex IDC
representative

4 Mr. Nguyen Van Hien Phuc Independent Member of BOD • State Capital Representative at Investment and Industrial
Development Joint Stock Corporation;
• Vice Chairman of the BOD of Becamex Binh Dinh Joint Stock
5 Mr. Pham Ngoc Thuan Member of BOD cum General Director
Company;
• Member of the BOD of Becamex - VSIP Power Investment and

01
Development Joint Stock Company;
Position at other • Vice Chairman of the BOD of East Saigon Investment and Industrial
MR. NGUYEN VAN HUNG organizations Development Joint Stock Company;
Chairman of Board of Directors • Co-Chairman of the BOD of Vietnam - Singapore Smart Energy
Solutions Joint Stock Company;
Date of birth 1959 • Member of the Members’ Council cum General Director of Vietnam-
Qualification: Master of Business Administration Singapore Industrial Park J.V. Co., Ltd.;
• Member of the BOD of Vietnam Singapore Industrial Park and
Position at Becamex IDC Chairman of BOD
Township Development Joint Stock Company.
• Chairman of the BOD of BW Industrial Development Joint Stock Career history
Company;
• Co-Chairman of the BOD of Becamex - VSIP Power Investment and
Development Joint Stock Company; Investment and Industrial Development
From 2006 to 2018 Member of the BOD
• Chairman of the BOD of East Saigon Investment and Industrial One Member Limited Liability Company
Position at other
Development Joint Stock Company; Investment and Industrial Development
organizations From 2018 to present Deputy Chairman of the BOD
• Chairman of the Members’ Council of Becamex Tokyu Co., Ltd.; Joint Stock Corporation
• Co-Chairman of the BOD of Vietnam-Singapore Industrial Park J.V. Co.,
Investment and Industrial Development
Ltd.; From 2018 to present State capital representative
Joint Stock Corporation
• Co-Chairman of the BOD of Vietnam Singapore Industrial Park and
Township Development Joint Stock Company.
Career history Total number of shares held/represented at BCM: 989,013,300 shares, accounting for 95.5568% charter capital
• Personal ownership: 1,208,500 shares, accounting for 0.1168% charter capital;
Chairman of the Members’
From May 2010 to Investment and Industrial Development • Representative ownership: representing the People’s Committee of Binh Duong Province to hold
Council cum General
December 2017 One Member Limited Liability Company
Director 987,804,800 shares, accounting for 95.4401% charter capital;
From January 2018 to Investment and Industrial Development Vice Chairman of the BoD
August 2018 Joint Stock Corporation cum General Director
From September 2018 to Investment and Industrial Development
present Joint Stock Corporation
Chairman of the BoD SUBCOMMITTEES OF THE MR. PHAM NGOC THUAN
BOARD OF DIRECTORS
Member of Board of Directors cum General Director
Total number of shares held/represented at BCM: 6,219,000 shares, accounting for 0.6009% charter capital; The corporation has not yet
Detailed Profile – See Board of Management section
• Personal ownership: 6,219,000 shares, accounting for 0.6009% charter capital; established any subcommittee

• Representative ownership: 0 shares, accounting for 0% charter capital;

112 ANNUAL REPORT 2024 113

 BOARD OF DIRECTORS

PROFILE OF MEMBERS OF THE BOARD OF DIRECTORS PROFILE OF MEMBERS OF THE BOARD OF DIRECTORS

03
Date of birth
MR. NGUYEN DANH TUNG
Member of Board of Directors
1967
No.

1
Member of the Supervisory
Board

Mr. Nguyen Van Hung

Position

Chairman of BOD
Number of
meetings
attended

57
Attendance
rate

100%
Qualification: Bachelor of Economics
2 Mr. Nguyen Phu Thinh Deputy Chairman of BOD 57 100%
Position at Becamex IDC Member of Board of Directors
Position at other organizations None Member of BOD cum General
3 Mr. Pham Ngoc Thuan 57 100%
Director
Career history
4 Mr. Nguyen Danh Tung Non-Execute Member of BOD 57 100%
Administrative Department - Investment
From May 2010 to Member of the Members’
and Industrial Development One Member
June 2013 Council cum Deputy Director 5 Mr. Nguyen Van Hien Phuc Independent Member of BOD 57 100%
Limited Liability Company
Administrative Department - Investment
From June 2013 to
and Industrial Development One Member
Member of the Members’ SUPERVISORY ACTIVITIES OF THE BOARD OF DIRECTORS TOWARDS
December 2017 Council cum Director
Limited Liability Company THE BOARD OF MANAGEMENT
Administrative Department - Investment In 2024, the BOM has strictly implemented the The Board of Directors highly appreciates the
From January 2018 to Member of the BOD, Director of
and Industrial Development Joint Stock
present the Administration Department resolutions of the BOD and effectively carried flexible, decisive, and timely management by
Corporation
out business operations according to the targets the Board of Management in achieving excellent
Total number of shares held/represented at BCM: 527,600 shares, accounting for 0.0510% charter capital and plans set by the AGM. The management and business results. The Board of Management has
• Personal ownership: 527,600 shares, accounting for 0.0510% charter capital; operation were conducted professionally; human accelerated the completion of legal procedures
• Representative ownership: 0 shares, accounting for 0% charter capital; resource training was strengthened, with a focus for projects, implemented the digitization

04
on planning and nurturing the next generation of of processes within the Corporation and its
leadership; efforts to improve the effectiveness and subsidiaries; notably, it has implemented the
MR. NGUYEN VAN HIEN PHUC quality of management and operation of projects performance measurement program (KPI) with
Independent Member of Board of Directors continued; the quality of products, services, and the expectation of increasing productivity and
Date of birth 1969 customer care was continuously enhanced, thereby operational efficiency.
raising the prestige and brand of Becamex IDC.
Qualification: Bachelor of Economic Law
Position at Becamex IDC Independent Member of Board of Directors
Position at other organizations None ACTIVITIES OF THE SUBCOMMITTEES UNDER THE BOARD OF DIRECTORS
None
Career history

From January 2006 to B.C.M Law Firm 230 Binh Duong

Office Manager
January 2008 Boulevard, Thu Dau Mot, Binh Duong.
From January 2008 to
Becamex Law Firm Director
June 2010
From June 2010 to
Binh Duong Bar Association Chairman
January 2018
From January 25, 2018 to Investment and Industrial Development
Member of the BOD
present Joint Stock Corporation

Total number of shares held/represented at BCM: 572,400 shares, accounting for 0.0553% charter capital
• Personal ownership: 572,400 shares, accounting for 0.0553% charter capital;
• Representative ownership: 0 shares, accounting for 0% charter capital;
114 ANNUAL REPORT 2024 115
 BOARD OF DIRECTORS

RESOLUTIONS/DECISIONS OF THE BOARD OF DIRECTORS IN 2024

In 2024, the Board of Directors consistently operated with a

strong sense of responsibility, holding meetings and issuing
57 resolutions covering all areas of Becamex IDC’s operations.
57
RESOLUTIONS
NO.

12
RESOLUTION
NUMBER

12/NQ-HĐQT
DATE OF
ISSUANCE

07/05/2024
CONTENT

Regarding the approval of the Regulation on management

and use of digital signatures and digital certificates at the
Corporation.
Approved the adjustment of the total investment of
13 13/NQ-HĐQT 06/06/2024 Becamex International General Hospital Project (Phase 1) –
683 beds.
RESOLUTION DATE OF
NO. CONTENT
NUMBER ISSUANCE 14 14/NQ-HĐQT 10/06/2024 Term credit loan guarantee for Becamex Tokyu Co., Ltd.

Approved the value of contracts and transactions with

1 01/NQ-HĐQT 02/01/2024 Approved the plan to repurchase bonds before maturity and
member companies. 15 15/NQ-HĐQT 11/06/2024
approved the plan to issue private bonds in 2024.
Approved the construction investment project: Highrise
2 02/NQ-HĐQT 03/01/2024 Apartment – Viet Sing Zone 6 under the project: Social Approval of amendments and supplements to the Charter’s
security housing – Viet Sing Zone 6. 16 16/NQ-HĐQT 17/06/2024
Corporation.
Finalize the list of shareholders to exercise the right to collect
3 03/NQ-HĐQT 01/02/2024 Approval of documents to be submitted to the Annual
shareholders' opinions in writing. 17 17/NQ-HĐQT 26/06/2024
General Meeting of Shareholders in 2024.
Approved the policy to submit to the Management Board
of Binh Duong Industrial Park to adjust the Investment Regarding the approval of the plan to issue private bonds in
4 04/NQ-HĐQT 22/02/2024 Registration Certificate for the investment project on 18 18/NQ-HĐQT 28/06/2024
2024 of the Corporation.
construction and business of infrastructure of Cay Truong
Industrial Park.
Approved the adjustment of the Social Welfare Housing
Regarding the adjustment of the policy of competitive 19 19/NQ-HĐQT 28/06/2024
Investment Project – Viet Sing Zone 6.
bidding for the bidding package "Supply and construction of
5 05/NQ-HĐQT 29/02/2024 mass pile pressing" under the project: Cultural Commercial Approval of amendments and supplements to the Charter
and Service Zone Central Terminal A1 (WTC New City 20 20/NQ-HĐQT 08/07/2024 on Organization and Operation of Becamex IDC Corporation
Complex). JSC.
Regarding the exercise of the right to purchase additional Adjustment of the ownership participation ratio in the
6 06/NQ-HĐQT 03/03/2024 investment project for the construction of the Ho Chi Minh
shares of Becamex IDC Corporation. 21 21/NQ-HĐQT 12/07/2024
City – Thu Dau Mot – Chon Thanh Expressway, specifically
Regarding the approval of the Regulation on Operation the section through Binh Duong Province.
7 07/NQ-HĐQT 20/03/2024 of the Capital Portion Representative of Becamex IDC
Corporation at enterprises. 22 22/NQ-HĐQT 22/07/2024 Selection of an independent audit company for 2024.
Regarding the adjustment of the Owner's capital
contribution rate at the Investment Project to build Ring
8 08//NQ-HĐQT 25/03/2024 Approval of a credit guarantee for Becamex Binh Dinh Joint
Road 4 in Ho Chi Minh City, Thu Bien Saigon River bridge 23 23/NQ-HĐQT 26/07/2024
section (phase 1). Stock Company.
Approved the Regulation on contractor selection; selection Approval of the investment project for the construction
of goods suppliers, regular repairs, direct procurement; 24 24/NQ-HĐQT 05/08/2024 of the Electronics Semiconductor Telecommunications
9 09/NQ-HĐQT 28/03/2024 selection of units to participate in business cooperation; Center.
implement the Corporation's investment project proposal
Approval of the investment project for the Becamex
dossiers.
Industrial Park and Smart Urban Area (Phase 1: Development
25 25/NQ-HĐQT 05/08/2024
Extension of the time to hold the Annual General Meeting of and upgrading of the smart monitoring and management
10 10/NQ-HĐQT 16/04/2024 system).
Shareholders in 2024.

