On the morning of Tuesday, Nov 10, the price board will show Vietnam Rubber Group (GVR) VND 400 below the previous session, even though no sell order has been matched. A newer investor could easily read that as the stock "losing value". In plain terms, it is only the exchange booking a payment: the VND 400 leaves the share price and becomes a dividend waiting to arrive in the account.
This post follows the calendar of someone holding GVR during the week of Nov 9 to 13: what happens to the account at each date, how much cash actually arrives, and who receives the roughly VND 1,600 billion dividend pool.
What this dividend consists of
According to the weekly record-date calendar for Nov 9 to 13, GVR is paying its 2025 dividend in cash at 4%, or VND 400 per share. The ex-dividend date is Nov 10, the final registration date is Nov 11, and payment is expected on Dec 10, 2026. With roughly 4 billion shares outstanding, GVR needs to pay out about VND 1,600 billion.Doanh nhân
The payout follows a resolution of GVR's board of directors.CafeF Note that the 4% rate is calculated on the VND 10,000 par value, not on the market price. This is where newer investors often slip when reading dividend news, and the comparison with the share price at the end of this post shows how large the gap is.
Four dates, and what each does to your account
Monday, Nov 9: the last session that still qualifies
Shares bought on the exchange arrive in the account after two business days. An order matched on Nov 9 delivers shares on Nov 11, the final registration date, so buyers in that session still make the dividend list. So do existing holders, as long as they have not sold before or during the Nov 9 session.
Tuesday, Nov 10: the reference price is cut by VND 400
This is the ex-dividend date. Anyone buying GVR from this session onward does not receive the VND 400 dividend, because their shares settle after Nov 11.
On the morning of Nov 10, the exchange also adjusts the reference price. The common method is to take the previous session's closing price and subtract the cash dividend per share.Finhay Suppose GVR closes on Nov 9 at the same level as on Nov 6, VND 29,300. The reference price on Nov 10 would then be VND 28,900.
The board will look as though the stock fell VND 400, but holders have not lost that money. The VND 400 moves from the share price into a receivable that arrives on the payment date. A share worth VND 28,900 plus a VND 400 dividend still adds up to VND 29,300, so the holder's total wealth is unchanged by the adjustment. Price limits during the session are then calculated around the new reference price.
One point is often missed: someone who sells GVR on Nov 10 still receives the dividend. A sale matched on Nov 10 only settles after two business days, so the seller is still the registered owner on Nov 11.
Wednesday, Nov 11: the list is locked
This is the final registration date. The Vietnam Securities Depository and Clearing Corporation draws up the list of shareholders entitled to the dividend based on shares held in their names on this day. Holders do not need to do anything. The brokerage where the shares are held records the entitlement on the account, usually under a pending-rights section.
Thursday, Dec 10: cash reaches the account
The dividend is credited to the securities account on the expected payment date. For individual shareholders, 5% personal income tax is withheld on the cash dividend,VnExpress so each share nets VND 380 instead of VND 400. For someone holding 1,000 shares, the pre-tax dividend is VND 400,000, tax is VND 20,000, and the amount that reaches the account is VND 380,000.
To find your own figure, multiply the number of GVR shares in your account on Nov 11 by VND 380.
Who gets the VND 1,600 billion
According to the May 15, 2026 shareholder list, the Ministry of Finance, representing state capital, holds 96.77% of GVR's voting shares, or more than 3.87 billion shares. At VND 400 per share, the ministry is expected to receive more than VND 1,548.3 billion.CafeF
The same list shows GVR has 21,459 shareholders.Index.vn Excluding the Ministry of Finance, the remaining 21,000-plus shareholders together hold about 3.23% of the shares and split roughly VND 51.7 billion, which is about VND 1,600 billion minus VND 1,548.3 billion.
Put differently, for every VND 100 of dividend GVR pays out, nearly VND 97 goes to the Ministry of Finance. The rest is shared among individual investors, domestic institutions and foreign investors holding the stock. That split explains why the GVR payout is large in total but small for any individual retail holder. For them, the figure that matters is still VND 380 per share after tax.
The 4% rate against previous years
Set against GVR's own payout history, the 4% for 2025 matches the year before:
- 2021: 4.1%, or VND 410 per share.Thị trường Tài chính Tiền tệ
- 2022: 3.5%, or VND 350.VnEconomy
- 2023: 3%, or VND 300, a total of VND 1,200 billion.VnEconomy
- 2024: 4%, or VND 400, a total of about VND 1,600 billion, with the record date on Nov 14, 2025.Doanh nhân
- 2025: 4%, or VND 400, the payout now reaching its record date.
GVR's payout has ranged from 3% to 4.1% of par value over five years, and the last two years sit at the same VND 400. The schedule is also fairly regular: recent payouts have all had record dates in mid-November and paid out around Dec 10 to 12.
How big is VND 400 against the share price
A 4% rate on par value can lead newer investors to think the stock yields 4%. In practice, someone buying GVR at the Nov 6 close of VND 29,300 receives only about 1.37% of the investment from this dividend, before tax. After the 5% tax, that falls to about 1.3%.
So for GVR, the cash dividend is a small income stream next to price swings. Over the past two weeks, GVR's closing price went from VND 31,950 on Oct 29 to VND 29,300 on Nov 6, a drop of about 8.3%. That decline is more than six times the dividend about to be paid. The Dec 10 payment is therefore much smaller than the stock's own price range.
What holders should watch
For someone already holding GVR, this dividend requires almost no action. Three points to keep in mind:
- Nov 9 is the last session when buying still qualifies. Selling from Nov 10 onward still receives the dividend.
- A reference price VND 400 lower on Nov 10 is a technical adjustment, not a loss. To compare prices before and after that day, add the VND 400 back.
- On Dec 10, the cash arriving equals the shares held on Nov 11 multiplied by VND 380, for individual shareholders. If the money has not arrived by then, the question for the brokerage is whether the entitlement was recorded on the account.
In short, this dividend moves value rather than destroying it: VND 400 shifts from the price board into the cash account, and Dec 10 is the day to check that the VND 380 per share has arrived in full.