ND2 35% Cash Dividend: Vinaconex to Receive 89B VND
This Aveluro analysis covers ND2 on UPCOM in the Utilities sector. The classified event type is dividend announcement, with positive sentiment and a deterministic market-impact score of 5.6/10. Aveluro classifies this story as a positive catalyst in the stock's news coverage. Source coverage came from Vietstock - Cổ phiếu, classified as a primary/top-tier source.
Key Facts
Caveat: Not investment advice. · How Aveluro computed this: Aveluro combines extracted event facts, source credibility, ticker context, and market data. Scores are deterministic research signals, not recommendations.
Overview
ND2 (UPCOM) has announced a 35% cash dividend for 2025, with the record date set for August 20, 2026. Parent company Vinaconex (VCG) is expected to receive approximately 89 billion VND from the payout. The announcement comes as ND2’s H1 2026 results show a 30% decline in net profit due to lower rainfall and higher taxes.
Key Facts
- Cash dividend rate: 35% for fiscal year 2025.
- Record date: August 20, 2026; ex-rights date: August 19, 2026.
- Total payout: approximately 175 billion VND, based on nearly 50 million shares outstanding.
- Vinaconex (VCG) holds 51.1% of ND2, expected to receive ~89 billion VND.
- Toyota Tsusho Corporation holds 35%, expected to receive ~61 billion VND.
- ND2’s 2025 revenue: 410 billion VND (+12% YoY); net profit: 215 billion VND (+26% YoY).
- H1 2026 revenue: 132 billion VND (-13% YoY); net profit: 41 billion VND (-30% YoY).
- 2026 targets: total income 372 billion VND, net profit 156 billion VND, dividend plan 25%.
What Happened
ND2 (Đầu tư và Phát triển Điện miền Bắc 2) announced a 35% cash dividend for 2025, with payment scheduled for September 23, 2026. The dividend will be funded from retained earnings of 414 billion VND as of end-2025. Vinaconex, the parent company, will receive about 89 billion VND, while Toyota Tsusho Corporation will get 61 billion VND.
ND2’s 2025 results were strong, with revenue up 12% and net profit up 26%, approaching the historical high set in 2022. However, H1 2026 performance declined sharply: revenue fell 13% and net profit dropped 30% year-on-year. Management attributed the decline to lower rainfall reducing electricity output by 23 million kWh, and higher corporate income taxes as tax incentives expired.
Market Context
ND2 trades on UPCOM, closing at 36,800 VND on August 19, 2026. The stock has likely been supported by the high dividend yield, but the H1 2026 earnings decline and the reduction in the 2026 dividend plan to 25% may pressure sentiment. Vinaconex (VCG) closed at 15,500 VND on HOSE; the dividend receipt provides a modest cash inflow but is not a major catalyst for VCG’s valuation.
Strategic Significance
For long-term investors, ND2’s dividend policy reflects its stable cash generation from hydropower, but the business is highly dependent on hydrological conditions and electricity market prices. The expiration of tax incentives adds a structural cost headwind. The 2026 dividend target of 25% implies a payout ratio of about 80% of planned net profit, which may be at risk if H1 trends continue. Vinaconex’s 51.1% stake means ND2’s dividends contribute to VCG’s recurring income, but the impact is limited relative to VCG’s overall scale.
What to Watch
- ND2’s Q3 2026 earnings report (due October 2026) to see if rainfall and output recover.
- Any updates on electricity market prices and tariff adjustments.
- ND2’s ability to meet its 2026 profit target of 156 billion VND; H1 achieved only 26%.
- Confirmation of the 2026 dividend rate at the AGM or board meeting.
- VCG’s consolidated financials for the impact of the 89 billion VND dividend receipt.