Regarding the finalization of the list of shareholders to Approval of the capital increase for Becamex Binh Dinh Joint
26 26/NQ-HĐQT 12/08/2024
11 11/NQ-HĐQT 03/05/2024 organize the Annual General Meeting of Shareholders in Stock Company.
2024.

116 ANNUAL REPORT 2024 117

 BOARD OF DIRECTORS

RESOLUTIONS/DECISIONS OF THE BOARD OF DIRECTORS IN 2024

RESOLUTION DATE OF RESOLUTION DATE OF

NO. CONTENT NO. CONTENT
NUMBER ISSUANCE NUMBER ISSUANCE

Approval of the infrastructure construction investment

Extension of dividend payment for Binh Duong Rubber
27 27/NQ-HĐQT 26/08/2024 43 43/NQ-HĐQT 14/11/2024 project for the new urban area in the Binh Duong
Joint Stock Company.
IndustrialServiceUrban Complex.
Approval of the adjusted investment project: Infrastructure
Approval of the adjusted investment project for the Cultural
28 28/NQ-HĐQT 26/08/2024 system of the Hoa Loi Resettlement Area within the Binh 44 44/NQ-HĐQT 15/11/2024
Commercial, Service A1 Central Terminal.
Duong IndustrialServiceUrban Complex.

Equity investment in the Infrastructure Development Approval of the adjusted investment project for the
29 29/NQ-HĐQT 09/09/2024 45 45/NQ-HĐQT 19/11/2024
Company Becamex Binh Phuoc. Electronics Semiconductor Telecommunications Center.

Appointment of authorized representatives to the Members' Conversion of Becamex Traffic Construction Enterprise;
30 30/NQ-HĐQT 10/09/2024 Council/Capital Representatives in Vietnam – Singapore 46 46/NQ-HĐQT 19/11/2024 Adjustment of the organizational structure of Becamex
Industrial Park Joint Venture Company Limited. Bidding Center.
Approval of the policy for research, survey, and proposal of
Proposal for credit approval at Vietnam Prosperity Joint
31 31/NQ-HĐQT 17/09/2024 47 47/NQ-HĐQT 29/11/2024 new industrial park and urbanservice projects in various
Stock Commercial Bank (VPBank).
provinces.
Selection of SSI as the consulting unit to develop materials
Clarification of target investors in the bond issuance plan
32 32/NQ-HĐQT 19/09/2024 48 48/NQ-HĐQT 02/12/2024 and manage the public offering process for the 2024 charter
BCMH2328001 with a total par value of VND 2,000 billion.
capital increase plan (“Consulting Package 02”).
Approval of the criteria for selecting a consulting unit to
Approval of the appointment of a Deputy General Director
33 33/NQ-HĐQT 03/10/2024 prepare the public offering application dossier (“Consulting 49 49/NQ-HĐQT 11/12/2024
of Becamex IDC Corporation.
Package 01”).
Approval of the partial withdrawal of secured assets
Approval of the credit request at the Maritime Commercial
34 34/NQ-HĐQT 10/10/24 and consultation with bondholders regarding Bond 50 50/NQ-HĐQT 11/12/2024
Joint Stock Bank – Ho Chi Minh City Branch (MSB).
BCMH2427001.

Approval of the selection of a consulting unit to prepare the

35 35/NQ-HĐQT 10/10/24 51 51/NQ-HĐQT 20/12/2024 Adjustment of the Hoa Loi General Clinic investment project.
public offering application dossier (“Consulting Package 01”).

Approval of shortterm loans and loan security measures at

36 36/NQ-HĐQT 14/10/2024 Adjustment of the Hoa Loi General Clinic investment project. 52 52/NQ-HĐQT 26/12/2024
Vietnam International Joint Stock Commercial Bank (VIB).

Finalization of the list of shareholders for 2023 cash Adjustment of the implementation schedule for the Cay
37 37/NQ-HĐQT 14/10/2024 dividend payment and the implementation of shareholder 53 53/NQ-HĐQT 27/12/2024 Truong Industrial Park infrastructure construction and
consultation in writing. business project.

Approval of materials for written shareholder consultation in Approval of the policy to adjust the value and implementation
38 38/NQ-HĐQT 06/11/2024 54 54/NQ-HĐQT 27/12/2024
2024. schedule for the expanded Bau Bang Industrial Park project.

Adjustment of the investment registration certificate for the

Approval of adjustments and supplements to the plan for
39 39/NQ-HĐQT 08/11/2024 Bau Bang Industrial Park infrastructure construction and 55 55/NQ-HĐQT 30/12/2024
issuing additional public shares to increase charter capital.
business project.

Approval of the plan to issue additional public shares to Approval of the registration dossier for issuing additional
40 40/NQ-HĐQT 13/11/2024 56 56/NQ-HĐQT 30/12/2024
increase charter capital. public shares to increase charter capital.

Approval of the execution of contracts and transactions

Approval of the registration dossier for the public offering of
41 41/NQ-HĐQT 13/11/2024 57 57/NQ-HĐQT 31/12/2024 between Becamex IDC Corporation and related parties in
additional shares to increase charter capital.
2025.

Approval of the private bond issuance plan for 2024 with a

42 42/NQ-HĐQT 14/11/2024
total value of VND 1,080 billion.

118 ANNUAL REPORT 2024 119

 SUPERVISORY BOARD

LIST OF MEMBERS OF THE SUPERVISORY BOARD

02
Date of birth
MR. NGUYEN MINH DUONG
Member of Supervisory Board

1979
Qualification: Master of Economic
No. Member of the Supervisory Board Position
Position at Becamex IDC Member of the SB and Head of Internal Audit Department

1 Mrs. Nguyen Thi Thuy Duong Head of SB (dismissed 28/11/2024) Position at other
None
organizations

2 Mr. Ho Hong Thach Head of SB (appointed 28/11/2024) Career history

3 Mr. Nguyen Minh Duong Member of SB

From June 2021 to June Thoi Hoa Urban and Industrial Deputy Director and
2023 Development Enterprise Director of An Tay Port
4 Mrs. Huynh Thi Que Anh Member of SB
From June 2023 to August Invesment and Industrial Development
Member of the SB
2023 Joint Stock Corporation
CHANGE OF SUPERVISORY BOARD IN 2024 From August 2023 to Invesment and Industrial Development Head of Internal Audit
present Joint Stock Corporation Department
Starting date as Date is no longer
Member of the Supervisory
No. Position a member of the a member of the
Board Total number of shares held/represented at BCM: 2,500 shares, accounting for 0.0001% charter capital
Supervisory Board Supervisory Board
• Personal ownership: 2,500 shares, accounting for 0.0001% charter capital;
1 Mr. Ho Hong Thach Head of SB 28/11/2024 • Representative ownership: 0 shares, accounting for 0% charter capital;

03
2 Mrs. Nguyen Thi Thuy Duong Head of SB 28/11/2024
MRS. HUYNH THI QUE ANH
PROFILE OF MEMBERS OF THE SUPERVISORY BOARD Member of Supervisory Board

01
Date of birth 1984

MR. HO HONG THACH Qualification: Master of Accounting

Head of the Supervisory Board Position at Becamex IDC Member of Supervisory Board
• SB Member at Binh Duong Construction & Civil Engineering Joint Stock
Date of birth 1967 Company
Qualification: Bachelor’s degree in Business Administration and Bachelor’s degree in Law • SB Member at Becamex International General Hospital Joint Stock
Company
Position at Becamex IDC Head of the Supervisory Board
• SB Member at Becamex Urban Development Joint Stock Company
Position at other Position at other
None SB Member at Binh Duong Trade and Development Joint Stock
organizations organizations
Company
Career history • SB Member at Becamex IDC - Block 71 Startup Support One Member
Company Limited
• SB Member at Becamex Binh Phuoc Infrastructure Development Joint
Invesment and Industrial Development Stock Company
02/2018 - 11/2024 Chief Financial Officer Career history
Joint Stock Corporation
Invesment and Industrial Development Capital Management and
04/11/2024 - 27/11/2024 From November 2008 to Invesment and Industrial Development
Joint Stock Corporation Development staff Staff
January 2018 One Member Limited Liability Company
Invesment and Industrial Development
28/11/2024 - nay Head of the Supervisory Board From January 2018 to Invesment and Industrial Development Member of the Supervisory
Joint Stock Corporation
present Joint Stock Corporation Board

Total number of shares held/represented at BCM: 137,900 shares, accounting for 0.01% charter capital
Total number of shares held/represented at BCM: 1,100 shares, accounting for 0.00001 % charter capital
• Personal ownership: 137,900 shares, accounting for 0.01% charter capital;
• Personal ownership: 1,100 shares, accounting for 0.00001 % charter capital;
• Representative ownership: 0 shares, accounting for 0% charter capital;
• Representative ownership: 0 shares, accounting for 0% charter capital;
120 ANNUAL REPORT 2024 121
 SUPERVISORY BOARD

ACTIVITIES OF THE SUPERVISORY BOARD

In 2024, the Supervisory Board monitored the Board of Directors, the Director, or the
General Director in managing and operating the company.

Check the reasonableness, legality, honesty, and caution in the management

and operation of business activities; the systematization, consistency, and
appropriateness of accounting, statistics, and financial reporting.

The Head of the Supervisory Board actively participated and provided feedback in
the invited sessions of the Board of Directors (BOD) and other important meetings
to gain a deeper understanding of the business and investment situation of the
Corporation. Through this, the Supervisory Board monitored strict compliance with
legal regulations and internal rules in the organization, issuance of the Board of
Directors’ resolutions, as well as the implementation of resolutions passed by the
AGM. At the same time, the Supervisory Board closely monitored the activities of the
Board of Management in implementing the resolutions that had been approved.

Propose a list of independent audit firms, capable and reputable entities, to audit
the financial statements and operations of the Corporation in 2024.

Monitor compliance Evaluate the preparation and Monitor investment

Carry out the review of reports as specifically requested by the State shareholder with the periodic and presentation of the Corporation’s activities including capital

representative in accordance with Point c, Clause 2, Article 115, and Clause 6, Article extraordinary information quarterly and annual financial contributions, holdings,

170 of the 2020 Enterprise Law. disclosure requirements statements and audit reports, increases, and reductions
according to the regulations ensuring accuracy and compliance of the Corporation’s
on information disclosure with Vietnamese Accounting capital in subsidiaries, joint
for listed public companies, Standards and current regulations. ventures, and affiliates;
ensuring that disclosed Through this, assess the accuracy the establishment,
information is transmitted and reasonableness of the financial restructuring, or
to the shareholders of the data, their alignment with current dissolution of branches and
Corporation in a timely and regulations and accounting dependent accounting
accurate manner; monitor policies, while also monitoring the units according to current
the organization of the 2024 implementation of the Corporation’s regulations.
Annual General Meeting of business production plans. The
Shareholders in compliance Supervisory Board also reviewed the
with legal regulations. recommendations/management
letters from independent auditors
and the feedback from the Board of
Management of the Corporation.

122 ANNUAL REPORT 2024 123

 SUPERVISORY BOARD

MEETINGS OF THE SUPERVISORY BOARD

In 2024, the Supervisory Board held 22 meetings.

