HoSE launches VNSHINE - an index honoring businesses that have paid dividends for 3 consecutive years

The Ho Chi Minh City Stock Exchange (HoSE) has just officially introduced the Vietnam Shareholder Interest Enhanced Index (VNSHINE) - a new index aimed at a group of enterprises with stable profit policies and prudent financial management, with a special emphasis on the long-term interests of shareholders.

This is also the fourth index launched by HoSE in 2025, after VNMITECH, VN50 Growth and VNDIVIDEND, showing the strong development trend of thematic investment indexes in the context of an increasingly specialized market.

VNSHINE is built from a collection of stocks in VNAllshare, ranging from 15 to a maximum of 30 codes, based on a three-layer screening process. First, the stock must be listed on HOSE for at least three years and have an average trading value of VND10 billion/day. Next, the company must pay regular cash dividends for three consecutive years – an important measure reflecting the ability to generate sustainable cash flow and a commitment to transparency with shareholders.

The highlight of the index is the calculation mechanism of the Shareholder Yield Score (S_SHY), which includes three main components: dividend yield (S_DY), change in net debt (S_ND) and share dilution (S_OS). This approach not only reflects the ability to generate direct profits for shareholders but also evaluates the quality of financial management, the level of leverage and the company's stock issuance strategy. This is the difference that makes VNSHINE a more comprehensive measurement tool compared to traditional dividend indexes.

In terms of calculation method, the VNSHINE price index is built based on the free-float adjusted capitalization value, while applying a weighting limit to avoid a few large-cap stocks dominating the entire basket. The index is calculated in real time and updated every 5 seconds during the trading session, helping investors monitor fluctuations continuously. In addition, HoSE also developed the VNSHINE TRI total income index reflecting price fluctuations and reinvested dividends, announced at the end of each session, with a base point of 1,000.

Depending on the number of codes that meet the criteria, HoSE will select the portfolio according to each scenario: put all stocks in the basket if there are only 15 - 30 suitable codes; in case of more, priority will be given to keeping the codes of the previous period and adding based on free-float capitalization and S_SHY score; if it exceeds 51 codes, HoSE will narrow the list from the group of 50 stocks with the highest S_SHY score before officially selecting.

VNSHINE was born in the context of the rapidly increasing demand for investment in businesses with a healthy financial foundation, stable dividends and sustainable governance in Vietnam. At the same time, the continuous appearance of new index sets recently shows the policy of diversifying reference products and supporting the development of ETF funds, thereby helping the market become more transparent, increasing liquidity and reducing dependence on a few large groups of stocks.

The expansion of the index system also contributes to providing more strategic options for institutional and individual investors, especially active funds looking for a portfolio that balances growth and safety. With VNSHINE, investors have more tools to evaluate the quality of businesses based on shareholder benefits, a factor considered the core of the sustainable development trend in the current stock market.

Source: https://thoibaonganhang.vn/hose-ra-mat-vnshine-bo-chi-so-ton-vinh-doanh-nghiep-tra-co-tuc-deu-3-nam-lien-173869.html