LARGEST COMMERCIAL CENTER IN BINH DUONG, VIETNAM

In Binh Duong New City, the Investment and Industrial Development Corporation (Becamex IDC) (HoSE: BCM) plans to build a second commercial center named WTC Gateway.

According to the introduction, upon completion, WTC Gateway will be the largest commercial center in Vietnam with an area of 168,000 square meters. It will include various features such as an outdoor fountain, a large square, a six-story shopping mall, a cinema, a food court, an indoor sports area, a hotel, and conference offices.

Additionally, the project will also have a central Metro station for Binh Duong New City.  Becamex IDC believes this commercial center will play a crucial role in attracting retailers, F&B services, entertainment services, and more, thereby creating a competitive business environment for enterprises. The center is expected to be operational this year.

Perspective of WTC Gateway shopping center

Binh Duong New City is an investment and development area in Binh Duong, with a planned area of 1,000 hectares, accounting for 1/4 of the total area of the Binh Duong Industrial – Urban – Service Complex. Several residential and commercial projects are being implemented here.

Considering the retail market in Binh Duong, it currently hosts major systems such as Aeon, Central Retail, Mega Market, Lotte, and Saigon Co.op. Among them, Aeon Mall Binh Duong Canary in Thuan An City, opened in 2014, spans a total area of about 62,000 square meters.

Regarding the investor, Becamex IDC, of the WTC Gateway project, the company was established in 1976, later privatized, and listed BCM shares on UPCoM in 2018. By 2020, the corporation moved to list on the Ho Chi Minh City Stock Exchange (HoSE).

The company is currently under the ownership of Binh Duong Province, with 95.44% of its capital owned by the Provincial People’s Committee. However, at the end of May, Deputy Prime Minister Le Minh Khai signed a decision to reduce this rate to over 65% by the end of 2025, meaning more than 30% of shares will be divested.

Becamex IDC is known as the “king” of industrial parks in Binh Duong and is also Vietnam’s leading infrastructure developer. The company currently owns and directly operates seven industrial parks with a total area of over 4,700 hectares, accounting for more than 30% of the provincial market share and ranking third in Vietnam with 3.6% of the national market share.

Annually, this giant records revenues of about 7,000-8,000 billion VND and after-tax profits ranging from 1,000-2,000 billion VND.

In the first quarter of 2024, revenue reached nearly 812 billion VND, a slight increase of 3% compared to the same period. After deducting various costs and taxes, Becamex IDC reported a net profit of 118 billion VND in the first quarter, an increase of 60%.