{
    "id": 57307,
    "date": "2025-12-16T11:31:11",
    "date_gmt": "2025-12-16T04:31:11",
    "guid": {
        "rendered": "https:\/\/hbbgroup.net\/pgs-ts-vo-dinh-tri-dau-tu-giong-nhu-chay-marathon-chung-ta-chi-nen-dung-tien-nhan-roi-va-chap-nhan-duoc-rui-ro\/"
    },
    "modified": "2025-12-16T11:31:11",
    "modified_gmt": "2025-12-16T04:31:11",
    "slug": "pgs-ts-vo-dinh-tri-dau-tu-giong-nhu-chay-marathon-chung-ta-chi-nen-dung-tien-nhan-roi-va-chap-nhan-duoc-rui-ro",
    "status": "publish",
    "type": "post",
    "link": "https:\/\/hbbgroup.net\/en_us\/pgs-ts-vo-dinh-tri-dau-tu-giong-nhu-chay-marathon-chung-ta-chi-nen-dung-tien-nhan-roi-va-chap-nhan-duoc-rui-ro\/",
    "title": {
        "rendered": "PGS. TS V\u00f5 \u0110\u00ecnh Tr\u00ed: \u0110\u1ea7u t\u01b0 gi\u1ed1ng nh\u01b0 ch\u1ea1y marathon, ch\u00fang ta ch\u1ec9 n\u00ean d\u00f9ng ti\u1ec1n nh\u00e0n r\u1ed7i v\u00e0 ch\u1ea5p nh\u1eadn \u0111\u01b0\u1ee3c r\u1ee7i ro"
    },
    "content": {
        "rendered": "<div data-role=\"content\" id=\"mainContent\"><figcaption> <\/figcaption><p>  N\u0103m 2025, th\u1ecb tr\u01b0\u1eddng ch\u1ee9ng kho\u00e1n Vi\u1ec7t Nam \u0111\u00e3 \u0111\u01b0\u1ee3c n\u00e2ng h\u1ea1ng l\u00ean th\u1ecb tr\u01b0\u1eddng m\u1edbi n\u1ed5i th\u1ee9 c\u1ea5p, c\u00f9ng nhi\u1ec1u y\u1ebfu t\u1ed1 t\u00edch c\u1ef1c \u0111\u01b0\u1ee3c h\u1ed7 tr\u1ee3 t\u1eeb n\u1ec1n kinh t\u1ebf v\u0129 m\u00f4. \u0110\u1ebfn th\u1eddi \u0111i\u1ec3m n\u00e0y c\u0169ng s\u1eafp k\u1ebft th\u00fac n\u0103m 2025, tr\u1ea3i qua m\u1ed9t n\u0103m t\u0103ng tr\u01b0\u1edfng \u1ea5n t\u01b0\u1ee3ng, li\u1ec7u n\u0103m 2026 th\u1ecb tr\u01b0\u1eddng ch\u1ee9ng kho\u00e1n s\u1ebd di\u1ec5n bi\u1ebfn nh\u01b0 th\u1ebf n\u00e0o v\u00e0 \u0111\u00e2u l\u00e0 chi\u1ebfn l\u01b0\u1ee3c \u0111\u1ea7u t\u01b0 hi\u1ec7u qu\u1ea3 cho n\u0103m 2026? <\/p>\n<p>  Trao \u0111\u1ed5i v\u1ec1 v\u1ea5n \u0111\u1ec1 n\u00e0y trong Talk show Ph\u1ed1 T\u00e0i ch\u00ednh (The Finance Street) tr\u00ean