The objective of the article is to clarify the factors affecting the dividend policy of listed telecommunication companies in Vietnam. Based on the theory of dividend policy proposed by Miller-Modigliani (1961) [5] and Gordon (1959) [12]. The author collects secondary data of 120 observations of 12 telecommunication companies in the period from 2014 to 2024. By using quantitative model research of OLS, FEM, REM, GLS models on Stata 14 software. The author has evidence to determine that, Asset size of telecommunication companies and Basic earnings per share of telecommunication companies have opposite effects on dividend policy. These new findings are important for telecommunication company managers, with large companies should apply dividend surplus policy. Meanwhile, according to the author, applying a constant dividend policy is suitable for small telecommunication companies in the current context.