Van Dien Fused Magnesium Phosphate (VAF) Appoints Deputy CEO, Plans 10% Stock Dividend

Overview

Van Dien Fused Magnesium Phosphate (VAF, UPCoM) has appointed Nguyen Thi Sen as Deputy General Director for a five-year term starting October 1, 2026, moving her up from Chief Accountant. The company also set a record date of October 28, 2026 for an extraordinary shareholder meeting and confirmed plans for a 10% stock dividend for 2025, keeping the leadership change tied to a broader capital and governance calendar.

Key Facts

• Nguyen Thi Sen appointed Deputy General Director effective October 1, 2026, with a five-year term.
• Sen previously served as Head of Finance and Accounting and Chief Accountant; she steps down from that role upon promotion.
• Nguyen Thi Thuy Duong, Deputy Head of Finance and Accounting, becomes Officer in Charge of Accounting and authorized information disclosure from October 1, 2026.
• Shareholder record date for the 2026 extraordinary general meeting is October 28, 2026, with a 1:1 voting entitlement.
• The extraordinary meeting is scheduled for November 29, 2026 at the company headquarters on Phan Trong Tue Street, Dai Thanh commune, Ha Noi.
• VAF plans to issue nearly 3.77 million shares as a 2025 stock dividend, equal to 10% of outstanding shares, at a 100:10 exercise ratio.
• Total issuance value at par is approximately VND 37.7 billion, funded from audited accumulated undistributed after-tax profit as of December 31, 2025.

What Happened

In a company notice, Van Dien Fused Magnesium Phosphate said it appointed Nguyen Thi Sen as Deputy General Director from October 1, 2026, for a five-year term. Sen had been the company’s Head of Finance and Accounting and Chief Accountant, and she relinquishes that position following the promotion. Separately, Nguyen Thi Thuy Duong, Deputy Head of Finance and Accounting, was named Officer in Charge of Accounting and authorized information disclosure from the same date, until a replacement decision is issued.

The company also announced that October 28, 2026 will be the record date for shareholders to attend the 2026 extraordinary general meeting, with a 1:1 entitlement of one vote per share. The meeting is expected on November 29, 2026 at the company’s headquarters in Ha Noi. On dividends, VAF intends to issue nearly 3.77 million shares to pay 2025 dividends, equal to 10% of shares outstanding, at a 100:10 ratio, with fractional shares rounded down and cancelled. The issuance is expected in the fourth quarter of 2026, after the State Securities Commission confirms receipt of the full filing.

Market Context

VAF trades on UPCoM and closed at 22,600 on October 4, 2026. The stock sits in the chemicals sector, where fertilizer and phosphate names are sensitive to input costs, export demand and domestic agricultural policy. A 10% stock dividend funded from retained earnings is a common way for smaller UPCoM companies to reward shareholders without cash outflow, though it dilutes per-share metrics modestly. The appointment of an internal finance chief to the deputy CEO role suggests continuity rather than an external strategic shift.

Strategic Significance

For long-term investors, the key signal is governance continuity: VAF is elevating its own finance head, which typically means the accounting and capital-allocation approach stays intact. The 10% stock dividend, funded from audited retained earnings as of December 31, 2025, preserves cash for operations and capex while still returning value, a structure that suits a smaller chemicals producer with limited liquidity. The extraordinary meeting on November 29, 2026 is the venue where shareholders will formally approve the dividend and any other board proposals, so the agenda there matters more than the personnel change itself.

What to Watch

• The extraordinary general meeting on November 29, 2026 and its full agenda, including formal dividend approval.
• State Securities Commission confirmation of the complete dividend issuance filing, expected in the fourth quarter of 2026.
• The October 28, 2026 record date and the final shareholder list for the meeting.
• Any further board or senior management changes following the accounting handover to Nguyen Thi Thuy Duong.
• VAF’s audited 2025 financial statements and retained earnings position that funds the dividend.