VTV8, c\u00e1c chuy\u00ean gia d\u1ef1 b\u00e1o n\u0103m 2026 s\u1ebd ti\u1ebfp t\u1ee5c l\u00e0 m\u1ed9t n\u0103m t\u0103ng tr\u01b0\u1edfng t\u00edch c\u1ef1c c\u1ee7a n\u1ec1n kinh t\u1ebf tr\u00ean n\u1ec1n t\u1ea3ng t\u1ed1t c\u1ee7a n\u0103m 2025, qua \u0111\u00f3 th\u1ecb tr\u01b0\u1eddng ch\u1ee9ng kho\u00e1n c\u0169ng s\u1ebd c\u00f3 nh\u1eefng thu\u1eadn l\u1ee3i v\u00e0 b\u1ee9t ph\u00e1. <\/p>\n<p>  <b>   Ch\u1ec9 c\u00f2n \u0111\u00f4i tu\u1ea7n n\u1eefa l\u00e0 s\u1ebd k\u1ebft th\u00fac n\u0103m d\u01b0\u01a1ng l\u1ecbch 2025. \u00d4ng \u0111\u00e1nh gi\u00e1 nh\u01b0 th\u1ebf n\u00e0o v\u1ec1 m\u1ed9t n\u0103m qua c\u1ee7a th\u1ecb tr\u01b0\u1eddng ch\u1ee9ng kho\u00e1n Vi\u1ec7t Nam?  <\/b> <\/p>\n<p>  <b>   PGS.T  <\/b>  <b>   S V\u00f5 \u0110\u00ecnh Tr\u00ed  <\/b>  <b>   ,  Tr\u01b0\u1eddng IPAG Business School Paris (Ph\u00e1p):  <\/b>  \ufeffN\u1ebfu nh\u00ecn l\u1ea1i th\u1ecb tr\u01b0\u1eddng ch\u1ee9ng kho\u00e1n Vi\u1ec7t Nam \u0111\u1ebfn th\u1eddi \u0111i\u1ec3m n\u00e0y, c\u00f3 th\u1ec3 n\u00f3i n\u0103m 2025 l\u00e0 m\u1ed9t n\u0103m r\u1ea5t th\u00e0nh c\u00f4ng. <\/p>\n<p>  VN-Index \u0111\u00e3 t\u0103ng kho\u1ea3ng 30% &#8211; 35% v\u00e0 so v\u1edbi c\u00e1c th\u1ecb tr\u01b0\u1eddng \u1edf trong khu v\u1ef1c c\u0169ng nh\u01b0 tr\u00ean th\u1ebf gi\u1edbi, \u0111\u00e2y l\u00e0 m\u1ed9t hi\u1ec7u su\u1ea5t r\u1ea5t cao. N\u1ebfu so v\u1ec1 t\u1ed1c \u0111\u1ed9 t\u0103ng tr\u01b0\u1edfng, ch\u00fang ta \u0111\u1ea1t g\u1ea5p \u0111\u00f4i th\u1ecb tr\u01b0\u1eddng ch\u1ee9ng kho\u00e1n M\u1ef9 (so v\u1edbi ch\u1ec9 s\u1ed1 S&#038;P 500). Ngo\u00e0i ra, th\u1ecb tr\u01b0\u1eddng ch\u1ee9ng kho\u00e1n Vi\u1ec7t Nam hi\u1ec7n c\u0169ng \u0111\u00e3 ghi nh\u1eadn nh\u1eefng chuy\u1ec3n bi\u1ebfn t\u00edch c\u1ef1c. <\/p>\n<p>  V\u00ed d\u1ee5, nh\u00ecn v\u1ec1 kh\u1ed1i l\u01b0\u1ee3ng giao d\u1ecbch b\u00ecnh qu\u00e2n trong n\u0103m 2025 n\u00e0y \u0111\u00e3 t\u0103ng l\u00ean \u0111\u00e1ng k\u1ec3 so v\u1edbi n\u0103m 