Shareholders should demand that companies submit projected dividend payouts in advance, or else they will have no recourse when companies repeatedly postpone payments, insiders said in early December.
Lately, many Vietnamese investors have been irked waiting longer than expected to receive dividend payments, and have been accusing companies of appropriating their money.
PetroVietnam recently announced its third delay in issuing last year's dividends, saying its shareholders will not be paid until June of 2013. The Ho Chi Minh City-based company made an excuse that the loans that customers have paid back have yet to reach it.
Shareholders of Techno-Agricultural Supplying JSC in the Mekong Delta City of Can Tho were promised a dividend yield of 15 percent from 2011. But so far the company has not provided a timeline for payouts.
Investors will have waited three years by the time Vinaconex Investment and Tourism Development JSC issues dividend checks of VND1,500 per share in March of 2013.
Since there is no law mandating when dividends must be paid, investors should making a shareholder's resolution that would impose a fixed date by which they must receive dividends, said Nguyen Hoang Long, general director of Au Viet Securities Company.
Then they may sue companies which fail to pay on time, he said.
According to Phan Dung Khanh, head of the investment analysis department of Maybank Kim Eng Securities JSC, it can be acceptable for an insolvent company to delay paying dividends, but it cannot do so indefinitely.
Investors' frustration hinders the growth of the stock market, Khanh said.
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