At its 2023 Annual General Meeting held on April 20, 2023, Binh Dinh Food Joint Stock Company (BLT) approved a cash dividend payment from undistributed post-tax profits (excluding the undistributed profits of 2022) at a rate of 170.5%, equivalent to a total value of VND 68.2 billion.

On June 13, BLT disbursed VND 12 billion as an interim cash dividend at a rate of 30%, also from undistributed post-tax profits (excluding 2022 profits). As a result, the remaining unpaid dividend rate stands at 140.5%.

However, BLT has stated that the company is currently facing severe financial difficulties and lacks the capital to pay the remaining dividend. To maintain financial stability and ensure sufficient capital for business operations, reinvestment, and production recovery, the Board of Directors has proposed to shareholders the suspension of the remaining 140.5% dividend payment after the 30% interim payout.

The specific reason cited is a sharp increase of over 50% in the cost of goods sold since July 2023. The average rice price has exceeded VND 15,500 per kilogram, and the company is required to maintain a circulating reserve of over 3,000 tons of rice, valued at more than VND 46 billion (equivalent to 5% of the total rice exported in six months, as stipulated by Decree 107/2018/ND-CP). This has constrained capital availability, reduced capital efficiency, and increased interest expenses.

Additionally, during 2023–2024, BLT plans to mobilize approximately VND 40 billion for capital construction investments. This includes VND 7.9 billion to upgrade equipment at the Tan Binh Dong warehouse – An Giang Branch (completed in August 2023); VND 15–20 billion to rebuild the embankment system and restore operations at the Hoa Loc warehouse – Hoa Binh Export Processing Enterprise (Cho Moi District, An Giang Province) in 2024; and over VND 10 billion to invest in a new warehouse in Nhon Binh – Quy Nhon City after relocation approval in 2024.

Binh Dinh Food (BLT), formerly known as the Nghia Binh Food Department, was established in 1975. The company operates in the processing, trading, and export of food and agricultural products, with rice and dried cassava as its main products. Since January 2008, BLT has operated as a joint stock company and has been listed on the UPCoM market since July 2017. Currently, the company is majority-owned by the state through Southern Food Corporation (Vinafood II, VSF), which holds a 51% stake—equivalent to 2.04 million shares.

In terms of business performance, BLT recorded net revenue of over VND 1,158 billion in 2022, down 33% year-over-year. However, thanks to a significant 18% reduction in selling expenses, net profit increased by 26% to nearly VND 10 billion.

On the stock market, BLT shares have risen 22% since the beginning of the year, reaching VND 35,300 per share as of the morning session on October 9, with an average trading volume of 3,211 shares per session.