22
MEETINGS No. Content
Meeting
date
Details Result

Discuss and provide feedback on the

Number of data in the report on the evaluation of the
Approval of the Members
Member of the Attendance Reason for financial situation in 2023 according to
No. meetings Voting rate report on the unanimously
Supervisory Board rate absence Circular No. 200/2015/TT-BTC by the State
attended 4 evaluation of the 26/4/2024 approved, with a
capital representative at the Investment
financial situation voting rate of 3/3
and Industrial Development Joint Stock
1 Mrs. Nguyen Thi Thuy Duong 19 86% 100% Dismissed in 2023. (100%).
Corporation, submitted to the Department
of Finance of Binh Duong Province.
2 Mr. Ho Hong Thach 3 14% 100% Appointed The members of the Supervisory Board
reviewed, discussed, provided feedback,
3 Mr. Nguyen Minh Duong 22 100% 100% Approval of the and agreed on the data in the report
Members
report on some on some off-balance-sheet indicators
unanimously
off-balance-sheet and foreign investments according to
4 Mrs. Huynh Thi Que Anh 22 100% 100% 5 26/4/2024 approved, with a
indicators and the Circular No. 36/2021/TT-BTC by the State
voting rate of 3/3
situation of foreign capital representative at the Investment
(100%).
investments. and Industrial Development Joint Stock
Corporation, submitted to the Department
ACTIVITIES OF THE SUPERVISORY BOARD of Finance of Binh Duong Province.
Members
Meeting Approval of the Discuss and agree on the data in the report
No. Content Details Result unanimously
date report on some on some financial indicators for QI/2024
6 7/5/2024 approved, with a
financial indicators according to Decree No. 32/2018/ND-CP by
voting rate of 3/3
• Check compliance with the for QI/2024 the State capital representaCtive.
(100%).
Charter, regulations, rules, and the
implementation of the resolutions of Discuss and provide feedback on the
the AGMS. data in the report on the evaluation of the
• Monitor and supervise the activities of Approval of the Members
Members financial situation in 2023 according to
the Board of Directors and the Board report on the unanimously
Approval of the unanimously Circular No. 200/2015/TT-BTC by the State
of Management. 7 evaluation of the 9/5/2024 approved, with a
1 2024 operational 18/01/2024 approved, with a capital representative at the Investment
• Evaluate the financial statements financial situation voting rate of 3/3
plan voting rate of 3/3 and Industrial Development Joint Stock
for QI and 2024, prepare the Audit in 2023 (100%).
(100%). Corporation, submitted to the Department
Committee report for submission to of Finance of Binh Duong Province.
the AGMS.
• Review reports as requested by the
Approval of
Review, discuss, and approve the report
representative of the State shareholder. on investment divestment at the Members
the report on
• Other matters within the authority.
investment
Corporation in QII/2024 by the State unanimously
Members 8 10/6/2024 capital representative at the Investment approved, with a
Approval of the Discuss and agree on the data in the report divestment at the
unanimously and Industrial Development Joint Stock voting rate of 3/3
report on some on some financial indicators for QIV/2023 Corporation in
2 7/2/2024 approved, with a Corporation, submitted to the Department (100%).
financial indicators in accordance with Decree 32/2018/ND-CP QII/2024
voting rate of 3/3 of Finance of Binh Duong Province.
for QIV/2023 of the State capital representative.
(100%).
The members of the Supervisory Board
Review, discuss, and approve the Approval of the
Approval of agreed on the content of the 2023 activity Members
report on investment divestment at Members items presented
the report on report, proposed the list of independent unanimously
the Corporation in QI/2024 by the State unanimously to the Annual
investment 9 20/6/2024 audit firms for auditing the financial approved, with a
3 12/3/2024 capital representative at the Investment approved, with a General Meeting
divestment at the statements and operational audit (if voting rate of 3/3
and Industrial Development Joint Stock voting rate of 3/3 of Shareholders in
Corporation in needed) for 2024 to be presented at the (100%).
Corporation, submitted to the Department (100%). 2024
QI/2024 Annual General Meeting of Shareholders.
of Finance of Binh Duong Province.
Based on the functions, duties, and
authority of the Supervisory Board as Members
Approval of the
specified in the Charter of Organizational unanimously
report on QI/2024
10 7/8/2024 and Operational Regulations of the approved, with a
by the Supervisory
Corporation, the members of the voting rate of 3/3
Board.
Supervisory Board discussed, commented, (100%).
and approved the QI/2024 report.
124 ANNUAL REPORT 2024 125
 SUPERVISORY BOARD

ACTIVITIES OF THE SUPERVISORY BOARD

Meeting Meeting
No. Content Details Result No. Content Details Result
date date
Members Based on the functions, duties, and
Approval of the Discuss and agree on the data in the report
unanimously authority of the Supervisory Board
report on some on some financial indicators for QII/2024
11 14/8/2024 approved, with a as specified in the Charter and
financial indicators according to Decree No. 32/2018/ND-CP by Members
voting rate of 3/3 Approval of the Organizational and Operational
for QII/2024 the State capital representative. unanimously
(100%). report on QII/2024 Regulations of the Corporation, and the
17 5/11/2024 approved, with a
Review, discuss, and approve the report by the Board of Supervisory Board’s Organizational and
Approval of voting rate of 3/3
on investment divestment at the Members Supervisors Operational Regulations, the members of
the report on (100%).
Corporation in QIII/2024 by the State unanimously the Supervisory Board discussed, provided
investment feedback, and unanimously approved the
12 21/8/2024 capital representative at the Investment approved, with a
divestment at the QII 2024 report
and Industrial Development Joint Stock voting rate of 3/3
Corporation in
Corporation, submitted to the Department (100%). Members
QIII/2024 Approval of the Discuss and agree on the data in the report
of Finance of Binh Duong Province. unanimously
report on some on some financial indicators for QIII/2024
The members of the Supervisory Board 18 25/11/2024 approved, with a
financial indicators according to Decree No. 32/2018/ND-CP by
reviewed, verified, and agreed on the voting rate of 3/3
for QIII/2024 the State capital representative.
Approval of the data in the report on the evaluation of the (100%).
Members
report on the financial situation for the first half of 2024
unanimously Based on the functions, duties, and
evaluation of the according to Circular No. 200/2015/TT-BTC
13 30/8/2024 approved, with a authority of the Supervisory Board
financial situation by the State capital representative at the
voting rate of 3/3 as specified in the Charter and
for the first half of Investment and Industrial Development Members
(100%). Approval of the Organizational and Operational
2024 Joint Stock Corporation, submitted to the unanimously
Department of Finance of Binh Duong report on QIII/2024 Regulations of the Corporation, and the
19 27/11/2024 approved, with a
Province. by the Board of Supervisory Board’s Organizational and
voting rate of 3/3
Supervisors Operational Regulations, the members of
The members of the Supervisory Board (100%).
the Supervisory Board discussed, provided
discussed and agreed on the data in feedback, and unanimously approved the
Approval of the the report on Appendix 02, Form No. Members QIII 2024 report.
report on Appendix 03 regarding the financial plan of the unanimously
14 02, Form No. 03 20/9/2024 Corporation according to Circular No. approved, with a Mr. Ho Hong Thanh
Elect the Head
regarding the 36/2021/TT-BTC dated May 26, 2021, by voting rate of 3/3 was elected as
of the Board of Based on the work requirements,
financial plan the State capital representative at the (100%). the Head of the
Supervisors of capabilities, standards, and conditions
Investment and Industrial Development Supervisory Board
the Investment of the Head of the Supervisory Board
Joint Stock Corporation. of the Corporation
20 and Industrial 28/11/2024 as prescribed, the members of the
for the 2023-
Review, discuss, and approve the report Development Joint Supervisory Board discussed and proposed
Approval of 2028 term with a
on investment divestment at the Members Stock Corporation electing Mr. Ho Hong Thach as the Head of
the report on unanimous vote
Corporation in QIII/2024 by the State unanimously for the 2023-2028 the Supervisory Board (no objections).
investment of 3/3, achieving a
15 26/9/2024 capital representative at the Investment approved, with a term
divestment at the 100% approval rate.
and Industrial Development Joint Stock voting rate of 3/3
Corporation in Approval of the
Corporation, submitted to the Department (100%).
QIII/2024 report according Discuss, provide feedback, and
of Finance of Binh Duong Province.
to Official Letter acknowledge that the data on dividends
Approval of the No. 3749/STC-TCDN for the State’s capital share for the period Members
The members of the Supervisory Board
report on the dated November 2021-2023 aligns with the resolutions unanimously
discussed and agreed on the data in the
evaluation of the 21 6, 2024, on the 5/12/2024 of the Annual General Meeting of approved, with a
report on the implementation of the 2024
implementation implementation of Shareholders for each respective year; the voting rate of 3/3
financial plan, the development of the Members
of the 2024 Directive No. 18/CT- data on dividends for the period 2026- (100%).
2025 financial plan, and the preparation of unanimously
financial plan, the TTg dated May 28, 2030 aligns with the estimated figures of
16 24/10/2024 the state budget for the 2025-2027 period approved, with a
development of 2024, by the Prime the Corporation at the time of the report.
of the Corporation, submitted by the State voting rate of 3/3
the 2025 financial Minister
capital representative at the Investment (100%).
plan, and the
and Industrial Development Joint Stock Review, discuss, and approve the report
preparation of the Approval of
Corporation to the Department of Finance on investment divestment at the
state budget for the report on
of Binh Duong Province. Corporation in QIV/2024 by the State
2025-2027 period investment
22 25/12/2024 capital representative at the Investment
divestment at the
and Industrial Development Joint Stock
Corporation in
Corporation, submitted to the Department
QIV/2024
of Finance of Binh Duong Province.
126 ANNUAL REPORT 2024 127
 SUPERVISORY BOARD

At the parent company, total revenue in 2024 reached VND 4,764 billion, representing 66% of the result
BUSINESS OPERATIONS AND FINANCIAL SITUATION OF THE achieved in 2023 and 63% of the annual target.
CORPORATION
Although net revenue from sales and service provision recorded a significant decrease, estimated at
The Supervisory Board, after reviewing the report from the Board of Directors and the Board
about 44%, dropping to VND 3,741 billion (mainly due to the decline in real estate business revenue), the
of Management, agrees with the assessment of the Corporation’s business operations. cost of goods sold decreased even more sharply by 72%, leading to a significant improvement in the gross
The key business performance indicators are primarily compiled from the Corporation’s profit margin, increasing from 57% to 78%. Additionally, financial revenue surged by 164%, reaching VND
audited combined financial statements for 2024 as follows: 1,010 billion, making a significant contribution to balancing the overall business results.

