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 st CODE the 2nd time the time Exdividend Record date Dividend payment %/par value For m Exdividend Record date Dividend payment date 26-Nov-09 30-Nov-09 date 31-Dec-09 the 3rd time %/par value For m 6.00% cash 28 GMC date 20-Jul-09 22-Jul-09 date 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 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 14-Apr-10 16-Apr-10 10-May-10 20.00% cash IFS 44 IMP Record date Dividend payment date 25-Jan-10 4-Feb-10 1-Apr-10 13-Apr-10 %/par value date 10-Mar-10 For m 10.00% cash 6-May-10 5.00% cash Dividend non-payment 39 43 Exdividend Dividend non-payment 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 71 YEAR 2009 (3) NO st CODE Exdividend Record date Dividend payment MPC date 20-Nov-09 24-Nov-09 57 NAV 10-Dec-09 58 NKD 18-Sep-09 59 NSC 60 NTL 56 the 2nd time the time %/par Exdividend Record date Dividend payment the 3rd time %/par value For m date 18-Dec-09 14.00% cash 14-Dec-09 30-Dec-09 12.00% cash 22-Sep-09 5-Oct-09 12.00% cash 12-Nov-09 16-Nov-09 30-Nov-09 12.00% 21-Jul-09 23-Jul-09 24-Aug-09 8.00% cash 8-Feb-10 10-Feb-10 10-Mar-10 10.00% cash 2-Dec-09 4-Dec-09 29-Dec-09 30.00% cash 14-May-10 18-May-10 31-May-10 100.00% stock 8-Oct-09 12-Oct-09 16-Nov-09 7.00% cash 10.00% stock 3.00% cash date 61 PAC 1-Jun-09 3-Jun-09 22-Jun-09 8.00% 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 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 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 value Form date 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 Record date date Dividend payment %/par value For m date cash 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 st CODE the 2nd time the time Exdividend Record date Dividend payment %/par value For m Exdividend Record date %/par value TAC date 18-Mar-10 22-Mar-10 date 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 28-Apr-10 4-May-10 20-May-10 20.00% cash TPC 91 TRC 92 TRI 93 TS4 22-Jul-09 24-Jul-09 10-Aug-09 6.00% cash 94 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 date For m 83 90 date Dividend payment the 3rd time Dividend non-payment 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% cash 103 VIS 18-Sep-09 22-Sep-09 8-Oct-09 12.00% 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 16-Nov-09 18-Nov-09 18-Dec-09 10.00% cash 30-Aug-10 1-Sep-10 1-Oct-10 4.00% cash 108 VTB 9-Dec-09 11-Dec-09 28-Dec-09 7.00% cash 15-May-10 27-May-10 11-Jun-10 8.00% cash 109 VTO 17-Nov-09 19-Nov-09 4-Feb-09 4.00% cash 25-Feb-10 1-Mar-10 26-Mar-10 Dividend non-payment 73 Exdividend Record date date 5-Apr-10 Dividend payment %/par value Form 5.00% cash date 15-Apr-10 7-May-10 APPENDIX D: EXPLANATORY VARIABLES CALCULATED FROM FINANCIAL STATEMENTS 2007-2009 YEAR 2007 (1) NO CODE ABT ACL AGF Net Profit Current Liability (Million VND) Short-term and 39,159 39,592 38,020 127,842 77,408 221,752 127,893 85,575 222,466 Net Revenue (Million VND) (Million 427,288 383,431 1,233,734 VND) Long-term debt (Million VND) Owner's Equity (Million VND) Retained earnings (Million VND) short-term assets (Million VND) Net fixed asset Total asset (Million (Million VND) VND) 279,461 129,109 620,612 11,292 36,396 22,137 172,144 162,394 360,337 43,042 45,698 321,084 ROA FIRM SIZE DEBT TANG SALES GROWTH 413,961 216,622 844,207 0.095 0.183 0.045 26.749 26.101 27.462 0.309 0.395 0.264 0.104 0.211 0.380 0.290 0.232 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 BHS 453,975 641,379 24,443 53,633 141,006 103,053 172,177 289,043 205,372 376,514 17,910 35,625 179,079 362,065 149,435 276,448 379,172 669,426 0.064 0.080 26.661 27.230 0.454 0.432 0.394 0.413 0.330 -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 10 BMP BT6 680,000 689,934 96,010 37,511 75,627 304,966 76,150 393,107 414,010 109,979 54,290 28,537 348,998 490,025 148,709 49,086 497,737 706,877 0.193 0.053 26.933 27.284 0.153 0.556 0.299 0.069 0.351 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 15 CYC DCC 163,108 375,443 3,687 19,504 145,752 126,929 169,114 148,458 110,180 211,493 18,890 17,277 136,115 301,151 134,692 9,846 279,294 361,109 0.013 0.054 26.356 26.612 0.606 0.411 0.482 0.027 0.082 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 18 19 DHA DHG DIC 101,352 1,269,280 592,285 36,023 128,312 13,714 27,151 289,818 130,850 28,787 290,631 132,100 207,965 635,748 60,500 36,023 1,219 10,247 128,675 673,787 101,974 59,855 228,781 15,974 236,040 942,209 192,958 0.153 0.136 0.071 