By the numbers, this is an unprecedented event on Vietnam’s stock exchange. In the morning session on April 1, 2026, VHM surged to its ceiling price of VND 110,200/share with tens of millions of buy orders and virtually no sellers. The catalyst was clear: Vinhomes’ Board of Directors proposed to the 2026 Annual General Meeting a cash dividend at 60% of par value, equivalent to VND 6,000/share, totaling nearly VND 25 trillion.CafeF
Alongside this, Vinhomes plans to issue approximately 4.1 billion bonus shares at a 100% ratio, bringing the total reward ratio to 160%. This marks the first time in five years that Vinhomes has distributed dividends to shareholders, with the payout rate triple that of 2021 (which was just 20%, equivalent to VND 2,000/share).
Where VND 25 Trillion Will Flow
The most notable aspect of the dividend distribution: Vingroup currently holds 73.5% of VHM equity, meaning the parent conglomerate will receive over VND 18 trillion from this payout.CafeF This massive cash injection could be redirected to strategic segments within the Vingroup ecosystem, particularly VinFast, which is in a capital-intensive phase of international expansion.
The remaining approximately VND 7 trillion goes to institutional and retail shareholders. This figure is significant because if just 30-50% of retail investors’ dividend proceeds are reinvested, the market could gain an additional VND 2,000-3,500 billion in short-term liquidity. This ripple effect is worth monitoring, especially as the VN-Index sits around 1,674 points and market liquidity has yet to break out decisively.
Record 2025 Results: The Foundation for a Blockbuster Dividend
The VND 25 trillion dividend did not come out of nowhere. In 2025, Vinhomes posted record consolidated net revenue of VND 154.1 trillion and after-tax profit of VND 42.1 trillion, both all-time highs.Thoi bao Tai chinh Total contracted sales reached VND 205.3 trillion, up 98% year-over-year.
Crucially, unrecognized revenue (backlog) at end-2025 stood at VND 186.4 trillion, nearly double the prior year.Soha This backlog serves as a revenue reservoir for 2026, as it will be recognized progressively upon project handovers. Looking at this figure, the decision to distribute VND 25 trillion in dividends signals management’s confidence in future cash flows.
2026 Targets: VND 250 Trillion Revenue, VND 50 Trillion Profit
Alongside the dividend plan, Vinhomes’ board proposed 2026 business targets of VND 250 trillion in revenue (up 63%) and VND 50 trillion in after-tax profit (up approximately 15.4%).Tuoi Tre
A 63% revenue jump sounds ambitious, but with VND 186.4 trillion in backlog, Vinhomes only needs to recognize roughly 65-70% of its existing backlog plus new revenue from flagship projects like Wonder City, Royal Island, and Vinhomes Green Paradise currently in handover phase. This is the point in the real estate cycle when revenue recognition peaks.
However, it is worth noting that some brokerages such as MBS Research have base-case 2026 revenue estimates in the VND 138,000-203,000 billion range, significantly below the company’s target. The gap between internal expectations and external assessments is a signal investors should weigh carefully.
4.1 Billion Bonus Shares: Essentially a Stock Split
The issuance of 4.1 billion bonus shares (100% ratio) will increase total outstanding shares from approximately 4.1 billion to over 8.2 billion. Technically, EPS will decline nearly 50% from roughly VND 10,200 to about VND 5,100. Many investors worry about dilution, but in reality this is a stock split rather than true dilution.
The reason is straightforward: bonus shares are distributed proportionally to all existing shareholders. An investor holding one share receives one additional share, so ownership percentages remain unchanged and the share price adjusts technically in proportion. The positive outcome is that the lower post-adjustment price will improve VHM’s liquidity, making it more accessible to retail investors.
Risks to Consider
Despite the positive overall picture, investors should remain clear-eyed about several risks. VHM’s share price already priced in most of the good news during the April 1 ceiling session, so investors chasing at ceiling prices may face “buy the rumor, sell the news” risk when the market enters a profit-taking phase after the record date.
Additionally, real estate credit is being tightened, land compensation costs are rising, and the property market remains sharply divided between luxury and mid-range segments. Foreign investors continue to be net sellers of real estate stocks, a signal that warrants close monitoring. The Vinhomes event is a rare bright spot that could attract capital into the real estate sector, but the spillover effect will depend on how much of the 2026 business targets are actually realized.
By the numbers, Vinhomes is in its strongest financial position since listing. However, there is always a gap between expectations and reality, and investors should rely on data rather than following herd momentum.
