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At Vinamilk’s 2026 Annual General Meeting (AGM), a shareholder asked why holding Vinamilk shares for 10 years had delivered only a break-even outcome. CEO Mai Kiều Liên said the issue is a recurring topic at annual meetings and should be assessed based on the company’s actual operating results. She added that stock prices depend on market conditions as well as the company’s production and business performance, including revenue, profits, and its sustainable development direction.
Liên noted that declines are not unique to Vinamilk, but reflect broader movements in the Vietnam stock market. To protect investors’ real interests, she said the company maintains a very high profit distribution policy, with nearly 100% of post-tax profits paid as dividends. “Most after-tax profits are distributed as dividends to shareholders,” Liên emphasized.
On investment advice, she stated that issuing buy or sell recommendations is not appropriate because it is the investor’s right: “If you trust the company, you buy; otherwise, you should not.” She also pointed to evidence that many long-term shareholders remain satisfied with the steady dividend cash flow.
Liên cited positive momentum following the restructuring of the distribution network and rebranding. She said Vinamilk’s market share increased by 1.1 percentage points in the second half of 2025 compared with the first half.
In Q1 2026, Vinamilk reported consolidated revenue of VND 16,178 billion, up 24.7% year-over-year. Net profit after tax rose nearly 55% to VND 2,458 billion, supported by optimization of fixed costs as revenue grew.
Regarding real estate, the CEO said Vinamilk will not participate in real estate or social housing for at least five years. She noted the company has proactively removed real estate activities to focus resources on core dairy production and nutrition, rather than entering riskier non-core areas.
Liên also said the company is accelerating AI deployment in operations and management, handling up to 1 million orders daily through its retail network across both offline and online channels.
The AGM approved all proposals from the Board of Directors and management.
Shareholders set the 2026 targets for consolidated revenue at VND 66,477 billion and after-tax profit at VND 9,828 billion. The AGM also approved a 2025 dividend payout ratio of 43.5% and a minimum payout of 50% for 2026.
In addition, the AGM approved the dismissal of board member Alain Xavier Cany and the addition of new business lines related to household goods retail and IT infrastructure.
SCIC reaffirmed its long-term commitment and said it has no plan to dispose of Vinamilk shares at this time.
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