26.187 27.571 25.986 0.122 0.308 0.685 0.254 0.243 0.083 0.211 0.462 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 22 DPM DPR 3,779,038 703,796 1,329,481 230,245 1,361,270 424,258 1,361,387 465,474 4,370,704 630,445 570,704 230,245 2,467,577 447,290 2,780,644 517,995 5,738,548 1,133,608 0.232 0.203 29.378 27.756 0.237 0.411 0.485 0.457 0.239 0.169 23 24 DRC DTT 1,169,781 54,860 70,868 4,102 261,802 5,036 375,874 5,083 208,596 101,035 70,942 4,293 437,693 88,576 142,813 16,465 584,408 105,930 0.121 0.039 27.094 25.386 0.643 0.048 0.244 0.155 0.263 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 Profit Current Net Revenue (Million VND) (Million Liability (Million VND) VND) Short-term and Owner's Retained short-term Net fixed asset Total asset Long-term debt Equity (Million VND) earnings (Million VND) assets (Million VND) (Million (Million VND) VND) (Million VND) ROA FIRM SIZE DEBT TANG SALES GROWTH 26 27 28 FPT GIL GMC 13,498,891 449,156 355,909 880,271 26,530 14,303 3,027,492 49,836 69,363 3,094,037 51,145 72,713 1,939,482 332,097 107,952 431,917 52,466 2,743 4,342,622 335,760 114,236 641,608 41,307 56,996 5,356,052 384,353 181,585 0.164 0.069 0.079 29.309 26.675 25.925 0.578 0.133 0.400 0.120 0.107 0.314 0.184 0.082 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 31 GTA HAP 133,640 212,288 14,848 72,835 92,679 107,997 92,682 224,019 105,171 494,923 8,122 73,198 108,330 374,177 83,749 265,108 199,777 732,273 0.074 0.099 26.020 27.319 0.464 0.306 0.419 0.362 -0.266 0.228 32 33 HAS HAX 152,022 473,275 13,985 6,689 139,865 60,838 143,882 60,838 150,773 27,434 11,853 5,737 257,331 69,478 31,586 17,917 297,900 88,608 0.047 0.075 26.420 25.207 0.483 0.687 0.106 0.202 -0.052 1.050 34 35 HBC HDC 455,356 249,626 24,860 26,171 344,670 334,159 408,521 459,690 526,732 116,818 16,923 1,175 502,207 551,324 301,158 23,525 940,066 577,857 0.026 0.045 27.569 27.083 0.435 0.796 0.320 0.041 1.215 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 38 HPG HRC 5,642,934 296,008 643,974 132,910 1,268,387 63,521 1,533,364 67,191 3,121,496 338,141 449,746 158,156 3,135,513 181,186 950,049 82,401 4,756,795 407,025 0.135 0.327 29.191 26.732 0.322 0.165 0.200 0.202 3.279 -0.077 39 40 HSI HT1 656,894 2,192,928 25,271 100,339 438,461 676,874 465,025 1,414,960 134,348 961,441 23,457 100,339 529,832 1,168,124 67,715 1,022,079 599,559 2,375,214 0.042 0.042 27.119 28.496 0.776 0.596 0.113 0.430 0.687 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 44 IFS IMP 721,481 451,602 68,274 54,518 558,187 70,172 583,447 70,874 375,651 494,961 39,921 50,371 240,884 469,910 426,313 44,362 964,615 568,426 0.071 0.096 27.595 27.066 0.605 0.125 0.442 0.078 0.124 -0.140 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 1.622 46 47 KDC KHA 1,230,802 74,817 224,127 13,271 467,800 87,585 593,513 123,281 2,447,396 232,934 181,798 10,002 1,754,629 290,300 480,860 20,649 3,067,474 358,254 0.073 0.037 28.752 26.605 0.193 0.344 0.157 0.058 0.233 -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 51 LAF LBM 626,503 79,529 21,530 7,010 71,953 30,066 72,489 46,222 90,968 60,261 8,285 -97 112,041 77,416 19,530 33,587 162,719 113,739 0.132 0.062 25.815 25.457 0.445 0.406 0.120 0.295 -0.105 -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 Total asset (Million (Million VND) VND) ROA FIRM SIZE DEBT TANG SALES GROWTH 54 55 MCV MHC 127,520 242,353 10,304 33,494 160,166 88,609 194,317 132,963 81,390 136,094 10,464 33,918 163,953 90,445 79,199 133,571 275,707 271,053 0.037 0.124 26.343 26.326 0.705 0.491 0.287 0.493 1.601 0.083 56 57 MPC NAV 2,357,470 212,485 193,234 25,552 801,825 53,260 1,017,475 53,378 1,079,928 87,069 194,236 28,013 1,395,609 111,534 424,875 20,029 2,120,773 143,325 0.091 0.178 28.383 25.688 0.480 0.372 0.200 0.140 0.743 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 61 NTL PAC 450,383 989,810 131,523 44,884 365,999 244,751 366,179 246,664 294,110 195,023 195,505 26,294 586,529 373,052 5,535 66,126 660,373 442,354 0.199 0.101 27.216 26.815 0.555 0.558 0.008 0.149 1.296 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 65 PJT PNC 732,810 214,657 11,561 9,357 74,397 89,252 74,600 91,887 54,979 125,894 11,561 7,493 100,557 152,506 27,933 34,361 129,583 218,037 0.089 0.043 25.588 26.108 0.576 0.421 0.216 0.158 -0.063 0.206 66 67 PPC PVD 3,807,068 2,738,605 824,353 576,385 701,804 672,054 5,857,297 1,968,628 3,821,704 1,830,446 557,588 424,716 2,307,029 1,670,515 6,215,533 2,534,750 9,682,285 4,329,914 