Series of large cash dividend plans unveiled for the 2026 AGM season

Amid the peak of the AGM season, many companies surprised investors by announcing large cash dividend plans. Several firms highlighted high payout ratios and, in some cases, a return to dividends after extended gaps, drawing attention to how cash distributions may shape investor preferences.

Key dividend proposals and expected cash payouts

Vinhomes (VHM) proposed a cash dividend equal to 60% of charter capital (about 24,644 billion dong) and a 100% stock dividend after three years without a payout. With around 4.1 billion shares outstanding, the total cash distribution would approach 25,000 billion dong. Vingroup’s 73.5% stake could receive more than 18,000 billion dong from the payout.

Ha Long Beer and Water (HLB) announced a 125% cash dividend for 2025 (about 39 billion dong), equivalent to 12,500 dong per share. The company also targets at least a 50% cash payout of charter capital in 2026.

Vimico (KSV) announced a 119% cash dividend for 2025, about 11,900 dong per share, totaling roughly 2,380 billion dong.

Masan Consumer (MCH) proposed a 2025 cash dividend of 50%, totaling over 5,270 billion dong. The company’s plan includes a 2025 interim payout of 2,628 billion dong, with the remaining about 2,642 billion dong to be paid in 2026. For 2026, MCH also proposed up to 50% of undistributed profits as an interim dividend, equal to up to 5,000 dong per share.

Vinamilk (VNM) projected a 2025 cash dividend of 43.5% (about 4,350 dong per share). It paid 25% as an interim dividend in October last year, leaving 18.5% (about 1,850 dong) to be paid within six months after the 22 April AGM. For 2026, the board aims to keep a minimum 50% cash payout of consolidated net profit, with timing decisions made by the board before the 2027 AGM.

Viettel Global (VGI) is also expected to distribute generous cash dividends. The company targets 2026 revenue of 52,561 billion dong, 7% higher than last year, while pre-tax profit is expected to fall 12.5% to 13,275 billion dong due to FX fluctuations. VGI plans to pay more than 10,044 billion dong in cash dividends for 2025, at 33% per share (about 3,300 dong).

Quảng Ngãi Sugar (QNS) approved a 2025 cash dividend of 40%. For 2026, the minimum planned payout is 15%.

Implications for investors and cash-flow preferences

The pattern of high cash dividends suggests that firms are signaling solid financial health and management confidence in mid- to long-term performance. At the same time, maintaining or increasing payout ratios may influence investor preferences toward companies that combine strong fundamentals with clear profit-distribution policies.