Techcombank Leads 2026 Bank Dividends with 67% Payout; Sector Sees High Rates

Overview

Several Vietnamese banks have announced high dividend plans for 2026, with Techcombank (TCB) leading at a total payout ratio of 67% (7% cash, 60% stock). Other banks such as VPBank (VPB), HDBank (HDB), LPBank (LPB), MB (MBB), and ACB (ACB) disclosed dividend rates between 20% and 31%, reflecting strong profitability and capital adequacy across the sector.

Key Facts

• Techcombank (TCB) will pay a total 67% dividend: 7% cash (VND 700/share, ~VND 4,960 billion) and 60% stock, boosting charter capital to over VND 113,000 billion.
• VPBank (VPB) plans a ~31% total payout: 5% cash (~VND 4,000 billion) and ~26% stock.
• HDBank (HDB) will pay 30% entirely in stock.
• LPBank (LPB) will pay 30% entirely in cash, totaling nearly VND 9,000 billion, the highest cash dividend in its history.
• MB (MBB) proposes 25% total: 10% cash (~VND 8,000 billion) and 15% stock.
• ACB will pay 20% total: 7% cash (~VND 3,600 billion) and 13% stock (~VND 6,600 billion).
• Other banks: MSB (20% stock), NamABank (20%), SeABank (20.5%).

What Happened

During the 2026 annual general meeting season, multiple Vietnamese commercial banks unveiled dividend plans for the year, with Techcombank setting the highest total payout at 67%. The bank will distribute 7% in cash (VND 700 per share, totaling approximately VND 4,960 billion) and 60% in stock, marking its third consecutive year of cash dividends after a long period of retained earnings. The stock dividend will raise Techcombank’s charter capital to over VND 113,000 billion, among the highest in the system.

VPBank followed with a total payout of about 31%, comprising 5% cash (estimated VND 4,000 billion) and over 26% in stock. HDBank and LPBank both targeted 30%, but with contrasting methods: HDBank opted for all stock, while LPBank chose all cash, committing nearly VND 9,000 billion — the largest cash dividend in its history and the highest among banks this year. MB and ACB also maintained cash dividends, with MB at 10% cash (VND 8,000 billion) and ACB at 7% cash (VND 3,600 billion). Other banks such as MSB, NamABank, and SeABank announced stock dividends of 20-20.5%.

Market Context

As of April 15, 2026, TCB closed at VND 32,000 (-0.16%), VPB at VND 27,000 (flat), HDB at VND 26,000 (+1.15%), and LPB at VND 48,000 (-0.52%). The banking sector has seen mixed price action amid a flurry of dividend announcements. These high payout ratios underscore the sector’s robust earnings recovery and capital buffers, though they also raise questions about future growth funding if retained earnings are reduced. All mentioned banks are listed on HOSE except KLB (HNX) and NAB (UPCOM).

Strategic Significance

The wave of high dividends signals that Vietnam’s leading banks are confident in their capital positions and profitability outlook. For Techcombank, the 67% payout reflects a deliberate shift toward shareholder returns after years of capital accumulation, potentially setting a new benchmark for the sector. LPBank’s all-cash dividend is particularly notable, as most banks prefer stock dividends to conserve cash. This trend may pressure other banks to balance dividend payouts with capital needs for lending growth and Basel III compliance. For long-term investors, the ability to sustain such payouts will depend on asset quality and net interest margin trends.

What to Watch

• Q2 2026 earnings reports from TCB, VPB, HDB, LPB, MB, and ACB to assess profit sustainability.
• Regulatory approval timelines for stock dividend issuances and charter capital increases.
• LPBank’s cash payout execution and its impact on liquidity ratios.
• Any changes in dividend policy from state-owned banks (Vietcombank, VietinBank, BIDV) which have large pending payouts.
• SBV guidance on dividend caps or capital adequacy requirements that could affect future payouts.