Along with these positive aspects, selling expenses recorded a 22% increase, and notably, interest
expenses rose by 63%, reaching VND 1,117 billion (although total financial expenses decreased due to the
The business performance results based on the combined financial statements for 2024
reversal of long-term financial investment provision expenses). The primary cause of this increase was
Unit: VND billion the Corporation’s heightened use of financial leverage during the period. Furthermore, other income
decreased sharply by 91% due to a reduction in late payment penalties, while other expenses spiked by
2024 Implement
Implement 465% due to increased financing costs, leading to a significant decline in other profits. As a result, the
Implement 2024/
Indicator 2024/ Plan total pre-tax accounting profit was VND 2,024 billion, equivalent to 98% of the 2023 result and 96% of the
2023 Implement
Plan Implement 2024 (%) annual target.
2023 (%)
Despite the decrease in pre-tax profit, the after-tax profit still increased by 8% to VND 1,797 billion,
Total revenue 7,245 7,569 4,764 66 63
achieving 106% of the annual target, thanks to a sharp 44% reduction in current corporate income tax
expenses. Overall, 2024 was a challenging year with a decline in core revenue, but the company managed
Total expenses 5,173 5,452 2,740 53 50
to maintain profits, mainly due to financial revenue and reduced tax expenses.

Profit befor tax 2,072 2,117 2,024 98 96 In 2024, the real estate business sector maintained its dominant position, contributing the most to
total revenue with VND 3,294 billion, accounting for 88%. Following that, the wastewater treatment,
Profit after tax 1,666 1,700 1,797 108 106 infrastructure management, and maintenance services at industrial parks generated VND 342 billion,

4,764
making up 9% of total revenue. The remaining revenue came from construction activities and other
sources, reaching VND 102 billion, which is 3% of total revenue.
Total revenue
VND billion

2,024
VND billion
Profit before tax reached 98% compared to the same
period and 96% of the 2024 plan

1,797
VND billion
Profit after tax reached 108% compared to the same
period and 106% of the 2024 plan

128 ANNUAL REPORT 2024 129

 SUPERVISORY BOARD

The business performance based on the consolidated financial statements for 2024 In 2024, there were notable fluctuations in the business operations of the Corporation between the current
and previous periods. Although net revenue saw a significant decline, profit after tax remained stable,
Unit: VND billion mainly due to favorable financial factors.

In the context of a challenging real estate market, revenue from the real estate business declined sharply.
2024 Implement
Implement The decrease from 6,582 billion VND to 3,444 billion VND, equivalent to a reduction of approximately 48%,
Implement 2024/ was the main reason for the substantial drop of around 34% in total net revenue.
Indicator 2024/ Plan
2023 Implement
Plan Implement 2024 (%)
2023 (%)
In addition, the cost of goods sold decreased even Although the overall liquidity ratio saw a slight
Total revenue 8,830 9,000 7,383 84 82 further, leading to a significant improvement in decrease, from 1.57 to 1.54 times, the Corporation
the gross profit margin, which increased from 54% still maintained its ability to meet debt obligations.
Total expenses 6,133 6,300 4,824 79 77 to 67%. As a result, the gross profit reached 3,498 On the other hand, the short-term debt ratio
showed a significant improvement, increasing
billion VND, a decline of only 18% compared to the
Profit befor tax 2,697 2,700 2,559 95 95 from 1.24 times to 1.45 times, reflecting better
previous period.
management of cash flow and short-term assets.
Profit after tax 2,280 2,350 2,395 105 102 Although various expenses showed an upward By the end of 2024, the Debt to Equity ratio also
trend, the substantial increase in financial income, saw an increase, from 1.74 times to 1.84 times. Long-

7,383
other profits, and particularly the share of profits term borrowings and financial lease liabilities were
or losses from joint ventures and associates, which the main items contributing to the increase in
Total revenue experienced exceptional growth, offset much of liabilities in 2024, with an increase of 4,855 billion
VND.
VND billion the rising costs, making a significant contribution

2,559
to profit before tax. Compared to 2023, the In 2024, the Corporation’s profitability ratios
Corporation’s consolidated business results showed a slight decline. The main reason was
Profit before tax reached 95% compared to the same
that the growth of profit after tax did not keep
period and 95% of the 2024 plan achieved a profit after tax of 2,395 billion VND,
pace with the increase in total assets and equity.
up 5%, and completed 102% of the consolidated
VND billion Specifically, the Return on Assets (ROA) decreased
profit after tax plan. Overall, this is a positive result, from 4.48% to 4.27%, and the Return on Equity

2,395
reflecting the Corporation’s adaptability during a (ROE) decreased from 12.25% to 11.93%.
Profit after tax reached 105% compared to the same period of difficulties in the real estate market.
period and 102% of the 2024 plan
VND billion

130 ANNUAL REPORT 2024 131

 Oversight results of the Board of Directors
SUPERVISORY BOARD

ASSESSMENT OF TRANSACTIONS OF MEMBERS OF THE BOARD OF DIRECTORS,

THE GENERAL DIRECTOR, AND RELATED PERSONS In 2024, the term II Board of Directors (2023-2028) The Board of Directors held 57 meetings
of Investment and Industrial Development Joint to promptly gather opinions and issue
The Supervisory Board concurs with the report on transactions related to members of the Board of
Stock Corporation, consisting of 5 members, resolutions and decisions related to the
Directors in 2024 as stated in Section VII of the 2024 Report on Corporate Governance, which has been
carried out its leadership and management Corporation’s activities in accordance with
disclosed on the website at: https://becamex.com.vn/quan-he-co-dong/bao-cao-tinh-hinh-quan-tri-cong-
role in a manner consistent with the strategic legal regulations on management and
ty/, including the following transactions:
direction, ensuring the progress and objectives operations. Essential and critical issues were
Transactions between the Corporation or any company in which the Corporation holds more than fifty that were approved. This activity was carried out openly discussed by the Board of Directors,
percent (50%) of charter capital, and members of the Board of Directors, the General Director, and their within the legal framework of the Enterprise Law, achieving high consensus and agreement
related persons. the Corporation’s Charter, the resolutions of the before officially issuing resolutions. The main

Transactions between the Corporation and any company in which a member of the Board of Directors is General Meeting, and relevant legal regulations. topics discussed are as follows.

1
a founding member or has served as a manager within the three years preceding the transaction.
Organization of the General Meeting of Shareholders
These transactions were conducted in accordance with current legal regulations and were duly disclosed
in compliance with the law. All transactions were made on a voluntary and equal basis, with reasonable
terms, appropriate to the capabilities of the involved parties and the Corporation’s best interests. Finalize the shareholder list (collecting opinions
by written form, Annual General Meeting of

ASSESSMENT RESULTS OF THE 2024 FINANCIAL STATEMENTS Shareholders, dividend distribution);

Extend the time for organizing the 2024 Annual

The Supervisory Board has reviewed and evaluated the 2024 financial statements of the Corporation, which
General Meeting of Shareholders;
were prepared in accordance with the prevailing Vietnamese Accounting Standards and regulations,
and audited by A&C Auditing and Consulting Company Limited. The Supervisory Board concurs with the Approve the documents for collecting shareholder

reported figures regarding the financial position and business performance of the Corporation in 2024. opinions by written form in 2024.

2
In the Board’s assessment, the financial statements fairly and reasonably present, in all material respects,
Investment and Construction Projects
the business performance and financial position of the Corporation as of December 31, 2024.

Approving investment projects: Technical Approving the adjustment of the total investment
infrastructure items in the New Urban for the Becamex International General Hospital
Area; Apartment Building in Vietnam Project (Phase 1) – 683 beds, Social Housing
Sing Zone 6, Electronics-Semiconductor- Investment Project – Vietnam Sing Zone 6;
Telecommunications Center, Becamex
Approving the policy to research, survey, and
Smart Industrial Park & Urban Area - Phase
propose the development of industrial park and
1: Development and upgrading of smart
urban-service projects in various provinces;
management and surveillance systems;
Adjusting the Investment Registration Certificate
Approving adjustments to investment
for the infrastructure construction and business
projects: Technical infrastructure system of
project in Bau Bang Industrial Park Expansion,
the Hoa Loi Resettlement Area in the Binh
the Cây Trường Industrial Park Infrastructure
Duong Industrial-Service-Urban Complex,
Construction and Business Project;
A1 Cultural-Commercial Center, Electronics-
S e m i co n d u c to r-Te l e co m m u n i c a t i o n s Adjusting the competitive bidding policy for the

Center, Hoa Loi General Clinic; Infrastructure “Pile Driving Supply and Construction” package

construction and business in the Cây Trường under the Cultural-Commercial-Service Center,
Industrial Park; Expansion of Bau Bang A1 Central Station Project.
Industrial Park;
132 ANNUAL REPORT 2024 133
 SUPERVISORY BOARD

SUPERVISORY BOARD’S OVERSIGHT RESULTS OF THE BOARD OF

DIRECTORS AND THE BOARD OF MANAGEMENT IN 2024
Organization and

4 3
Financing and Investment Management

• Approve the operational regulations for representatives of Becamex IDC Corporation’s capital in
• Approve the execution of contracts and transactions with related persons and affiliated individuals in
enterprises;
2025;
• Approve the regulations for selecting contractors, suppliers of goods, regular maintenance services,
• Exercise the right to purchase additional shares issued by Becamex IJC;
and direct procurement; selecting business cooperation partners; implementing project proposal
• Adjust the ownership contribution ratio for the project of constructing Ring Road 4 in Ho Chi Minh documents for investment;
City, section from Thu Bien Bridge to Saigon River (Phase 1); Ho Chi Minh City - Thu Dau Mot - Chon
• Manage and use digital signatures and digital certificates at the Corporation;
Thanh Expressway, passing through Binh Duong province;
• Amend and supplement the Charter of Organization and Operations;
• Increase the charter capital for Becamex Binh Dinh Joint Stock Company and Becamex Binh Phuoc
Infrastructure Development Joint Stock Company; • Appoint a representative of capital at Vietnam-Singapore Industrial Park J.V. Co.,Ltd;

• Propose credit facilities at Vietnam Prosperity Joint Stock Commercial Bank (VPBank), Vietnam • Appoint the Deputy General Director of Becamex IDC;

Maritime Joint Stock Commercial Bank - Ho Chi Minh City Branch (MSB), Vietnam International Bank • Restructure the organization (Transport Construction Enterprise, Becamex Bidding Center).
(VIB);

• Approve the early redemption plan for bonds issued in 2020 and approve the bond issuance plan for
2024 with a total maximum issue value per batch of VND 1,500 billion and VND 1,080 billion;

• Clarify the target of offering BCMH2328001 bonds; Reduce the collateral for BCMH2427001 bonds;

• Implement the public offering of additional shares: Select a consultancy firm for the share issuance;
Approve the public offering documents for additional shares;

• Extend the payment of dividends for 2020 to Binh Duong Rubber Joint Stock Company;

• Select the independent auditing firm for 2024

134 ANNUAL REPORT 2024 135

 SUPERVISORY BOARD

SUPERVISORY BOARD’S MONITORING RESULTS OF THE

BOARD OF DIRECTORS, THE BOARD OF MANAGEMENT, AND
MANAGEMENT TEAM IN 2024

The 2024 fiscal year marked The Board of Management To ensure the effective
a period that not only held proactively implemented implementation of the
potential challenges but also activities effectively, helping to resolutions of the Board
created notable achievements realize the strategic objectives of Directors, the Board of
for Becamex IDC Corporation. set for the year, while Management maintained a
In this context, the Corporation maintaining stability and regular meeting mechanism
continued to strengthen its positivity in the Corporation’s and flexibly organized ad-hoc
position while playing a key role financial structure. The meetings to address arising
in driving the socio-economic strategy of diversifying issues within the scope of
development of Binh Duong revenue streams from different authority and responsibilities.
province. sectors proved its ability As a result, the Corporation’s
to mitigate risks, ensuring operations were maintained
stability and sustainability in effectively, reflected in the
the Corporation’s business achievement of profit targets
operations. for 2024.

