MINISTRY OF EDUCATION AND TRAINING UNIVERSITY OF ECONOMICS HOCHIMINH CITY o0o - KHƯU CẨM TÚ DETERMINANTS OF DIVIDEND POLICY CASE STUDY: LISTED COMPANIES ON HOCHIMINH STOCK EXCHANGE MASTER THESIS Ho Chi Minh City - 2011 MINISTRY OF EDUCATION AND TRAINING UNIVERSITY OF ECONOMICS HOCHIMINH CITY o0o - KHƯU CẨM TÚ DETERMINANTS OF DIVIDEND POLICY CASE STUDY: LISTED COMPANIES ON HOCHIMINH STOCK EXCHANGE MAJOR: BANKING AND FINANCE MAJOR CODE : 60.31.12 MASTER THESIS INSTRUCTOR : DOCTOR TRẦN PHƯƠNG NGỌC THẢO Ho Chi Minh City - 2011 ACKNOWLEDGEMENT First and foremost I would like to thank my supervisor, Doctor Tran Phuong Ngoc Thao for her guidance and support In addition I would also like to express my gratitude to Doctor Vo Xuan Vinh for his valuable feedback on the problems of the study Special thanks also go to all of my lecturers at Banking and Finance Faculty, University of Economics Hochiminh City for their teaching and guidance during my Master of Banking and Finance course I also wish to thank my friends in Dong A Securities, Au Viet Securities, Thang Long Securities and China Trust Bank for their great support Finally, my greatest thanks would go to my family including my parents, my husband and my baby who are the greatest encouragement for me to overcome all difficulties in my life i ABSTRACT This thesis aims to add empirical evidence to the corporate finance literature by looking at firms’ dividend policy in the context of Hochiminh Stock Exchange (HOSE) of Vietnam as an emerging market The thesis consists of five chapters After an introductory chapter, the study reviews the existing literature on the dividend policy controversy with an emphasis on the recent empirical works The following third chapter provides the research methodology for the study The study applies panel data procedures, random effects logistic regression, random effects generalized least square (GLS) regression and multinomial logistic regression to estimate and test the determinants of dividend policy of l09 firms listed on HOSE While the main findings of this study which are consistent with theory are reported in the fourth chapter, there are new major insights that represent the special case of emerging markets in general and Vietnam in particular These main insights, as well as the main conclusions of the study, are summarized in Chapter 5, including some limitations and recommendations for future research Our findings is that many of the factors that are found to be significant in the determination of dividend policy of the firms listed on HOSE are the same as those found in developed capital markets such as profitability, firm size and tangibility Besides, we find that the listed firms on HOSE fail to pay dividend only because of making loss or too small profit in business operation, not because of having investment opportunities in the future We also find some evidence to support the life cycle theory Our findings suggest that firms with greater investment, as measured by growth rate of sales are more likely to prefer paying stock dividends to cash dividends Keywords: Dividend policy, Vietnam, HOSE ii CONTENTS Acknowledgement i Abstract ii Contents iii List of Figures vi List of Tables vii Abbreviations ix CHAPTER 1: INTRODUCTION 1.1 Introduction 1.2 The usefulness of the research 1.3 Research objectives 1.4 Research methodology 1.5 The structure of the research CHAPTER 2: LITERATURE REVIEW 2.1 Introduction 2.2 Dividend theories and concerned empirical studies 2.3 Empirical studies on the determinants of dividend policy 2.3.1 Profitability 2.3.2 Firm size 2.3.3 Financial leverage 10 2.3.4 Growth opportunities 10 2.3.5 Asset tangibility 11 iii 2.3.6 Business risk 11 2.4 Conclusion 12 CHAPTER 3: RESEARCH METHODOLOGY 3.1 Introduction 13 3.2 Data specifications 13 3.2.1 Research sample description 13 3.2.2 Explanatory variables 15 3.2.2.1 Variables those vary both across firms and time 15 3.2.2.1.1 Return on assets (ROA) .15 3.2.2.1.2 Firm size .16 3.2.2.1.3 Financial leverage .16 3.2.2.1.4 Growth opportunities 17 3.2.2.1.5 Asset tangibility 17 3.2.2.2 Variables that vary only across firms 18 3.2.2.2.1 Business risk (Beta) 18 3.2.2.2.2 Industry dummies 18 3.2.3 Dependent variables – Dividend policy 18 3.3 Empirical model specifications .19 3.3.1 Model 19 3.3.2 Model 20 3.3.3 Model 21 iv CHAPTER 4: DATA ANALYSIS AND FINDINGS 4.1 Introduction .23 4.2 Descriptive statistics 23 4.3 Correlation matrix of explanatory variables .26 4.4 Results of Model 27 4.5 Results of Model 30 4.6 Results of Model 34 4.7 Robustness tests .38 CHAPTER 5: CONCLUSION 5.1 Introduction .41 5.2 Conclusion .41 5.3 The implications of the research 42 5.4 Limitations and recommendations for future research 44 References 46 Appendix A – Regression results of models .51 Appendix B – List of 109 non-financial firms, classified industries and beta 58 Appendix C – The Dividend Time Lines of 109 firms on HOSE 2007-2009 62 Appendix D – Explanatory Variables calculated from Financial Statements 74 v LIST OF FIGURES Figure 1.1 Research methodology Figure 1.2 The structure of the research Figure 3.1 Outline of chapter 13 Figure 3.2 Summary of research data collection 15 vi LIST OF TABLES Table 4.1 Summary of the industry structure 24 Table 4.2 Summary of the dividend policy of 109 firms listed on HOSE .24 Table 4.3 Summary of the dividend forms of payers listed on HOSE 25 Table 4.4 Descriptive statistics of the explanatory variables .26 Table 4.5 Variance inflation factor (VIF) for the explanatory variables 27 Table 4.6 Correlation coefficients among the explanatory variables .27 Table 4.7 The reported results of Model 28 Table 4.8 Descriptive statistic of ROA of dividend non-payers and payers 29 Table 4.9 The reported results of Model 30 Table 4.10 Summary of current debts/total debts ratio 33 Table 4.11 Summary of cash dividend per share of firms in the different classified industries .34 Table 4.12 The reported results of Model 35 Table 4.13 Summary of revenues growth of cash dividend payers and stock dividend payers .36 Table 4.14 Summary of dividend forms of firms in Basis Material sector 37 Table 4.15 Summary of dividend forms of firms in Consumer Staples sector .38 Table 4.16 Summary of dividend forms of firms in Consumer Discretionary sector 38 vii Table 4.17 Results of Model 1: Fixed Effects versus Random Effects 39 Table 4.18 Results of Model 2: Fixed Effects versus Random Effects 39 viii YEAR 2009 (2) NO CODE the 1st time Exdividend date Record date Dividend payment date the 2nd time %/par value Form Exdividend date 26-Nov-09 30-Nov-09 the 3rd time Record date Dividend payment date Form Exdividend date %/par value Record date Dividend payment date %/par value Form 31-Dec-09 6.00% cash 25-Jan-10 4-Feb-10 10-Mar-10 10.00% cash 1-Apr-10 13-Apr-10 6-May-10 5.00% cash 28 GMC 20-Jul-09 22-Jul-09 12-Aug-09 6.00% cash 29 GMD 15-Dec-09 17-Dec-09 30-Dec-09 15.00% cash 30 GTA 10-May-10 12-May-10 1-Jun-10 7.00% cash 31 HAP 32 HAS 15-Jul-09 17-Jul-09 14-Aug-09 6.00% cash 7-Apr-10 9-Apr-10 29-Apr-10 4.00% cash 33 HAX 16-Dec-09 18-Dec-09 31-Dec-09 8.00% cash 11-May-10 13-May-10 28-May-10 6.00% cash 34 HBC 7-Jul-10 9-Jul-10 5-Aug-10 22.00% both 35 HDC 12-Nov-09 16-Nov-09 5-Feb-10 10.00% stock 16-Apr-10 20-Apr-10 20-May-10 20.00% both 36 HMC 8-Apr-10 12-Apr-10 28-Apr-10 11.00% cash 37 HPG 12-Oct-09 14-Oct-09 28-Oct-09 10.00% cash 27-Apr-10 29-Apr-10 31-May-10 50.00% stock 38 HRC 8-Feb-10 10-Feb-10 12-Mar-10 20.00% cash 7-Jul-10 9-Jul-10 27-Jul-10 2.00% cash Dividend non-payment 39 HIS 8-Apr-10 12-Apr-10 14-May-10 12.00% cash 40 HT1 13-Apr-10 15-Apr-10 14-May-10 10.00% cash 41 HTV 22-Apr-10 27-Apr-10 15-Jun-10 10.00% cash 42 ICF 26-May-10 28-May-10 28-Jun-10 15.00% cash 43 IFS 44 IMP 14-Apr-10 16-Apr-10 10-May-10 20.00% cash 45 ITA 9-Jun-10 11-Jun-10 15-Jul-10 25.00% stock 46 KDC 6-Nov-09 10-Nov-09 25-Nov-09 12.00% cash 6-Nov-09 10-Nov-09 25-Dec-09 12.00% cash 47 KHA 6-Aug-09 10-Aug-09 27-Aug-09 8.00% cash 10-Dec-09 14-Dec-09 11-Jan-10 7.00% cash 48 KHP 17-Aug-09 19-Aug-08 11-Sep-09 5.00% cash 18-May-10 20-May-10 4-Jun-10 6.00% cash 49 L10 28-Aug-09 1-Sep-09 23-Sep-09 7.00% cash 27-Apr-10 29-Apr-10 20-May-10 8.00% cash 50 LAF 7-Dec-09 9-Dec-09 28-Dec-09 6.00% cash 10-May-10 12-May-10 2-Jun-10 6.00% cash 51 LBM 29-Mar-10 31-Mar-10 22-Apr-10 7.00% cash 52 LGC 28-Oct-09 30-Oct-09 30-Nov-09 7.00% cash 22-Mar-10 24-Mar-10 28-Apr-10 8.00% cash 53 MCP 30-Oct-09 3-Nov-09 30-Nov-09 6.00% cash 4-May-10 6-May-10 28-May-10 6.00% cash 54 MCV 9-Dec-09 11-Dec-09 30-Dec-09 5.00% cash 55 MHC Dividend non-payment Dividend non-payment 71 YEAR 2009 (3) st NO CODE the 2nd time the time Exdividend date Record date Dividend payment date %/par value Form the 3rd time Exdividend date Record date Dividend payment date %/par value Form 12-Nov-09 16-Nov-09 30-Nov-09 12.00% cash 56 MPC 20-Nov-09 24-Nov-09 18-Dec-09 14.00% cash 57 NAV 10-Dec-09 14-Dec-09 30-Dec-09 12.00% cash 58 NKD 18-Sep-09 22-Sep-09 5-Oct-09 12.00% cash 59 NSC 21-Jul-09 23-Jul-09 24-Aug-09 8.00% cash 8-Feb-10 10-Feb-10 10-Mar-10 10.00% cash 60 NTL 2-Dec-09 4-Dec-09 29-Dec-09 30.00% cash 14-May-10 18-May-10 31-May-10 100.00% stock 61 PAC 1-Jun-09 3-Jun-09 22-Jun-09 8.00% cash 8-Oct-09 12-Oct-09 16-Nov-09 7.00% cash 62 PET 7-May-10 11-May-10 4-Jun-10 12.00% cash 63 PGC 14-Aug-09 18-Aug-09 25-Sep-09 6.00% cash 10.00% stock 64 PJT 24-May-10 26-May-10 22-Jun-10 6.80% cash 65 PNC 12-May-10 14-May-10 31-May-10 3.00% cash 66 PPC 1-Feb-10 3-Feb-10 2-Mar-10 12.00% cash 3.00% cash 67 PVD 18-Dec-09 22-Dec-09 20-Jan-09 33.30% stock 68 PVT 69 RAL 14-Aug-09 18-Aug-09 4-Sep-09 8.00% 70 REE 12-Aug-09 14-Aug-09 14-Sep-09 10-Aug-10 12-Aug-10 cash 5-Apr-10 7-Apr-10 7.00% cash 23-Jun-10 25-Jun-10 6-Sep-10 Exdividend date Record date Dividend payment date %/par value Form 10-May-10 18-May-10 8-Jun-10 15.00% both 29-Apr-10 13-May-10 4-Jun-10 5.00% cash 5.00% cash 10.00% cash Dividend non-payment 28-Apr-10 12.00% cash 20.00% stock 71 RIC 23-Jul-10 27-Jul-10 5.00% stock 72 SAM 21-Oct-09 23-Oct-09 10-Nov-09 10.00% cash 22-Apr-10 27-Apr-10 17-May-10 12.00% cash 73 SAV 4-Sep-09 7-Sep-09 24-Sep-09 5.00% cash 15-Dec-09 17-Dec-09 30-Dec-09 5.00% cash 74 SC5 16-Jun-10 18-Jun-10 19-Jul-10 20.00% both 75 SCD 29-Sep-09 1-Oct-09 23-Oct-09 7.00% cash 16-Mar-10 18-Mar-10 15-Apr-10 7.00% cash 76 SFC 19-Aug-09 21-Aug-09 14-Sep-09 20.00% cash 9-Mar-10 11-Mar-10 26-Mar-10 10.00% cash 77 SFI 2-Jun-10 4-Jun-10 25-Jun-10 5.00% cash 78 SJD 24-May-10 26-May-10 10-Jun-10 20.00% stock 79 SJS 23-Sep-09 25-Sep-09 16-Oct-09 10.00% cash 16-Mar-10 18-Mar-10 22-Apr-10 5.00% cash 80 SMC 11-Jun-09 15-Jun-09 29-Jun-09 8.00% cash 26-Feb-10 2-Mar-10 16-Mar-10 8.00% cash 81 SSC 26-Jun-09 30-Jun-09 20-Jul-09 8.00% cash 29-Dec-09 31-Dec-09 22-Jan-10 7.00% cash 82 ST8 9-Nov-09 11-Nov-09 28-Dec-09 10.00% stock 16-Apr-10 20-Apr-10 18-May-10 15.00% stock 72 26-May-10 8-Jun-10 25-Jun-10 YEAR 2009 (4) NO CODE the 1st time Exdividend date Record date the 2nd time Dividend payment date %/par value Form Exdividend date Record date Dividend payment date the 3rd time %/par value Form 83 TAC 18-Mar-10 22-Mar-10 29-Apr-10 14.00% cash 84 TCM 22-Feb-10 24-Feb-10 24-Mar-10 5.00% cash 85 TCR 16-Jun-10 18-Jun-10 30-Jun-10 4.00% cash 16-Jun-10 18-Jun-10 1-Aug-10 4.00% stock 86 TDH 26-Aug-09 28-Aug-09 21-Sep-09 15.00% cash 14-May-10 26-May-10 29-Jun-10 15.00% cash 87 TMS 9-Nov-09 11-Nov-09 8-Jan-10 20.00% both 88 TNA 17-Aug-09 19-Aug-09 14-Sep-09 10.00% cash 8-Feb-10 10-Feb-10 10-Mar-10 5.00% cash 89 TNC 27-Apr-10 29-Apr-10 12-May-10 10.00% cash 90 TPC 91 TRC 92 TRI 93 94 Dividend non-payment 28-Apr-10 4-May-10 20-May-10 20.00% cash TS4 22-Jul-09 24-Jul-09 10-Aug-09 6.00% cash TSC 13-Jan-10 15-Jan-10 2-Feb-10 20.00% cash 95 TTP 24-Jul-09 28-Jul-09 18-Aug-09 10.00% 96 TYA 8-Dec-09 10-Dec-08 28-Dec-09 10.00% 97 UIC 98 VFC Dividend non-payment 3-Mar-10 5-Mar-10 5-Apr-10 10.00% cash cash 6-May-10 10-May-10 31-May-10 10.00% cash cash 4-Jun-10 8-Jun-10 28-Jun-10 4.00% cash 10.00% cash Dividend non-payment 99 VHC 9-Dec-09 11-Dec-09 100 VIC 7-May-10 11-May-10 29-Dec-09 15.00% cash 60.10% stock 101 VID 25-Jun-10 29-Jun-10 102 VIP 29-Mar-10 31-Mar-10 20-Jul-10 11.00% stock 20-Apr-10 6.00% 103 VIS 18-Sep-09 22-Sep-09 8-Oct-09 12.00% cash cash 104 VNE 20-Jul-10 22-Jul-10 25-Aug-10 20.00% stock 105 VNM 20-Jul-09 22-Jul-09 5-Aug-09 20.00% cash 106 VPK 107 VSH 25-Feb-10 1-Mar-10 26-Mar-10 Dividend non-payment 16-Nov-09 18-Nov-09 18-Dec-09 10.00% cash 30-Aug-10 1-Sep-10 1-Oct-10 4.00% cash 15-May-10 27-May-10 11-Jun-10 8.00% cash 108 VTB 9-Dec-09 11-Dec-09 28-Dec-09 7.00% cash 109 VTO 17-Nov-09 19-Nov-09 4-Feb-09 4.00% cash 73 Exdividend date Record date Dividend payment date %/par value Form 5-Apr-10 15-Apr-10 7-May-10 5.00% cash APPENDIX D: EXPLANATORY VARIABLES CALCULATED FROM FINANCIAL STATEMENTS 2007-2009 YEAR 2007 (1) NO CODE Net Revenue (Million VND) Net Profit (Million VND) Current Liability (Million VND) Short-term and Long-term debt (Million VND) Owner's Equity (Million VND) Retained earnings (Million VND) short-term assets (Million VND) Net fixed asset (Million VND) Total asset (Million VND) ROA FIRM SIZE DEBT TANG SALES GROWTH ABT 427,288 39,159 127,842 127,893 279,461 11,292 172,144 43,042 413,961 0.095 26.749 0.309 0.104 0.290 ACL 383,431 39,592 77,408 85,575 129,109 36,396 162,394 45,698 216,622 0.183 