0.085 0.133 29.901 29.097 0.605 0.455 0.642 0.585 0.055 1.030 68 69 PVT RAL 479,045 787,040 22,015 53,772 452,776 359,492 1,000,919 413,744 760,256 381,205 18,545 46,734 326,566 652,306 1,192,057 149,354 1,761,175 802,647 0.012 0.067 28.197 27.411 0.568 0.515 0.677 0.186 0.083 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 72 RIC SAM 159,336 1,695,987 55,561 196,886 85,875 639,144 98,231 645,201 685,762 2,424,244 58,557 278,217 1,937,042 455,228 127,190 783,993 3,077,897 0.071 0.064 27.388 28.755 0.125 0.210 0.581 0.041 0.054 0.025 73 74 SAV SC5 413,909 772,347 15,498 61,358 240,818 527,031 247,348 750,646 287,317 164,069 11,020 46,321 455,064 821,575 57,094 17,198 534,823 916,522 0.029 0.067 27.005 27.544 0.462 0.819 0.107 0.019 0.118 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 80 SJS SMC 708,107 2,998,575 359,278 46,153 244,318 357,337 276,306 373,870 1,270,894 99,973 389,476 46,153 440,661 487,200 798,138 39,424 1,547,235 582,168 0.232 0.079 28.067 27.090 0.179 0.642 0.516 0.068 1.107 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 YEAR 2007 (4) 82 83 ST8 TAC 597,683 2,554,228 39,701 125,712 Current Liability (Million VND) 102,435 372,170 84 85 TCM TCR 1,057,277 1,145,380 74,251 72,810 574,582 309,114 789,629 572,355 280,560 587,052 72,094 150,301 521,009 625,656 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 89 TNA TNC 470,442 165,706 12,921 33,392 80,545 58,399 81,831 58,760 90,268 211,289 8,965 1,854 166,356 136,204 4,476 102,396 172,479 276,307 0.075 0.121 25.874 26.345 0.474 0.213 0.026 0.371 0.945 0.140 90 91 TPC TRC 290,147 491,894 8,776 177,445 91,293 306,433 92,848 346,815 340,069 460,933 9,520 160,933 227,830 387,146 66,403 308,356 433,004 817,171 0.020 0.217 26.794 27.429 0.214 0.424 0.153 0.377 0.317 0.059 92 93 TRI TS4 384,640 172,904 15,224 7,498 301,452 22,836 498,540 31,629 151,253 112,825 15,839 9,270 338,348 66,354 276,560 75,978 671,111 144,060 0.023 0.052 27.232 25.693 0.743 0.220 0.412 0.527 0.309 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 96 TTP TYA 853,974 1,375,220 51,918 8,400 96,680 656,586 96,989 695,074 388,830 306,560 39,119 21,216 356,433 737,316 133,451 256,952 489,884 1,001,634 0.106 0.008 26.917 27.633 0.198 0.694 0.272 0.257 0.125 0.068 97 98 UIC VFC 510,781 594,514 18,148 16,238 176,078 128,393 202,127 161,967 124,556 123,172 18,148 18,563 187,818 142,473 110,408 107,610 327,073 284,903 0.055 0.057 26.513 26.375 0.618 0.568 0.338 0.378 0.352 0.731 NO CODE Net Revenue (Million VND) Net Profit (Million VND) Retained earnings (Million VND) 28,957 78,189 short-term assets (Million VND) 143,662 601,396 Net fixed asset Total asset (Million VND) (Million ROA FIRM SIZE DEBT TANG SALES GROWTH 102,523 475,621 Owner's Equity (Million VND) 119,916 353,840 89,329 225,499 252,854 837,061 0.157 0.150 26.256 27.453 0.405 0.568 0.353 0.269 1.541 0.685 517,454 516,483 1,106,715 1,159,407 0.067 0.063 27.732 27.779 0.713 0.494 0.468 0.445 1.020 0.694 Short-term and Long-term debt (Million VND) VND) 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 0.247 103 104 VIS VNE 1,468,810 573,426 21,913 58,380 492,057 851,499 615,725 1,614,838 173,247 362,429 21,553 49,176 567,181 1,323,849 220,989 548,242 789,577 2,075,666 0.028 0.028 27.395 28.361 0.780 0.778 0.280 0.264 0.159 -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 0.064 106 107 VPK VSH 164,465 370,162 11,954 256,841 46,401 123,156 87,961 437,163 93,860 2,020,949 10,161 260,966 75,550 833,438 98,018 1,614,584 181,822 2,459,449 0.066 0.104 25.926 28.531 0.484 0.178 0.539 0.656 0.560 -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) NO CODE Net Revenue Net Profit (Million VND) (Million VND) Current Short-term and Owner's Retained short-term Long-term Total asset Liability Long-term debt Equity earnings assets (Million asset (Million (Million VND) VND) VND) (Million VND) (Million VND) (Million VND) (Million VND) ROA FIRM DEBT TANG SIZE SALES GROWTH ABT ACL 473,428 649,135 22,586 71,460 43,038 187,777 43,038 228,069 342,493 136,028 -2,199 37,075 167,781 285,615 49,460 94,204 386,164 392,257 0.058 0.182 26.680 26.695 0.111 0.581 0.128 0.240 0.108 0.693 AGF 1,966,449 16,913 542,026 542,756 618,206 16,839 614,016 406,844 1,164,260 0.015 27.783 0.466 0.349 0.594 ALP ANV 1,301,531 3,319,203 32,397 97,746 238,814 981,960 244,408 1,058,370 662,171 1,585,463 38,805 340,915 458,584 1,739,899 84,668 604,136 953,074 2,659,846 0.034 0.037 27.583 28.609 0.256 0.398 0.089 0.227 1.418 0.039 BBC 