2024. C\u00e1c phi\u00ean giao d\u1ecbch trung b\u00ecnh c\u00f3 th\u1ec3 \u0111\u1ea1t 18.000 &#8211; 20.000 t\u1ef7 \u0111\u1ed3ng\/phi\u00ean. N\u0103m 2025 n\u00e0y c\u0169ng \u0111\u00e3 ghi nh\u1eadn s\u1ed1 l\u01b0\u1ee3ng t\u00e0i kho\u1ea3n m\u1edbi m\u1edf tr\u00ean th\u1ecb tr\u01b0\u1eddng ch\u1ee9ng kho\u00e1n t\u0103ng r\u1ea5t t\u1ed1t, \u01b0\u1edbc t\u00ednh c\u00f3 kho\u1ea3ng h\u01a1n 11 tri\u1ec7u t\u00e0i kho\u1ea3n nh\u00e0 \u0111\u1ea7u t\u01b0 \u0111\u01b0\u1ee3c m\u1edf m\u1edbi tr\u00ean th\u1ecb tr\u01b0\u1eddng. <\/p>\n<p>  <b>   B\u01b0\u1edbc sang n\u0103m 2026, n\u1ec1n kinh t\u1ebf \u0111\u01b0\u1ee3c \u0111\u1eb7t m\u1ee5c ti\u00eau t\u0103ng tr\u01b0\u1edfng t\u1eeb 10% c\u00f9ng nhi\u1ec1u ch\u00ednh s\u00e1ch kh\u00e1c th\u00fac \u0111\u1ea9y t\u0103ng tr\u01b0\u1edfng kinh t\u1ebf, trong b\u1ed1i c\u1ea3nh b\u00ean ngo\u00e0i, c\u1ee5c d\u1ef1 tr\u1eef li\u00ean bang M\u1ef9 Fed c\u0169ng \u0111ang trong xu h\u01b0\u1edbng h\u1ea1 l\u00e3i su\u1ea5t, li\u1ec7u n\u1ec1n kinh t\u1ebf s\u1ebd di\u1ec5n bi\u1ebfn theo h\u01b0\u1edbng nh\u01b0 th\u1ebf n\u00e0o?  <\/b> <\/p>\n<p>  <b>   PGS.T  <\/b>  <b>   S V\u00f5 \u0110\u00ecnh Tr\u00ed: <\/b>Nh\u00ecn v\u1ec1 v\u0129 m\u00f4 c\u1ee7a Vi\u1ec7t Nam v\u00e0 v\u1ec1 t\u1ed1c \u0111\u1ed9 t\u0103ng tr\u01b0\u1edfng GDP c\u1ee7a Vi\u1ec7t Nam, m\u1eb7c d\u00f9 Qu\u1ed1c h\u1ed9i \u0111\u00e3 quy\u1ebft \u0111\u1eb7t m\u1ee5c ti\u00eau t\u0103ng tr\u01b0\u1edfng tr\u00ean 10%, tuy nhi\u00ean, m\u1ed9t s\u1ed1 t\u1ed5 ch\u1ee9c qu\u1ed1c t\u1ebf nh\u01b0 IMF, World Bank ho\u1eb7c m\u1ed9t s\u1ed1 ng\u00e2n h\u00e0ng \u0111\u1ea7u t\u01b0 nh\u1eadn \u0111\u1ecbnh th\u1eadn tr\u1ecdng h\u01a1n cho t\u0103ng tr\u01b0\u1edfng c\u1ee7a Vi\u1ec7t Nam, ch\u1ec9 kho\u1ea3ng 7%. <\/p>\n<p>  Ngo\u00e0i ra, nh\u00ecn v\u00e0o b\u1ed1i c\u1ea3nh chung c\u1ee7a th\u1ebf gi\u1edbi khi C\u1ee5c D\u1ef1 tr\u1eef Li\u00ean bang M\u1ef9 Fed \u0111\u00e3 gi\u1ea3m l\u00e3i su\u1ea5t, tuy nhi\u00ean Fed