26.101 0.395 0.211 0.232 AGF 1,233,734 38,020 221,752 222,466 620,612 22,137 360,337 321,084 844,207 0.045 27.462 0.264 0.380 0.036 ALP 538,349 122,671 231,928 235,684 644,361 115,011 513,390 46,097 930,485 0.132 27.559 0.253 0.050 2.937 ANV 3,193,437 370,341 551,562 651,569 1,683,765 410,669 1,657,434 482,804 2,343,972 0.158 28.483 0.278 0.206 0.180 BBC 453,975 24,443 141,006 172,177 205,372 17,910 179,079 149,435 379,172 0.064 26.661 0.454 0.394 0.330 BHS 641,379 53,633 103,053 289,043 376,514 35,625 362,065 276,448 669,426 0.080 27.230 0.432 0.413 -0.163 BMC 103,203 43,267 9,269 17,503 75,592 64,449 24,338 94,498 0.458 25.272 0.185 0.258 0.956 BMP 680,000 96,010 75,627 76,150 414,010 54,290 348,998 148,709 497,737 0.193 26.933 0.153 0.299 0.351 10 BT6 689,934 37,511 304,966 393,107 109,979 28,537 490,025 49,086 706,877 0.053 27.284 0.556 0.069 0.481 11 CII 177,424 95,819 183,943 917,976 772,572 89,005 68,908 490,352 1,691,647 0.057 28.157 0.543 0.290 0.065 12 CLC 813,948 45,598 210,945 211,168 138,471 34,648 276,169 74,027 350,376 0.130 26.582 0.603 0.211 0.156 13 COM 2,087,941 15,190 40,301 47,453 283,642 12,229 239,145 93,235 332,380 0.046 26.530 0.143 0.281 0.224 14 CYC 163,108 3,687 145,752 169,114 110,180 18,890 136,115 134,692 279,294 0.013 26.356 0.606 0.482 0.082 15 DCC 375,443 19,504 126,929 148,458 211,493 17,277 301,151 9,846 361,109 0.054 26.612 0.411 0.027 0.301 16 DCT 157,447 33,212 32,532 74,571 304,892 30,364 219,295 44,695 381,632 0.087 26.668 0.195 0.117 -0.068 17 DHA 101,352 36,023 27,151 28,787 207,965 36,023 128,675 59,855 236,040 0.153 26.187 0.122 0.254 0.211 18 DHG 1,269,280 128,312 289,818 290,631 635,748 1,219 673,787 228,781 942,209 0.136 27.571 0.308 0.243 0.462 19 DIC 592,285 13,714 130,850 132,100 60,500 10,247 101,974 15,974 192,958 0.071 25.986 0.685 0.083 0.356 20 DMC 811,126 64,182 137,389 140,858 461,317 66,493 452,045 130,629 602,866 0.106 27.125 0.234 0.217 0.230 21 DPM 3,779,038 1,329,481 1,361,270 1,361,387 4,370,704 570,704 2,467,577 2,780,644 5,738,548 0.232 29.378 0.237 0.485 0.239 22 DPR 703,796 230,245 424,258 465,474 630,445 230,245 447,290 517,995 1,133,608 0.203 27.756 0.411 0.457 0.169 23 DRC 1,169,781 70,868 261,802 375,874 208,596 70,942 437,693 142,813 584,408 0.121 27.094 0.643 0.244 0.263 24 DTT 54,860 4,102 5,036 5,083 101,035 4,293 88,576 16,465 105,930 0.039 25.386 0.048 0.155 0.076 25 FMC 999,764 27,495 219,716 220,216 158,797 11,938 279,388 64,095 383,161 0.072 26.672 0.575 0.167 0.081 74 YEAR 2007 (2) NO CODE Net Revenue (Million VND) Net Profit (Million VND) Current Liability (Million VND) Short-term and Long-term debt (Million VND) Owner's Equity (Million VND) Retained earnings (Million VND) short-term assets (Million VND) Net fixed asset (Million VND) Total asset (Million VND) ROA FIRM SIZE DEBT TANG SALES GROWTH 26 FPT 13,498,891 880,271 3,027,492 3,094,037 1,939,482 431,917 4,342,622 641,608 5,356,052 0.164 29.309 0.578 0.120 0.184 27 GIL 449,156 26,530 49,836 51,145 332,097 52,466 335,760 41,307 384,353 0.069 26.675 0.133 0.107 0.082 28 GMC 355,909 14,303 69,363 72,713 107,952 2,743 114,236 56,996 181,585 0.079 25.925 0.400 0.314 0.595 29 GMD 1,171,917 216,742 532,547 972,813 2,270,888 342,086 1,258,782 1,178,670 3,286,537 0.066 28.821 0.296 0.359 -0.033 30 GTA 133,640 14,848 92,679 92,682 105,171 8,122 108,330 83,749 199,777 0.074 26.020 0.464 0.419 -0.266 31 HAP 212,288 72,835 107,997 224,019 494,923 73,198 374,177 265,108 732,273 0.099 27.319 0.306 0.362 0.228 32 HAS 152,022 13,985 139,865 143,882 150,773 11,853 257,331 31,586 297,900 0.047 26.420 0.483 0.106 -0.052 33 HAX 473,275 6,689 60,838 60,838 27,434 5,737 69,478 17,917 88,608 0.075 25.207 0.687 0.202 1.050 34 HBC 455,356 24,860 344,670 408,521 526,732 16,923 502,207 301,158 940,066 0.026 27.569 0.435 0.320 1.215 35 HDC 249,626 26,171 334,159 459,690 116,818 1,175 551,324 23,525 577,857 0.045 27.083 0.796 0.041 1.359 36 HMC 2,800,364 38,225 262,511 267,389 194,530 30,325 281,472 154,783 462,734 0.083 26.860 0.578 0.334 0.601 37 HPG 5,642,934 643,974 1,268,387 1,533,364 3,121,496 449,746 3,135,513 950,049 4,756,795 0.135 29.191 0.322 0.200 3.279 38 HRC 296,008 132,910 63,521 67,191 338,141 158,156 181,186 82,401 407,025 0.327 26.732 0.165 0.202 -0.077 39 HSI 656,894 25,271 438,461 465,025 134,348 23,457 529,832 67,715 599,559 0.042 27.119 0.776 0.113 0.687 40 HT1 2,192,928 100,339 676,874 1,414,960 961,441 100,339 1,168,124 1,022,079 2,375,214 0.042 28.496 0.596 0.430 0.026 41 HTV 76,089 15,514 11,933 12,032 193,239 14,045 141,244 26,740 205,818 0.075 26.050 0.058 0.130 -0.123 42 ICF 326,128 21,145 186,140 191,259 118,000 14,444 199,709 71,932 336,245 0.063 26.541 0.569 0.214 0.152 43 IFS 721,481 68,274 558,187 583,447 375,651 39,921 240,884 426,313 964,615 0.071 27.595 0.605 0.442 0.124 44 IMP 451,602 54,518 70,172 70,874 494,961 50,371 469,910 44,362 568,426 0.096 27.066 0.125 0.078 -0.140 1.622 45 ITA 924,919 376,526 1,041,763 1,366,419 3,295,629 380,672 1,739,344 690,161 4,698,075 0.080 29.178 0.291 0.147 46 KDC 1,230,802 224,127 467,800 593,513 2,447,396 181,798 1,754,629 480,860 3,067,474 0.073 28.752 0.193 0.157 0.233 47 KHA 74,817 13,271 87,585 123,281 232,934 10,002 290,300 20,649 358,254 0.037 26.605 0.344 0.058 -0.439 48 KHP 758,905 46,390 178,182 254,232 174,091 33,216 220,780 202,339 468,765 0.099 26.873 0.542 0.432 0.173 49 L10 205,846 14,864 160,138 177,697 106,824 11,824 221,106 45,841 285,280 0.052 26.377 0.623 0.161 0.204 50 LAF 626,503 21,530 71,953 72,489 90,968 8,285 112,041 19,530 162,719 0.132 25.815 0.445 0.120 -0.105 51 LBM 79,529 7,010 30,066 46,222 60,261 -97 77,416 33,587 113,739 0.062 25.457 0.406 0.295 -0.109 52 LGC 56,823 3,907 125,175 179,739 82,175 1,241 92,161 166,626 262,077 0.015 26.292 0.686 0.636 0.405 53 MCP 165,859 10,479 111,340 162,264 63,802 10,479 142,909 81,977 226,858 0.046 26.148 0.715 0.361 0.089 75 YEAR 2007 (3) NO CODE Net Revenue (Million VND) Net Profit (Million VND) Current Liability (Million VND) Short-term and Long-term debt (Million VND) Owner's Equity (Million VND) Retained earnings (Million VND) short-term assets (Million VND) Net fixed asset (Million VND) Total asset (Million VND) ROA FIRM SIZE DEBT TANG SALES GROWTH 54 MCV 127,520 10,304 160,166 194,317 81,390 10,464 163,953 79,199 275,707 0.037 26.343 0.705 0.287 1.601 55 MHC 242,353 33,494 88,609 132,963 136,094 33,918 90,445 133,571 271,053 0.124 26.326 0.491 0.493 0.083 56 MPC 2,357,470 193,234 801,825 1,017,475 1,079,928 194,236 1,395,609 424,875 2,120,773 0.091 28.383 0.480 0.200 0.743 57 NAV 212,485 25,552 53,260 53,378 87,069 28,013 111,534 20,029 143,325 0.178 25.688 0.372 0.140 0.209 58 NKD 561,516 