In order to enhance risk

management effectiveness,
increase compliance, and
improve internal governance
processes and regulations,
the BOM established a regular
communication channel with
the SB through inviting them
to meetings and exchanges, as ASSESSMENT OF THE COORDINATION AMONG THE
well as proactively consulting SUPERVISORY BOARD, BOARD OF DIRECTORS, AND
with the Supervisory Board on THE BOARD OF MANAGEMENT IN 2023
issues deemed necessary. In the 2024 fiscal year, the oversight activities of the Supervisory
Board were effectively carried out through close interaction with the
Board of Directors and the Board of Management. This cooperation
helped strengthen the mechanism for protecting shareholders’
interests. The Supervisory Board did not receive any contributions or
complaints from shareholders regarding potential violations by the
Board of Directors, the Board of Management, or the Supervisory
Board during the execution of their entrusted duties. This reflects
transparency and accountability in corporate governance, while also
reinforcing shareholders’ trust in the Corporation’s operations.
136 ANNUAL REPORT 2024 137
 SUPERVISORY BOARD

KEY
RESULTS
ACHIEVED
OF 2024

PROFIT AFTER TAX

CONSOLIDATED & COMBINED

106% VS PLAN
RECOMMENDATIONS AND OPERATIONAL DIRECTIONS OF THE

102%
SUPERVISORY BOARD FOR 2025
AND Based on Becamex IDC’s 2024 performance and the 2025 business plan, the Supervisory Board respectfully
submits its proposed work plan as follows:

The Supervisory Board will continue to conduct regular and periodic supervision and inspection activities,
With dedication and efforts for the benefit of the
focusing on key risk areas within Becamex IDC’s operations. Coordination and information exchange among
company and its shareholders, the Board of Directors
the Supervisory Board, the Board of Directors, the Board of Management, and relevant departments will be
and the Board of Management have stayed aligned
strengthened to ensure effective communication and information handling. The 2025 work plan will primarily
with the set objectives, effectively implementing
focus on the following key areas:
tasks to achieve encouraging results. Despite certain
difficulties in the real estate market in 2024, the • Inspect and supervise the implementation and compliance with the Corporation’s Charter, the Law on
Corporation still strived to overcome challenges and Enterprises, and relevant State regulations;
successfully accomplished its key operational goals.
• Inspect, supervise, and evaluate the implementation of the resolutions passed at the 2025 Annual
It can be seen that, compared to the plan, although
General Meeting of Shareholders; assess the Corporation’s financial situation, capital balance and cash
total revenue did not meet expectations, the
flow, operational efficiency, debt repayment capacity, and the management and utilization of capital;
Corporation’s consolidated and combined post-tax
profits reached the planned targets, achieving 106% • Inspect and supervise the implementation of quarterly production and business plans, focusing on
and 102% respectively. controlling critical points such as cost management, revenue, assets, profits, capital management at
units, and restructuring activities;
The Board of Directors and the Board of Management
have demonstrated compliance with the provisions of • Inspect the review and update of internal regulations, including the Corporation’s Charter, internal rules,
the Law on Enterprises, the Company’s Charter, and the and policies, ensuring compliance with legal regulations;
Resolutions of the General Meeting of Shareholders. • Appraise the audited financial statements for the first half and full year of 2025;
By efficiently utilizing resources such as capital, assets,
• Review and assess the selection of a professional consulting firm to enhance the effectiveness of the
and labor, the Corporation has fulfilled its obligations
Corporation’s internal control system, internal audit, risk management, and early warning systems; and
to the state and shareholders, while also focusing
coordinate with the selected firm to monitor the implementation of internal audit activities;
on improving employees’ well-being. All activities
were conducted transparently, in compliance with • Propose a list of independent auditing firms to be selected for reviewing the semi-annual financial
information disclosure regulations, contributing to the statements, auditing the 2025 financial statements, and, if necessary, conducting other audit-related
development of a strong and trustworthy corporate activities in 2025;
environment.
• Carry out other tasks of the SB and as assigned by the General Meeting of Shareholders.
138 ANNUAL REPORT 2024 139
 TRANSACTIONS, REMUNERATION AND BENEFITS OF THE BOARD OF
DIRECTORS, SUPERVISORY BOARD AND BOARD OF MANAGEMENT

TRANSACTIONS, REMUNERATION AND BENEFITS OF THE BOARD OF DIRECTORS, SHARE TRANSACTIONS OF INTERNAL SHAREHOLDERS AND RELATED PERSONS
SUPERVISORY BOARD AND BOARD OF MANAGEMENT
According to the list as of November 5, 2024

Remunera- Shares Held at

Name Position Salary Bonus Total salary Shares Held at End
tion Start
Position/ Reason for
Full-time management officer
STT Name Relationship Increase/
with Insider Number Number of Decrease
Ratio Ratio
Mr. Nguyen Van of shares shares
Chairman of BOD 2,426,760,000 1,200,000,000 - 3,626,760,000
Hung
Nguyen Van
Mr. Pham Ngoc Member of BOD and 1 Member of BOD 657,100 0,063% 572,400 0,055% Selling Shares
1,832,124,000 900,000,000 - 2,732,124,000 Hien Phuc
Thuan General Director
Nguyen Van Deputy General
Mr. Nguyen Danh 2 390,400 0,038% 384,300 0,037% Selling Shares
Member of BOD 905,388,000 419,475,000 - 1,324,863,000 Thanh Huy Director
Tung
Nguyen Thi Chief
Mr. Nguyen Van Deputy General 3 584,300 0,056% 574,500 0,055% Buying Shares
1,237,308,000 600,000,000 - 1,837,308,000 Thanh Nhan Accountant
Thanh Huy Director
Nguyen Minh
Mr. Quang Van Deputy General 4 Member of SB 1,200 0,000% 2,500 0,000% Buying Shares
1,232,124,000 600,000,000 - 1,832,124,000 Duong
Viet Cuong Director
Huynh Thi
Mr. Giang Quoc Deputy General 5 Member of SB 500 0,000% 1,100 0,000% Buying Shares
1,232,124,000 600,000,000 - 1,832,124,000 Que Anh
Dung Director
Mr. Trinh Xuan Deputy General
1,226,760,000 600,000,000 - 1,826,760,000
Duc Director
Mr. Nguyen The Deputy General
102,602,500 81,621,000 - 184,223,500
Duy Director
Tran Thi Hong Deputy General
102,230,000 72,000,000 - 174,230,000
Minh Director
Head of SB
Mrs. Nguyen Thi
(dismissed on 722,300,000 280,000,000 - 1,002,300,000
Thuy Duong
28/11/2024)
Member of SB
Mr. Ho Hong
(appointed on 145,354,000 140,000,000 - 285,354,000
Thach
28/11/2024)
Mrs. Huynh Thi
Member of SB 446,760,000 210,000,000 - 656,760,000
Que Anh
Mr. Nguyen Minh
Member of SB 507,780,000 246,000,000 - 753,780,000
Duong
Mrs. Nguyen Thi
Chief Accountant 1,248,972,000 600,000,000 - 1,848,972,000
Thanh Nhan

Part-time management officer

Mr. Nguyen Phu Vice Chairman of the

- - 360,000,000 360,000,000
Thinh Board of Directors
Mr. Nguyen Van Independent
- - 204,000,000 204,000,000
Hien Phuc Member of BOD

140 ANNUAL REPORT 2024 141

 TRANSACTIONS, REMUNERATION AND BENEFITS OF THE BOARD OF
DIRECTORS, SUPERVISORY BOARD AND BOARD OF MANAGEMENT

TRANSACTIONS BETWEEN THE CORPORATION AND ITS AFFILIATED PERSONS OR

BETWEEN THE COMPANY AND ITS MAJOR SHAREHOLDERS, INTERNAL PERSONS
AND AFFILIATED PERSONS

Resolution num-
Business Registration Transaction details according to the audited consolidated
No. Company name Relationship with BCM Address ber approved by
Certificate Number financial statements 2024
the BOD
- Leasing building: 195,967,782
No. 11, Ngo May Street,
- Dividends: 36,000,000,000
Becamex Binh Dinh Joint Stock Associate company, related Nguyen Van Cu Ward, 01/NQ-HĐQT
1 4101505893 - Construction: 12,042,882,072
Company organization of internal person Quy Nhon City, Binh Dinh Dated 02/01/2024
- Sale of trees: 549,600,000
Province
- Capital contribution: 36,000,000,000
National Highway 14, - Leasing of construction vehicles: 5,745,843,706
Becamex Binh Phuoc Sub-quarter 8, Quarter 3, - Provision of services: 12,545,454,546
Associate company, related 01/NQ-HĐQT
2 Infrastructure Development Joint 3800405138 Minh Thanh Ward, Chon - Revenue from tree sales: 407,834,000
organization of internal person Dated 02/01/2024
Stock Company Thanh Town, Binh Phuoc - Dividends distributed: 19,350,000,000
Province - Capital contribution: 289,350,000,000
17th Floor, Becamex
Tower, No. 230 Binh
BW Industrial Development Joint Associate company, related 01/NQ-HĐQT
3 3702637282 Duong Boulevard, Phu
Stock Company organization of internal person Dated 02/01/2024
Hoa Ward, Thu Dau Mot
City, Binh Duong Province
D9 Street, Ong Thanh
Hamlet, Cay Truong II
Binh Duong Rubber Joint Stock Associate company, related 01/NQ-HĐQT
4 3700248731 Commune, Bau Bang - Late payment interest on dividends: 511,154,583
Company organization of internal person Dated 02/01/2024
Dis-trict, Binh Duong
Province
337 Vo Van Kiet Street,
East SaiGon Investment and
Associate company, related Phu Thuy Ward, Phan 01/NQ-HĐQT
5 Industrial Development Joint Stock 3401215865
organization of internal person Thiet City, Binh Thuan Dated 02/01/2024
Company
Province
M2, Ly Thai To Street, Hoa
Eastern Educational Development Associate company, related 01/NQ-HĐQT - Dividends: 18,300,000,000
6 3701972175 Phu Ward, Thu Dau Mot
Joint Stock Com-pany organization of internal person Dated 02/01/2024 - Leasing premises: 2,727,272,728
City, Binh Duong Province
- Leasing of premises: 218,181,818
- Transfer of land use rights: 1,242,887,409,696
- Revenue from temporary business cooperation:
Binh Duong Boulevard, 23,892,473,550
Becamex Infrastructure
Associate Company, organization Hoa Phu Ward, Thu Dau 01/NQ-HĐQT - Business cooperation expenses: 12,374,029,572
7 Development Joint Stock Company 3700805566
related to internal person Mot City, Binh Duong Dated 02/01/2024 - Dividends distributed: 131,584,196,800
(IJC)
Province - Late dividend payment interest: 10,473,226,766
- Purchase of office buildings: 202,923,200,000
- Other service expenses: 446,295,455
- Capital contribution: 626,591,410,000
19th Floor, Becamex
Tower, No. 230 Binh
VietNam - Singapore Smart Energy Associate Company, organization 01/NQ-HĐQT
8 3702880833 Duong Boulevard, Phu
Solutions Joint Stock Company related to internal person Dated 02/01/2024
Hoa Ward, Thu Dau Mot
City, Binh Duong Province
Lot Z10-02-03A, Industrial
Zone inside Tan Thuan
Savi Pharmaceutical Joint Stock Associate Company, organization Export Processing Zone, 01/NQ-HĐQT
9 0303923529 - Dividends: 23,645,580,000
Company related to internal person Tan Thuan Dong Ward, Dated 02/01/2024
District 7, Ho Chi Minh
City
142 ANNUAL REPORT 2024 143
 TRANSACTIONS, REMUNERATION AND BENEFITS OF THE BOARD OF
DIRECTORS, SUPERVISORY BOARD AND BOARD OF MANAGEMENT

