D2D Approves 50% Cash Dividend for 2025, Sets 2026 Targets

Overview

D2D’s board of directors approved a 2025 cash dividend of 5,000 VND per share, equal to 50% of par value, with a record date of September 30, 2026 and payment on October 14, 2026. The payout totals roughly 152 billion VND and extends a 17-year streak of cash dividends. The board also revised the 2026 business plan to 408 billion VND in revenue and 122 billion VND in after-tax profit.

Key Facts

• Cash dividend of 5,000 VND per share, or 50% of par value, for 2025.
• Total payout of approximately 152 billion VND.
• Record date: September 30, 2026; payment date: October 14, 2026.
• More than 30.3 million shares outstanding.
• Parent company Sonadezi holds nearly 57.9% of capital, or 17.5 million shares, and is set to receive about 88 billion VND.
• Revised 2026 plan: 408 billion VND revenue, nearly 156 billion VND pre-tax profit, and 122 billion VND after-tax profit.
• D2D closed at 29,950 VND per share on September 11, 2026.

What Happened

The board of directors of Công ty CP Phát triển Đô thị Công nghiệp số 2 (D2D) passed a resolution approving the 2025 cash dividend, according to the company’s announcement. Shareholders of record as of September 30, 2026 will receive 5,000 VND per share, with payment scheduled for October 14, 2026. With more than 30.3 million shares outstanding, the total outlay is about 152 billion VND. Tổng công ty Sonadezi, the parent company holding nearly 57.9% of D2D’s charter capital, is expected to receive roughly 88 billion VND.

On the same day, the board adjusted the 2026 business plan, setting targets of 408 billion VND in total revenue, nearly 156 billion VND in pre-tax profit, and 122 billion VND in after-tax profit. The board said the revision will be reported to the nearest general meeting of shareholders and followed a written request from Sonadezi to adjust D2D’s 2026 plan. D2D operates in real estate and industrial park infrastructure in Đồng Nai and has maintained a cash dividend policy since listing, with payouts in the tens of percent each year and a peak of 87% in 2023.

Market Context

D2D trades on the HOSE exchange and closed at 29,950 VND per share on September 11, 2026. At that price, the 5,000 VND dividend implies a yield of about 16.7%, well above typical HOSE large-cap yields. The stock sits in the industrial park and real estate sector, which is sensitive to land lease demand, foreign direct investment inflows into Đồng Nai, and broader Vietnamese market liquidity. The parent-subsidiary structure with Sonadezi means dividend policy is closely tied to the group’s cash needs.

Strategic Significance

For long-term investors, D2D’s value case rests on a consistent cash-return model rather than aggressive land bank expansion. A 50% payout ratio and a 17-year record of cash dividends signal that the company prioritizes distributable earnings over reinvestment, which suits income-oriented holders. The revised 2026 targets, however, imply a more modest profit base than the dividend alone might suggest, so the payout is partly a function of the company’s low capital expenditure needs and stable industrial park leasing income. The controlling Sonadezi stake means minority shareholders are effectively riding a group cash-distribution policy, and any change in Sonadezi’s own funding requirements could alter D2D’s dividend trajectory.

What to Watch

• Confirmation of the shareholder list and any foreign-ownership room changes around the September 30, 2026 record date.
• The next general meeting of shareholders, where the revised 2026 plan will be formally reported.
• D2D’s Q3 2026 earnings release for progress against the 408 billion VND revenue target.
• Sonadezi’s own dividend and capital allocation announcements, given its 57.9% stake.
• Industrial park land lease and FDI data for Đồng Nai, which drive D2D’s core revenue.