v\u1eabn r\u1ea5t th\u1eadn tr\u1ecdng. V\u1edbi quy\u1ebft \u0111\u1ecbnh gi\u1ea3m l\u00e3i su\u1ea5t v\u1eeba r\u1ed3i c\u1ee7a Fed c\u0169ng nh\u01b0 k\u1ef3 v\u1ecdng v\u1ec1 n\u1ec1n kinh t\u1ebf c\u1ee7a M\u1ef9 trong n\u0103m 2026, \u0111i\u1ec1u m\u00e0 theo nhi\u1ec1u nh\u00e0 ph\u00e2n t\u00edch, g\u1ecdi l\u00e0 m\u1ed9t n\u1ec1n kinh t\u1ebf \u201cGoldilocks\u201d, c\u00f3 ngh\u0129a l\u00e0 m\u1ed9t t\u00ecnh tr\u1ea1ng kinh t\u1ebf m\u00e0 kh\u00f4ng n\u00f3ng c\u0169ng kh\u00f4ng l\u1ea1nh, \u0111\u00e2y c\u00f3 th\u1ec3 xem l\u00e0 nh\u1eefng y\u1ebfu t\u1ed1 b\u00ean ngo\u00e0i thu\u1eadn l\u1ee3i cho n\u1ec1n kinh t\u1ebf Vi\u1ec7t Nam. <\/p>\n<p>  Tuy nhi\u00ean, Vi\u1ec7t Nam v\u1eabn c\u00f3 m\u1ed9t s\u1ed1 y\u1ebfu t\u1ed1 c\u1ea7n ph\u1ea3i th\u1eadn tr\u1ecdng v\u00e0 \u0111i\u1ec1u n\u00e0y \u0111\u00e3 c\u00f3 th\u00f4ng tin trong c\u00e1c phi\u00ean h\u1ecdp th\u01b0\u1eddng k\u1ef3 c\u1ee7a Ch\u00ednh ph\u1ee7 v\u1eeba r\u1ed3i, \u0111\u00f3 l\u00e0 c\u00e2u chuy\u1ec7n v\u1ec1 l\u1ea1m ph\u00e1t, v\u1ec1 gi\u1ea3i ng\u00e2n \u0111\u1ea7u t\u01b0 c\u00f4ng c\u0169ng nh\u01b0 c\u00e2u chuy\u1ec7n t\u0103ng tr\u01b0\u1edfng t\u00edn d\u1ee5ng r\u1ea5t t\u1ed1t nh\u01b0ng v\u1eabn c\u00f2n ti\u1ec1m \u1ea9n nh\u1eefng th\u00e1ch th\u1ee9c. <\/p>\n<p>  Ch\u00ednh v\u00ec v\u00e2y, theo quan \u0111i\u1ec3m c\u00e1 nh\u00e2n c\u1ee7a t\u00f4i, kinh t\u1ebf Vi\u1ec7t Nam s\u1ebd duy tr\u00ec \u1edf kho\u1ea3ng 7% &#8211; 8%\/n\u0103m v\u00e0 n\u1ebfu ch\u00fang ta quy\u1ebft t\u00e2m cho c\u00e2u chuy\u1ec7n Vi\u1ec7t Nam \u0111\u1ebfn n\u0103m 2045 hay n\u0103m 2050 \u0111\u1ea1t \u0111\u01b0\u1ee3c n\u1ec1n kinh t\u1ebf c\u00f3 thu nh\u1eadp cao h\u01a1n th\u00ec nh\u1eefng n\u0103m \u0111\u1ea7u \u0111\u00f2i h\u1ecfi ph\u1ea3i t\u0103ng tr\u01b0\u1edfng nhi\u1ec1u h\u01a1n \u0111\u1ec3 c\u00f3 th\u1ec3 b\u00f9 l\u1ea1i cho nh\u1eefng giai \u0111o\u1ea1n sau v\u00ec r\u1ea5t kh\u00f3 \u0111\u1ec3 lu\u00f4n duy tr\u00ec m\u1ed9t t\u1ed1c \u0111\u1ed9 t\u0103ng tr\u01b0\u1edfng cao \u0111\u1ec1u \u0111\u1eb7n, li\u00ean t\u1ee5c trong v\u00f2ng 20 &#8211; 25 n\u0103m \u0111\u01b0\u1ee3c. N\u1ebfu mu\u1ed1n c\u00f3 k\u1ebft qu\u1ea3 t\u1ed1t nh\u01b0 k\u1ef3 v\u1ecdng \u0111\u1eb7t ra, ch\u00fang ta ph\u1ea3i quy\u1ebft t\u00e2m m\u1ea1nh m\u1ebd trong nh\u1eefng n\u0103m \u0111\u1ea7u ti\u00ean c\u1ee7a giai \u0111o\u1ea1n. <\/p>\n<p>  <b>   Trong b\u1ed1i c\u1ea3nh n\u1ec1n kinh t\u1ebf \u0111\u01b0\u1ee3c d\u1ef1 b\u00e1o nh\u01b0 v\u1eady, c\u00e1c doanh nghi\u1ec7p ni\u00eam y\u1ebft tr\u00ean s\u00e0n s\u1ebd c\u00f3 s\u1ef1 t\u0103ng tr\u01b0\u1edfng ra sao, th\u01b0a \u00f4ng?  <\/b> <\/p>\n<p>  <b>   PGS.T  <\/b>  <b>   S V\u00f5 \u0110\u00ecnh Tr\u00ed:  <\/b>  \ufeffT\u00f4i th\u1ea5y r\u1eb1ng c\u00f3 m\u1ed9t s\u1ef1 \u0111\u1ed3ng thu\u1eadn kh\u00e1 cao tr\u00ean th\u1ecb tr\u01b0\u1eddng v\u1ec1 d\u1ef1 b\u00e1o t\u1ed1c \u0111\u1ed9 t\u0103ng tr\u01b0\u1edfng EPS c\u1ee7a th\u1ecb tr\u01b0\u1eddng Vi\u1ec7t Nam trong 2026, \u01b0\u1edbc \u0111\u1ea1t kho\u1ea3ng 12% &#8211; 15%. V\u00e0 \u0111i\u1ec1u n\u00e0y c\u0169ng t\u01b0\u01a1ng \u1ee9ng v\u1edbi k\u1ef3 v\u1ecdng t\u0103ng tr\u01b0\u1edfng kinh t\u1ebf chung c\u1ee7a Vi\u1ec7t Nam trong n\u0103m 2026. Trong n\u0103m 2025, ch\u00fang ta ch\u1ee9ng ki\u1ebfn th\u1ecb tr\u01b0\u1eddng c\u00f3 hi\u1ec7n t\u01b0\u1ee3ng \u201cxanh v\u1ecf \u0111\u1ecf l\u00f2ng\u201d, th\u1ecb tr\u01b0\u1eddng t\u0103ng \u0111i\u1ec3m nh\u1edd v\u00e0o \u0111\u00e0 t\u0103ng c\u1ee7a m\u1ed9t s\u1ed1 \u00edt m\u00e3, c\u00f2n l\u1ea1i nhi\u1ec1u c\u1ed5 phi\u1ebfu \u0111\u00e3 gi\u1ea3m m\u1ea1nh   <\/p>\n<p>  Ch\u00ednh v\u00ec v\u1eady, b\u01b0\u1edbc sang n\u0103m 2026 d\u1ef1 b\u00e1o s\u1ebd c\u00f3 s\u1ef1 lu\u00e2n chuy\u1ec3n gi\u1eefa c\u00e1c nh\u00f3m ng\u00e0nh hay m\u1ed9t s\u1ed1 nh\u00f3m c\u1ed5 phi\u1ebfu kh\u00e1c. Theo t\u00f4i, m\u1ed9t s\u1ed1 ng\u00e0nh c\u00f3 m\u1ee9c t\u0103ng tr\u01b0\u1edfng d\u1ef1 b\u00e1o cao nh\u01b0 