Tuesday, November 17 is the last session in which you can buy shares of PetroVietnam Coating (PVB, listed on HNX) and still be on the list for the 2025 cash dividend. The company is paying VND 1,000 per share, about VND 21.6 billion in total, while nine-month 2026 net profit has already reached about VND 69.61 billion, above the full-year 2025 figure. This post walks through each date so you can see what happens in your account, starting with the point people most often get wrong: the share price drops by VND 1,000, but no wealth disappears.
The payout on paper
According to the corporate events calendar, PVB is paying its 2025 dividend in cash at a rate of 10%.MoneyF The rate applies to the VND 10,000 par value, so each share receives VND 1,000 before tax. That matches charter capital of about VND 216 billion divided by 21,599,998 shares outstanding.
Three dates to remember:
- Wednesday, Nov 18: the ex-dividend date.
- Thursday, Nov 19: the record date, when the list of shareholders entitled to the cash is fixed.
- Thursday, Dec 10: the payment start date.
At the Nov 13 closing price of VND 18,800, the VND 1,000 equals about 5.3% of the share price. Think of it as a division at one moment in time, not a guaranteed return for buyers, because the share price is adjusted right away on Nov 18.
Nov 17: the buyer's cutoff
Shares bought on the exchange settle into your account in two business days. If you buy PVB on Nov 17, the shares arrive on Nov 19, in time to be on the record-date list. Shares bought from Nov 18 onward arrive after Nov 19, so they miss this dividend.
The same mechanism works in reverse. If you hold PVB and sell on Nov 18 or 19, you are still on the Nov 19 list, because the shares only leave your account after the record date. The right to the cash follows whose name is on the Nov 19 list, not who holds the shares on Dec 10.
Nov 18: the reference price is cut by the dividend
On the ex-dividend date, the reference price no longer equals the previous close. The exchange takes the latest close and adjusts it for the cash the company pays out.VnExpress For a cash dividend the arithmetic is simple: the Nov 18 reference price equals the Nov 17 close minus VND 1,000. HNX's 10% daily trading band for that session is also measured from the new reference price.
Take the Nov 13 close as an example. If PVB closes Nov 17 at VND 18,800, the Nov 18 reference price will be VND 17,800. The VND 1,000 difference does not vanish from your account. It moves from the share price into cash that is on its way.
For someone holding 1,000 shares, the account changes like this:
- End of Nov 17: 1,000 shares, worth VND 18.8 million at the closing price.
- Start of Nov 18: 1,000 shares, worth VND 17.8 million at the new reference price, plus the right to VND 1 million of dividend before tax.
- From Dec 10: the after-tax dividend lands in the account.
The total value at the first two points is unchanged. Whether the price rises or falls in later sessions is down to supply and demand for the stock itself, not the dividend.
Dec 10: the cash arrives, net of tax
For individual shareholders, a cash dividend is investment income subject to 5% personal income tax, withheld before payment. Each share therefore nets VND 950, and a holder of 1,000 shares receives VND 950,000 instead of VND 1 million.
For depository shares, the money travels through the Vietnam Securities Depository and Clearing Corporation (VSDC) to the brokerage where you hold your account. The broker credits the after-tax amount to your account, and you do not need to file anything.
So the real difference before and after the ex-dividend date comes down to two things. First, VND 50 of tax per share has been withheld. Second, VND 1,000 of value leaves the share price on Nov 18 but only becomes spendable cash on Dec 10, about three weeks later.
Who gets the VND 21.6 billion
With 21,599,998 shares outstanding, PVB pays out about VND 21.6 billion in total. PetroVietnam Gas (PV Gas, ticker GAS) holds 11,434,000 PVB shares, or 52.94%, based on data updated on Nov 13, 2026.Người Quan Sát PV Gas is the only major shareholder on record, and its portion is about VND 11.4 billion. The 5% personal income tax does not apply to that amount because PV Gas is an organization.
The remaining VND 10.2 billion or so goes to other shareholders, who hold about 47% of the shares. Foreign investors in that group hold about 1.19%. From PV Gas's side, VND 11.4 billion is small against GAS's market capitalization of about VND 175,400 billion at the Nov 13 close.
The payout against profit
PVB's 2025 net profit was about VND 61.41 billion, more than four times the VND 14.53 billion of 2024. The VND 21.6 billion payout equals about 35% of 2025 profit, and the rest stays in the business.
In the first nine months of 2026, PVB's revenue reached about VND 1,155.4 billion, up about 89.6% year on year. Net profit was about VND 69.61 billion, up about 34.6% from VND 51.72 billion a year earlier, and already above the full-year 2025 figure.
On the exchange, PVB's price has moved against its earnings in recent months. The stock is down about 16% over three months to Nov 13 and sits just above its 52-week low of VND 18,700. Liquidity is thin: only 22,200 shares traded on Nov 13. For a stock that trades so little, prices around Nov 18 can swing by more than the VND 1,000 adjustment, and that swing belongs to the market, not the dividend.
What PVB holders should look at
For someone already holding PVB, this record date does not make your wealth rise or fall. It separates VND 1,000 from the share price, withholds VND 50 of tax for individuals, and returns VND 950 about three weeks later.
When you check the price board on Nov 18, the right benchmark is the Nov 17 close minus VND 1,000, not the Nov 17 close itself. When you check your account from Dec 10, the right amount is VND 950 times the number of shares on the Nov 19 list. Those two numbers, along with PVB's traded prices around Nov 18, are worth checking next week.