The Vietnam International Commercial Joint Stock Bank (VIB) is the first bank to announce cash dividend distribution this year. VIB has decided to allocate over 1.5 trillion VND to advance cash dividends for existing shareholders in 2023 at a rate of 6%. As a result, shareholders who own 1 share will receive 600 VND. VIB is expected to pay dividends to shareholders on February 21, immediately after the Lunar New Year holiday.
At the beginning of 2023, VIB allocated nearly 2.108 trillion VND to advance cash dividends for shareholders in 2022 at a rate of 5%. In May 2023, VIB will continue to distribute dividends for the second phase of 2022 at a rate of 10%. Therefore, the total cash dividend distribution for 2022 by VIB will reach 15%.
Last year, VIB also completed a 20% stock dividend distribution to increase its charter capital by an additional 4.215 trillion VND to 25.292 trillion VND.
From 2023, the State Bank of Vietnam no longer prohibits banks from distributing cash dividends.
At a recent conference with investors and analysts, Techcombank revealed that it will propose a minimum cash dividend payment of 20% of annual after-tax profit or 4-5% of the bank’s equity at the beginning of the year for the 2024 shareholders’ meeting.
In 2023, the State Bank of Vietnam no longer prohibits banks from distributing cash dividends. However, only 6 banks have distributed a portion of their dividends in cash, namely VPBank, HDBank, VIB, TPBank, ACB, and MB.
At the 2023 annual shareholders’ meeting, VPBank’s management announced that the bank will distribute cash dividends for the next 5 consecutive years and sufficient to distribute 30% of after-tax profit annually to shareholders.
In 2023, VPBank has allocated nearly 8 trillion VND to pay dividends to shareholders. Dividends will be distributed in cash in the following years earlier in the first half of the year to meet shareholders’ expectations for the bank’s profit distribution plan.
At the 2023 annual general shareholders’ meeting, ACB revealed its profit distribution plan for 2023. The bank expects to achieve a pre-tax profit of over 20,000 billion VND. It will distribute cash dividends at a rate of 10% and stock dividends at a rate of 15%. Previously, in 2023, ACB also distributed dividends at a similar rate.
In February 2023, some companies listed on the stock market also distributed stock dividends in cash. On February 29, Vinh Hoan Corporation will advance dividends for 2023 at a rate of 20%. Also on the same day, 7 Garment Joint Stock Company will distribute dividends for the third phase of 2022 in cash at a rate of 4.75%.
Securities trading resumes on February 15 (the 6th day of Lunar New Year)
After a 7-day break, the domestic stock market will resume trading on February 15 (the 6th day of Lunar New Year). Previously, the Ho Chi Minh Stock Exchange (HoSE) and the Hanoi Stock Exchange (HNX) announced the stock market trading holiday schedule for the 2024 Lunar New Year. The market holiday schedule aligns with the holidays of officials, civil servants, employees, and workers, lasting for 7 days, from February 8 (the 29th day of Lunar New Year) to February 14 (the 5th day of Lunar New Year).