72,320 332,605 376,568 249,422 92,984 356,819 224,457 628,508 0.115 27.167 0.599 0.357 0.339 59 NSC 140,388 13,512 46,266 47,482 71,749 10,327 101,580 11,681 119,089 0.113 25.503 0.399 0.098 0.369 60 NTL 450,383 131,523 365,999 366,179 294,110 195,505 586,529 5,535 660,373 0.199 27.216 0.555 0.008 1.296 61 PAC 989,810 44,884 244,751 246,664 195,023 26,294 373,052 66,126 442,354 0.101 26.815 0.558 0.149 0.468 62 PET 2,695,337 52,128 634,779 635,765 532,129 41,702 936,173 235,546 1,176,913 0.044 27.794 0.540 0.200 2.643 63 PGC 1,494,969 46,732 232,717 295,807 532,285 45,872 466,082 186,601 843,083 0.055 27.460 0.351 0.221 0.172 64 PJT 732,810 11,561 74,397 74,600 54,979 11,561 100,557 27,933 129,583 0.089 25.588 0.576 0.216 -0.063 65 PNC 214,657 9,357 89,252 91,887 125,894 7,493 152,506 34,361 218,037 0.043 26.108 0.421 0.158 0.206 66 PPC 3,807,068 824,353 701,804 5,857,297 3,821,704 557,588 2,307,029 6,215,533 9,682,285 0.085 29.901 0.605 0.642 0.055 67 PVD 2,738,605 576,385 672,054 1,968,628 1,830,446 424,716 1,670,515 2,534,750 4,329,914 0.133 29.097 0.455 0.585 1.030 68 PVT 479,045 22,015 452,776 1,000,919 760,256 18,545 326,566 1,192,057 1,761,175 0.012 28.197 0.568 0.677 0.083 69 RAL 787,040 53,772 359,492 413,744 381,205 46,734 652,306 149,354 802,647 0.067 27.411 0.515 0.186 0.365 70 REE 977,085 291,527 531,140 635,407 2,244,775 286,826 1,615,207 53,645 2,891,125 0.101 28.693 0.220 0.019 0.186 71 RIC 159,336 55,561 85,875 98,231 685,762 58,557 278,217 455,228 783,993 0.071 27.388 0.125 0.581 0.054 72 SAM 1,695,987 196,886 639,144 645,201 2,424,244 1,937,042 127,190 3,077,897 0.064 28.755 0.210 0.041 0.025 73 SAV 413,909 15,498 240,818 247,348 287,317 11,020 455,064 57,094 534,823 0.029 27.005 0.462 0.107 0.118 74 SC5 772,347 61,358 527,031 750,646 164,069 46,321 821,575 17,198 916,522 0.067 27.544 0.819 0.019 0.610 75 SCD 238,894 22,669 32,519 34,006 120,814 16,939 106,663 27,093 155,852 0.145 25.772 0.218 0.174 0.228 76 SFC 801,126 8,348 68,109 68,143 74,604 5,731 80,482 58,170 143,292 0.058 25.688 0.476 0.406 0.243 77 SFI 98,400 26,614 178,245 208,378 55,477 33,126 156,557 88,147 271,847 0.098 26.329 0.767 0.324 0.106 78 SJD 241,742 68,139 150,445 873,838 338,752 68,139 27,501 1,137,686 1,212,683 0.056 27.824 0.721 0.938 0.014 79 SJS 708,107 359,278 244,318 276,306 1,270,894 389,476 440,661 798,138 1,547,235 0.232 28.067 0.179 0.516 1.107 80 SMC 2,998,575 46,153 357,337 373,870 99,973 46,153 487,200 39,424 582,168 0.079 27.090 0.642 0.068 0.570 81 SSC 155,857 22,010 24,038 30,946 124,935 2,008 92,058 50,814 156,248 0.141 25.775 0.198 0.325 0.200 76 82 ST8 597,683 39,701 102,523 Owner's Equity (Million VND) 119,916 252,854 0.157 26.256 0.405 0.353 1.541 83 TAC 2,554,228 125,712 372,170 475,621 353,840 78,189 601,396 225,499 837,061 0.150 27.453 0.568 0.269 0.685 84 TCM 1,057,277 74,251 574,582 789,629 280,560 72,094 521,009 517,454 1,106,715 0.067 27.732 0.713 0.468 1.020 85 TCR 1,145,380 72,810 309,114 572,355 587,052 150,301 625,656 516,483 1,159,407 0.063 27.779 0.494 0.445 0.694 86 TDH 188,512 164,511 192,393 338,551 747,728 141,286 605,984 48,349 1,109,883 0.148 27.735 0.305 0.044 0.336 87 TMS 135,189 16,982 22,537 32,650 176,953 17,766 98,849 108,989 213,214 0.080 26.086 0.153 0.511 0.054 88 TNA 470,442 12,921 80,545 81,831 90,268 8,965 166,356 4,476 172,479 0.075 25.874 0.474 0.026 0.945 89 TNC 165,706 33,392 58,399 58,760 211,289 1,854 136,204 102,396 276,307 0.121 26.345 0.213 0.371 0.140 90 TPC 290,147 8,776 91,293 92,848 340,069 9,520 227,830 66,403 433,004 0.020 26.794 0.214 0.153 0.317 91 TRC 491,894 177,445 306,433 346,815 460,933 160,933 387,146 308,356 817,171 0.217 27.429 0.424 0.377 0.059 92 TRI 384,640 15,224 301,452 498,540 151,253 15,839 338,348 276,560 671,111 0.023 27.232 0.743 0.412 0.309 NO CODE Net Revenue (Million VND) Net Profit (Million VND) Short-term and Long-term debt (Million VND) Retained earnings (Million VND) 28,957 YEAR 2007 (4) short-term Net fixed asset assets (Million (Million VND) VND) 143,662 89,329 Current Liability (Million VND) 102,435 Total asset (Million VND) ROA FIRM SIZE DEBT TANG SALES GROWTH 93 TS4 172,904 7,498 22,836 31,629 112,825 9,270 66,354 75,978 144,060 0.052 25.693 0.220 0.527 0.139 94 TSC 1,447,647 70,389 304,694 304,764 158,737 70,676 427,422 36,390 464,090 0.152 26.863 0.657 0.078 0.210 95 TTP 853,974 51,918 96,680 96,989 388,830 39,119 356,433 133,451 489,884 0.106 26.917 0.198 0.272 0.125 96 TYA 1,375,220 8,400 656,586 695,074 306,560 21,216 737,316 256,952 1,001,634 0.008 27.633 0.694 0.257 0.068 97 UIC 510,781 18,148 176,078 202,127 124,556 18,148 187,818 110,408 327,073 0.055 26.513 0.618 0.338 0.352 98 VFC 594,514 16,238 128,393 161,967 123,172 18,563 142,473 107,610 284,903 0.057 26.375 0.568 0.378 0.731 99 VHC 1,425,436 95,978 206,969 267,508 389,489 89,409 380,449 290,746 676,476 0.142 27.240 0.395 0.430 #REF! 100 VIC 180,195 268,797 199,769 1,246,686 1,842,705 269,350 2,534,874 116,442 3,179,824 0.085 28.788 0.392 0.037 -0.671 101 VID 440,525 22,550 145,025 184,052 247,032 22,393 252,450 122,310 431,185 0.052 26.790 0.427 0.284 0.658 102 VIP 1,050,799 149,697 115,380 765,474 777,834 86,128 520,202 1,001,047 1,554,279 0.096 28.072 0.492 0.644 0.247 103 VIS 1,468,810 21,913 492,057 615,725 173,247 21,553 567,181 220,989 789,577 0.028 27.395 0.780 0.280 0.159 104 VNE 573,426 58,380 851,499 1,614,838 362,429 49,176 1,323,849 548,242 2,075,666 0.028 28.361 0.778 0.264 -0.193 105 VNM 6,648,193 963,448 933,357 1,073,230 4,224,315 525,757 3,172,434 1,646,962 5,425,117 0.178 29.322 0.198 0.304 0.064 106 VPK 164,465 11,954 46,401 87,961 93,860 10,161 75,550 98,018 181,822 0.066 25.926 0.484 0.539 0.560 107 VSH 370,162 256,841 123,156 437,163 2,020,949 260,966 833,438 1,614,584 2,459,449 0.104 28.531 0.178 0.656 -0.096 108 VTB 512,324 24,167 116,527 117,774 215,310 35,950 278,638 4,969 333,834 0.072 26.534 0.353 0.015 0.299 109 VTO 726,717 187,796 83,223 1,118,985 620,954 187,796 301,145 1,389,760 1,741,280 0.108 28.186 0.643 0.798 0.844 77 YEAR 2008 (1) Current Short-term and Owner's Retained short-term Long-term Liability Long-term debt Equity earnings assets (Million asset (Million (Million VND) (Million VND) (Million VND) (Million VND) VND) VND) Total asset (Million VND) ROA FIRM SIZE DEBT TANG SALES GROWTH 49,460 386,164 0.058 26.680 0.111 0.128 0.108 94,204 392,257 0.182 26.695 0.581 0.240 0.693 614,016 406,844 1,164,260 0.015 27.783 0.466 0.349 0.594 38,805 458,584 84,668 953,074 0.034 27.583 0.256 0.089 1.418 1,585,463 340,915 1,739,899 604,136 2,659,846 0.037 28.609 0.398 0.227 0.039 111,738 491,683 20,869 402,269 173,676 606,168 0.034 27.130 0.184 0.287 0.199 110,900 267,295 