Techcombank (TCB) Plans 50% Stock Dividend, VPBank (VPB) 26%

Overview

Techcombank (HOSE: TCB) has approved a plan to pay a 50% stock dividend, issuing more than 3.5 billion new shares to existing shareholders. VPBank (HOSE: VPB) will pay a 26.04104% stock dividend, issuing over 2 billion shares. The two largest private banks by charter capital will see their registered capital exceed VND 106,500 billion and VND 100,000 billion respectively, setting a new milestone for the sector.

Key Facts

• Techcombank (TCB) will pay a 50% stock dividend; shareholders receive 50 new shares for every 100 held.
• TCB’s current charter capital is VND 70,862 billion, with about 7 billion shares outstanding.
• The TCB stock dividend will add more than 3.5 billion shares, with a par value of over VND 35,431 billion, funded from audited 2025 undistributed retained earnings.
• TCB also plans to issue nearly 30 million ESOP shares at VND 10,000 per share, worth nearly VND 300 billion.
• After both issues, TCB’s charter capital is expected to reach VND 106,593 billion.
• VPBank (VPB) will issue more than 2 billion shares at a 26.04104% ratio, funded from the supplementary charter capital reserve and share premium based on audited 2025 separate financial statements.
• VPB’s record date for the stock dividend is 25 September 2026; after the dividend, charter capital is expected to reach VND 100,000 billion.
• VPB also plans a private placement of over 624 million shares to a foreign investor, which would lift charter capital to over VND 106,200 billion in Q3-Q4 2026.

What Happened

Techcombank’s Board of Directors issued a resolution to implement a 2026 charter capital increase plan, including two tranches: a stock dividend to existing shareholders and an ESOP issuance. The stock dividend will be paid at a 50% ratio, meaning shareholders owning 100 shares on the record date will receive 50 new shares. The bank will issue more than 3.5 billion shares, with total par value exceeding VND 35,431 billion, using undistributed retained earnings from the audited 2025 financial statements. Separately, nearly 30 million ESOP shares will be issued at VND 10,000 each, raising nearly VND 300 billion. Following both issuances, Techcombank’s charter capital is projected to reach VND 106,593 billion.

VPBank earlier announced a record date of 25 September 2026 to finalize the shareholder list for its stock dividend. The bank will issue more than 2 billion shares at a ratio of 26.04104%. Any fractional or unallocated shares will be distributed to the VPBank Trade Union - Head Office to ensure full allocation. The capital source is the supplementary charter capital reserve and share premium, based on the audited 2025 separate financial statements. After the dividend, VPBank’s charter capital is expected to reach exactly VND 100,000 billion. VPBank also plans a private placement of over 624 million shares to a foreign investor, which would raise charter capital to over VND 106,200 billion, expected in Q3-Q4 2026.

Market Context

TCB closed at VND 33 on 17 September 2026, up 0.46% with volume of 5.28 million shares. VPB closed at VND 28, up 1.99% with volume of 16.76 million shares. Both banks are listed on the Ho Chi Minh Stock Exchange (HOSE). The dividend announcements come amid a broader race among Vietnamese private banks to bolster charter capital to meet regulatory requirements and support credit growth. The sector has seen a wave of stock dividend and private placement plans in 2026 as banks seek to strengthen balance sheets and comply with Basel II and III standards.

Strategic Significance

The capital increases are not merely technical exercises. For Techcombank, the 50% stock dividend is one of the largest by a private bank in 2026, boosting its charter capital by over VND 35,000 billion. This strengthens its Tier 1 capital base, supporting its strategy to expand retail and SME lending while maintaining a leading return on equity among Vietnamese banks. For VPBank, reaching the VND 100,000 billion milestone aligns with its ambition to deepen its consumer finance and digital banking franchise, and the planned foreign private placement signals continued appetite from international investors despite global volatility. The moves also reflect a broader trend: Vietnamese banks are front-loading capital increases to prepare for the implementation of Basel III and to capture credit demand as the economy recovers. Investors should note that stock dividends are non-cash and dilute earnings per share in the near term, but they preserve cash for lending and can improve liquidity. The key differentiator will be each bank’s ability to deploy the new capital profitably.

What to Watch

• Techcombank’s shareholder meeting or final record date for the 50% stock dividend and ESOP issuance.
• VPBank’s 25 September 2026 record date and subsequent listing of new shares.
• Completion of VPBank’s private placement of over 624 million shares to a foreign investor in Q3-Q4 2026.
• Q3 2026 earnings releases for TCB and VPB, which will show capital adequacy ratios and loan growth.
• Any regulatory guidance from the State Bank of Vietnam on charter capital requirements or dividend policies.