544,419 20,851 101,122 111,738 491,683 20,869 402,269 173,676 606,168 0.034 27.130 0.184 0.287 0.199 BHS BMC 790,088 107,216 -43,276 46,611 110,900 7,404 267,295 7,619 331,060 123,024 -43,276 14,272 277,754 59,150 281,993 65,994 598,525 131,616 -0.072 0.354 27.118 25.603 0.447 0.058 0.471 0.501 0.232 0.039 10 BMP BT6 820,964 844,179 95,923 36,119 76,899 238,013 77,655 321,407 480,230 317,579 52,448 30,695 341,933 416,004 217,557 87,408 566,011 650,291 0.169 0.056 27.062 27.201 0.137 0.494 0.384 0.134 0.207 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 13 CLC COM 923,690 3,071,595 49,140 19,453 213,060 32,912 213,216 39,378 157,089 288,894 21,231 8,946 302,659 231,462 68,694 98,553 371,353 330,015 0.132 0.059 26.640 26.522 0.574 0.119 0.185 0.299 0.135 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 16 DCC DCT 471,686 197,011 11,709 37,693 150,026 38,204 170,050 52,870 191,302 297,168 1,991 20,716 227,541 158,123 12,895 66,899 362,568 353,658 0.032 0.107 26.616 26.592 0.469 0.149 0.036 0.189 0.256 0.251 17 18 DHA DHG 158,732 1,485,464 37,413 129,995 19,533 367,464 21,235 382,658 278,916 701,139 37,413 62,247 126,742 783,527 115,824 209,485 298,546 1,081,782 0.125 0.120 26.422 27.710 0.071 0.354 0.388 0.194 0.566 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 21 DMC DPM 937,761 6,475,368 62,805 1,385,292 135,461 438,629 137,101 450,947 471,092 4,687,778 47,522 777,342 344,665 2,692,502 186,379 1,899,295 612,929 5,192,372 0.102 0.267 27.142 29.278 0.224 0.087 0.304 0.366 0.156 0.713 22 23 DPR DRC 728,795 1,290,518 234,044 51,789 321,102 303,161 361,160 398,490 645,351 216,686 119,112 54,087 277,211 429,046 550,683 179,166 1,045,096 614,519 0.224 0.084 27.675 27.144 0.346 0.648 0.527 0.292 0.036 0.103 24 25 DTT FMC 112,290 1,017,312 5,803 12,151 5,180 180,811 5,200 181,331 100,367 152,752 3,393 12,155 62,623 213,217 42,063 80,909 105,303 335,120 0.055 0.036 25.380 26.538 0.049 0.541 0.399 0.241 1.047 0.018 78 YEAR 2008 (2) NO CODE Net Revenue Net Profit (Million VND) (Million VND) Current Short-term and Owner's Retained short-term Long-term Total asset Liability Long-term debt Equity earnings assets (Million asset (Million (Million VND) VND) VND) (Million VND) (Million VND) (Million VND) (Million VND) ROA FIRM DEBT TANG SIZE SALES GROWTH 26 27 FPT GIL 16,381,840 457,347 1,051,047 30,761 3,222,180 58,846 3,227,109 60,156 2,373,483 312,319 798,009 32,793 4,658,263 271,745 960,726 94,271 6,124,834 374,824 0.172 0.082 29.443 26.650 0.527 0.160 0.157 0.252 0.214 0.018 28 29 GMC GMD 424,291 1,912,925 17,121 118,827 72,798 688,818 73,232 1,769,192 110,078 2,229,087 81 280,665 92,677 1,004,368 78,536 1,625,769 185,955 4,140,928 0.092 0.029 25.949 29.052 0.394 0.427 0.422 0.393 0.192 0.632 30 GTA 160,225 7,631 37,071 37,100 153,594 7,631 103,039 82,817 193,545 0.039 25.989 0.192 0.428 0.199 31 HAP 318,681 -67,410 163,567 239,081 411,734 -76,484 281,375 251,096 673,968 -0.100 27.236 0.355 0.373 0.501 32 33 HAS HAX 113,156 623,644 12,724 13,038 106,734 74,221 107,642 74,958 155,018 100,534 12,584 5,080 215,441 130,296 20,993 45,819 265,977 181,412 0.048 0.072 26.307 25.924 0.405 0.413 0.079 0.253 -0.256 0.318 34 HBC 695,985 8,249 462,769 573,103 532,844 3,889 799,202 251,082 1,163,293 0.007 27.782 0.493 0.216 0.528 35 HDC 299,374 33,894 332,711 440,316 122,950 7,065 534,775 25,868 564,904 0.060 27.060 0.779 0.046 0.199 36 37 HMC HPG 4,284,503 8,364,805 43,150 859,410 525,666 1,256,331 526,352 1,294,098 286,784 4,070,661 21,925 415,743 584,975 3,849,009 198,329 1,265,421 814,076 5,639,375 0.053 0.152 27.425 29.361 0.647 0.229 0.244 0.224 0.530 0.482 38 39 HRC HSI 289,976 633,655 88,025 19,878 62,017 743,511 65,634 744,054 315,054 125,237 102,676 4,894 148,650 776,325 88,037 90,661 387,653 869,330 0.227 0.023 26.683 27.491 0.169 0.856 0.227 0.104 -0.020 -0.035 40 41 HT1 HTV 2,536,787 86,179 77,597 4,213 1,674,731 7,581 4,672,476 7,697 979,195 182,956 77,597 5,621 1,696,701 146,293 3,737,961 32,211 5,647,893 191,565 0.014 0.022 29.362 25.978 0.827 0.040 0.662 0.168 0.157 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 44 IFS IMP 842,253 561,844 -266,903 58,266 986,015 78,649 1,017,437 80,581 143,599 512,573 -220,665 44,106 173,763 398,184 931,010 131,977 1,179,267 596,411 -0.226 0.098 27.796 27.114 0.863 0.135 0.789 0.221 0.167 0.244 45 46 ITA KDC 1,057,633 1,455,768 296,708 -60,602 699,489 663,885 1,084,049 835,926 4,588,037 2,075,923 701,522 -147,004 1,578,867 1,474,434 171,740 749,092 5,701,548 