The objective of this study is to enrich the literature by investigating the effects of dividend policies on the value of listed companies in Vietnam. Data used in this study consists of 262 listed companies in Ho Chi Minh Stock Exchange (HOSE) for the period from 2016 to 2018. Using the fixed effects model (FEM), the empirical findings confirm the dividend payout ratio has a positive relationship with the value of the listed companies. This finding supports the birdin-hand theory that investors prefer to receive dividends in cash rather than capital gains in the future. In addition, this study finds that dividend payment methods significantly affect the value of listed companies. In fact, the cash dividend positively affects the value of the listed companies. This evidence is consistent with the signaling theory that payment for dividends in cash is a good signal from the companies.