At a time when the stock market remains volatile, share prices are under pressure and many businesses face operational challenges, a number of Vietnam’s most recognizable brands have surprised investors with generous shareholder rewards.

Colusa - Miliket (CMN), owner of the iconic “Two Shrimp” instant noodle brand, has finalized plans for a 200% bonus share issuance. Under the plan, shareholders will receive two new shares for every share held.

It is one of the highest bonus share distributions on the UPCoM market in recent years. The capital increase, funded from retained equity, reflects the company’s substantial accumulated reserves and surplus capital generated through years of profitable operations.

Miliket is more than just a business. For many Vietnamese born in the 1970s and 1980s, the familiar paper noodle package featuring two shrimp is a cultural symbol and a lasting consumer memory.

Earlier, Vinacafe Bien Hoa (VCF) attracted attention after announcing a cash dividend payout of 480%, equivalent to VND48,000 ($1.85) per share.

The company has consistently ranked among the market’s highest dividend payers. Between 2020 and 2023, VCF maintained annual dividend payments of 250% and previously set a market record with a 660% payout in 2017.

Another standout is Binh Minh Plastics (BMP), which announced a total dividend payout for 2025 of 148.6%, equivalent to VND14,860 ($0.57) per share - the highest level in the company’s history.

The company will distribute nearly VND1.217 trillion ($46.8 million) to shareholders, reflecting both abundant cash reserves and the sustainable profitability of one of Vietnam’s leading plastics manufacturers.

Meanwhile, Sabeco (SAB) continues to maintain an attractive dividend policy, with total payouts for 2025 reaching VND5,000 ($0.19) per share, equivalent to a 50% dividend ratio.

The distribution of billions of dollars worth of dividends over the years demonstrates the strong cash-generating ability of Vietnam’s largest brewer.

What these companies share is a combination of established brands, dominant market positions, stable business models and the ability to generate real cash flow.

High dividends are not simply a reflection of profits. They also signal earnings quality, since companies must possess genuine cash reserves or accumulated capital to sustain generous distributions over many years.

Rare “gold” on the stock market

In reality, relatively few listed companies can maintain high dividend payouts over long periods.

This achievement is even more notable given the continued challenges facing both Vietnam and the global economy, including geopolitical instability, rising input costs, growing trade protectionism, inflationary pressures and weakening consumer demand.

Even many large corporations have struggled to sustain generous cash dividend policies over time.

Partly because of reinvestment requirements and partly due to capital constraints, major companies such as Hoa Phat Group (HPG) have gone through periods without cash dividends or with only modest payouts.

In the real estate sector, companies including Novaland (NVL), Phat Dat Real Estate (PDR), DIC Corp (DIG) and Dat Xanh Group (DXG) have also faced difficulties and can no longer maintain the attractive dividend policies they once offered.

As a result, companies such as VCF, BMP, CMN and SAB are increasingly viewed by investors as attractive defensive stocks thanks to their strong cash generation and consistent shareholder returns.

These businesses operate in sectors tied closely to essential economic needs. They possess powerful brands, stable cash flows and competitive advantages that have been tested across multiple economic cycles.

Over the long term, companies in consumer goods, pharmaceuticals, building materials and essential manufacturing are widely considered to offer more sustainable growth prospects than highly cyclical business models.

Yet there is a notable paradox: many of Vietnam’s most effective “cash machines” are now controlled by foreign investors.

Sabeco is controlled by ThaiBev. Binh Minh Plastics belongs to Thailand’s SCG ecosystem. In the pharmaceutical sector, Hau Giang Pharmaceutical is controlled by Japan’s Taisho, while Domesco is under the control of US-based Abbott.

SCG has also acquired Duy Tan Plastics, Tin Thanh Packaging and Bien Hoa Packaging. Earlier, Kinh Do sold its confectionery business to Mondelez.

Many of these brands are not only part of the collective memory of Vietnamese consumers but also highly valuable business assets.

At a time when market uncertainty remains elevated, companies with strong brands, dependable cash flows and a proven ability to sustain high dividend payouts continue to be regarded as some of the rare “golden assets” on Vietnam’s stock market.

Manh Ha