TRANSACTIONS BETWEEN THE CORPORATION AND ITS AFFILIATED PERSONS OR

BETWEEN THE COMPANY AND ITS MAJOR SHAREHOLDERS, INTERNAL PERSONS
AND AFFILIATED PERSONS

Business Registration Resolution number Transaction details according to the audited

No. Company name Relationship with BCM Address
Certificate Number approved by the BOD consolidated financial statements 2024

- Guarantee fee for loan contract performance:

Associate Company, organization Hoa Phu Ward, Thu Dau Mot 01/NQ-HĐQT Dated 194,505,371
10 Becamex Tokyu Limited Company 3702013478
related to internal person City, Binh Duong Province 02/01/2024 - Leasing of premises: 1,665,410,775
- Provision of services: 1,964,060,979

- Provision of services: 182,568,867

- Dividends distributed: 12,491,220,000
- Construction service expenses: 23,006,543,443
Viet Nam Technology and - Service fees for freight and maintenance:
Associate Company, organization Hoa Phu Ward, Thu Dau Mot 01/NQ-HĐQT Dated
11 Telecommunication Joint Stock 3700861497 8,396,014,725
related to internal person City, Binh Duong Province 02/01/2024
Company - VNTT - Purchase of goods, tools, and equipment:
9,384,160,648
- Purchase of fixed assets: 2,004,892,400
- Deposit payment received: 10,000,000

- Construction revenue: 15,006,155,344

- Leasing of premises: 45,454,545
VietNam - Singapore Industrial - Distributed profits: 715,400,000,000
Associate Company, organization Hoa Phu Ward, Thu Dau Mot 01/NQ-HĐQT Dated
12 Park Joint Venture Limited 3700861497 - Project investment advance: 267,870,240,000
related to internal person City, Binh Duong Province 02/01/2024
Company - Capital contribution: 111,274,184,000
- Office rental deposit at the WTC building:
5,973,252,422

- Management fee, electricity, wastewater

Lot G, Dong Khoi Street, Hoa treatment: 344,371,183
Binh Duong Construction and Civil Subsidiary, organization related to 01/NQ-HĐQT Dated
13 3700408992 Phu Ward, Thu Dau Mot City, - Construction service expenses: 77,816,983,782
Engineering Joint Stock Company internal person 02/01/2024
Binh Duong Province - Purchase of materials for projects: 3,810,745,550
- Deposit payment received: 50,000,000

- Leasing of construction works and equipment:

Go Cat Area, Lai Thieu Ward,
Becamex International General Subsidiary, related organization of 01/NQ-HĐQT Dated 28,800,000,000
14 3702291330 Thuan An Town, Binh Duong
Hospital Joint Stock Company internal person 02/01/2024 - Dividends distributed: 18,000,000,000
Province
- Employee health check expenses: 10,971,353,648

- Electricity supply: 193,860,215

- Management fee: 41,164,545
TC3 Street, Sub-quarter 6, - Late payment penalty interest: 32,731,710
My Phuoc Hospital Joint Stock Subsidiary, related organization of 01/NQ-HĐQT Dated
15 3700696042 Quarter 3, My Phuoc Ward, Ben - Leasing of social housing: 114,285,714
Company internal person 02/01/2024
Cat Town, Binh Duong Province - Provision of medical services: 1,862,502,985
- Land settlement proceeds: 72,945,351,985
- Dividends distributed: 6,546,700,000

144 ANNUAL REPORT 2024 145

 TRANSACTIONS, REMUNERATION AND BENEFITS OF THE BOARD OF
DIRECTORS, SUPERVISORY BOARD AND BOARD OF MANAGEMENT

TRANSACTIONS BETWEEN THE CORPORATION AND ITS AFFILIATED PERSONS OR

BETWEEN THE COMPANY AND ITS MAJOR SHAREHOLDERS, INTERNAL PERSONS
AND AFFILIATED PERSONS

Business Registration Resolution number Transaction details according to the audited

No. Company name Relationship with BCM Address
Certificate Number approved by the BOD consolidated financial statements 2024

New Urban Area within the

- Guarantee fee for loan contract performance:
Binh Duong Industrial-Service-
Subsidiary, related organization of 01/NQ-HĐQT Dated 194,505,371
16 Eastern International University 46121000047 Urban Com-plex, Hoa Phu
internal person 02/01/2024 - Leasing of premises: 1,665,410,775
Ward, Thu Dau Mot City, Binh
- Provision of services: 1,964,060,979
Duong Province

- Electricity, leasing of premises: 218,181,818

Binh Duong Trade and Lot I, Dong Khoi Street, Hoa Phu
Subsidiary, related organization of 01/NQ-HĐQT Dated - Transfer of land use rights: 57,499,750,00
17 Development Joint Stock Company 3700413826 Ward, Thu Dau Mot City, Binh
internal person 02/01/2024 - Construction service expenses: 16,328,036,790
(TDC) Duong Province
- Purchase of materials for projects: 763,887,756
Industrial-Service-Urban
Becamex Urban Development Subsidiary, related organization of Complex, Hoa Phu Ward, Thu 01/NQ-HĐQT Dated - Late dividend payment interest: 249,154,125
18 3700785535
Joint Stock Company internal person Dau Mot City, Binh Duong 02/01/2024 - Dividends distributed: 5,049,000,000
Province

Vinh Thanh Hamlet, Vinh Trinh

Subsidiary, related organization of 01/NQ-HĐQT Dated
19 VSIP Can Tho Joint Stock Company 1801735946 Commune, Vinh Thanh District, - Capital contribution: 223,076,100,000
internal person 02/01/2024
Can Tho City, Vietnam

Becamex Hotel, No. 230 Binh

Becamex Hospitality Limited Duong Boulevard, Phu Hoa 01/NQ-HĐQT Dated - Leasing of premises: 12,612,000,000
20 IJC's subsidiary 3701906616
Company Ward, Thu Dau Mot City, Binh 02/01/2024 - Other service expenses: 13,405,180,457
Duong Province
Becamex Tower, No. 230, Binh
- Leasing of premises: 26,368,086,500
Duong Boulevard, Phu Hoa 01/NQ-HĐQT Dated
21 Becamex Trade Limited Company IJC's subsidiary 3702280392 - Purchase of airline tickets: 967,797,199
Ward, Thu Dau Mot City, Binh 02/01/2024
- Other service expenses: 16,054,642,889
Duong Province

B11, Hung Vuong Street, Hoa

WTC Binh Duong One Member 01/NQ-HĐQT Dated - Electricity supply: 4,490,053
22 IJC's subsidiary 3702918734 Phu Ward, Thu Dau Mot City,
Limited Company 02/01/2024 - Event organization fees: 1,953,203,045
Binh Duong Province

No. 2B, Tu Do Boulevard, VSIP 1

Sinviet Joint Venture Company 01/NQ-HĐQT Dated Management fee: 36,748,362
23 TDC's Associate Company 3700442739 Industrial Park, Thuan An, Binh
Limited 02/01/2024 Other service expenses: 14,530,000
Duong Province

Lot G, 1A, Industrial Park, D1

Ha Tien Kien Giang-Becamex 01/NQ-HĐQT Dated
24 TDC’s subsidiary 3700877200 Street, My Phuoc Ward, Ben - Management fee: 87,626,341
Cement Joint Stock Company 02/01/2024
Cat Town, Binh Duong Province

Lot A3, NA2 Street, Thoi Hoa

BW Industrial Development Thoi
Industrial Park, Thoi Hoa Ward, 01/NQ-HĐQT Dated
25 Hoa One Member Limited Liability BW’s subsidiary 3702744968 - Management fee: 3,937,015,556
Ben Cat City, Binh Duong 02/01/2024
Company
Province, Vietnam

146 ANNUAL REPORT 2024 147

 TRANSACTIONS, REMUNERATION AND BENEFITS OF THE BOARD OF
DIRECTORS, SUPERVISORY BOARD AND BOARD OF MANAGEMENT

TRANSACTIONS BETWEEN THE CORPORATION AND ITS AFFILIATED PERSONS OR

BETWEEN THE COMPANY AND ITS MAJOR SHAREHOLDERS, INTERNAL PERSONS
AND AFFILIATED PERSONS

Business Registration Resolution number Transaction details according to the audited

No. Company name Relationship with BCM Address
Certificate Number approved by the BOD consolidated financial statements 2024

Lot A4, NA1 Street, Thoi Hoa

BW Industrial Development Thoi Hoa
Industrial Park, Thoi Hoa Ward, 01/NQ-HĐQT Dated
26 (Project 02) One Member Limited BW’s subsidiary 3702745009 - Management fee: 1,998,842,473
Ben Cat City, Binh Duong 02/01/2024
Liability Company
Province, Vietnam

Binh Duong Integrated Industrial

BW Supply Chain City Limited - Service - Urban Complex, Hoa 01/NQ-HĐQT Dated
27 BW’s subsidiary 3701402986 - Management fee: 13,579,417,324
Liability Company Phu Ward, Thu Dau Mot City, Binh 02/01/2024
Duong Province, Vietnam

Lot C-8-CN, N19 Street, Mrs.u Mrs.

BW Industrial Development Bau
ng Industrial Park Expansion, Lai 01/NQ-HĐQT Dated
28 Bang – Bb05 Limited Liability BW’s subsidiary 3703023983 - Management fee: 4,632,811,840
Uyen Town, Mrs.u Mrs.ng District, 02/01/2024
Company
Binh Duong Province, Vietnam
Lot C-7-CN, N17 Street, Mrs.u Mrs.
BW Industrial Development Bau
ng Industrial Park Expansion, Lai 01/NQ-HĐQT Dated
29 Bang – Bb06 Limited Liability BW’s subsidiary 3703023648 - Management fee: 5,520,275,732
Uyen Town, Mrs.u Mrs.ng District, 02/01/2024
Company
Binh Duong Province, Vietnam
Lot A-17-CN, A-18-CN, Mrs.u Mrs.
BW Industrial Development Bau
ng Industrial Park, Lai Hung 01/NQ-HĐQT Dated
30 Bang – Bb01 Limited Liability BW’s subsidiary 3703067405 - Management fee: 4,151,641,824
Commune, Mrs.u Mrs.ng District, 02/01/2024
Company
Binh Duong Province, Vietnam
Lot C-1B-CN, My Phuoc 3
BW Industrial Development My Industrial Park, Thoi Hoa Ward, 01/NQ-HĐQT Dated
31 BW’s subsidiary 3703066761 Management fee: 3,041,280,000
Phuoc 3 Limited Liability Company Ben Cat City, Binh Duong 02/01/2024
Province, Vietnam

148 ANNUAL REPORT 2024 149

 IMPLEMENTATION OF REGULATIONS ON CORPORATE
GOVERNANCE

The Board of Directors, Supervisory Board,

and Board of Management always try to
arrange to attend training sessions organized
by the State Securities Commission and the
Stock Exchange in order to update new legal
policies applicable to public companies.