v\u1eadt li\u1ec7u x\u00e2y d\u1ef1ng, h\u1ea1 t\u1ea7ng (~30%), b\u00e1n l\u1ebb (~25%), ng\u00e2n h\u00e0ng, ch\u1ee9ng kho\u00e1n (15%-20%). Ri\u00eang b\u1ea5t \u0111\u1ed9ng s\u1ea3n r\u1ea5t kh\u00f3 d\u1ef1 b\u00e1o chung v\u00ec c\u00f3 s\u1ef1 ph\u00e2n h\u00f3a m\u1ea1nh v\u00e0 v\u1ea5n \u0111\u1ec1 ghi nh\u1eadn doanh thu. <\/p>\n<p>  <b>   Tr\u00ean n\u1ec1n t\u1ea3ng \u0111\u00f3, d\u1ef1 b\u00e1o th\u1ecb tr\u01b0\u1eddng ch\u1ee9ng kho\u00e1n c\u1ee7a n\u0103m 2026 s\u1ebd di\u1ec5n bi\u1ebfn th\u1ebf n\u00e0o?  <\/b> <\/p>\n<p>  <b>   PGS.T  <\/b>  <b>   S V\u00f5 \u0110\u00ecnh Tr\u00ed:  <\/b>  \ufeffV\u1edbi m\u1ed9t \u0111\u00e0 t\u0103ng r\u1ea5t m\u1ea1nh trong n\u0103m 2025 c\u1ee7a Vi\u1ec7t Nam, v\u00e0 n\u1ebfu t\u1eeb \u0111\u00e2y \u0111\u1ebfn cu\u1ed1i n\u0103m kh\u00f4ng c\u00f3 g\u00ec thay \u0111\u1ed5i th\u00ec t\u1ed1c \u0111\u1ed9 t\u0103ng tr\u01b0\u1edfng ch\u1ee9ng kho\u00e1n c\u1ee7a Vi\u1ec7t Nam s\u1ebd \u01b0\u1edbc \u0111\u1ea1t 30% &#8211; 35%, so v\u1edbi trung b\u00ecnh d\u00e0i h\u1ea1n c\u1ee7a c\u1ee7a m\u1ed9t th\u1ecb tr\u01b0\u1eddng,m\u1ee9c n\u00e0y t\u01b0\u01a1ng \u0111\u1ed1i cao. V\u00e0 \u0111\u1ec3 cho th\u1ecb tr\u01b0\u1eddng t\u0103ng tr\u01b0\u1edfng b\u1ec1n v\u1eefng, d\u0129 nhi\u00ean s\u1ebd lu\u00f4n c\u00f3 nh\u1eefng nh\u1ecbp \u0111i\u1ec1u ch\u1ec9nh ho\u1eb7c l\u00e0 ph\u1ea3i gi\u1ea3m t\u1ed1c \u0111\u1ed9 t\u0103ng l\u1ea1i. <\/p>\n<p>  V\u00e0 khi gi\u1ea3m t\u1ed1c \u0111\u1ed9 t\u0103ng l\u1ea1i lu\u00f4n x\u1ea3y ra m\u1ed9t y\u1ebfu t\u1ed1 \u0111\u00f3 ch\u00ednh l\u00e0 vi\u1ec7c ho\u00e1n \u0111\u1ed5i danh m\u1ee5c. Th\u00f4ng th\u01b0\u1eddng, nh\u1eefng c\u1ed5 phi\u1ebfu \u0111\u00e3 c\u00f3 t\u1ef7 su\u1ea5t sinh l\u1ee3i v\u01b0\u1ee3t qu\u00e1 k\u1ef3 v\u1ecdng, c\u00e1c nh\u00e0 \u0111\u1ea7u t\u01b0 s\u1ebd ch\u1ecdn gi\u1ea3i ph\u00e1p an to\u00e0n h\u01a1n l\u00e0 s\u1ebd ph\u1ea3i lu\u00e2n chuy\u1ec3n qua nh\u1eefng nh\u00f3m c\u1ed5 phi\u1ebfu hay nh\u1eefng