The trading week of Oct 19–23 holds two back-to-back ex-dividend dates inside the same corporate family. On Wednesday, Oct 21, shares of TMG (Thai Nguyen Non-Ferrous Metals JSC, a Vimico subsidiary) start trading without the right to the dividend. On Friday, Oct 23, it is the parent's turn: Vietnam Minerals Corporation – TKV (Vimico, ticker KSV). Both are paying a 2026 advance cash dividend of 30% of par value, or VND 3,000 per share.Thương Trường
This post works like a calendar. Which day the shares must be in your account, how much the reference price drops, when the cash arrives and what is left after tax. The second half answers the question the 30% headline hides: where the money actually goes.
First date: TMG, hold through the close on Tuesday, Oct 20
TMG's record date is Oct 22 and the payment date is Oct 30.Người Quan Sát With T+2 settlement, the ex-dividend date falls one session before the record date: Wednesday, Oct 21.
In practice, anyone who buys TMG on Oct 21 will not be on the list to receive the payment. To get on it, the buy order must be matched by Tuesday, Oct 20 at the latest, so the shares settle in the account by the Oct 22 record date. Conversely, a holder who sells from Oct 21 onward still receives the full dividend, because their name is already on the list.
TMG trades on UPCoM, where the reference price is the average price of the previous session and the daily band is ±15%. One detail holders should know: the stock barely trades. From Oct 6 to Oct 16, not a single TMG share was matched and the price stayed at VND 65,000. If that continues through Oct 20, the Oct 21 reference price will be 65,000 minus 3,000, or VND 62,000. The cut equals about 4.6% of the share price.
Second date: KSV, hold through the close on Thursday, Oct 22
KSV is listed on HNX. Its ex-dividend date is Oct 23, the record date Oct 26 and the payment date Nov 11, 2026.Tin nhanh chứng khoán The record date lands on a Monday, so the ex-date moves back to Friday, Oct 23. The last session in which a buyer still gets on the list is Thursday, Oct 22.
On HNX the reference price is the prior session's close and the daily band is ±10%. KSV closed on Oct 16 at VND 114,800. Using that as an example, the Oct 23 reference price would be VND 111,800, a cut of about 2.6%. The real figure will be based on the Oct 22 close, so it may differ. KSV has also been volatile this month: it fell 7.29% on Oct 13 and 7.59% on Oct 9. A VND 3,000 adjustment can easily be lost in the swings of that very session.
For the same VND 3,000, TMG's cut is nearly twice KSV's in percentage terms, simply because TMG's share price is lower. That does not mean TMG "falls harder". The reference price only moves part of the value from the share into cash that is about to arrive.
How much reaches you, and where
Cash dividends paid to individual investors carry a 5% personal income tax, withheld by the company before it pays out.VnExpress On VND 3,000 per share, the tax is VND 150 and the net amount is VND 2,850.
Take 1,000 shares as an example. The dividend before tax is VND 3,000,000, the tax withheld is VND 150,000, and VND 2,850,000 lands in the account. For TMG that is Oct 30. For KSV it starts Nov 11.
On the ex-dividend date, the value of the shares in the account drops by VND 3,000,000 at the reference price, while the dividend receivable rises by VND 2,850,000. The VND 150,000 gap is the tax. Apart from that tax, total assets are unchanged at the moment of adjustment. Anything that happens afterward comes from real price moves in the session.
A detail that is easy to forget is the gap between the two dates. For KSV, the price is cut from Oct 23 but the cash does not arrive until Nov 11, almost three weeks later. Anyone using margin should check in advance, because buying power may not yet count the incoming dividend, depending on each brokerage's rules.
Shareholders with deposited shares receive the cash through their brokerage account. For KSV, holders of undeposited shares go to the company's Finance and Accounting Department at 3 Duong Dinh Nghe, Yen Hoa Ward, Hanoi, from Nov 11, 2026, with their national ID.Tin nhanh chứng khoán TMG holders of undeposited shares should check the company's notice for the payout location.
Same 30%, very different outcomes for outside shareholders
With nearly 300 million shares outstanding, KSV expects to pay about VND 900 billion. Vietnam National Coal – Mineral Industries Holding (TKV) owns 98.06% of charter capital and receives nearly VND 883 billion.Thương Trường Every other shareholder, individuals and institutions outside TKV combined, shares roughly VND 17 billion, under 2% of the payout.
At TMG the scale is far smaller: 18 million shares and a total payout of about VND 54 billion. Vimico (KSV) is the largest shareholder with nearly 9.2 million shares, or 51%, and expects about VND 27.6 billion.Thương Trường The remaining roughly VND 26.4 billion, almost half the payout, goes to outside shareholders.
The difference comes from ownership structure, not dividend policy. Each share at both companies receives exactly VND 3,000, so 1,000 shares put the same amount in your account whether you hold KSV or TMG. What differs is scale: at KSV, minority shareholders are a very thin group, while at TMG they hold almost half the company.
The two cash flows also link up in time. TMG pays on Oct 30, so about VND 27.6 billion reaches KSV before KSV starts paying its own shareholders on Nov 11. Against a VND 900 billion payout, though, the TMG inflow is only a small part.
Where KSV finds the cash for 30% just three months after the last payout
This is KSV's second dividend payout of the year. In early August the company paid its 2025 dividend as 40.5% in cash and 50% in shares, issuing 99,999,812 new shares. That issue is why shares outstanding rose from 200 million to nearly 300 million, and why 30% this time works out to about VND 900 billion.
The source of the cash is first-half results. In the first six months of 2026, KSV posted net revenue of VND 9,890.11 billion, up 41.6% year on year. Pre-tax profit reached VND 3,039.68 billion and after-tax profit VND 2,425.94 billion, both about triple the prior-year period (VND 991.85 billion and VND 773.58 billion in H1 2025). KSV's Q3 2026 report is not yet in our data, so these cumulative figures cover six months, not nine.
Gross profit rose 147% while revenue grew only 41.6%, so margins widened sharply. The data available does not separate the contribution of selling prices from that of output, so it is not possible to say which one drove it. What can be checked is that the VND 900 billion payout equals about 37% of six-month after-tax profit, well within the profit already earned.
At the 2026 annual general meeting, KSV shareholders approved a cash dividend of at least 15% for the year. The 30% advance is double that floor.Thương Trường TMG also has a steady record of cash payouts: its 2025 dividend was paid in two rounds, 15% on Mar 11 and 35% on Jun 16, for a total of 50%, or VND 90 billion. This 30% is an advance for 2026.
What holders should write down
Next week's schedule in a few lines:
- Tue, Oct 20: last session in which TMG carries the dividend right.
- Wed, Oct 21: TMG reference price cut by VND 3,000.
- Thu, Oct 22: last session in which KSV carries the dividend right.
- Fri, Oct 23: KSV reference price cut by VND 3,000.
- Fri, Oct 30: TMG dividend arrives in the account.
- From Wed, Nov 11: KSV dividend arrives in the account.
The cut in the reference price is value moving from the share into cash, not a loss. The only amount that truly leaves the account is the 5% tax. On payment day, the simplest check is to multiply the shares held on the record date by VND 2,850. If the cash matches that figure, the payout has been completed correctly.