Vietnam's listed industrial parks (IDICO): the first citable listed cash route — cash dividends only, about 6.9–7.6%
Composite-board score: 6.4 · Where it is strong: Net cash flow, Tax friendliness · methodology
This site's Vietnam industrial page (entry No. 6) previously offered only the direct/JV road, because no listed developer could produce a citable cash return. This entry fills that gap, with the caveat stated up front: of four listed industrial-park developers, only IDICO (IDC, HNX) stands up. Its FY2025 cash dividends are verifiable in two payments (an interim VND 1,500 per share, paid, plus a final 15% of par = VND 1,500, registered for payment), alongside a 10% stock dividend — not cash, and excluded by this site (Vietnamese dividend percentages are par-based, and failing to split cash from stock is this market's commonest yield distortion). At a price of VND 43,500 (KBSV, 4 Jun 2026) the cash yield is about 6.9%; KBSV's own dividend-yield row prints 7.6% for 2025 — this site carries 6.9–7.6% gross, and about 6.5–7.2% after the 5% personal dividend tax. IDC's FY2025 revenue was VND 8,588bn with ROE of 30.4% (KBSV basis). The rejected comparisons print on the same page: KBC pays zero cash dividend (a pure land-bank growth story that missed all six 2025 KPIs); BCM's 2024 distribution was 11% stock (not cash); Sonadezi's parent SNZ is 99.54% held by Dong Nai province, with free float of about 0.46% — effectively uninvestable for foreigners. Verdict: do, on conditions (IDC only) — including that land-lease revenue is recognised in lumps, so profit and dividends jump year to year (IDC's Q1 2026 revenue was already down 17%), and the cash component must be re-split every year.
In short: four lines first
Listed shares, from about VND 4.35M per 100-share lot (HNX channel)
6.9–7.6%（IDICO (IDC) cash dividend yield (cash components only, broker/disclosure basis)）
Very hands-off (listed route)
Lumpy revenue recognition: industrial-park land leases are largely recognised up front, so profit and dividends swing with land-handover timing — a single year's 6.9–7.6% is not an annuity; a three-year average is closer to its true distribution capacity.
The numbers that matter
Why we think it makes money
It fills a structural gap on the Vietnam page: industrial is the hardest-returning theme there (entry No. 6, JLL gross 8.2%), and foreigners previously had only the heavy direct/JV channel — IDC opens a small-ticket, exitable listed door on the same theme (one board lot of 100 shares is about VND 4.35M).
Its cash component is splittable and checkable: two cash payments carry HNX disclosures and record dates — in a market where 'dividend percentages' routinely hide stock, a company whose pure-cash yield can be derived is above the citability line.
The rejected comparisons map Vietnam's listed-property traps in one view: the zero-cash growth story, the stock-dividend filler, and the 99.54% state lock-up — three shapes of 'looks like an opportunity', cleared in one pass.
How to actually get in
- Listed route: buy IDC through a Vietnamese broker account (HNX, 100-share board lots); the foreign ownership limit and remaining foreign room follow the exchange's same-day figures (this site does not hard-code them), and repatriation follows Vietnam's FX process.
What it costs, what it earns
Entry amount: Listed shares, from about VND 4.35M per 100-share lot (HNX channel)
How much work for you: Very hands-off (listed route)
- The 5% dividend tax on individuals (already inside the in-hand range); dong depreciation is the second leak.
- HNX liquidity and foreign-room mechanics: a premium to buy when foreign room is full is a Vietnam-specific cost — check it at the time.
Basis: this site uses full-cost net returns only — income minus vacancy, management, maintenance, taxes and insurance, then financing interest, with entry costs in the denominator. See the methodology。
Identity & tax
Status (residency / citizenship)
This asset counts toward the channel Residency channel
Threshold: 企业实缴出资 ≥ 30 亿越南盾（约 US$11.5 万）
工业厂房/仓储以越南公司真实出资持有运营，达到 DT3 门槛可支撑 ≤3 年临时居留卡（DT2/DT1 门槛为 500 亿/1,000 亿越南盾）；买房不算出资。越南没有黄金签证。
Source: 越南 Law 47/2014（经 Law 118/2025 修订）
Tax (investor level)
企业所得税优惠已改制：2025 年新 CIT 法取消园区自动优惠，改按行业/地区清单逐项适用，签约前须逐案核。
- 企业所得税：标准 20%；优惠按 67/2025/QH15 新法清单适用（园区自动优惠取消）。
- 个人出租：5% VAT + 5% PIT 按毛收入计（Circular 40/2021）。
- 转让：个人按全额售价 2% 计 PIT。
Double-tax treaties: 越南有 80 多个税收协定，中国、新加坡、印度均在列并生效；协定减免须凭税务居住证明申请。
Source: 越南 67/2025/QH15 企业所得税法；Circular 40/2021/TT-BTC
This section is general information only — not immigration or tax advice. Program rules change frequently; before acting, rely on the official texts and a licensed adviser.
Risks: what could go wrong
What we have not verified yet
The following key figures have not yet been verified; the reason is noted for each item.
- The live foreign-room figure: this entry deliberately leaves it open — check the exchange's same-day data before trading.
- The composition basis of KBSV's 7.6% yield row follows its report; this site's 6.9% is its own computation from the two cash payments and the VND 43,500 price — the two print side by side.
FAQ
- Why must Vietnamese dividends be split into cash and stock?
- Because a Vietnamese '15% dividend' is a percentage of par (VND 10,000 per share) and is frequently a cash-plus-stock blend: SZL's '95% dividend' splits into 25% cash and 70% stock. A stock dividend pays you no cash — it only dilutes the share count. Counting it as yield is treating a denominator game as a return. This site's Vietnam rule throughout: only cash that reaches the account counts.
- IDC or entry No. 6's direct industrial parks — which one?
- Different species: No. 6 is the asset layer (JLL gross rents of 8.2%, sale-leaseback net about 7.2%, behind a heavy direct/JV channel and large tickets); IDC is listed equity (cash yield 6.9–7.6% gross, small tickets, exitable, but riding developer profit volatility and state governance). For asset certainty take the direct road; for channel lightness take IDC — at similar yields, the channel's shape is the decision.
- KBC is famous — why rejected?
- What is famous is its land bank and share-price elasticity, not cash returns: broker forecast tables show zero cash dividends throughout, the company proposed no dividend for 2025, and it missed all six KPIs. The cash-flow board's standard is a single one — is there citable cash reaching your account? A growth story can be right and still not belong on this board.
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