331,060 -43,276 277,754 281,993 598,525 -0.072 27.118 0.447 0.471 0.232 7,404 7,619 123,024 14,272 59,150 65,994 131,616 0.354 25.603 0.058 0.501 0.039 NO CODE ABT 473,428 22,586 43,038 43,038 342,493 -2,199 167,781 ACL 649,135 71,460 187,777 228,069 136,028 37,075 285,615 AGF 1,966,449 16,913 542,026 542,756 618,206 16,839 ALP 1,301,531 32,397 238,814 244,408 662,171 ANV 3,319,203 97,746 981,960 1,058,370 BBC 544,419 20,851 101,122 BHS 790,088 -43,276 BMC 107,216 46,611 Net Revenue Net Profit (Million VND) (Million VND) BMP 820,964 95,923 76,899 77,655 480,230 52,448 341,933 217,557 566,011 0.169 27.062 0.137 0.384 0.207 10 BT6 844,179 36,119 238,013 321,407 317,579 30,695 416,004 87,408 650,291 0.056 27.201 0.494 0.134 0.224 11 CII 229,046 132,780 230,450 1,147,465 781,681 142,429 144,221 632,147 2,011,311 0.066 28.330 0.571 0.314 0.291 12 CLC 923,690 49,140 213,060 213,216 157,089 21,231 302,659 68,694 371,353 0.132 26.640 0.574 0.185 0.135 13 COM 3,071,595 19,453 32,912 39,378 288,894 8,946 231,462 98,553 330,015 0.059 26.522 0.119 0.299 0.471 14 CYC 268,936 13,175 171,854 213,356 117,257 25,997 179,229 141,998 330,613 0.040 26.524 0.645 0.429 0.649 15 DCC 471,686 11,709 150,026 170,050 191,302 1,991 227,541 12,895 362,568 0.032 26.616 0.469 0.036 0.256 16 DCT 197,011 37,693 38,204 52,870 297,168 20,716 158,123 66,899 353,658 0.107 26.592 0.149 0.189 0.251 17 DHA 158,732 37,413 19,533 21,235 278,916 37,413 126,742 115,824 298,546 0.125 26.422 0.071 0.388 0.566 18 DHG 1,485,464 129,995 367,464 382,658 701,139 62,247 783,527 209,485 1,081,782 0.120 27.710 0.354 0.194 0.170 19 DIC 661,003 13,325 206,275 216,693 95,434 15,784 146,805 68,577 323,159 0.041 26.501 0.671 0.212 0.116 20 DMC 937,761 62,805 135,461 137,101 471,092 47,522 344,665 186,379 612,929 0.102 27.142 0.224 0.304 0.156 21 DPM 6,475,368 1,385,292 438,629 450,947 4,687,778 777,342 2,692,502 1,899,295 5,192,372 0.267 29.278 0.087 0.366 0.713 22 DPR 728,795 234,044 321,102 361,160 645,351 119,112 277,211 550,683 1,045,096 0.224 27.675 0.346 0.527 0.036 23 DRC 1,290,518 51,789 303,161 398,490 216,686 54,087 429,046 179,166 614,519 0.084 27.144 0.648 0.292 0.103 24 DTT 112,290 5,803 5,180 5,200 100,367 3,393 62,623 42,063 105,303 0.055 25.380 0.049 0.399 1.047 25 FMC 1,017,312 12,151 180,811 181,331 152,752 12,155 213,217 80,909 335,120 0.036 26.538 0.541 0.241 0.018 78 YEAR 2008 (2) Current Short-term and Owner's Retained short-term Long-term Liability Long-term debt Equity earnings assets (Million asset (Million (Million VND) (Million VND) (Million VND) (Million VND) VND) VND) Total asset (Million VND) ROA FIRM SIZE DEBT TANG SALES GROWTH 960,726 6,124,834 0.172 29.443 0.527 0.157 0.214 271,745 94,271 374,824 0.082 26.650 0.160 0.252 0.018 92,677 78,536 185,955 0.092 25.949 0.394 0.422 0.192 280,665 1,004,368 1,625,769 4,140,928 0.029 29.052 0.427 0.393 0.632 153,594 7,631 103,039 82,817 193,545 0.039 25.989 0.192 0.428 0.199 239,081 411,734 -76,484 281,375 251,096 673,968 -0.100 27.236 0.355 0.373 0.501 107,642 155,018 12,584 215,441 20,993 265,977 0.048 26.307 0.405 0.079 -0.256 74,221 74,958 100,534 5,080 130,296 45,819 181,412 0.072 25.924 0.413 0.253 0.318 462,769 573,103 532,844 3,889 799,202 251,082 1,163,293 0.007 27.782 0.493 0.216 0.528 332,711 440,316 122,950 7,065 534,775 25,868 564,904 0.060 27.060 0.779 0.046 0.199 43,150 525,666 526,352 286,784 21,925 584,975 198,329 814,076 0.053 27.425 0.647 0.244 0.530 8,364,805 859,410 1,256,331 1,294,098 4,070,661 415,743 3,849,009 1,265,421 5,639,375 0.152 29.361 0.229 0.224 0.482 HRC 289,976 88,025 62,017 65,634 315,054 102,676 148,650 88,037 387,653 0.227 26.683 0.169 0.227 -0.020 HSI 633,655 19,878 743,511 744,054 125,237 4,894 776,325 90,661 869,330 0.023 27.491 0.856 0.104 -0.035 40 HT1 2,536,787 77,597 1,674,731 4,672,476 979,195 77,597 1,696,701 3,737,961 5,647,893 0.014 29.362 0.827 0.662 0.157 41 HTV 86,179 4,213 7,581 7,697 182,956 5,621 146,293 32,211 191,565 0.022 25.978 0.040 0.168 0.133 42 ICF 457,042 14,109 234,085 245,940 169,171 10,269 261,088 73,974 416,849 0.034 26.756 0.590 0.177 0.401 43 IFS 842,253 -266,903 986,015 1,017,437 143,599 -220,665 173,763 931,010 1,179,267 -0.226 27.796 0.863 0.789 0.167 44 IMP 561,844 58,266 78,649 80,581 512,573 44,106 398,184 131,977 596,411 0.098 27.114 0.135 0.221 0.244 45 ITA 1,057,633 296,708 699,489 1,084,049 4,588,037 701,522 1,578,867 171,740 5,701,548 0.052 29.372 0.190 0.030 0.143 46 KDC 1,455,768 -60,602 663,885 835,926 2,075,923 -147,004 1,474,434 749,092 2,983,410 -0.020 28.724 0.280 0.251 0.183 47 KHA 228,809 38,428 118,496 122,772 222,203 19,225 271,272 28,006 346,795 0.111 26.572 0.354 0.081 2.058 48 KHP 842,616 44,711 136,154 562,884 233,127 34,480 232,670 499,623 798,289 0.056 27.406 0.705 0.626 0.110 49 L10 327,839 22,180 226,882 240,799 113,993 16,542 267,857 51,216 355,418 0.062 26.597 0.678 0.144 0.593 50 LAF 564,471 4,002 126,664 127,008 89,974 4,581 166,233 28,514 217,119 0.018 26.104 0.585 0.131 -0.099 51 LBM 131,370 12,585 49,305 93,392 66,337 6,282 89,519 74,387 167,810 0.075 25.846 0.557 0.443 0.652 NO CODE 26 FPT 16,381,840 1,051,047 3,222,180 3,227,109 2,373,483 798,009 4,658,263 27 GIL 457,347 30,761 58,846 60,156 312,319 32,793 28 GMC 424,291 17,121 72,798 73,232 110,078 81 29 GMD 1,912,925 118,827 688,818 1,769,192 2,229,087 30 GTA 160,225 7,631 37,071 37,100 31 HAP 318,681 -67,410 163,567 32 HAS 113,156 12,724 106,734 33 HAX 623,644 13,038 34 HBC 695,985 8,249 35 HDC 299,374 33,894 36 HMC 4,284,503 37 HPG 38 39 Net Revenue Net Profit (Million VND) (Million VND) 52 LGC 89,639 13,764 55,798 200,798 138,190 4,278 96,725 242,505 339,558 0.041 26.551 0.591 0.714 0.578 53 MCP 207,654 18,377 35,414 81,280 122,750 13,100 115,473 88,323 204,786 0.090 26.045 0.397 0.431 0.252 79 YEAR 2008 (3) NO CODE 54 MCV 55 MHC 229,888 81 56 MPC 2,876,384 -38,097 57 NAV 176,913 16,303 58 NKD 689,338 59 NSC 214,397 60 NTL 371,307 61,812 61 PAC 1,241,205 77,771 62 PET 5,286,383 88,342 63 PGC 1,688,226 1,911 64 PJT 800,683 65 PNC 66 67 Net Revenue Net Profit (Million VND) (Million VND) 147,456 9,662 Current Short-term and Owner's Retained short-term Long-term Liability Long-term debt Equity earnings assets (Million asset (Million (Million VND) (Million VND) (Million VND) (Million VND) VND) VND) 168,278 194,290 129,612 139,295 219,939 168,348 1,064,563 1,278,740 918,333 51,071 51,071 92,562 979 342,602 367,687 28,345 57,869 58,498 706,235 12,768 Total asset (Million VND) ROA FIRM SIZE DEBT TANG SALES GROWTH 323,902 0.030 26.504 0.600 0.238 0.156 -0.051 200,238 77,035 80 158,458 208,574 391,766 0.000 26.694 0.561 0.532 -29,534 1,640,547 294,179 2,266,905 -0.017 28.449 