On October 27, 2026, the board of Hoa Phat Agriculture Development JSC (HPA, HoSE) announced a resolution to advance a 2026 cash dividend of 18%, or VND 1,800 per share.Người Quan Sát That is higher than the 15% advance shareholders were told to expect at the April AGM. With the company planning to pay 30% for the full year, only 12% remains after this payment, or VND 1,200 per share, and that portion has no payment date.
The 18% only makes sense next to the milestones that came before it. This post walks through HPA's dividend pledge since the listing, so holders can see where they stand and what comes next.
October 27: the 18% advance resolution
According to Người Quan Sát and CafeF, both published on October 27, 2026, the key terms are:
- Rate: 18% of par value, or VND 1,800 per share.
- Total payout: about VND 513 billion, on charter capital of VND 2,850 billion.Mekong ASEAN
- Record date: November 12, 2026.
- Expected payment date: November 27, 2026.CafeF
- Funding source: undistributed after-tax profit in the reviewed 2026 half-year financial statements.
For holders the mechanics are simple. Anyone on the shareholder register on November 12 receives cash around November 27. HoSE had not yet announced the ex-dividend date at the time of writing. For HPA's own May payout, the ex-dividend date was May 18 and the record date May 19.Tin nhanh chứng khoán If the same convention applies, the ex-dividend date for this round would be November 11. Buyers from the ex-dividend date onward will not receive this VND 1,800. The official date still depends on HoSE's notice.
Back to January and February: listing with a cash pledge
The initial public offering (IPO) on January 7, 2026 sold 30 million shares at VND 41,900, raising VND 1,257 billion.Báo Pháp luật On February 6, 2026, 285 million HPA shares began trading on HoSE.Mekong ASEAN
Cash dividends were central to the pitch from the IPO stage: VnExpress reported at the time that the company planned to pay a dividend right after the offering.VnExpress For IPO buyers, that pledge was part of the reason to put money into a livestock business, a sector that moves with hog prices.
April 21: the first AGM sets 30% for 2026
The first annual general meeting after listing was held on April 21, 2026 in Hanoi. Shareholders approved a 2026 after-tax profit plan of VND 1,005 billion, down 37% from 2025, and an expected 2026 cash dividend of 30%.Báo Pháp luật
Per Diễn đàn Doanh nghiệp's account of the meeting, the company expected to pay 36% in cash during 2026. That breaks down into two parts: the remaining 21% of the 2025 dividend, and a 15% advance on 2026.Diễn đàn Doanh nghiệp CafeF, on August 14, 2026, also restated the 30% plan split into two payments, as approved by the AGM.CafeF Management also said it would keep paying cash dividends through 2030.
June 3: the remaining 21% for 2025 is paid
The first part of the AGM pledge was kept. The remaining 21% for 2025, worth about VND 600 billion, had a record date of May 19, 2026 and was paid on June 3, 2026. Counting all installments, 2025 cash dividends came to about 56.5%.Vietstock
Side by side, HPA's 2026 dividend commitments look like this:
| Installment | Rate | Per share | Total | Payment date |
|---|---|---|---|---|
| Remainder of 2025 | 21% | VND 2,100 | about VND 600 billion | June 3, 2026 |
| 2026 advance (expected at AGM) | 15% | VND 1,500 | about VND 427.5 billion | not set |
| 2026 advance (per Oct 27 resolution) | 18% | VND 1,800 | about VND 513 billion | expected Nov 27, 2026 |
| Remainder of 2026 | 12% | VND 1,200 | about VND 342 billion | none yet |
The 15% and 12% figures are calculated from charter capital of VND 2,850 billion and the 30% full-year rate approved by the AGM.
Of the VND 513 billion in this round, Hoa Phat Group (HPG) holds 84.54% of HPA and is therefore set to receive about VND 434 billion.CafeF The other roughly VND 79 billion goes to other shareholders, including those who bought in the IPO.
Why the board paid more up front
The 18% comes right after HPA reported a weaker third quarter. Q3 after-tax profit was VND 300 billion, down 16% from the same period of 2025, mainly because fewer hogs and cattle were sold. At first glance, raising the advance in a quarter of falling profit looks backwards.
The full-year arithmetic explains most of it. Over nine months, after-tax profit reached VND 948 billion, or 94% of the VND 1,005 billion annual plan.Người Quan Sát The plan was set 37% below 2025 to begin with. With the finish line close, the board has grounds to pay more up front with little worry that full-year profit will fall short of covering 30%. The VND 513 billion equals about 54% of nine-month profit, and the full 30% (about VND 855 billion) is also below profit already earned.
Two other explanations deserve mention. One is that the funding source is undistributed profit as of June 30, meaning the board relied on reviewed figures, not Q3 earnings. The other is that Hoa Phat Group holds most of HPA's capital, so a larger payout also moves more cash up to the group. Available sources do not show which motive dominates. The firmest data point is the 94% progress against plan.
One gap should be stated plainly: the Q3 earnings coverage did not report HPA's cash and deposit balance at September 30. It is therefore impossible to say how much cash the company holds after paying VND 513 billion. The full Q3 financial statements and the Q4 report will answer that.
The milestone still ahead: the remaining 12%
After the November 27 payment, 12% of the 2026 total of 30% remains, or VND 1,200 per share. It has no resolution, no record date and no payment date. Advancing more than expected does not mean the 2026 total has been raised: so far, 30% is the only figure the AGM has approved.
Two data points will show what happens to that 12%. The first is Q4 2026 earnings, usually released in late January. HPA needs only about VND 57 billion more in profit to meet the annual plan, so the thing to watch is how far full-year profit exceeds it. The second is the 2026 profit distribution plan put to the 2027 AGM, typically held in April. Those meeting documents will show when the remaining 12% is paid, and whether the 2026 rate stays at 30% or is adjusted.
For HPA holders, the nearest date is November 12: being on the register that day means receiving VND 1,800 per share around November 27. The later one is next year's AGM season, where the rest of the 30% pledge gets a specific date.