Vietnam Dividend Week Sept 14-18: CKA Pays Record 120% Cash

Overview

Cơ khí An Giang (CKA), listed on UPCOM, will finalize shareholder lists on 21 September 2025 for a 2025 cash dividend of 120%, equal to VND 12,000 per share, the highest cash rate among roughly 20 Vietnamese companies closing dividend rights in the week of 14-18 September. Viettel Global (VGI) will pay a record 33% cash dividend, and TCBS (TCX) will issue bonus shares at 5:1, with the bulk accruing to parent Techcombank (TCB).

Key Facts

• CKA: record date 21 September 2025, payment 7 October 2025, rate 120% (VND 12,000 per share), total outlay about VND 40 billion on roughly 3.3 million shares outstanding.
• CKA’s prior cash dividends were 50% in 2023 and 100% in 2024; annual rates since 2018 have ranged from 20% to 35%.
• VEA holds 47.41% of CKA and is set to receive close to VND 19 billion; Chairman Trần Quân Anh (28.45%) and board member Đồng Trọng Nghĩa (18.96%) would receive about VND 11 billion and VND 7.5 billion respectively.
• VGI: record date 15 September 2025, ex-rights 14 September, rate 33% (VND 3,300 per share), payment 29 September 2025, total payout about VND 10,044 billion on more than 3.04 billion shares.
• Viettel Group owns over 99% of VGI and will receive almost the entire payout.
• TCX: record date 18 September 2025 for a 2025 stock dividend of nearly 555 million shares at 5:1; TCB, holding 79.81% of TCBS, is expected to receive about 443 million shares.
• The TCX share issuance is planned for Q3-Q4 2026, pending completion of regulatory procedures.

What Happened

The week’s schedule, compiled from company announcements, covers close to 20 businesses finalizing dividend rights, with nearly 15 paying in cash at rates from 3.2% to 120%. Cơ khí An Giang’s board set the 120% rate in line with the annual general meeting plan; if completed, it is the largest dividend CKA shareholders have received since the company listed on UPCOM. The company has maintained an annual cash dividend since 2018.

Viettel Global’s 33% cash dividend, approved at the April annual general meeting, is the highest in its history and implies a payout of roughly VND 10,044 billion. TCBS, the securities arm of Techcombank, will close its shareholder list on 18 September for a 5:1 bonus share issue of nearly 555 million shares, a transaction that would materially enlarge its charter capital once executed in Q3-Q4 2026. The announcements do not disclose a transaction value for the TCX issuance.

Market Context

CKA closed at VND 67,900 on 12 September 2026, a level at which the VND 12,000 cash dividend represents a very high trailing distribution relative to price. VGI closed at VND 84,000, TCX at VND 38,100 and TCB at VND 31,600. The cluster of ex-rights dates falls across industrials, technology, securities and banking names, a reminder that Vietnamese dividend season spans both cash-rich industrial issuers and financial groups that prefer share-based returns.

Strategic Significance

For CKA, the 120% payout is a capital-return signal from a small-cap industrial machinery maker with a concentrated shareholder base: VEA, the chairman and a board member together control the majority of the register, so the dividend is effectively a distribution to insiders and the state-linked parent. For VGI, the 33% cash payout transfers roughly VND 10 trillion to Viettel Group, leaving minority holders with the same per-share economics but reinforcing the parent’s funding flexibility. For TCB, the TCX bonus issue is capital accretion without cash outlay, lifting the parent’s carrying stake in a securities subsidiary that is scaling up.

What to Watch

• CKA payment execution on 7 October 2025 and confirmation that the full VND 40 billion is disbursed.
• VGI payment on 29 September 2025; note the source also cites a 15 October 2026 payment window, which should be clarified.
• TCX shareholder-list confirmation on 18 September 2025 and the subsequent filing of the bonus-share issuance plan with the State Securities Commission.
• TCB’s disclosure of the updated carrying value and ownership percentage in TCBS after the 443 million shares are received.
• Any follow-on dividend announcements from the remaining companies in the 14-18 September window.