This study is conducted to investigate the impact level of board characteristics on dividend payout ratio of firms listed on the Vietnam Stock Exchange. Data were collected from 321 listed firms in the period from 2014 to 2019. The results of the GLS method show that board ownership has a negative impact on the dividend payout ratio. In addition, the findings also support agency theory on the negative relationship of Chief Executive Officer (CEO) duality and dividend payout ratio. Besides, the proportion of female members was also found to have a negative effect on the dividend payout ratio of listed firms. Based on the findings, some recommendations are proposed for listed firms such as the need to consider regulations on the share ownership level of members of the Board of Directors (BOD), separate the two positions of Chairman and CEO, and consider a reasonable BOD structure when deciding to increase the number of female members in the BOD.