Viettel Global (VGI) Plans 33% Cash Dividend, ~VND 10,045B Payout

Overview

Viettel Global (UPCoM: VGI), the international investment arm of military-run Viettel Group, has proposed a 33% cash dividend for fiscal year 2025, equivalent to VND 3,300 per share and a total payout of about VND 10,044.6 billion. Because parent Viettel Group owns 99.027% of VGI, nearly the entire distribution returns to the group, leaving a very small free float to benefit directly. The announcement lands alongside strong H1 2026 results, with net revenue up 29.2% and after-tax profit up 93.9% year-on-year.

Key Facts

• Dividend ratio: 33% cash for fiscal year 2025, or VND 3,300 per share.
• Total payout: approximately VND 10,044.6 billion on more than 3.04 billion shares outstanding.
• Planned payment date: 15 October 2026, per the previously disclosed schedule.
• Parent Viettel Group holds over 3.01 billion VGI shares, equal to 99.027% of charter capital, and is set to receive about VND 9,947 billion.
• Q2 2026 net revenue: over VND 13,610 billion, up 28.4% year-on-year; after-tax profit over VND 4,004.7 billion, up 40.1%.
• H1 2026 net revenue: nearly VND 26,178 billion, up 29.2%; after-tax profit nearly VND 6,334 billion, up 93.9%.
• Total assets at 30 June 2026: nearly VND 92,526.5 billion, up 13.5% from the start of the year; dividends and profit payable stood at over VND 10,542 billion.

What Happened

According to the published plan, Viettel Global will pay the fiscal 2025 dividend in cash at a 33% ratio, meaning VND 3,300 for each share held. With more than 3.04 billion shares in circulation, the company needs roughly VND 10,044.6 billion to settle the distribution, with payment scheduled for 15 October 2026. The proposal follows approval of the 2025 dividend plan at the 2026 annual general meeting of shareholders, and completion of this payment would close out that plan.

The ownership structure is the defining feature. Per the semi-annual 2026 corporate governance report, Viettel Group holds more than 3.01 billion VGI shares, or 99.027% of charter capital, and is expected to collect about VND 9,947 billion. In practice, almost the entire cash flow returns to the parent. The company also reported Q2 2026 net revenue of over VND 13,610 billion, up 28.4%, gross profit of more than VND 6,987.5 billion, up 26.1%, and after-tax profit of over VND 4,004.7 billion, up 40.1%. Financial activity revenue fell 4.7% to nearly VND 1,267.7 billion, while profit from joint ventures and associates declined to about VND 150.7 billion from more than VND 175 billion.

Market Context

VGI trades on UPCoM, Vietnam’s unlisted public company market, and closed at VND 85,800 on 10 September 2026. At that price the 33% cash dividend implies a yield of roughly 3.8% on the announced VND 3,300 per share, though the practical relevance is limited because only about 0.97% of shares sit outside Viettel Group. The results reflect continued momentum across the international portfolio: Lumitel in Burundi grew revenue 40% in Q2, Natcom in Haiti and Halotel in Tanzania each rose 26%, Movitel in Mozambique added 19% and Metfone in Cambodia 7%. Total assets reached nearly VND 92,526.5 billion at 30 June 2026, with short-term financial investments of nearly VND 30,173.4 billion and cash and equivalents above VND 10,934 billion, while total liabilities rose 35.3% to nearly VND 52,332.4 billion.

Strategic Significance

The dividend confirms that Viettel Global’s overseas mobile operations, built across Africa, Southeast Asia and the Caribbean, are now generating enough cash to fund meaningful distributions rather than only reinvestment. For the parent group, the payout is a capital-recycling mechanism: cash earned abroad returns to Viettel headquarters, which can redeploy it into new markets, domestic infrastructure or other group priorities. For outside investors, the strategic case rests less on the dividend itself and more on the earnings trajectory, with H1 after-tax profit nearly doubling and several frontier-market operators posting double-digit revenue growth. The concentration of ownership also means minority holders have limited influence over capital allocation, a structural feature worth weighing against the growth profile.

What to Watch

• Confirmation of the 15 October 2026 payment date and any adjustment in the official resolution.
• Q3 2026 results, particularly whether the H1 profit growth rate holds as comparatives normalise.
• Revenue trends at Lumitel, Natcom, Halotel, Movitel and Metfone, the key growth engines cited for Q2.
• Movement in total liabilities, which rose 35.3% from the start of the year to nearly VND 52,332.4 billion.
• Any change in Viettel Group’s 99.027% stake or free-float status on UPCoM.