Saigon VRG Investment Joint Stock Company (SIP, HoSE) will close its shareholder list on 20 November 2026 for a first-tranche 2026 cash dividend advance of 45%, or VND 4,500 per share.Người Đưa Tin Payment is expected from 11 December 2026.Tinnhanhchungkhoan With more than 242.11 million shares outstanding, the company will pay out about VND 1,089.5 billion.Báo Pháp luật Việt Nam
The payout follows a year running ahead of plan: after nine months, Saigon VRG's consolidated net profit was VND 1,178.3 billion, up 6.9% year on year and equal to 134.8% of the full-year target. This post walks through each date that matters to anyone holding or considering SIP: the last session that carries the entitlement, how the reference price changes, what lands in your account after tax, and how big the payout is relative to what the business earns.
Date one: 18 November is the last session that carries the entitlement
According to Tinnhanhchungkhoan, 19 November is the ex-dividend date for this tranche, and the final registration date is 20 November.Tinnhanhchungkhoan The two dates are one session apart because Vietnam settles trades on a T+2 cycle: shares bought today take two business days to reach the account and be registered in the buyer's name.
That leaves three cases:
- Buy on 18/11 or earlier: shares settle on 20/11, you are on the list and receive the dividend.
- Buy from 19/11 onward: shares settle after the record date, so you miss this tranche.
- Sell from 19/11 onward: you still receive the dividend, because your name is on the list at the close of 20/11.
The 20 November list also determines who takes part in Saigon VRG's written shareholder consultation in December 2026.Người Đưa Tin Holders on the list therefore receive the dividend and also vote, one share one vote.
Date two: on 19 November the reference price drops by VND 4,500
On the ex-dividend date, HoSE adjusts the reference price by subtracting the cash dividend from the previous session's close. For example, if SIP closed at VND 50,500 on 18/11, as it did on 5/11, the 19/11 reference price would be VND 46,000.
This is where newcomers often get confused. A lower open of VND 4,500 does not mean a holder has lost that amount. The deducted portion has turned into a right to cash, so per share, the total pre-tax value (share price plus dividend entitlement) is unchanged at the moment of adjustment. Any move afterwards comes from supply and demand.
One thing to remember: the deducted amount is pre-tax, while the cash that reaches your account is after tax.
Date three: 5% tax and the amount you actually receive
For individual investors, cash dividends are subject to 5% personal income tax, withheld at payment. Per SIP share, the dividend is VND 4,500, the tax is VND 225, and the net is VND 4,275. Holding 100 shares nets VND 427,500; holding 1,000 shares nets VND 4,275,000. The VND 225 gap per share against the reference-price deduction is the tax.
Date four: 11 December, cash arrives
Payment begins on 11 December 2026.Tinnhanhchungkhoan For depository shares, the money passes through the Vietnam Securities Depository and Clearing Corporation (VSDC) to the brokerage and then to the shareholder's account. About three weeks between record date and payment is normal for cash dividends.
How big is the payout for Saigon VRG
Against profit
Per the consolidated financial statements, nine-month 2026 net profit was VND 1,178.3 billion, up 6.9%, on net revenue of VND 7,002.96 billion, up 11.1%.Tinnhanhchungkhoan The full-year profit plan approved by the AGM is VND 874.18 billion, and after nine months the company had reached 134.8% of it.Báo Pháp luật Việt Nam At the same meeting, shareholders approved a 2026 dividend of at least 10%, so the 45% advance already far exceeds that floor with the first tranche.Tinnhanhchungkhoan
The VND 1,089.5 billion equals roughly 92.5% of nine-month consolidated profit. Note that consolidated profit includes the share belonging to minority shareholders in subsidiaries. Vietcap, in its 30 October report, recorded profit after minority interests up 8% year on year.Vietcap
In the third quarter alone, growth slowed. Net revenue was VND 2,425.82 billion, up 8.6%, but consolidated net profit fell 2.7% to VND 371.3 billion.Tinnhanhchungkhoan Per Báo Pháp luật Việt Nam, the decline coincided with gross margin narrowing from 16.4% to 14.5%.Báo Pháp luật Việt Nam In the same quarter, financial revenue rose 39.8% to VND 242.82 billion and financial expenses rose 159% to VND 117.54 billion. Nine-month profit also includes about VND 67.8 billion of other income from terminating a business cooperation contract with Thế Hệ Mới Company, which is not a recurring item.FireAnt
Against the two 2025 dividends
In 2025, Saigon VRG paid a total of 50% in cash over two tranches. The first was 10%, costing more than VND 242 billion.Báo Pháp luật Việt Nam The second was 40%, costing more than VND 968 billion, with the record date on 15 May 2026.DNSE The cadence differs this year: the first 2025 advance was only 10%, while the first 2026 tranche is already 45%, close to the whole of last year.
Against cash on hand
At 30 September 2026, Saigon VRG held VND 13,807.6 billion in cash and short-term financial investments, 44.2% of total assets. The dividend equals about 7.9% of that pool.Tinnhanhchungkhoan Short- and long-term borrowings total VND 5,494.2 billion, up 14% from the start of the year. Among liabilities there is also unearned revenue of more than VND 15,077 billion.FireAnt That is mostly land and factory rent paid in advance by customers and recognized gradually over the lease term. It sits under liabilities but is not borrowing.
Who receives most of the money
As of 30 September 2026, Saigon VRG's four large shareholders are An Loc Urban Development and Investment JSC (19.79%, expected to receive more than VND 215.6 billion), Nam Tan Uyen Industrial Park JSC (9%, more than VND 98 billion), Mr. Lư Thanh Nhã, Chief Executive Officer (Tổng giám đốc) of Saigon VRG Investment JSC (7.56%, nearly VND 82.4 billion), and Mr. Trần Mạnh Hùng, Chairman of the Board of Saigon VRG Investment JSC (7.11%, about VND 77.4 billion).An ninh tiền tệ
Together they receive more than VND 473 billion, about 43.4% of the total payout.Người Quan Sát These figures are pre-tax, since the 5% withholding applies only to individual shareholders. The remaining 56.6% goes to other shareholders, including retail investors on the exchange.
Summary by date
- Through the 18/11 session: buyers still get the dividend.
- 19/11: the reference price drops VND 4,500; a holder's pre-tax value is unchanged at that moment.
- 20/11: list closes, for both the dividend and the December shareholder consultation.
- From 11/12: each share brings VND 4,275 after tax for individual shareholders.
For the company, the fourth-quarter report will show two things. First, whether the VND 13,807.6 billion cash and short-term investment pool shrinks by about VND 1,090 billion or is partly refilled by customers' advance rent. Second, whether gross margin recovers toward 16%, as in Q3 2025, or stays near 14.5%. If margin recovers, Q4 profit has a base to grow again. If it stays near 14.5%, 2026 profit still beats the plan, but full-year growth may come in slower than the 6.9% of nine months. The consultation materials sent to shareholders in December will show what Saigon VRG wants them to decide.