HND Sets 3% Cash Dividend for 2025 Amid Leadership Turmoil

Overview

Hai Phong Thermal Power JSC (UPCOM: HND) has announced a 3% cash dividend for 2025, equivalent to VND 300 per share and roughly VND 150 billion in total, according to a company notice. The payout follows a period of senior leadership disruption after former CEO Duong Son Ba was prosecuted, and it comes alongside news that an executive at Quang Ninh Thermal Power (UPCoM: QTP) was charged in the same environmental monitoring case.

Key Facts

• HND will pay a 2025 cash dividend of 3%, or VND 300 per share, on 500 million shares outstanding, totaling about VND 150 billion.
• Record date is 5 October; payment is scheduled for 15 October 2026.
• Power Generation Corporation 2 (EVN subsidiary) holds 51% of HND and Pha Lai Thermal Power JSC holds 25.97%, so the two shareholders receive most of the dividend.
• Former HND CEO and legal representative Duong Son Ba was prosecuted and detained in late May on charges of “forging documents of agencies and organizations.”
• HND was mentioned in the investigation into environmental monitoring violations across multiple localities.
• QTP Deputy General Director Le Viet Cuong, along with Nguyen Van Trung and Luong Cong Binh of Quang Ninh Thermal Power, were also prosecuted and detained.
• HND Chairman Ta Cong Hoan, who took over legal representation after Ba’s departure, died at home on 27 August; the board then assigned Doan Duc Toan as acting chairman and Le Anh Tan as acting CEO.

What Happened

The dividend notice, dated to a 5 October record date, is the company’s first major shareholder-return action since the leadership upheaval began. HND said the 3% rate applies to the 2025 fiscal year, with payment set for 15 October 2026. The filing does not disclose a rationale for the timing of the payout or any change to the company’s dividend policy.

The leadership changes trace back to late May, when investigators prosecuted then-CEO Duong Son Ba for allegedly forging documents. The board handed legal representation to Chairman Ta Cong Hoan and delegated CEO duties to Deputy General Director Tran Xuan Truong from 21 May 2026. Hoan died at his home on 27 August, prompting the board to name board member Doan Duc Toan as acting chairman and Deputy General Director Le Anh Tan as acting CEO. The same case named QTP Deputy General Director Le Viet Cuong and two other Quang Ninh Thermal Power employees.

Market Context

HND closed at 9,200 on 28 September 2026 on the UPCOM exchange, while QTP closed at 10,800. At that price, the 3% dividend implies a yield of roughly 3.0% on the HND close. Both tickers sit in the thermal power segment of Vietnam’s utilities sector, where state-linked generators have faced scrutiny over environmental compliance and governance. The broader market backdrop is not detailed in the source article.

Strategic Significance

For long-term holders, the dividend confirms that HND’s cash generation and payout machinery remain functional despite the leadership vacuum, which matters because EVN-affiliated generators are often valued for stable, regulated returns rather than growth. The unresolved question is governance: with an acting chairman and acting CEO in place and a former CEO under prosecution, the board’s ability to finalize a permanent leadership team and close out the environmental monitoring case will shape the risk premium on both HND and QTP. The 51% EVN-linked ownership also means minority shareholders have limited influence over that process.

What to Watch

• HND shareholder list finalization on 5 October and actual dividend payment on 15 October 2026.
• Appointment of a permanent chairman and CEO, and any further board resignations or changes.
• Developments in the environmental monitoring prosecution, including any charges or conclusions involving HND or QTP.
• QTP’s own dividend or capital-return announcements, given its parallel legal exposure.
• HND and QTP quarterly disclosures on plant operations and any regulatory penalties.