Viettel Global (VGI) AGM Approves 33% Cash Dividend for 2025, Revenue Target Up 19%

Overview

Viettel Global (VGI) held its 2026 Annual General Meeting on April 23, 2026, approving a 33% cash dividend for 2025. The company reported record 2025 revenue of VND 44,271 billion (+25% YoY) and net profit of VND 11,250 billion (+57% YoY), with a 2026 revenue target of VND 52,561 billion. The dividend payout is expected to total over VND 10,044 billion.

Key Facts

• 2025 consolidated revenue: VND 44,271 billion (+25% YoY), an all-time high.
• 2025 net profit: VND 11,250 billion (+57% YoY), also a record.
• Gross margin reached 51.3%, a peak level.
• Net profit attributable to parent company: over VND 9,300 billion (+65% YoY).
• EPS exceeded VND 3,000.
• 2026 revenue target: VND 52,561 billion.
• Cash dividend for 2025: 33% (VND 3,300 per share), total payout over VND 10,044 billion.
• Market capitalization surpassed USD 10 billion.

What Happened

At the 2026 AGM, Chairman Dao Xuan Vu outlined a strategic shift: “If over the past 20 years Viettel Global went global through telecoms, the journey ahead will be a Go Global drive leveraging the comprehensive capabilities of a high-tech industrial group to provide comprehensive digital solutions, while enhancing governance efficiency to deliver optimal value to investors.”

The company reported strong 2025 results, with revenue and net profit both growing at double-digit rates. Management attributed the performance to successful operations in international markets and the rollout of new services. The dividend approval reflects the company’s commitment to shareholder returns.

Market Context

VGI is listed on HOSE and has seen its market cap exceed USD 10 billion, placing it among the top 15 most profitable companies on the Vietnamese stock exchange (fifth excluding banks). The telecommunications sector in Vietnam has been undergoing digital transformation, with VGI’s expansion into 5G and new business lines positioning it for continued growth. The stock’s valuation reflects investor confidence in its international expansion strategy.

Strategic Significance

The 33% cash dividend underscores VGI’s strong cash generation and commitment to shareholder returns. More importantly, the company is diversifying beyond traditional telecoms into digital services, logistics (Laos), and renewable energy (Mozambique, Myanmar). The award of new spectrum in four markets (Timor-Leste, Tanzania, Burundi, Cambodia) and commercial 5G launches in five markets provide a foundation for sustained revenue growth. This multi-pronged strategy reduces reliance on any single market or service line.

What to Watch

• Progress of 5G commercial rollout and subscriber uptake in existing markets.
• Revenue contribution from new business lines (logistics, renewable energy) in 2026.
• Expansion into additional markets or new spectrum acquisitions.
• Q1 2026 earnings release to gauge early momentum toward the full-year target.
• Foreign ownership limit and any changes in institutional investor positioning.