2,983,410 0.052 -0.020 29.372 28.724 0.190 0.280 0.030 0.251 0.143 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 52 LBM LGC 131,370 89,639 12,585 13,764 49,305 55,798 93,392 200,798 66,337 138,190 6,282 4,278 89,519 96,725 74,387 242,505 167,810 339,558 0.075 0.041 25.846 26.551 0.557 0.591 0.443 0.714 0.652 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 Net Revenue Net Profit (Million VND) (Million VND) Current Short-term and Owner's Retained short-term Long-term Total asset Liability Long-term debt Equity earnings assets (Million asset (Million (Million VND) VND) VND) (Million VND) (Million VND) (Million VND) (Million VND) ROA FIRM DEBT TANG SIZE SALES GROWTH 54 55 MCV MHC 147,456 229,888 9,662 81 168,278 139,295 194,290 219,939 129,612 168,348 12,768 80 200,238 158,458 77,035 208,574 323,902 391,766 0.030 0.000 26.504 26.694 0.600 0.561 0.238 0.532 0.156 -0.051 56 57 MPC NAV 2,876,384 176,913 -38,097 16,303 1,064,563 51,071 1,278,740 51,071 918,333 92,562 -29,534 6,050 1,640,547 87,295 294,179 21,709 2,266,905 144,377 -0.017 0.113 28.449 25.696 0.564 0.354 0.130 0.150 0.220 -0.167 58 NKD 689,338 979 342,602 367,687 214,594 35,986 210,993 211,668 585,346 0.002 27.095 0.628 0.362 0.228 59 NSC 214,397 28,345 57,869 58,498 144,119 19,586 183,597 15,876 203,271 0.139 26.038 0.288 0.078 0.527 60 61 NTL PAC 371,307 1,241,205 61,812 77,771 706,235 194,061 706,514 195,527 256,648 306,225 88,063 40,993 941,331 396,812 6,488 75,935 965,940 505,935 0.064 0.154 27.596 26.950 0.731 0.386 0.007 0.150 -0.176 0.254 62 PET 5,286,383 88,342 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 63 PGC 1,688,226 1,911 146,448 239,247 497,638 1,257 337,247 242,024 748,538 0.003 27.341 0.320 0.323 0.129 64 65 PJT PNC 800,683 272,431 6,052 3,618 90,521 155,883 90,769 168,944 89,802 121,948 6,052 3,519 110,170 200,710 69,437 51,595 180,765 290,159 0.033 0.012 25.920 26.394 0.502 0.582 0.384 0.178 0.093 0.269 66 67 PPC PVD 3,881,915 3,728,746 -212,784 902,864 1,006,054 3,934,636 7,361,025 6,051,085 3,431,986 2,071,197 -127,460 312,906 4,738,664 2,065,295 5,502,036 6,272,698 10,797,310 8,632,863 -0.020 0.105 30.010 29.787 0.682 0.701 0.510 0.727 0.020 0.362 68 69 PVT RAL 1,109,074 837,445 84,001 48,906 2,403,076 433,826 4,288,975 477,979 748,068 405,279 67,130 55,353 2,501,666 616,689 3,328,261 205,203 5,875,051 895,160 0.014 0.055 29.402 27.520 0.730 0.534 0.567 0.229 1.315 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 72 RIC SAM 148,313 1,296,385 6,696 -59,520 155,008 75,021 171,855 75,378 771,974 2,277,839 21,287 -6,342 296,427 1,207,403 556,541 189,938 943,829 2,358,363 0.007 -0.025 27.573 28.489 0.182 0.032 0.590 0.081 -0.069 -0.236 73 74 SAV SC5 502,883 832,659 13,976 34,985 272,823 762,217 285,204 1,021,980 287,969 185,242 14,079 31,601 488,744 1,097,670 65,816 50,277 575,777 1,215,258 0.024 0.029 27.079 27.826 0.495 0.841 0.114 0.041 0.215 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 80 SJS SMC 314,149 4,213,814 118,884 72,081 312,403 461,272 442,660 490,016 1,145,681 258,198 84,176 71,422 219,144 549,159 1,031,797 122,385 1,591,150 751,261 0.075 0.096 28.095 27.345 0.278 0.652 0.648 0.163 -0.556 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) NO CODE Net Revenue Net Profit (Million VND) (Million VND) Current Short-term and Owner's Retained short-term Long-term Total asset Liability Long-term debt Equity earnings assets (Million asset (Million (Million VND) VND) VND) (Million VND) (Million VND) (Million VND) (Million VND) ROA FIRM DEBT TANG SIZE SALES GROWTH 82 83 ST8 TAC 806,781 2,959,678 54,042 11,838 85,616 299,227 85,730 377,704 147,753 306,855 45,980 45,553 149,202 405,554 86,952 275,710 264,076 686,965 0.205 0.017 26.300 27.256 0.325 0.550 0.329 0.401 0.350 0.159 84 85 TCM TCR 1,023,284 1,076,089 5,036 36,898 628,333 377,959 930,152 553,207 335,895 602,345 -454 127,257 511,570 576,452 725,563 570,014 1,307,860 1,155,552 0.004 0.032 27.899 27.776 0.711 0.479 0.555 0.493 -0.032 -0.060 86 TDH 599,528 212,040 200,874 411,688 986,950 153,112 703,520 76,629 1,432,980 0.148 27.991 0.287 0.053 2.180 87 TMS 174,843 27,377 24,216 30,715 222,567 57,987 44,184 162,461 258,077 0.106 26.277 0.119 0.630 0.293 88 89 TNA TNC 707,747 181,765 14,371 8,393 103,953 44,088 106,817 44,395 97,058 218,732 13,154 6,223 187,528 123,539 12,608 108,169 203,850 266,031 0.070 0.032 26.041 26.307 0.524 0.167 0.062 0.407 0.504 0.097 90 TPC 455,072 -61,614 63,750 66,240 262,540 -59,192 213,670 56,222 328,780 -0.187 26.519 0.201 0.171 0.568 91 TRC 549,115 198,220 123,313 156,206 478,841 69,482 209,649 316,922 660,673 0.300 27.217 0.236 0.480 0.116 92 93 TRI TS4 580,595 180,523 -144,989 10,208 241,994 39,532 322,366 87,201 -5,321 157,886 -140,838 7,100 177,831 91,624 71,361 151,485 325,819 244,655 -0.445 0.042 26.510 26.223 0.989 0.356 0.219 0.619 0.509 0.044 94 95 TSC TTP 2,726,817 1,041,292 67,826 67,119 703,501 66,060 703,606 66,243 172,963 413,514 51,104 40,414 794,215 368,982 84,406 113,249 879,014 484,380 0.077 0.139 27.502 26.906 0.800 0.137 0.096 0.234 0.884 0.219 96 97 TYA UIC 1,183,672 685,260 -108,005 19,596 441,273 296,680 462,050 315,427 198,555 123,251 -101,327 11,596 415,870 353,443 230,847 56,584 660,606 438,426 -0.163 0.045 27.216 26.806 0.699 0.719 0.349 0.129 -0.139 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 99 100 VHC VIC 2,442,360 239,180 82,245 125,995 586,911 1,102,096 799,898 4,399,063 388,819 1,497,934 88,223 394,067 697,635 2,403,503 499,579 2,257,962 1,215,170 6,021,566 0.068 0.021 27.826 29.426 0.658 0.731 0.411 0.375 0.713 0.327 101 102 VID VIP 555,085 1,256,641 25,233 75,873 179,232 173,405 230,579 666,344 271,133 782,679 25,229 62,346 340,952 396,755 126,308 969,938 502,077 1,458,066 0.050 0.052 26.942 28.008 0.459 0.457 0.252 0.665 0.260 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 0.157 107 108 VSH VTB 483,680 216,214 370,945 24,501 115,838 54,471 340,833 62,062 2,141,120 200,305 309,637 25,175 993,926 188,991 1,478,057 34,118 2,483,250 262,969 0.149 0.093 28.541 26.295 0.137 0.236 0.595 0.130 0.307 -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) NO CODE Net Revenue Net Profit (Million VND) (Million VND) Current Liability (Million VND) Short-term and (Million VND) Owner's Equity (Million VND) Retained earnings (Million VND) short-term assets (Million VND) Long-term debt Long-term Total asset asset (Million (Million VND) ROA FIRM SIZE DEBT TANG SALES GROWTH VND) ABT ACL 543,919 720,137 90,934 47,603 96,549 403,805 96,549 436,191 432,689 171,160 19,035 67,630 375,425 450,549 52,484 147,944 537,004 613,944 0.169 0.078 27.009 27.143 0.180 0.710 0.098 0.241 0.149 0.109 AGF 1,334,298 14,445 574,738 582,972 623,520 14,245 663,861 399,049 1,209,944 0.012 27.822 0.482 0.330 -0.321 ALP ANV 1,077,215 1,859,351 50,248 -127,710 460,046 670,691 469,918 726,672 657,196 1,454,765 27,584 211,206 632,304 1,270,483 112,756 608,590 1,195,620 2,200,098 0.042 -0.058 27.810 28.420 0.393 0.330 0.094 0.277 -0.172 -0.440 BBC 626,954 57,293 157,211 213,556 521,579 47,049 341,516 366,591 736,809 0.078 27.326 0.290 0.498 0.152 BHS BMC 1,189,448 87,302 120,087 21,618 331,847 20,564 456,207 31,532 425,466 120,195 52,983 532,632 72,242 263,750 57,042 884,740 151,936 0.136 0.142 27.509 25.747 0.516 0.208 0.298 0.375 0.505 -0.186 BMP 1,143,154 249,919 145,788 146,826 671,905 156,474 550,257 265,581 824,250 0.303 27.438 0.178 0.322 0.392 10 11 BT6 CII 788,205 202,590 76,522 316,248 345,849 215,274 396,168 1,281,281 393,102 1,206,582 91,477 372,979 452,723 414,254 172,149 655,468 830,959 2,504,297 0.092 0.126 27.446 28.549 0.477 0.512 0.207 0.262 -0.066 -0.116 12 13 CLC COM 1,149,968 2,821,220 50,756 63,224 277,392 118,878 277,569 124,297 190,878 343,004 43,771 64,951 405,019 347,878 44,398 122,704 469,667 470,582 0.108 0.134 26.875 26.877 0.591 0.264 0.095 0.261 0.245 -0.082 14 15 CYC DCC 259,645 404,267 2,132 21,113 198,451 139,529 228,943 160,950 119,382 200,186 28,099 10,688 205,530 200,504 129,695 14,026 348,325 362,561 0.006 0.058 26.576 26.616 0.657 0.444 0.372 0.039 -0.035 -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 18 DHA DHG 192,607 1,746,022 67,901 362,340 26,800 481,916 28,591 496,158 320,243 1,010,376 67,901 330,992 137,545 1,212,468 153,290 237,015 348,285 1,521,973 0.195 0.238 26.576 28.051 0.082 0.326 0.440 0.156 0.213 0.175 19 20 DIC DMC 724,967 1,067,897 18,596 76,362 279,369 192,917 279,633 208,065 126,991 497,253 17,479 62,008 293,111 404,658 29,872 222,070 407,760 709,970 0.046 0.108 26.734 27.288 0.686 0.293 0.073 0.313 0.097 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 24 25 DRC DTT FMC 1,815,041 71,838 940,084 393,275 1,212 13,962 183,213 10,047 470,808 226,561 10,047 471,368 557,253 115,124 150,001 376,068 1,212 13,967 546,820 62,671 505,691 233,420 60,782 86,035 785,049 125,221 623,407 0.501 0.010 0.022 27.389 25.553 27.158 0.289 0.080 0.756 0.297 0.485 0.138 0.406 -0.360 -0.076 82 YEAR 2009 (2) NO CODE Net Revenue Net Profit (Million