Vietnam Dividend Week Sep 28-Oct 2: D2D Pays 50% Cash, TMS, GLT, VOS, LAS

Overview

Roughly 25 Vietnamese listed companies will finalize dividend rights between September 28 and October 2, 2026, with payout ratios spanning 1.5% to 50%. Industrial Urban Development No. 2 (D2D, HOSE) tops the calendar with a 50% cash dividend for fiscal 2025, while Transimex (TMS, HOSE), Global Electrical Engineering (GLT, HNX), Vietnam Maritime Transport (VOS, HOSE) and Lam Thao Superphosphate (LAS, HNX) also close shareholder lists during the week.

Key Facts

• D2D (HOSE) pays 50% cash for 2025, equal to VND 5,000 per share; record date September 30, 2026.
• TMS (HOSE) pays 5% cash (VND 500 per share) plus a 100:7 stock dividend of nearly 12.1 million shares; record date September 28, 2026, cash payment due October 9, 2026.
• GLT (HNX) issues a 100:25.5 stock dividend; record date October 1, 2026.
• VOS (HOSE) pays 9% cash for 2025, or VND 900 per share; record date October 2, 2026.
• LAS (HNX) pays 10% cash for 2025, or VND 1,000 per share; record date October 2, 2026.
• HD8 (UPCoM) pays the week’s lowest ratio at 1.5% cash, or VND 150 per share.
• About 25 listed companies in total close dividend rights in the September 28 to October 2 window.

What Happened

The week’s dividend schedule was compiled from exchange announcements and reported by An ninh tiền tệ. D2D, listed on the Ho Chi Minh City Stock Exchange, will close its shareholder list on September 30, 2026 to pay a 50% cash dividend for fiscal 2025, meaning holders receive VND 5,000 per share. That is the highest ratio of any company on the calendar and the standout cash distribution among the roughly 25 names involved.

Transimex closes its list earlier, on September 28, 2026, combining a 5% cash dividend with a stock dividend of nearly 12.1 million shares on a 100:7 basis, with cash settlement scheduled for October 9, 2026. GLT follows on October 1 with a 100:25.5 stock dividend, while VOS and LAS both set October 2 record dates for 9% and 10% cash payouts respectively. HD8 anchors the low end at 1.5% cash. The announcements do not disclose aggregate cash amounts to be distributed.

Market Context

D2D closed at VND 29,050 on September 27, 2026, placing the 50% cash dividend at roughly 17% of the prevailing share price, an unusually high yield for a HOSE-listed real estate name. TMS closed at VND 34,900, making its combined 5% cash and 100:7 stock distribution a meaningful return of capital for a logistics and freight forwarder. GLT closed at VND 28,900 ahead of its October 1 record date, while HD8 last traded at VND 7,000 on September 14, consistent with its small-cap UPCoM profile. The calendar spans HOSE, HNX and UPCoM, reflecting a broad seasonal wave of 2025 dividend settlements across Vietnamese equities.

Strategic Significance

The composition of the week matters more than the headline count. D2D’s 50% cash payout signals that management sees sufficient retained earnings and liquidity to return capital rather than redeploy it into new industrial park land, a posture income-oriented investors in Vietnamese real estate should weigh against the sector’s typically land-banking-heavy model. TMS and GLT, by contrast, are choosing stock dividends, which preserve cash for working capital in freight forwarding and electrical contracting while still rewarding shareholders. For long-term holders, the split between cash-heavy and stock-heavy distributions across this calendar is a useful read on which management teams expect tighter funding conditions into 2027.

What to Watch

• D2D’s September 30 record date and subsequent cash payment date, which the announcement does not specify.
• TMS cash settlement on October 9, 2026 and the listing timeline for its nearly 12.1 million new shares.
• GLT’s October 1 record date and the admission of the 100:25.5 stock dividend shares to trading on HNX.
• VOS and LAS record dates on October 2, 2026, and any follow-up disclosure on 2026 payout policy.
• Whether the roughly 25-company calendar expands as additional exchanges publish late-September announcements.