Shareholders on the 12 November record list of Tien Phong Plastic Joint Stock Company (HNX: NTP) will be asked to vote in writing on two items. The first is an interim 2026 cash dividend of VND 5,000 per share. The second is a proposal to convert a 3.74-hectare site in Hai Phong, where the company broke ground on a school complex in April 2025, into commercial housing. Both are still at the stage where the board has put them out for consultation. Neither has been approved by shareholders.
The numbers show a large payout, but one with a base under it: nine-month net profit rose 29.3%, pre-tax profit has already passed the full-year target, and the company holds more than VND 4,100 billion in cash and deposits. This piece lays the figures side by side so a shareholder can see what they will be asked and what could happen at each step.
What the board has put forward
According to CafeF on 2 November, the board passed a resolution to seek written shareholder approval for an interim 2026 cash dividend at a 50% rate, or VND 5,000 per share. The source of funds is undistributed after-tax profit as of 30 September 2026.CafeF
The second item is a proposal to convert the Tien Phong Education Complex into a commercial housing project on Plot No. 2, An Da, Gia Vien ward, Hai Phong. It appears in the company's 30 October notice.CafeF
The final registration date for the list of eligible shareholders is 12 November 2026, with one vote per share.VnEconomy The consultation period itself will be announced later. One distinction matters: 12 November fixes who can vote. It is not the date that fixes who receives the cash. If the dividend is approved, the board will announce the entitlement date and payment date afterwards.
How big is the payout
After a 20% stock dividend in mid-year, NTP has more than 205.2 million shares outstanding.CafeF Multiplied by VND 5,000, the planned payout comes to about VND 1,026 billion if approved.VnEconomy Three reference points help.
First, this year's own profit. Net profit for the first nine months of 2026 was VND 1,022 billion, up 29.3% year on year.VnEconomy The roughly VND 1,026 billion dividend is therefore slightly above what was earned in three quarters. The company can pay it because the funding comes from accumulated undistributed profit, which stood at VND 1,375.6 billion on 30 September 2026. After the payout, about VND 350 billion would remain. Against the plan, nine-month pre-tax profit of VND 1,233 billion is roughly 37% above the full-year target of VND 900 billion.CafeF
Second, earlier dividends. The 2025 dividend was 30% in cash over two payments, or VND 3,000 per share, plus 20% in shares.CafeF Payout data for fiscal years 2021 to 2024 shows VND 2,500, 2,000, 2,500 and 2,500 per share. An interim VND 5,000, if approved, would be the highest cash payment in that period. It is a single interim payment, not the full 2026 dividend. In money terms, the two 2025 cash payments were paid out in the first nine months of 2026 and totaled VND 513.1 billion, about half the new interim payment.
Third, the share price. NTP closed at VND 55,000 on 3 November, up 2.61%. VND 5,000 equals about 9.1% of that close. A holder of 1,000 shares would receive VND 5 million before personal income tax.
Who receives the money
NTP's shareholder base is concentrated, so most of the payout goes to a few institutions. SCIC (the State Capital Investment Corporation) holds more than 76.1 million shares, or 37.1% of charter capital, and would receive nearly VND 381 billion. Sekisui Chemical of Japan, a strategic shareholder, holds about 15% and would receive nearly VND 154 billion.VnEconomy Tien Phong Plastic Southern Joint Stock Company holds more than 13% and would receive about VND 135 billion.CafeF
For the Southern company, Người Quan Sát puts the figure at about VND 112 billion because it counts shares before the 20% stock dividend.Người Quan Sát After adding the bonus shares, the holding is about 26.9 million shares, so the figure of about VND 135 billion matches a stake of just over 13%.
Together these three holders own about 65% of the capital and would receive about VND 670 billion. The remaining VND 356 billion or so goes to other shareholders, including individual investors. The three large holders also carry the most weight in the vote.
Where the cash sits on the balance sheet
On 30 September 2026, NTP's cash and equivalents were VND 263.2 billion, and short-term financial investments, mainly term deposits, were VND 3,839.9 billion. Together that is more than VND 4,100 billion, about four times the proposed dividend.
On the other side of the balance sheet, short-term borrowings rose from VND 1,164.9 billion at the start of the year to VND 2,675.4 billion at the end of September, an increase of about VND 1,510 billion. Over the same nine months, short-term financial investments rose by about VND 1,161 billion, from VND 2,679 billion to VND 3,839.9 billion, and inventory rose from VND 1,441 billion to VND 1,781.6 billion. The financial statements do not tie individual loans to a specific purpose, so this piece does not attribute the extra borrowing to the dividend or to any project.
Operating cash flow for the nine months was negative VND 49.7 billion, a much smaller outflow than the negative VND 212.6 billion a year earlier. In the third quarter alone it was positive VND 780.2 billion after two negative quarters. For a plastic-pipe manufacturer, operating cash flow tends to swing with the seasonality of inventory and receivables. In the third quarter NTP reported net revenue of VND 2,106 billion and net profit of VND 289 billion, up 12.4% year on year. The company said the increase came mainly from stronger sales.Người Quan Sát
Plot No. 2 An Da: three directions in over ten years
The Tien Phong Education Complex broke ground on 21 April 2025 on a 3.74-hectare site, with total planned investment of more than VND 1,162 billion, covering a K-12 school and an exam center.CafeF At the ceremony, Mr. Đặng Quốc Dũng, Chairman of the Board of Tien Phong Plastic Joint Stock Company, said the company would commit resources to build a modern educational facility for Hai Phong students.
The site has changed direction before. On 22 May 2014, the Hai Phong People's Committee issued Decision 1018/QĐ-UBND approving a 1/500 detailed plan for a commercial, office-for-lease and high-end apartment complex there. At the April 2024 annual general meeting, Mr. Dũng said the commercial plan had a detailed plan but ran into many obstacles and was halted, after which the company moved into education. In more than a decade the plot has therefore gone through three directions: a commercial and apartment complex, an education complex, and now commercial housing.
What shareholders are asked this time is a policy direction. A direction endorsed by shareholders is an internal corporate decision. Changing the purpose of a project tied to urban land still requires procedures with the Hai Phong authorities, so this is not yet an approved housing project.
Milestones to watch
First comes 12 November, when the list of eligible voters is fixed. Next is the consultation document the company sends to shareholders, where the specific plan for An Da will be laid out, including scale, capital and product type. After that comes the vote count. Only if the dividend is approved will the board announce the entitlement date and payment date.
The current picture is a company with profit up almost 30%, more than VND 4,100 billion in cash and deposits, and short-term borrowings about VND 1,510 billion above the start of the year. The fourth-quarter report will show two figures worth reading together after the payout: whether full-year operating cash flow turns positive, and whether short-term debt rises or falls once about VND 1,026 billion leaves the balance sheet.