VND) (Million VND) Current Liability (Million VND) Short-term and (Million VND) Owner's Equity (Million VND) Retained earnings (Million VND) short-term assets (Million VND) Long-term debt Long-term Total asset asset (Million (Million VND) ROA FIRM SIZE DEBT TANG SALES GROWTH VND) 26 27 FPT GIL 18,404,026 562,616 1,405,874 56,239 4,765,833 97,350 6,677,493 98,659 2,999,501 337,956 1,391,088 63,440 7,678,505 305,211 1,638,512 124,952 10,395,415 439,845 0.135 0.128 29.972 26.810 0.642 0.224 0.158 0.284 0.123 0.230 28 29 GMC GMD 353,993 1,774,449 34,795 333,924 88,277 801,100 88,717 1,849,484 124,237 2,470,626 10,724 527,023 119,951 1,073,084 71,361 1,784,574 210,928 4,511,256 0.165 0.074 26.075 29.138 0.421 0.410 0.338 0.396 -0.166 -0.072 30 GTA 286,363 9,206 62,954 63,026 152,959 9,206 134,758 75,379 218,816 0.042 26.111 0.288 0.344 0.787 31 HAP 285,538 46,393 145,455 203,403 461,686 -29,423 278,150 257,195 691,876 0.067 27.263 0.294 0.372 -0.104 32 33 HAS HAX 84,678 1,301,059 7,185 14,553 85,798 115,611 86,620 116,320 151,431 111,848 3,467 7,382 198,022 180,281 22,131 47,896 241,043 233,693 0.030 0.062 26.208 26.177 0.359 0.498 0.092 0.205 -0.252 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 37 HMC HPG 2,808,438 8,123,395 27,529 1,270,707 569,953 4,565,113 618,779 5,104,607 304,906 4,825,091 31,504 1,154,639 629,799 5,407,841 254,644 3,065,312 924,339 10,243,240 0.030 0.124 27.552 29.958 0.669 0.498 0.275 0.299 -0.345 -0.029 38 39 HRC HSI 202,645 899,665 65,456 16,030 56,899 627,247 67,689 627,757 360,838 131,271 127,126 16,042 106,552 676,629 98,429 81,275 436,749 759,579 0.150 0.021 26.803 27.356 0.155 0.826 0.225 0.107 -0.301 0.420 40 41 HT1 HTV 2,816,843 97,161 160,613 23,614 1,339,938 18,413 6,096,890 18,490 1,170,973 199,906 157,113 23,574 888,199 172,289 6,137,306 31,606 7,265,214 218,451 0.022 0.108 29.614 26.110 0.839 0.085 0.845 0.145 0.110 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 44 IFS IMP 997,615 660,076 -27,733 65,707 444,455 177,375 600,313 188,183 114,731 537,730 -259,064 57,707 162,144 527,191 415,352 152,338 715,044 731,469 -0.039 0.090 27.296 27.318 0.840 0.257 0.581 0.208 0.184 0.175 45 46 ITA KDC 1,203,087 1,529,355 429,225 522,943 985,326 1,632,683 2,180,900 1,767,440 5,048,097 2,413,130 614,822 290,986 3,234,995 2,510,074 196,345 656,085 7,228,533 4,247,601 0.059 0.123 29.609 29.077 0.302 0.416 0.027 0.154 0.138 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 52 LBM LGC 152,029 152,766 10,412 28,779 44,185 102,822 68,132 260,973 121,023 151,911 7,433 13,623 93,764 69,800 97,301 332,885 197,975 414,540 0.053 0.069 26.011 26.750 0.344 0.630 0.491 0.803 0.157 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) NO CODE Net Revenue Net Profit (Million VND) (Million VND) Current Liability (Million VND) Short-term and (Million VND) Owner's Equity (Million VND) Retained earnings (Million VND) short-term assets (Million VND) Long-term debt Long-term Total asset asset (Million (Million VND) ROA FIRM SIZE DEBT TANG SALES GROWTH 0.040 -0.245 VND) 54 55 MCV MHC 153,388 173,552 8,444 -32,496 185,890 207,745 267,999 285,693 132,334 132,556 8,441 -32,423 275,842 121,633 61,797 236,304 400,333 420,228 0.021 -0.077 26.716 26.764 0.669 0.680 0.154 0.562 56 MPC 3,093,505 242,864 848,012 1,087,949 1,075,522 105,216 1,403,001 427,070 2,222,371 0.109 28.430 0.490 0.192 0.075 57 58 NAV NKD 143,132 767,652 11,750 79,644 67,274 300,585 67,274 334,684 93,735 263,802 6,045 85,194 115,012 272,558 34,888 205,934 161,585 599,059 0.073 0.133 25.808 27.119 0.416 0.559 0.216 0.344 -0.191 0.114 59 NSC 269,639 33,351 73,669 74,298 169,461 28,739 202,159 39,701 246,942 0.135 26.232 0.301 0.161 0.258 60 61 NTL PAC 1,379,554 1,304,783 530,403 147,756 566,618 230,126 613,668 254,078 555,862 404,848 384,277 100,885 1,142,565 506,630 11,980 137,399 1,171,436 669,892 0.453 0.221 27.789 27.230 0.524 0.379 0.010 0.205 2.715 0.051 62 PET 7,374,988 113,691 2,186,460 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 63 64 PGC PJT 1,655,460 338,017 70,529 7,934 326,224 29,529 443,898 42,760 545,030 97,369 48,386 7,934 524,314 75,235 273,038 64,293 1,004,076 140,204 0.070 0.057 27.635 25.666 0.442 0.305 0.272 0.459 -0.019 -0.578 65 66 PNC PPC 292,629 4,420,950 3,473 892,014 153,352 901,350 170,544 7,424,075 142,079 4,317,000 3,140 757,554 212,415 5,099,163 58,681 4,452,376 311,244 11,743,843 0.011 0.076 26.464 30.094 0.548 0.632 0.189 0.379 0.074 0.139 67 68 PVD PVT 4,096,780 1,928,913 817,661 -16,832 