FINANCIAL - ACCOUNTING SHAREHOLDER/INVESTOR RELATIONS

MANAGEMENT (IR)

The Corporation manages financial - Periodically at the end of each Quarter,

accounting through specialized management the Corporation will hold meetings at the
Corporation’s office to update and provide
software and professionally experienced information on production-business activities
personnel. During the year, the Corporation to investors and shareholders.
sends accounting-financial personnel to
In addition, the Corporation also participates
participate in specialized training sessions in seminars organized by securities companies
to update knowledge and new changes in (online and in-person) to answer questions
relevant laws. and information that analysis experts and
investment fund representatives want to
The Corporation is also gradually transitioning learn more about.
to implementation in accordance with
international financial reporting standards
(IFRS).

CUSTOMER RELATIONSHIP HUMAN RESOURCE MANAGEMENT

MANAGEMENT

The corporation manages customer The corporation applies KPI management

relationships through direct customer care software to measure work efficiency, which
by each assigned specialist, through investor helps to improve work productivity and
conferences in and outside the country, and effectiveness.
by customer service management software.

150 ANNUAL REPORT 2024 151

 SUSTAINABLE
DEVELOPMENT
REPORT
5
152 ANNUAL REPORT 2024 153
 SUSTAINABLE DEVELOPMENT ACTIVITIES AT BECAMEX IDC
IN THE YEAR 2024

“IMPLEMENT IN ACCORDANCE WITH THE SUSTAINABLE DEVELOPMENT GOALS

OF THE UNITED NATIONS”

01. No Poverty

• Providing 8,904 affordable social housing

apartments, helping workers stabilize
their lives and reduce financial burdens.

• Creating jobs for more than 2,020 workers.

03. Good health and well-being

• Supports medical examination and

treatment for employees up to 10 million/
treatment.
• Organizes periodic health check-ups,
implements many community activities on
health.

08. Decent work and 09. Industry, innovation and

04. Quality education 06. Clean water and sanitation economic growth infrastructure

• Enhance the skills of employees through • Cooperate with BIWASE to treat sludge in • Creating jobs for 2,020 personnel with an • Strong digital transformation in the
technical and management training accordance with standards. average income of VND 196 million/person/ development of Binh Duong Smart City.
programs, in cooperation with international • Treat more than 11.8 million m³ of wastewater/ year. • Application of the Eco-Industrial Park
institutes and universities. year through centralized treatment systems. • Ensuring fair income and benefits for (EIP) model according to UNIDO, WB, GIZ.
• Strengthen skills training and lifelong • Water circulation meets QCVN 40:2011/BTNMT employees.
learning, especially through internships and standards. • Fire prevention and fighting infrastructure,
human resource development programs. labor safety meeting standards.

11. Sustainable cities and

05. Gender equality 07. Affordable and clean energy 10. Reduced inequalities
communities

• Increase the proportion of women • Invest in rooftop solar power systems; • Implement non-discrimination policies • Binh Duong was honored by the
in leadership positions to 24%. • Cooperate with BV Power, VSSES to implement in recruitment and promotion. No Intelligent Community Forum (ICF) with
Implement gender-neutral clean energy solutions for investors in complaints of inequality or discrimination. the Top 1 community award for typical
recruitment and development policies. industrial parks; smart development strategy of 2023.
• Do not use trẻ labor.
Encourage female participation in the • Urban planning integrating infrastructure
• Support I-REC certification registration to
industry. • Increase the tỷ lệ of female labor in – transportation – utilities.
help businesses affirm their commitment to
management and leadership positions.
using renewable energy.

“For detailed information, please refer to the Sustainable Development Report”

154 ANNUAL REPORT 2024 155

 12. Responsible consumption 15. Life on land
and production

• Professional and standard-compliant • Planting 676,000 trees, greening industrial

OBJECTIVE waste and

system.
wastewater management
•
parks,
Using wood chips recycled from branches

DEVELOPMENT • Compliance with and dissemination of

I-REC certification.
to make fertilizer for mature trees to limit
water and soil pollution.

SUSTAINABLE
• Deploying Battery Energy Storage System
(BESS) to promote the circular economy.

16. Peace, justice, and strong

13. Climate action
institutions

• Offset greenhouse gas (GHG) emissions by • Ensure transparency and regularly report
increasing rooftop solar power (reducing sustainable information.
CO₂ emissions). • Comply with legal regulations and
• Implement the project to plant 01 million international standards.
forest trees in 2024-2025. • Disclose information about business
operations, environmental impacts, and
social policies to ensure transparency with
shareholders and customers.

14. Life below water 17. Partnerships for the goals

• Wastewater from production activities is • Cooperating with WB, UNIDO, GIZ to

treated before being discharged into the implement EIP; linking with VSIP, BW
environment. Industrial;

• Monitor and control wastewater sources • Strategic cooperation with VSIP to develop
to reduce pollution, supporting natural Industrial Parks, BW Industrial - a leading
water sources. developer of ready-built warehouses and
factories, and international corporations
• Apply safe organic waste treatment
such as To-kyu (Japan) and Setia (Malaysia)
methods, avoiding pollution of water
to build modern, sustainable urban areas.
sources flowing into the ocean.
• Academic and technological cooperation
with Eindhoven – Netherlands.

• Announcing transparent information and

sustainable development reports.

“For detailed information, please refer to

the Sustainable Development Report”

156 ANNUAL REPORT 2024 157

 FINANCIAL
STATEMENTS
6
158 ANNUAL REPORT 2024 159
 CONSOLIDATED BALANCE SHEET
As of 31 December 2024 Unit: VND

Code Items Note Ending balance Beginning balance
INDEPENDENT AUDITOR’S REPORT
To: THE SHAREHOLDERS, THE BOARD OF MANAGEMENT AND THE BOARD OF DIRECTORS 100 CURRENT ASSETS 31,703,966,346,820 28,440,868,532,000
INVESTMENT AND INDUSTRIAL DEVELOPMENT JOINT STOCK CORPORATION 110 Cash and cash equivalents V.1 2,205,138,245,025 1,332,254,152,561
We have audited the accompanying Consolidated Financial Statements of Investment and Industrial Development Joint
111 Cash 2,073,038,245,025 1,145,554,152,561
Stock Corporation (hereinafter referred to as “the Corporation”) and its subsidiaries (hereinafter collectively referred to as
112 Cash equivalents 132,100,000,000 186,700,000,000
“the Group”), which were prepared on 29 March 2025 (from page 07 to page 77) including the Consolidated Balance Sheet
as of 31 December 2024, the Consolidated Income Statement, the Consolidated Cash Flow Statement for the fiscal year 120 Short-term financial investments 299,912,603,095 87,314,044,988
then ended and the Notes to the Consolidated Financial Statements.
121 Trading securities - -
Responsibility of the Board of Directors Provisions for devaluation of trading
122 - -
The Corporation’s Board of Directors is responsible for the preparation, true and fair presentation of the Consolidated securities
Financial Statements in accordance with the Vietnamese Accounting Standards, the Vietnamese Enterprise Accounting 123 Held-to-maturity investments V.2a 299,912,603,095 87,314,044,988
System and relevant statutory requirements on the preparation and presentation of the Consolidated Financial Statements;
130 Short-term receivables 8,063,773,609,382 7,023,976,107,081
and responsible for the internal control as the Board of Directors determines necessary to enable the preparation and
131 Short-term trade receivables V.3a 5,351,567,655,603 5,667,315,921,284
presentation of the Consolidated Financial Statements to be free from material misstatement due to fraud or error.

Responsibility of Auditors 132 Short-term prepayments to suppliers V.4 860,444,112,753 264,488,069,059

Our responsibility is to express an opinion on these Consolidated Financial Statements based on our audit. We conducted 133 Short-term inter-company receivables - -
our audit in accordance with Vietnamese Standards on Auditing. Those standards require that we comply with ethical Receivables according to the progress of
134 - -
standards and requirements and plan and perform the audit to obtain reasonable assurance about whether the construction contract

Consolidated Financial Statements are free from material misstatement. 135 Receivables for short-term loans V.5 4,500,000,000 4,500,000,000

An audit involves performing procedures to obtain audit evidence about the amounts and disclosures in the Consolidated 136 Other short-term receivables V.6a 1,976,177,099,393 1,145,911,494,062
Financial Statements. The procedures selected depend on the auditor’s judgment, including the assessment of the risks
137 Allowance for short-term doubtful debts V.7 (128,915,258,367) (58,239,377,324)
of material misstatement of the Consolidated Financial Statements, whether due to fraud or error. In making those risk
assessments, the auditor considers internal control relevant to the preparation and true and fair presentation of the 139 Deficit assets for treatment - -

Consolidated Financial Statements in order to design audit procedures that are appropriate in the circumstances, but 140 Inventories V.8 21,054,729,381,948 19,833,611,109,149
not for the purpose of expressing an opinion on the effectiveness of the internal control. An audit also includes evaluating
141 Inventories 21,055,950,157,179 19,834,545,893,485
the appropriateness of accounting policies used and the reasonableness of accounting estimates made by the Board of
149 Allowance for devaluation of inventories (1,220,775,231) (934,784,336)
Directors, as well as evaluating the overall presentation of the Consolidated Financial Statements.

We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our audit opinion 150 Other current assets 80,412,507,370 163,713,118,221

Opinion of Auditors 151 Short-term prepaid expenses V.9a 59,004,493,362 49,734,526,339

In our opinion, the Consolidated Financial Statements give a true and fair view, in all material respects, of the consolidated 152 Deductible VAT 18,304,479,382 107,306,815,500
financial position as of 31 December 2024 of the Group, its consolidated financial performance and its consolidated cash Taxes and other receivables from the
153 V.18 3,103,534,626 6,671,776,382
flows for the fiscal year then ended, in conformity with the Vietnamese Accounting Standards, the Vietnamese Enterprise State
Accounting System and relevant statutory requirements on the preparation and presentation of the Consolidated 154 Trading Government bonds - -
Financial Statements..
155 Other current assets - -
Ho Chi Minh City, dated 2025-03-29

A & C Auditing and Consulting Co., Ltd.