0.564 0.130 0.220 6,050 87,295 21,709 144,377 0.113 25.696 0.354 0.150 -0.167 214,594 35,986 210,993 211,668 585,346 0.002 27.095 0.628 0.362 0.228 144,119 19,586 183,597 15,876 203,271 0.139 26.038 0.288 0.078 0.527 706,514 256,648 88,063 941,331 6,488 965,940 0.064 27.596 0.731 0.007 -0.176 194,061 195,527 306,225 40,993 396,812 75,935 505,935 0.154 26.950 0.386 0.150 0.254 1,006,312 1,016,816 569,551 81,748 1,293,964 293,470 1,597,737 0.055 28.100 0.636 0.184 0.961 146,448 239,247 497,638 1,257 337,247 242,024 748,538 0.003 27.341 0.320 0.323 0.129 6,052 90,521 90,769 89,802 6,052 110,170 69,437 180,765 0.033 25.920 0.502 0.384 0.093 272,431 3,618 155,883 168,944 121,948 3,519 200,710 51,595 290,159 0.012 26.394 0.582 0.178 0.269 PPC 3,881,915 -212,784 1,006,054 7,361,025 3,431,986 -127,460 4,738,664 5,502,036 10,797,310 -0.020 30.010 0.682 0.510 0.020 PVD 3,728,746 902,864 3,934,636 6,051,085 2,071,197 312,906 2,065,295 6,272,698 8,632,863 0.105 29.787 0.701 0.727 0.362 68 PVT 1,109,074 84,001 2,403,076 4,288,975 748,068 67,130 2,501,666 3,328,261 5,875,051 0.014 29.402 0.730 0.567 1.315 69 RAL 837,445 48,906 433,826 477,979 405,279 55,353 616,689 205,203 895,160 0.055 27.520 0.534 0.229 0.064 70 REE 1,154,393 -153,827 403,533 508,969 2,087,168 -155,188 1,118,978 45,352 2,608,254 -0.059 28.590 0.195 0.017 0.181 71 RIC 148,313 6,696 155,008 171,855 771,974 21,287 296,427 556,541 943,829 0.007 27.573 0.182 0.590 -0.069 72 SAM 1,296,385 -59,520 75,021 75,378 2,277,839 -6,342 1,207,403 189,938 2,358,363 -0.025 28.489 0.032 0.081 -0.236 73 SAV 502,883 13,976 272,823 285,204 287,969 14,079 488,744 65,816 575,777 0.024 27.079 0.495 0.114 0.215 74 SC5 832,659 34,985 762,217 1,021,980 185,242 31,601 1,097,670 50,277 1,215,258 0.029 27.826 0.841 0.041 0.078 75 SCD 272,143 25,546 43,929 44,324 126,203 4,575 115,197 32,892 170,997 0.149 25.865 0.259 0.192 0.139 76 SFC 1,204,484 16,721 50,046 50,215 84,278 13,221 36,893 90,708 135,097 0.124 25.629 0.372 0.671 0.503 77 SFI 121,277 37,526 148,604 148,788 133,418 60,219 143,446 102,638 290,460 0.129 26.395 0.512 0.353 0.232 78 SJD 240,447 35,437 253,026 768,290 370,911 35,437 28,789 1,069,539 1,140,170 0.031 27.762 0.674 0.938 -0.005 79 SJS 314,149 118,884 312,403 442,660 1,145,681 84,176 219,144 1,031,797 1,591,150 0.075 28.095 0.278 0.648 -0.556 80 SMC 4,213,814 72,081 461,272 490,016 258,198 71,422 549,159 122,385 751,261 0.096 27.345 0.652 0.163 0.405 81 SSC 202,103 30,321 25,620 30,359 138,318 9,342 115,599 49,956 169,575 0.179 25.857 0.179 0.295 0.297 80 YEAR 2008 (4) Current Short-term and Owner's Retained short-term Long-term Liability Long-term debt Equity earnings assets (Million asset (Million (Million VND) (Million VND) (Million VND) (Million VND) VND) VND) Total asset (Million VND) ROA FIRM SIZE DEBT TANG SALES GROWTH 264,076 0.205 26.300 0.325 0.329 0.350 275,710 686,965 0.017 27.256 0.550 0.401 0.159 725,563 1,307,860 0.004 27.899 0.711 0.555 -0.032 576,452 570,014 1,155,552 0.032 27.776 0.479 0.493 -0.060 703,520 76,629 1,432,980 0.148 27.991 0.287 0.053 2.180 57,987 44,184 162,461 258,077 0.106 26.277 0.119 0.630 0.293 97,058 13,154 187,528 12,608 203,850 0.070 26.041 0.524 0.062 0.504 44,395 218,732 6,223 123,539 108,169 266,031 0.032 26.307 0.167 0.407 0.097 63,750 66,240 262,540 -59,192 213,670 56,222 328,780 -0.187 26.519 0.201 0.171 0.568 198,220 123,313 156,206 478,841 69,482 209,649 316,922 660,673 0.300 27.217 0.236 0.480 0.116 580,595 -144,989 241,994 322,366 -5,321 -140,838 177,831 71,361 325,819 -0.445 26.510 0.989 0.219 0.509 TS4 180,523 10,208 39,532 87,201 157,886 7,100 91,624 151,485 244,655 0.042 26.223 0.356 0.619 0.044 94 TSC 2,726,817 67,826 703,501 703,606 172,963 51,104 794,215 84,406 879,014 0.077 27.502 0.800 0.096 0.884 95 TTP 1,041,292 67,119 66,060 66,243 413,514 40,414 368,982 113,249 484,380 0.139 26.906 0.137 0.234 0.219 96 TYA 1,183,672 -108,005 441,273 462,050 198,555 -101,327 415,870 230,847 660,606 -0.163 27.216 0.699 0.349 -0.139 97 UIC 685,260 19,596 296,680 315,427 123,251 11,596 353,443 56,584 438,426 0.045 26.806 0.719 0.129 0.342 98 VFC 447,802 11,929 50,511 65,111 273,924 15,053 235,280 65,318 338,974 0.035 26.549 0.192 0.193 -0.247 NO CODE 82 ST8 806,781 54,042 85,616 85,730 147,753 45,980 149,202 86,952 83 TAC 2,959,678 11,838 299,227 377,704 306,855 45,553 405,554 84 TCM 1,023,284 5,036 628,333 930,152 335,895 -454 511,570 85 TCR 1,076,089 36,898 377,959 553,207 602,345 127,257 86 TDH 599,528 212,040 200,874 411,688 986,950 153,112 87 TMS 174,843 27,377 24,216 30,715 222,567 88 TNA 707,747 14,371 103,953 106,817 89 TNC 181,765 8,393 44,088 90 TPC 455,072 -61,614 91 TRC 549,115 92 TRI 93 Net Revenue Net Profit (Million VND) (Million VND) 99 VHC 2,442,360 82,245 586,911 799,898 388,819 88,223 697,635 499,579 1,215,170 0.068 27.826 0.658 0.411 0.713 100 VIC 239,180 125,995 1,102,096 4,399,063 1,497,934 394,067 2,403,503 2,257,962 6,021,566 0.021 29.426 0.731 0.375 0.327 101 VID 555,085 25,233 179,232 230,579 271,133 25,229 340,952 126,308 502,077 0.050 26.942 0.459 0.252 0.260 102 VIP 1,256,641 75,873 173,405 666,344 782,679 62,346 396,755 969,938 1,458,066 0.052 28.008 0.457 0.665 0.196 103 VIS 1,734,247 134,376 349,789 634,490 272,249 115,796 417,643 144,977 907,031 0.148 27.533 0.700 0.160 0.181 104 VNE 368,912 -558 682,064 1,653,847 311,142 -2,134 1,082,162 795,497 2,031,308 0.000 28.340 0.814 0.392 -0.357 105 VNM 8,208,982 1,248,698 972,502 1,154,432 4,761,913 803,037 3,187,605 1,936,923 5,966,959 0.209 29.417 0.193 0.325 0.235 106 VPK 190,285 3,978 69,658 101,714 88,379 53,696 105,162 159,904 0.025 25.798 0.636 0.658 0.157 107 VSH 483,680 370,945 115,838 340,833 2,141,120 309,637 993,926 1,478,057 2,483,250 0.149 28.541 0.137 0.595 0.307 108 VTB 216,214 24,501 54,471 62,062 200,305 25,175 188,991 34,118 262,969 0.093 26.295 0.236 0.130 -0.578 109 VTO 753,110 35,993 529,866 2,633,289 779,020 34,993 149,082 3,204,796 3,412,791 0.011 28.859 0.772 0.939 0.036 81 YEAR 2009 (1) Current Liability (Million VND) Short-term and Long-term debt (Million VND) Owner's Equity (Million VND) Retained earnings (Million VND) short-term assets (Million VND) Long-term Total asset asset (Million (Million VND) VND) NO CODE ABT 543,919 90,934 96,549 96,549 432,689 19,035 375,425 52,484 ACL 720,137 47,603 403,805 436,191 171,160 67,630 450,549 147,944 AGF 1,334,298 14,445 574,738 582,972 623,520 14,245 663,861 ALP 1,077,215 50,248 460,046 469,918 657,196 27,584 ANV 1,859,351 -127,710 670,691 726,672 1,454,765 BBC 626,954 57,293 157,211 213,556 521,579 BHS 1,189,448 120,087 331,847 456,207 BMC 87,302 21,618 20,564 BMP 1,143,154 249,919 10 BT6 788,205 76,522 Net Revenue Net