2,495,123 1,554,402 8,123,017 4,250,724 4,225,407 1,436,906 397,324 46,427 2,564,985 1,558,832 9,420,069 4,620,979 12,368,345 6,387,614 0.066 -0.003 30.146 29.485 0.657 0.665 0.762 0.723 0.099 0.739 69 RAL 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 70 71 REE RIC 1,174,211 179,155 433,802 35,767 791,109 166,517 893,842 227,838 2,462,172 848,903 217,368 57,803 1,408,237 279,965 89,629 691,028 3,381,946 1,076,741 0.128 0.033 28.849 27.705 0.264 0.212 0.027 0.642 0.017 0.208 72 73 SAM SAV 426,411 403,359 232,254 14,603 182,232 279,620 182,508 287,416 2,461,868 277,640 125,273 4,032 1,200,588 512,470 408,080 60,566 2,667,619 585,547 0.087 0.025 28.612 27.096 0.068 0.491 0.153 0.103 -0.671 -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 77 78 SFC SFI SJD 1,108,476 124,389 281,377 44,478 35,171 111,620 108,530 152,126 279,503 109,421 152,274 608,276 132,609 162,809 455,421 34,999 42,103 111,472 71,269 161,621 41,038 64,515 103,983 987,795 242,584 326,360 1,065,034 0.183 0.108 0.105 26.215 26.511 27.694 0.451 0.467 0.571 0.266 0.319 0.927 -0.080 0.026 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 (Million VND) Owner's Equity (Million VND) Retained earnings (Million VND) short-term assets (Million VND) Long-term debt 82 83 ST8 TAC 809,507 2,626,347 70,222 27,825 69,889 276,225 69,889 354,139 209,671 295,475 91,063 27,503 179,349 380,194 84 TCM 1,126,093 47,411 702,256 1,143,654 522,188 23,322 85 86 TCR TDH 921,738 481,340 4,150 299,012 468,317 285,269 578,105 535,328 591,888 1,230,386 92,977 168,003 87 TMS 170,252 37,465 36,792 118,015 337,720 88 89 TNA TNC 559,640 171,590 25,699 29,574 294,247 24,157 297,271 24,739 167,071 242,990 90 TPC 409,333 62,911 37,801 40,111 326,236 91 TRC 440,353 153,290 120,636 162,638 606,298 115,424 92 TRI 572,752 -86,181 268,114 312,418 62,749 93 94 TS4 TSC 290,056 2,619,943 26,852 29,310 51,696 737,259 194,282 737,366 172,788 187,630 95 TTP 1,044,571 83,906 78,619 78,619 453,094 96 97 TYA UIC 751,930 896,791 2,745 17,768 415,567 311,249 421,448 331,765 189,754 128,972 Long-term Total asset asset (Million (Million VND) ROA FIRM SIZE DEBT TANG SALES GROWTH 0.003 -0.113 VND) 120,182 270,089 325,294 651,956 0.216 0.043 26.508 27.203 0.215 0.543 0.369 0.414 657,498 948,806 1,705,543 0.028 28.165 0.671 0.556 0.100 642,606 890,439 517,584 200,600 1,169,993 1,833,444 0.004 0.163 27.788 28.237 0.494 0.292 0.442 0.109 -0.143 -0.197 87,054 129,932 175,257 459,226 0.082 26.853 0.257 0.382 -0.026 20,587 30,481 387,208 131,298 42,661 104,888 465,192 268,526 0.055 0.110 26.866 26.316 0.639 0.092 0.092 0.391 -0.209 -0.056 270,194 50,993 366,347 0.172 26.627 0.109 0.139 -0.101 304,844 323,606 790,848 0.194 27.396 0.206 0.409 -0.198 -223,171 201,037 65,179 379,987 -0.227 26.663 0.822 0.172 -0.014 22,044 26,102 139,157 786,951 226,474 132,748 366,746 930,258 0.073 0.032 26.628 27.559 0.530 0.793 0.618 0.143 0.607 -0.039 66,680 411,643 124,452 537,337 0.156 27.010 0.146 0.232 0.003 -98,582 12,412 405,156 352,670 201,243 62,828 611,203 460,737 0.004 0.039 27.139 26.856 0.690 0.720 0.329 0.136 -0.365 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 0.135 100 101 VIC VID 1,974,446 646,092 1,101,737 29,372 1,466,893 198,790 10,677,630 273,546 2,066,943 277,269 1,203,662 29,329 7,528,408 342,625 4,444,435 143,474 14,313,365 552,005 0.077 0.053 30.292 27.037 0.746 0.496 0.311 0.260 7.255 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 0.193 104 105 VNE VNM 509,385 10,613,771 93,820 2,376,067 613,162 1,552,606 1,490,094 1,808,931 400,252 6,637,739 87,155 892,344 1,215,309 5,069,157 590,604 2,524,964 1,962,378 8,482,036 0.048 0.280 28.305 29.769 0.759 0.213 0.301 0.298 0.381 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 -0.103 107 108 VSH VTB 517,563 303,144 374,523 27,631 67,077 103,150 316,335 104,338 2,261,116 210,007 162,823 38,920 1,159,173 195,331 1,406,167 81,299 2,580,950 316,737 0.145 0.087 28.579 26.481 0.123 0.329 0.545 0.257 0.070 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 ... classifications used here are Basic Materials, Consumer Staples, Consumer Discretionary, Oil/Gas, Real Estate, Industrials, Information Technology, Utilities, Transportation, Constructions and Materials,... DESCRIPTION For the study, the sample of 109 firms of Hochiminh Stock Exchange has been taken into the consideration We select 109 firms based on the following criteria : Listed on Hochiminh Stock Exchange. ..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: