In this paper, we propose a new token compression paradigm for video Multimodal Large Language Models (MLLMs), termed Visual Token Coding (VTC). Inspired by classical video coding principles, e.g., HEVC, VTC performs structured compression by predicting the I/P frames of a video and measuring their frame-wise residuals to estimate token redundancy. Based on this baseline framework, we also enhance VTC with a set of novel dynamic designs, such as Dynamic Resolution Input (DyRSO), Dynamic Token Allocation (DyTA), and Spatial Coverage Top-K (SC-TopK), and term this new approach $VTC_{Dy}$. To validate VTC, we apply it to three MLLMs and conduct experiments on multiple video understanding benchmarks. The experimental results show that VTC$_{\mathrm{Dy}}$ achieves an average performance retention of 100.1% with a 50% token budget for Qwen3-VL, while still retaining 97.8% of the average performance when the token budget is reduced to 25%. Moreover, as a plug-and-play design, VTC requires no additional tuning of MLLMs for token coding. Our code is available at https://github.com/Msr233/VTC.

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