Profit (Million VND) (Million VND) ROA FIRM SIZE DEBT TANG SALES GROWTH 537,004 0.169 27.009 0.180 0.098 0.149 613,944 0.078 27.143 0.710 0.241 0.109 399,049 1,209,944 0.012 27.822 0.482 0.330 -0.321 632,304 112,756 1,195,620 0.042 27.810 0.393 0.094 -0.172 211,206 1,270,483 608,590 2,200,098 -0.058 28.420 0.330 0.277 -0.440 47,049 341,516 366,591 736,809 0.078 27.326 0.290 0.498 0.152 425,466 52,983 532,632 263,750 884,740 0.136 27.509 0.516 0.298 0.505 31,532 120,195 72,242 57,042 151,936 0.142 25.747 0.208 0.375 -0.186 145,788 146,826 671,905 156,474 550,257 265,581 824,250 0.303 27.438 0.178 0.322 0.392 345,849 396,168 393,102 91,477 452,723 172,149 830,959 0.092 27.446 0.477 0.207 -0.066 -0.116 11 CII 202,590 316,248 215,274 1,281,281 1,206,582 372,979 414,254 655,468 2,504,297 0.126 28.549 0.512 0.262 12 CLC 1,149,968 50,756 277,392 277,569 190,878 43,771 405,019 44,398 469,667 0.108 26.875 0.591 0.095 0.245 13 COM 2,821,220 63,224 118,878 124,297 343,004 64,951 347,878 122,704 470,582 0.134 26.877 0.264 0.261 -0.082 14 CYC 259,645 2,132 198,451 228,943 119,382 28,099 205,530 129,695 348,325 0.006 26.576 0.657 0.372 -0.035 15 DCC 404,267 21,113 139,529 160,950 200,186 10,688 200,504 14,026 362,561 0.058 26.616 0.444 0.039 -0.143 16 DCT 313,524 33,297 166,937 403,807 311,774 36,330 116,837 489,418 720,317 0.046 27.303 0.561 0.679 0.591 17 DHA 192,607 67,901 26,800 28,591 320,243 67,901 137,545 153,290 348,285 0.195 26.576 0.082 0.440 0.213 18 DHG 1,746,022 362,340 481,916 496,158 1,010,376 330,992 1,212,468 237,015 1,521,973 0.238 28.051 0.326 0.156 0.175 19 DIC 724,967 18,596 279,369 279,633 126,991 17,479 293,111 29,872 407,760 0.046 26.734 0.686 0.073 0.097 20 DMC 1,067,897 76,362 192,917 208,065 497,253 62,008 404,658 222,070 709,970 0.108 27.288 0.293 0.313 0.139 21 DPM 6,630,061 1,351,284 565,622 794,323 5,487,904 1,228,173 3,866,941 1,723,753 6,351,202 0.213 29.480 0.125 0.271 0.024 22 DPR 648,310 210,756 329,548 361,302 828,712 210,756 392,512 566,920 1,246,311 0.169 27.851 0.290 0.455 -0.110 23 DRC 1,815,041 393,275 183,213 226,561 557,253 376,068 546,820 233,420 785,049 0.501 27.389 0.289 0.297 0.406 24 DTT 71,838 1,212 10,047 10,047 115,124 1,212 62,671 60,782 125,221 0.010 25.553 0.080 0.485 -0.360 25 FMC 940,084 13,962 470,808 471,368 150,001 13,967 505,691 86,035 623,407 0.022 27.158 0.756 0.138 -0.076 82 YEAR 2009 (2) Current Liability (Million VND) Short-term and Long-term debt (Million VND) Owner's Equity (Million VND) Retained earnings (Million VND) short-term assets (Million VND) Long-term Total asset asset (Million (Million VND) VND) NO CODE 26 FPT 18,404,026 1,405,874 4,765,833 6,677,493 2,999,501 1,391,088 7,678,505 1,638,512 27 GIL 562,616 56,239 97,350 98,659 337,956 63,440 305,211 28 GMC 353,993 34,795 88,277 88,717 124,237 10,724 119,951 29 GMD 1,774,449 333,924 801,100 1,849,484 2,470,626 527,023 30 GTA 286,363 9,206 62,954 63,026 152,959 9,206 31 HAP 285,538 46,393 145,455 203,403 461,686 Net Revenue Net Profit (Million VND) (Million VND) ROA FIRM SIZE DEBT TANG SALES GROWTH 10,395,415 0.135 29.972 0.642 0.158 0.123 124,952 439,845 0.128 26.810 0.224 0.284 0.230 71,361 210,928 0.165 26.075 0.421 0.338 -0.166 1,073,084 1,784,574 4,511,256 0.074 29.138 0.410 0.396 -0.072 134,758 75,379 218,816 0.042 26.111 0.288 0.344 0.787 -29,423 278,150 257,195 691,876 0.067 27.263 0.294 0.372 -0.104 32 HAS 84,678 7,185 85,798 86,620 151,431 3,467 198,022 22,131 241,043 0.030 26.208 0.359 0.092 -0.252 33 HAX 1,301,059 14,553 115,611 116,320 111,848 7,382 180,281 47,896 233,693 0.062 26.177 0.498 0.205 1.086 34 HBC 1,763,456 49,175 700,533 718,615 575,507 38,917 874,372 357,696 1,355,935 0.036 27.936 0.530 0.264 1.534 35 HDC 304,686 77,325 457,755 580,680 197,577 45,089 682,193 54,434 782,922 0.099 27.386 0.742 0.070 0.018 36 HMC 2,808,438 27,529 569,953 618,779 304,906 31,504 629,799 254,644 924,339 0.030 27.552 0.669 0.275 -0.345 37 HPG 8,123,395 1,270,707 4,565,113 5,104,607 4,825,091 1,154,639 5,407,841 3,065,312 10,243,240 0.124 29.958 0.498 0.299 -0.029 38 HRC 202,645 65,456 56,899 67,689 360,838 127,126 106,552 98,429 436,749 0.150 26.803 0.155 0.225 -0.301 39 HSI 899,665 16,030 627,247 627,757 131,271 16,042 676,629 81,275 759,579 0.021 27.356 0.826 0.107 0.420 40 HT1 2,816,843 160,613 1,339,938 6,096,890 1,170,973 157,113 888,199 6,137,306 7,265,214 0.022 29.614 0.839 0.845 0.110 41 HTV 97,161 23,614 18,413 18,490 199,906 23,574 172,289 31,606 218,451 0.108 26.110 0.085 0.145 0.127 42 ICF 443,229 28,895 169,756 176,011 188,736 17,393 199,806 80,147 367,194 0.079 26.629 0.479 0.218 -0.030 43 IFS 997,615 -27,733 444,455 600,313 114,731 -259,064 162,144 415,352 715,044 -0.039 27.296 0.840 0.581 0.184 44 IMP 660,076 65,707 177,375 188,183 537,730 57,707 527,191 152,338 731,469 0.090 27.318 0.257 0.208 0.175 45 ITA 1,203,087 429,225 985,326 2,180,900 5,048,097 614,822 3,234,995 196,345 7,228,533 0.059 29.609 0.302 0.027 0.138 46 KDC 1,529,355 522,943 1,632,683 1,767,440 2,413,130 290,986 2,510,074 656,085 4,247,601 0.123 29.077 0.416 0.154 0.051 47 KHA 178,493 47,299 90,809 94,194 280,901 27,969 273,022 24,069 383,334 0.123 26.672 0.246 0.063 -0.220 48 KHP 1,026,034 50,333 291,694 588,939 255,544 34,757 351,719 428,698 848,670 0.059 27.467 0.694 0.505 0.218 49 L10 480,847 23,976 313,787 363,283 124,956 18,159 334,360 126,014 489,016 0.049 26.916 0.743 0.258 0.467 50 LAF 528,405 21,465 109,388 109,851 106,249 16,594 155,113 29,508 215,358 0.100 26.096 0.510 0.137 -0.064 51 LBM 152,029 10,412 44,185 68,132 121,023 7,433 93,764 97,301 197,975 0.053 26.011 0.344 0.491 0.157 52 LGC 152,766 28,779 102,822 260,973 151,911 13,623 69,800 332,885 414,540 0.069 26.750 0.630 0.803 0.704 53 MCP 197,800 12,215 43,168 79,395 122,310 7,308 124,026 76,678 201,979 0.060 26.031 0.393 0.380 -0.047 83 YEAR 2009 (3) Current Liability (Million VND) Short-term and Long-term debt (Million VND) Owner's Equity (Million VND) Retained earnings (Million VND) short-term assets (Million VND) Long-term Total asset asset (Million (Million VND) VND) NO CODE 54 MCV 153,388 8,444 185,890 267,999 132,334 8,441 275,842 61,797 55 MHC 173,552 -32,496 207,745 285,693 132,556 -32,423 121,633 236,304 56 MPC 3,093,505 242,864 848,012 1,087,949 1,075,522 105,216 1,403,001 57 NAV 143,132 11,750 67,274 67,274 93,735 6,045 115,012 58 NKD 767,652 79,644 300,585 334,684 263,802 85,194 59 NSC 269,639 33,351 73,669 74,298 169,461 28,739 60 NTL 1,379,554 530,403 566,618 613,668 555,862 61 PAC 1,304,783 147,756 230,126 254,078 62 PET 7,374,988 113,691 2,186,460 63 PGC 1,655,460 70,529 326,224 64 PJT 338,017 7,934 29,529 65 PNC 292,629 3,473 153,352 66 PPC 4,420,950 892,014 901,350 