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

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

The largest dividend payers include Vinamilk, Sabeco, Bình Minh Plastics, Tân Biên Packaging and Sao Ta Foods.

A Vinamilk dairy farm in Tây Ninh Province. The Việt Nam's largest dairy company has paid a total of approximately VNĐ16.1 trillion in dividends to two subsidiaries of the Fraser & Neave Group. — VNA/VNS Photo

Thai investors have increasingly expanded their footprint in Việt Nam's stock market, with statistics from VnExpress showing that since 2012, Thai enterprises have received more than VNĐ33 trillion (around US$1.2 billion) in cash dividends from major listed Vietnamese firms.

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

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

Vinamilk, Việt Nam’s leading dairy firm, has paid a total of approximately VNĐ16.1 trillion in dividends to two subsidiaries of Fraser & Neave (F&N Dairy Investments and F&N Bev Manufacturing) since the latter became a major shareholder in 2013. This year alone, F&N is expected to receive VNĐ1.85 trillion, thanks to a 43.5 per cent dividend payout ratio.

Fraser & Neave is owned by TCC Holdings, led by Thai billionaire Charoen Sirivadhanabhakdi, who has continued to grow his influence in Việt Nam. One of his biggest moves came in 2017 when ThaiBev acquired a 53.6 per cent stake in Sabeco for $4.8 billion. Since then, ThaiBev has collected over VNĐ14 trillion in dividends from SABECO, including a record VNĐ3.44 trillion in 2024 alone.

Another highly profitable investment was made by Nawaplastic, a subsidiary of SCG, which spent VNĐ2.75 trillion to acquire 24.2 million shares of Bình Minh Plastics in 2018. Nawaplastic has since earned over VNĐ2.5 trillion in dividends, while its stake is now valued at roughly VNĐ7.2 trillion — nearly three times the original investment.

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

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

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

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

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