Vinhomes (VHM) Approves 60% Cash Dividend and 100% Stock Dividend at AGM

Overview

Vinhomes (VHM) shareholders approved a 60% cash dividend and a 100% stock dividend at the company’s annual general meeting on April 21, 2026. The dividends are funded from VHM’s large pool of undistributed post-tax profit, which stood at over VND 202,000 billion as of end-2025. Management assured investors that the payout does not compromise funding for new projects, citing strong cash inflows from signed sales contracts.

Key Facts

• Vinhomes (VHM) held its 2026 AGM on April 21, with 80.14% of voting shares represented.
• The company approved a 60% cash dividend, equivalent to approximately VND 24,644 billion.
• A 100% stock dividend was also approved, meaning shareholders receive one new share for each share held.
• Undistributed post-tax profit as of end-2025 exceeded VND 202,000 billion.
• The cash dividend represents just over 10% of the undistributed profit pool.
• Management highlighted that cash flow from signed sales contracts provides high certainty for funding new projects.
• The stock dividend is intended to increase charter capital and improve stock liquidity.

What Happened

At its annual general meeting on April 21, 2026, Vinhomes (VHM) shareholders approved a substantial dividend package for the fiscal year. The company will pay a cash dividend of 60% (VND 6,000 per share), totaling over VND 24,644 billion, and a stock dividend of 100%, doubling the number of outstanding shares.

In response to a shareholder question about the dividend’s impact on capital for new projects, Mr. Pham Anh Khoi, Chief Investment Officer of Vinhomes, explained that the cash dividend uses only about 10% of the company’s accumulated undistributed post-tax profit of over VND 202,000 billion. He assured that the company’s strong cash flow from signed sales contracts ensures sufficient funding for upcoming projects. The stock dividend, he noted, is a capital restructuring move that does not involve cash outflow and aims to increase charter capital and enhance stock liquidity.

Market Context

VHM shares closed at VND 138,000 on April 15, 2026, up 6.83% with heavy volume of 6.25 million shares on HOSE. The dividend announcement comes amid a recovering real estate market in Vietnam, with Vinhomes being the largest listed developer. The stock’s liquidity has been a concern for some investors, and the 100% stock dividend is expected to improve trading activity. The broader market has been supported by stable interest rates and government measures to boost the property sector.

Strategic Significance

The dual dividend strategy reflects Vinhomes’ strong financial position and confidence in future cash flows. By paying a large cash dividend while also issuing stock, the company balances shareholder returns with capital management. The stock dividend increases the number of shares outstanding, potentially attracting more retail and foreign investors due to improved liquidity. This move also signals that Vinhomes sees its current equity base as adequate for its expansion plans, which include new projects in Da Nang, Quang Ninh, and Ho Chi Minh City.

What to Watch

• Execution of new project launches in Da Nang, Quang Ninh, and Ho Chi Minh City in 2026.
• Quarterly sales updates and cash collection from signed contracts.
• Changes in VHM’s stock liquidity and foreign ownership limits post-stock dividend.
• Interest rate trends and their impact on homebuyer demand, especially for speculative buyers.
• Vinhomes’ Q1 2026 earnings report to assess profit trends and cash flow generation.