Signed
Board of Directors Advisor: Ho Van Tung

Auditor: Nguyen Thi Phuoc Tien

160 ANNUAL REPORT 2024 161

 CONSOLIDATED BALANCE SHEET CONSOLIDATED BALANCE SHEET

As of 31 December 2024 As of 31 December 2024 Unit: VND

Unit: VND

Code Items Note Ending balance Beginning balance Code Items Note Ending balance Beginning balance

200 NON-CURRENT ASSETS 27,076,791,421,455 24,983,033,405,257 300 LIABILITIES 38,101,557,432,910 33,951,011,068,428

210 Long-term receivables 412,651,674,525 532,900,344,879 310 Current liabilities 21,929,549,417,474 22,997,575,585,298

211 Long-term trade receivables V.3b 89,279,414,961 146,176,074,825 311 Short-term trade payables V.16a,c 575,096,220,877 747,079,215,310
216 Other long-term receivables V.6b 323,372,259,564 386,724,270,054
312 Short-term advances from customers V.17a 1,900,567,366,394 1,322,792,099,430
220 Fixed assets 1,062,168,940,344 1,159,631,559,571
313 Taxes and other obligations to the State Budget V.18 229,547,514,171 332,296,607,420
221 Tangible fixed assets V.10 933,483,443,552 1,018,917,915,768
314 Payables to employees V.19 72,189,618,589 72,348,888,363
222 Historical cost 2,785,989,360,974 2,620,565,341,678
315 Short-term accrued expenses V.20 8,917,530,581,607 9,701,716,760,941
223 Accumulated depreciation (1,852,505,917,422) (1,601,647,425,910)
318 Short-term unearned revenue V.21a 277,777,778 -
227 Intangible fixed assets V.11 128,685,496,792 140,713,643,803
319 Other short-term payables V.22a,c 1,355,690,046,351 926,745,919,533
228 Initial cost 272,514,204,674 254,427,882,467
320 Short-term borrowings and financial leases V.23a,c 8,444,231,302,085 9,385,205,395,358
229 Accumulated amortization (143,828,707,882) (113,714,238,664)

230 Investment property V.12 2,662,168,674,625 2,535,424,205,616 321 Provisions for short-term payables V.24 11,028,985,334 8,475,415,082

231 Historical costs 2,931,525,230,429 2,721,301,441,588 322 Bonus and welfare funds V.25 423,390,004,288 500,915,283,861

232 Accumulated depreciation (269,356,555,804) (185,877,235,972) 330 Non-current liabilities 16,172,008,015,436 10,953,435,483,130

240 Long-term assets in process 3,046,434,390,942 3,190,878,584,313 331 Long-term trade payables V.16b,c 529,212,000 2,354,656,478

241 Long-term work in process V.13 2,190,340,811,587 2,309,019,457,864 332 Long-term advances from customers V.17b 168,796,000 168,796,000

242 Construction-in-progress V.14 856,093,579,355 881,859,126,449 336 Long-term unearned revenue V.21b 946,351,107,927 475,457,895,826
250 Long-term financial investments 19,493,100,197,998 17,225,939,343,913
337 Other long-term payables V.22b,c 4,626,264,864 4,972,284,864
Investments in joint ventures and
252 V.2b 18,900,730,977,198 16,633,570,123,113
associates 338 Long-term borrowings and financial leases V.23b,c 15,183,796,695,303 10,331,236,566,188

253 Investments in other entities V.2b 592,369,220,800 592,369,220,800

341 Deferred income tax liability 1,779,067,725 731,461,329
260 Other non-current assets 400,267,543,021 338,259,366,965
343 Science and technology development fund V.26 34,756,871,617 138,513,822,445
261 Long-term prepaid expenses V.11b 141,441,798,651 174,307,939,980

262 Deferred income tax assets V.15 258,825,744,370 163,951,426,985

270 TOTAL ASSETS 58,780,757,768,275 53,423,901,937,257

162 ANNUAL REPORT 2024 163

 CONSOLIDATED BALANCE SHEET CONSOLIDATED INCOME STATEMENT

As of 31 December 2024 Unit: VND For the fiscal year ended 31 December 2024 Unit: VND

Code Items Note Ending balance Beginning balance Code Items Note Current year Previous year

Revenue from sales of goods and provisions

400 OWNER'S EQUITY 20,679,200,335,365 19,472,890,868,829 01 VI.1 5,313,486,976,247 8,174,569,493,181
of services
410 Owner's equity 20,679,200,335,365 19,472,890,868,829 02 Revenue deductions VI.2 74,250,415,620 292,003,133,955

411 Owner's capital V.27 10,350,000,000,000 10,350,000,000,000 10 Net revenue 5,239,236,560,627 7,882,566,359,226

412 Share premiums 10,350,000,000,000 10,350,000,000,000 11 Cost of sales VI.3 1,740,864,190,339 3,634,733,022,767

414 Other sources of capital V.27 11,944,006,419 11,944,006,419

20 Gross profit 3,498,372,370,288 4,247,833,336,459
416 Differences on asset revaluation V.27 7,777,275,814 7,777,275,814
21 Financial income VI.4 167,779,977,031 131,071,246,067
418 Investment and development fund - -
22 Financial expenses VI.5 1,310,351,018,484 906,368,644,124

421 Retained earnings V.27 (185,236,096,384) (185,236,096,384) 23 In which: Loan interest expenses 1,294,979,159,189 906,131,859,386

24 Gain or loss in joint ventures, associates V.2c 1,947,782,200,603 798,075,062,189

Retained earnings accumulated V.27 2,594,082,337,142 2,074,585,807,020
25 Selling expenses VI.6 1,067,340,280,879 873,156,796,031
421a to the end of the previous period V.27 6,810,807,465,525 6,302,930,324,830
26 General and administration expenses VI.7 646,393,351,060 592,087,610,965
421b Retained earnings of the current period 4,623,716,296,215 6,302,930,324,830

30 Net operating profit 2,589,849,897,499 2,805,366,593,595

429 Benefits of non-controlling shareholders 2,187,091,169,310 -

440 TOTAL LIABILITIES AND OWNER'S EQUITY V.27 1,089,825,346,849 910,889,551,130 31 Other income VI.8 28,177,550,334 18,695,690,689

32 Other expenses VI.9 58,680,143,502 126,904,122,759

440 TỔNG CỘNG NGUỒN VỐN 58,780,757,768,275 53,423,901,937,257
40 Other profit/(loss) (30,502,593,168) (108,208,432,070)

50 Total accounting profit before tax 2,559,347,304,331 2,697,158,161,525

51 Current income tax V.18 254,753,526,507 416,345,779,321

52 Deferred income tax V.15 (90,452,713,483) 724,614,995

60 Profit after tax 2,395,046,491,307 2,280,087,767,209

61 Profit after tax of the Parent Company 2,187,091,169,310 2,423,168,916,542

Profit/(loss) after tax of non-controlling

62 207,955,321,997 (143,081,149,333)
shareholders

70 Basic earnings per share VI.10 2,010 2,187

71 Diluted earnings per share VI.10 2,010 2,187

164 ANNUAL REPORT 2024 165

 CONSOLIDATED CASH FLOW STATEMENT (Indirect method) CONSOLIDATED CASH FLOW STATEMENT (Indirect method)
For the fiscal year ended 31 December 2024 Unit: VND For the fiscal year ended 31 December 2024
Unit: VND

Code Items Note Current year Previous year Code Items Note Current year Previous year

II. CASH FLOWS FROM INVESTING ACTIVITIES

I.CASH FLOWS FROM OPERATING ACTIVITIES
Purchases and construction of fixed assets
21 (319,897,112,135) (114,780,773,534)
01 Profit before tax 2,559,347,304,331 2,697,158,161,525 and other non-current assets
Proceeds from disposals of fixed assets and
Adjustments 22 (12,116,126,455) 1,282,029,931
other non-current assets
Depreciation/(Amortization) of fixed assets
02 262,181,937,266 267,444,334,094 Cash outflow for lending, buying debt
and investment properties 23 (326,898,558,107) 350,181,017,091
instruments of other entities
03 Provisions and allowances 74,003,513,882 10,125,218,563 Cash recovered from lending, selling debt
24 114,300,000,000 -
instruments of other entities
04 Exchange gain/(loss) due to revaluation of
25 Investments in other entities (1,300,390,665,149) (859,059,720,000)
05 monetary items in foreign currencies - -
26 Withdrawals of investments in other entities - -
06 Gain/(loss) from investing activities (2,107,964,094,006) (928,524,472,383) Interest earned, dividends and profits
27 555,982,862,555 1,094,808,999,107
received
07 Interest expenses 1,294,979,159,189 906,131,859,386
30 Net cash flows from investing activities (1,289,019,599,291) 472,431,552,595
Others - (43,789,260,552)
III. CASH FLOWS FROM FINANCING ACTIVITIES
08 Operating profit before 2,082,547,820,662 2,908,545,840,633 Proceeds from issuing stocks and capital
31 - -
contributions from owners
09 changes of working capital (396,277,386,922) (2,261,764,919,513)
Repayment for capital contributions and re-
32 - -
10 Increase/(decrease) of receivables (204,640,045,790) (1,165,723,697,632) purchases of stocks already issued

11 Increase/(decrease) of inventories 677,237,896,369 (414,301,684,633) 33 Proceeds from borrowings V.23 14,731,356,448,457 9,983,931,108,461

12 Increase/(decrease) of payables 23,596,174,306 26,431,421,346 34 Repayment for loan principal V.23 (10,888,880,755,443) (6,216,114,535,719)

13 Increase/(decrease) of prepaid expenses - - 35 Payments for financial leased assets - -

14 Increase/(decrease) of trading securities V.20, VI.5, VII (2,209,706,661,110) (1,995,924,310,711) 36 Dividends and profit paid to the owners V.22, V.26 (1,035,000,000,000) (828,000,080,000)

15 Interests paid V.18 (413,128,054,566) (80,781,829,141) 40 Net cash flows from financing activities 2,807,475,693,014 2,939,816,492,742

16 Corporate income tax paid 5,400,000 10,900,000 50 Net cash flows during the year 872,884,092,464 261,607,478,721

17 Other cash inflows (205,207,144,208) (167,132,286,965) 60 Beginning cash and cash equivalents V.1 1,332,254,152,561 1,070,646,673,840

Effects of fluctuations in foreign exchange

20 Net cash flows from operating activities (645,572,001,259) (3,150,640,566,616) 61 - -
rates

70 Ending cash and cash equivalents V.1 2,205,138,245,025 1,332,254,152,561

166 ANNUAL REPORT 2024 167

 ANNUAL REPORT 2024

INVESTMENT AND INDUSTRIAL DEVELOPMENT

JOINT STOCK CORPORATION

Binh Duong , April 19, 2025

GENERAL DIRECTOR

PHAM NGOC THUAN

168 ANNUAL REPORT 2024 169

 INVESTMENT AND INDUSTRIAL DEVELOPMENT JOINT STOCK CORPORATION

Address : 9th Floor, WTC Tower, 1 Hung Vuong Street, Hoa Phu Ward, Thu
Dau Mot City, Binh Duong Province, Vietnam
Website : www.becamex.com.vn

Email : quanhecodong@becamex.com.vn

Telephone : 02743822655

170 ANNUAL REPORT 2024