Thai firms collect over $1.2 billion in dividends from Vietnamese companies

Thai investors have increasingly expanded their footprint in Vietnam's stock market, with statistics from VnExpress showing that since 2012, Thai enterprises have received more than VND33 trillion (around US$1.2 billion) in cash dividends from major listed Vietnamese firms.

This reflects both the long-term profitability of their investments and a growing regional influence.

The largest dividend payers include Vinamilk, SABECO, Binh Minh Plastics, Tan Bien Packaging and Sao Ta Foods. Among them, Vinamilk and SABECO accounted for the lion’s share, with several trillion dong transferred to Thailand in 2024 alone.

Vinamilk, Vietnam’s leading dairy firm, has paid a total of approximately VND16.1 trillion in dividends to two subsidiaries of Fraser & Neave (F&N Dairy Investments and F&N Bev Manufacturing) since the latter became a major shareholder in 2013. This year alone, F&N is expected to receive VND1.85 trillion, thanks to a 43.5 % dividend payout ratio.

Fraser & Neave is owned by TCC Holdings, led by Thai billionaire Charoen Sirivadhanabhakdi, who has continued to grow his influence in Vietnam. One of his biggest moves came in 2017 when ThaiBev acquired a 53.6 % stake in Sabeco for $4.8 billion. Since then, ThaiBev has collected over VND14 trillion in dividends from SABECO, including a record VND3.44 trillion in 2024 alone.

Another highly profitable investment was made by Nawaplastic, a subsidiary of SCG, which spent VND2.75 trillion to acquire 24.2 million shares of Binh Minh Plastics in 2018. Nawaplastic has since earned over VND2.5 trillion in dividends, while its stake is now valued at roughly VND7.2 trillion — nearly three times the original investment.

SCG remains one of the most active Thai investors in Vietnam, holding stakes in packaging, plastics and chemical firms such as Tan Bien Packaging and Duy Tan Plastics. It is also spearheading the Long Son petrochemical complex, a mega-project valued at over $5 billion.

Beyond manufacturing, Thai capital has also flowed into retail and finance. Central Retail operates retail chains like GO! (formerly Big C) and Nguyen Kim, while Siam Commercial Bank and Krungsri have acquired Home Credit Vietnam and SHB Finance, respectively, signalling a deepening interest in consumer finance.

According to Vietnam’s Foreign Investment Agency, as of Q1 2025, Thailand ranks as the 13th largest foreign investor in the country, with total registered capital surpassing $14.7 billion, nearly 74 % of which is concentrated in the processing and manufacturing sector.

An HSBC survey in 2024 also showed that 66 % of Thai companies plan to expand in Vietnam, placing them third in regional investor confidence, after Vietnam itself and Singapore. 

Viet Nam News

Asia News Network