67 PVD 4,096,780 817,661 68 PVT 1,928,913 69 RAL 70 Net Revenue Net Profit (Million VND) (Million VND) SALES GROWTH ROA FIRM SIZE DEBT TANG 400,333 0.021 26.716 0.669 0.154 0.040 420,228 -0.077 26.764 0.680 0.562 -0.245 427,070 2,222,371 0.109 28.430 0.490 0.192 0.075 34,888 161,585 0.073 25.808 0.416 0.216 -0.191 272,558 205,934 599,059 0.133 27.119 0.559 0.344 0.114 202,159 39,701 246,942 0.135 26.232 0.301 0.161 0.258 384,277 1,142,565 11,980 1,171,436 0.453 27.789 0.524 0.010 2.715 404,848 100,885 506,630 137,399 669,892 0.221 27.230 0.379 0.205 0.051 2,237,623 735,660 107,527 2,754,895 309,372 3,093,732 0.037 28.760 0.723 0.100 0.395 443,898 545,030 48,386 524,314 273,038 1,004,076 0.070 27.635 0.442 0.272 -0.019 42,760 97,369 7,934 75,235 64,293 140,204 0.057 25.666 0.305 0.459 -0.578 170,544 142,079 3,140 212,415 58,681 311,244 0.011 26.464 0.548 0.189 0.074 7,424,075 4,317,000 757,554 5,099,163 4,452,376 11,743,843 0.076 30.094 0.632 0.379 0.139 2,495,123 8,123,017 4,225,407 397,324 2,564,985 9,420,069 12,368,345 0.066 30.146 0.657 0.762 0.099 -16,832 1,554,402 4,250,724 1,436,906 46,427 1,558,832 4,620,979 6,387,614 -0.003 29.485 0.665 0.723 0.739 1,050,814 36,445 573,956 618,725 413,513 61,510 712,662 261,836 1,049,313 0.035 27.679 0.590 0.250 0.255 REE 1,174,211 433,802 791,109 893,842 2,462,172 217,368 1,408,237 89,629 3,381,946 0.128 28.849 0.264 0.027 0.017 71 RIC 179,155 35,767 166,517 227,838 848,903 57,803 279,965 691,028 1,076,741 0.033 27.705 0.212 0.642 0.208 72 SAM 426,411 232,254 182,232 182,508 2,461,868 125,273 1,200,588 408,080 2,667,619 0.087 28.612 0.068 0.153 -0.671 73 SAV 403,359 14,603 279,620 287,416 277,640 4,032 512,470 60,566 585,547 0.025 27.096 0.491 0.103 -0.198 74 SC5 1,140,747 37,611 1,055,733 1,169,987 235,402 36,849 1,275,696 46,333 1,417,722 0.027 27.980 0.825 0.033 0.370 75 SCD 310,946 34,790 51,158 51,741 142,739 10,739 134,423 33,050 195,651 0.178 26.000 0.264 0.169 0.143 76 SFC 1,108,476 44,478 108,530 109,421 132,609 34,999 71,269 64,515 242,584 0.183 26.215 0.451 0.266 -0.080 77 SFI 124,389 35,171 152,126 152,274 162,809 42,103 161,621 103,983 326,360 0.108 26.511 0.467 0.319 0.026 78 SJD 281,377 111,620 279,503 608,276 455,421 111,472 41,038 987,795 1,065,034 0.105 27.694 0.571 0.927 0.170 79 SJS 1,114,884 705,150 728,999 1,229,420 1,764,517 992,172 1,708,988 2,998,502 0.235 28.729 0.410 0.570 2.549 80 SMC 5,263,667 73,061 1,214,264 1,249,008 309,173 64,533 1,264,877 204,822 1,563,124 0.047 28.078 0.799 0.131 0.249 81 SSC 258,130 50,634 54,478 58,240 172,683 26,162 173,819 52,624 232,893 0.217 26.174 0.250 0.226 0.277 84 YEAR 2009 (4) NO CODE Net Revenue Net Profit (Million VND) (Million VND) Current Liability (Million VND) Short-term and Long-term debt (Million VND) Owner's Equity (Million VND) Retained earnings (Million VND) short-term assets (Million VND) Long-term Total asset asset (Million (Million VND) VND) ROA FIRM SIZE DEBT TANG SALES GROWTH 82 ST8 809,507 70,222 69,889 69,889 209,671 91,063 179,349 120,182 325,294 0.216 26.508 0.215 0.369 0.003 83 TAC 2,626,347 27,825 276,225 354,139 295,475 27,503 380,194 270,089 651,956 0.043 27.203 0.543 0.414 -0.113 84 TCM 1,126,093 47,411 702,256 1,143,654 522,188 23,322 657,498 948,806 1,705,543 0.028 28.165 0.671 0.556 0.100 85 TCR 921,738 4,150 468,317 578,105 591,888 92,977 642,606 517,584 1,169,993 0.004 27.788 0.494 0.442 -0.143 86 TDH 481,340 299,012 285,269 535,328 1,230,386 168,003 890,439 200,600 1,833,444 0.163 28.237 0.292 0.109 -0.197 87 TMS 170,252 37,465 36,792 118,015 337,720 87,054 129,932 175,257 459,226 0.082 26.853 0.257 0.382 -0.026 88 TNA 559,640 25,699 294,247 297,271 167,071 20,587 387,208 42,661 465,192 0.055 26.866 0.639 0.092 -0.209 89 TNC 171,590 29,574 24,157 24,739 242,990 30,481 131,298 104,888 268,526 0.110 26.316 0.092 0.391 -0.056 90 TPC 409,333 62,911 37,801 40,111 326,236 270,194 50,993 366,347 0.172 26.627 0.109 0.139 -0.101 91 TRC 440,353 153,290 120,636 162,638 606,298 115,424 304,844 323,606 790,848 0.194 27.396 0.206 0.409 -0.198 92 TRI 572,752 -86,181 268,114 312,418 62,749 -223,171 201,037 65,179 379,987 -0.227 26.663 0.822 0.172 -0.014 93 TS4 290,056 26,852 51,696 194,282 172,788 22,044 139,157 226,474 366,746 0.073 26.628 0.530 0.618 0.607 94 TSC 2,619,943 29,310 737,259 737,366 187,630 26,102 786,951 132,748 930,258 0.032 27.559 0.793 0.143 -0.039 95 TTP 1,044,571 83,906 78,619 78,619 453,094 66,680 411,643 124,452 537,337 0.156 27.010 0.146 0.232 0.003 96 TYA 751,930 2,745 415,567 421,448 189,754 -98,582 405,156 201,243 611,203 0.004 27.139 0.690 0.329 -0.365 97 UIC 896,791 17,768 311,249 331,765 128,972 12,412 352,670 62,828 460,737 0.039 26.856 0.720 0.136 0.309 98 VFC 363,545 19,681 75,518 84,212 284,513 24,875 288,144 52,801 368,805 0.053 26.634 0.228 0.143 -0.188 99 VHC 2,771,003 207,981 619,706 830,556 642,319 223,193 914,828 569,140 1,516,257 0.137 28.047 0.548 0.375 0.135 100 VIC 1,974,446 1,101,737 1,466,893 10,677,630 2,066,943 1,203,662 7,528,408 4,444,435 14,313,365 0.077 30.292 0.746 0.311 7.255 101 VID 646,092 29,372 198,790 273,546 277,269 29,329 342,625 143,474 552,005 0.053 27.037 0.496 0.260 0.164 102 VIP 1,213,144 51,952 330,520 1,410,199 814,104 43,071 348,533 1,798,283 2,233,751 0.023 28.435 0.631 0.805 -0.035 103 VIS 2,068,130 225,425 515,689 1,058,544 435,445 238,316 687,168 138,955 1,497,518 0.151 28.035 0.707 0.093 0.193 104 VNE 509,385 93,820 613,162 1,490,094 400,252 87,155 1,215,309 590,604 1,962,378 0.048 28.305 0.759 0.301 0.381 105 VNM 10,613,771 2,376,067 1,552,606 1,808,931 6,637,739 892,344 5,069,157 2,524,964 8,482,036 0.280 29.769 0.213 0.298 0.293 106 VPK 170,654 9,879 78,495 85,744 64,013 49,720 100,021 149,756 0.066 25.732 0.573 0.668 -0.103 107 VSH 517,563 374,523 67,077 316,335 2,261,116 162,823 1,159,173 1,406,167 2,580,950 0.145 28.579 0.123 0.545 0.070 108 VTB 303,144 27,631 103,150 104,338 210,007 38,920 195,331 81,299 316,737 0.087 26.481 0.329 0.257 0.402 109 VTO 1,165,021 34,294 641,694 2,495,765 785,041 32,794 212,045 2,933,916 3,281,776 0.010 28.819 0.760 0.894 0.547 85 ...MINISTRY OF EDUCATION AND TRAINING UNIVERSITY OF ECONOMICS HOCHIMINH CITY o0o - KHƯU CẨM TÚ DETERMINANTS OF DIVIDEND POLICY CASE STUDY: LISTED COMPANIES ON HOCHIMINH STOCK EXCHANGE MAJOR:... in the context of firms listed on Hochiminh Stock Exchange (HOSE) of Vietnam The main purpose of this paper is to investigate the dividend policies of the non-financial firms listed on HOSE for... probability of paying dividend of firms listed on HOSE totally depends on their business profit Finally, we also provide academics with empirical evidence on determinants of dividend policy of Vietnam stock