HOSE Ex-Date Reference Price Adjuster

Calculate the exact theoretical adjusted reference price for Vietnamese equities on ex-dividend or rights dates, and evaluate net yields.

Ex-Date Price Rules

1. Theoretical Dilution

Ex-Date adjustments prevent arbitrage opportunities. The price drops by the exact value of assets distributed, keeping the total enterprise capitalization unchanged.

2. Rights Issue Contributions

Rights issues allow current shareholders to buy newly issued shares at a discounted rate, which dilutes the overall price while bringing new capital to the balance sheet.

3. Double-Taxing on Stock Dividends

In addition to the 0.1% selling tax on total volume, selling stock dividends triggers an additional 5% tax based on the par value (10,000đ) or selling price (whichever is lower).

Yield Calculations

Cash Dividend Yield: Calculated as Cash Dividend divided by Pre-Adjusted Stock Price. The net yield will be 5% lower due to withholding taxes.

Vietnamese Par Value standard: All listed securities in Vietnam are designated a par value of 10,000đ per share. Dividends are officially expressed as a percentage of this par value (e.g. 20% dividend = 2,000đ).

Frequently Asked Questions

Get answers to common questions about using our professional trading tools.

When a company distributes cash or stock dividends, its net asset value decreases. To reflect this, the stock exchange automatically adjusts the reference price downwards on the ex-dividend date (Ngày Giao Dịch Không Hưởng Quyền).

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The formula is: P' = [P - D + (P_right * r_right)] / [1 + r_bonus + r_right], where P is pre-adjusted price, D is cash dividend, P_right is rights issue price, r_bonus is stock dividend ratio, and r_right is rights issue ratio.

Under Circular 80/2021/TT-BTC, when selling shares received from stock dividends or bonuses, investors are subject to a flat 5% withholding tax calculated on either the par value (10,000đ) or the selling price, whichever is lower.

Yes, cash dividends are subject to a flat 5% withholding Personal Income Tax (PIT), which is automatically deducted before the cash is deposited into your brokerage account.

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