Thai Tycoon Reaps Windfall Dividends from Vietnamese Enterprises

This week, 14 companies announced dividend record dates, with 13 paying cash dividends and 1 issuing bonus shares.

Dividends Alone Have Recouped Investments

Binh Minh Plastics Joint Stock Company (stock code: BMP) announced an interim cash dividend for 2025 at a rate of 65%, meaning shareholders holding one share will receive 6,500 VND. The final registration date for eligibility is November 18, with payment scheduled for December 8.

With over 81.86 million BMP shares outstanding, Binh Minh Plastics is expected to pay out more than 532 billion VND in dividends. As of September 30, Thai investor Nawaplastic Industries Co., Ltd., a subsidiary of SCG (Siam Cement Group), holds over 45 million BMP shares and will receive more than 292 billion VND in dividends.

In 2012, SCG, through Nawaplastic Industries, began acquiring BMP with a 16.7% stake. By March 2018, SCG increased its ownership to 54.39% by purchasing 24.13 million shares from SCIC, totaling approximately 2.8 trillion VND.

As of November, this investment’s market value exceeds 7.65 trillion VND, a 2.7x return on the initial cost. Additionally, SCG has consistently received annual cash dividends ranging from 20% to 126%. Cumulatively, Nawaplastic has received over 2.824 trillion VND in dividends since 2012, matching the initial investment.

Similarly, Saigon Beer-Alcohol-Beverage Corporation (Sabeco, stock code: SAB) announced a 20% interim cash dividend for 2025, payable on February 12, 2026.

With over 1.28 billion shares outstanding, SAB will distribute more than 2.5 trillion VND. Vietnam Beverage, holding 53.59% of Sabeco’s capital, will receive over 1.375 trillion VND.

In 2017, Vietnam Beverage, a ThaiBev subsidiary, acquired 53.6% of Sabeco for approximately 110 trillion VND. As of November 17, SAB’s share price is 47,100 VND, 60% below the peak of nearly 130,000 VND when ThaiBev made the purchase.

However, this investment has yielded substantial dividends for ThaiBev, totaling approximately 15.4 trillion VND from 2017 to the upcoming 2026 payment.

Vinamilk (stock code: VNM) consistently pays dividends of 40-60% annually. F&N Dairy Investments holds 369.7 million shares (17.69% of Vinamilk) and an additional 2.7% through F&N Bev Manufacturing, totaling approximately 20.4% ownership.

Since entering Vinamilk during its 2005 IPO and increasing its stake after SCIC’s 2017 divestment, F&N Dairy Investments has received over 15 trillion VND in dividends.

Earning Trillions from Share Sales

Chuong Duong Corporation (stock code: CDC) announced a rights issue of nearly 53 million shares at a 1:1 ratio, allowing shareholders to purchase one new share for each held. The shares are freely tradable.

At an offer price of 10,000 VND per share, CDC is expected to raise nearly 528 billion VND. If successful, its chartered capital will increase to over 1.055 trillion VND.

Vietcap Securities (stock code: VCI) plans to issue over 127 million shares privately to increase capital to 8.501 trillion VND at 31,000 VND per share.

The company anticipates raising nearly 3.923 trillion VND, with 80% allocated to margin lending and 20% to proprietary trading. Sixty-nine investors are expected to participate, led by Darasol Investments Limited (12.2 million shares) and Dragon Capital funds (10 million shares).

Noi Bai Cargo Services (stock code: NCT) will finalize its 80% dividend payment on November 18. With over 26 million shares outstanding, NCT will distribute more than 209 billion VND. Vietnam Airlines (stock code: HVN), holding 55.13% of NCT, will receive over 115 billion VND.