SCIC to Receive VND 1,400B Dividend from Vinamilk (VNM) on July 17, 2026

Overview

State Capital Investment Corporation (SCIC) will receive nearly VND 1,400 billion in cash dividends from Vinamilk (VNM) on July 17, 2026, as the dairy giant pays an 18.5% cash dividend for the remainder of 2025. SCIC, holding 36% of VNM’s charter capital, has seen its total economic benefit from the investment reach approximately VND 106,468 billion, or 71 times the initial post-equitization value. Vinamilk’s strong Q1 2026 results, with net profit up 55% year-on-year, underpin its consistent dividend policy.

Key Facts

• SCIC will receive nearly VND 1,400 billion in dividends from Vinamilk on July 17, 2026, based on an 18.5% cash dividend rate.
• Vinamilk will pay a total of VND 3,900 billion in dividends for the remaining 2025 payout.
• SCIC’s total economic benefit from Vinamilk (current equity value, dividends received, and divestment proceeds) is VND 106,468 billion, 71 times the initial VND 1,500 billion post-equitization capital.
• In 2025, SCIC received VND 8,131 billion in dividends from 42 portfolio companies, with Vinamilk contributing VND 3,649 billion (45% of total).
• Cumulative dividends from Vinamilk to SCIC since equitization have reached VND 40,000 billion.
• Vinamilk’s Q1 2026 consolidated net revenue was VND 16,149 billion, up 24.6% year-on-year; net profit was VND 2,458 billion, up 55%.
• International revenue in Q1 2026 reached VND 4,069 billion, up 39.1% year-on-year.

What Happened

According to a company filing, Vinamilk will pay the remaining 2025 cash dividend at a rate of 18.5% on July 17, 2026. As the largest shareholder with a 36% stake, SCIC will receive nearly VND 1,400 billion from this payout. The dividend underscores Vinamilk’s long-standing policy of distributing high cash dividends to shareholders.

SCIC’s investment in Vinamilk has been one of the most successful state capital deployments in Vietnam. At the time of equitization in 2003, the state’s stake was valued at approximately VND 1,500 billion. As of June 2026, the value of SCIC’s holding has grown to VND 44,095 billion. Including VND 22,530 billion from divestments between 2003 and 2017 and cumulative dividends of VND 40,000 billion, the total economic benefit reaches VND 106,468 billion, a 71-fold return.

Market Context

Vinamilk (VNM) trades on HOSE. As of July 13, 2026, the stock closed at VND 56,000, down 1.24% with volume of 793,100 shares. The stock has been under pressure recently, but the strong Q1 2026 earnings and consistent dividend yield (18.5% cash) provide fundamental support. The broader consumer staples sector has seen mixed performance amid rising input costs, but Vinamilk’s export growth (39.1% in Q1) offers diversification.

Strategic Significance

Vinamilk’s ability to maintain high cash dividends while investing in growth reflects its strong cash flow generation and disciplined capital allocation. For SCIC, the investment demonstrates the value of long-term holdings in dominant consumer companies. The 71x return highlights the success of Vietnam’s equitization program. For minority investors, Vinamilk offers a rare combination of high dividend yield and earnings growth (55% net profit growth in Q1). The company’s expanding international footprint reduces dependence on the domestic market.

What to Watch

• Vinamilk’s Q2 2026 earnings release, expected in late July, to confirm growth momentum.
• Any further divestment plans by SCIC, which could affect VNM’s free float and foreign ownership.
• Raw milk prices and input cost trends, which impact Vinamilk’s margins.
• Export performance, particularly in China and other key markets, given the 39.1% international revenue growth in Q1.
• Dividend policy for 2026, as Vinamilk typically announces payouts in the second half of the year.