The headline number is simple: Mobile World Investment Corporation (MWG) is paying a cash dividend of VND 2,000 per share for 2025, double the VND 1,000 it paid for 2024. The number behind the headline tells a quieter story. The share of profit handed to shareholders barely moved, at roughly 40% for 2024 and roughly 42% for 2025. The two figures do not contradict each other. Together they show that MWG's dividend tracks its earnings, and that is the first thing a shareholder should understand before guessing at next year's payout.
This week the company closes its shareholder list for the final 2025 tranche. This post walks through four years of dividend history, the payout-ratio math, what happens in a shareholder's brokerage account, and the data points that will shape the 2026 dividend.
Second tranche: record date October 8, completing the 20% payout
MWG is paying its second 2025 cash dividend tranche at 10% of par, or VND 1,000 per share. The record date is Thursday, October 8, 2026, with payment expected on October 16, 2026. With close to 1.5 billion shares outstanding, the company expects to spend about VND 1,500 billion on this tranche.CafeF
The first tranche, also 10%, had a July 30 record date and was paid in early August, totaling nearly VND 1,500 billion.CafeF Once the second tranche is paid, MWG will have completed its full 20% cash dividend for 2025, close to VND 3,000 billion in total.
Four years of dividends: from VND 500 to VND 2,000
Line the years up side by side and the striking thing is how long the payout sat still before it moved. The cash dividend for both 2022 and 2023 was 5%, or VND 500 per share, roughly VND 738 billion a year. That was a period of weak demand for phones and consumer electronics, and the company's profit shrank considerably.
The 2024 dividend rose to 10%. The record date was July 25, 2025, payment went out on August 8, 2025, and the total came to nearly VND 1,480 billion.VnEconomy For 2025, the rate doubled again to 20%, this time split into two equal tranches.
On this chart alone, it is easy to conclude that the company is becoming steadily more generous with shareholders. To test that reading, each year's payout has to be set against that year's profit.
2025 profit nearly doubled
In 2025, MWG booked net revenue of VND 155,928 billion, up 16% year on year, and net profit of VND 7,073 billion.Vietnambiz That is roughly 89% more profit than in 2024. Profit grew more than five times as fast as revenue, which means each dong of sales kept far more as earnings than a year earlier.
At the annual general meeting on April 18, 2026, shareholders heard the 2025 profit distribution proposal: a 20% cash dividend, paid in two tranches in Q3 and Q4 2026. According to Vietnambiz, the nearly VND 3,000 billion payout is the largest the company has ever distributed to shareholders.Vietnambiz
At the same meeting, Nguyễn Đức Tài, Chairman of the Board of Mobile World Investment Corporation, laid out three ways a company can distribute profit: buying back shares, paying cash dividends so shareholders "have money to spend", or paying stock dividends. In Mr. Tài's view, the choice depends on the company, the market and the board's assessment.Vietnambiz In other words, the form of the payout is not a fixed commitment, a point we come back to at the end.
The payout ratio: what "doubled" hides
Net profit attributable to parent-company shareholders was VND 3,721.87 billion in 2024. That year's dividend of nearly VND 1,480 billion was about 40% of profit. In 2025, profit attributable to the parent reached VND 7,033.73 billion, and the two tranches together come to nearly VND 3,000 billion, or about 42%.
Put simply, MWG still pays out about four-tenths of its earnings and retains about six-tenths for store expansion and working capital. The dividend doubled because profit nearly doubled. The payout ratio hardly changed.
Two alternative readings deserve a look. The first holds that paying twice in one year signals a more generous policy. In practice, splitting the payment changes when the cash arrives, not how much of the profit is shared. The second holds that the company is paying more because it has nowhere left to deploy cash. The available evidence does not support this: at the AGM, the head of the Bách Hóa Xanh grocery chain said the group continues to target double-digit growth through store network expansion.Vietnambiz A payout ratio that has held near 40% for two years is the clearest evidence that the dividend follows earnings.
What happens in a shareholder's account next week
The ex-dividend mechanics are nothing new, but applied to MWG's numbers there are three dates worth noting.
Wednesday, October 7 is the ex-dividend date. Anyone buying MWG from this session onward will not be on the list for the second tranche. Anyone who owned the shares before the October 7 session still gets paid, even if they sell during that session. The reference price for the day is set at the October 6 close minus VND 1,000. For example, if October 6 closes at the same VND 73,200 as the October 2 session, the October 7 reference price will be VND 72,200. That VND 1,000 is not lost; it simply moves from the share price into the cash payment on its way.
Thursday, October 8 is the record date. The Vietnam Securities Depository finalizes the list of shareholders entitled to the payment. Shareholders who held the stock before October 7 have nothing further to do.
Friday, October 16 is the expected payment date. Cash lands in brokerage accounts after 5% personal income tax is withheld at source, so each share nets VND 950.Kế toán Thuận Thiên A holder of 1,000 shares receives VND 950,000, and individuals do not need to declare this tax again.
2026 profit progress and room for next year's dividend
The AGM approved a 2026 plan of VND 185,000 billion in revenue and VND 9,200 billion in net profit, up 30% from 2025.Vietnambiz After the first half, net profit had reached VND 6,112.45 billion, up about 91% year on year and equal to about 66% of the full-year plan. Q2 alone delivered VND 3,354.9 billion, double the year-earlier quarter.
A simple calculation shows the headroom. The nearly VND 3,000 billion paid for 2025 is only about a third of the VND 9,200 billion profit target. If full-year profit lands near plan, the company could keep a 20% dividend without raising its payout ratio. That said, no 2026 dividend plan has been announced, and as Mr. Tài noted, the form of the payout can change with the board's assessment each year.
Two data points will settle the question. The first is Q3 2026 earnings. Last year, the consolidated Q3 financial statements were released around October 22–24, 2025.Vietstock If the calendar repeats, shareholders will see Q3 numbers just days after the dividend arrives. The second is the 2026 profit distribution proposal at the 2027 AGM, where the rate and the form of payment will be set.
Conclusion
MWG's 20% cash dividend for 2025 is the payout from a year in which profit nearly doubled, with the payout ratio holding near 40% as it did the year before. This is a policy that tracks earnings, not a step up in how much of those earnings is shared. If Q3 keeps the first-half pace and full-year 2026 profit comes in near the VND 9,200 billion target, the 20% rate has a wide enough profit base to repeat. If Q3 profit stalls noticeably, next year's dividend will likely follow it down, because the mechanism so far has been consistent: more profit, more dividend; less profit, less dividend.
In the near term, things are simpler. Anyone holding the shares through the October 6 session is on the list, and VND 950 per share is expected to arrive on October 16. The Q3 report, if it follows last year's schedule, is the next signal worth watching.