nh\u00f3m ng\u00e0nh kh\u00e1c v\u00e0 nh\u01b0 v\u1eady, trong l\u00fac \u0111\u00f3, th\u1ecb tr\u01b0\u1eddng v\u1eabn gi\u1eef \u0111\u01b0\u1ee3c t\u1ed1c \u0111\u1ed9 t\u0103ng tr\u01b0\u1edfng chung c\u1ee7a ch\u1ec9 s\u1ed1 ch\u1ee9ng kho\u00e1n, nh\u01b0ng s\u1ebd ch\u1eadm l\u1ea1i. <\/p>\n<p>  T\u00f4i d\u1ef1 b\u00e1o t\u0103ng tr\u01b0\u1edfng kho\u1ea3ng 10% \u2013 12% trong n\u0103m sau l\u00e0 m\u1ed9t m\u1ee9c \u0111\u1ed9 h\u1ee3p l\u00fd, v\u00e0 khi \u0111\u00f3 VN-Index s\u1ebd \u1edf m\u1ee9c g\u1ea7n 1.800, th\u1ecb tr\u01b0\u1eddng s\u1ebd ti\u1ebfp t\u1ee5c xoay quanh con s\u1ed1 n\u00e0y. \u1ede m\u1ed9t s\u1ed1 th\u1ecb tr\u01b0\u1eddng tr\u00ean th\u1ebf gi\u1edbi nh\u01b0 th\u1ecb tr\u01b0\u1eddng ch\u1ee9ng kho\u00e1n M\u1ef9 \u0111\u01b0\u1ee3c nhi\u1ec1u \u0111\u1ecbnh ch\u1ebf t\u00e0i ch\u00ednh l\u1edbn d\u1ef1 b\u00e1o c\u0169ng s\u1ebd t\u0103ng tr\u01b0\u1edfng 12-15% trong n\u0103m 2026. <\/p>\n<p>  <b>   V\u1eady chi\u1ebfn l\u01b0\u1ee3c \u0111\u1ea7u t\u01b0 n\u0103m 2026 d\u00e0nh cho nh\u00e0 \u0111\u1ea7u t\u01b0 n\u00ean l\u00e0 nh\u01b0 th\u1ebf n\u00e0o theo \u00f4ng?  <\/b> <\/p>\n<p>  <b>   PGS.T  <\/b>  <b>   S V\u00f5 \u0110\u00ecnh Tr\u00ed<\/b><b>:  <\/b>  \ufeffC\u00e2u chuy\u1ec7n \u0111\u1ea7u t\u01b0 l\u00e0 c\u00e2u chuy\u1ec7n d\u00e0i h\u1ea1n, c\u0169ng gi\u1ed1ng nh\u01b0 qu\u00e1 tr\u00ecnh marathon, ch\u00fang ta ch\u1ec9 n\u00ean \u0111\u1ea7u t\u01b0 v\u1edbi s\u1ed1 ti\u1ec1n nh\u00e0n r\u1ed7i c\u1ee7a m\u00ecnh v\u00e0 c\u00f3 th\u1ec3 ch\u1ea5p nh\u1eadn \u0111\u01b0\u1ee3c r\u1ee7i ro. C\u00f2n trong nh\u1eefng di\u1ec5n bi\u1ebfn ng\u1eafn h\u1ea1n c\u1ee7a th\u1ecb tr\u01b0\u1eddng, kh\u00f4ng ai c\u00f3 th\u1ec3 \u0111o\u00e1n tr\u01b0\u1edbc \u0111\u01b0\u1ee3c. D\u0129 nhi\u00ean, n\u1ebfu nh\u00ecn v\u1ec1 b\u1ed1i c\u1ea3nh c\u1ee7a th\u1ecb tr\u01b0\u1eddng Vi\u1ec7t Nam n\u0103m 2026, s\u1ebd c\u00f3 m\u1ed9t s\u1ed1 ng\u00e0nh thu\u1eadn l\u1ee3i h\u01a1n trong t\u1ed1c \u0111\u1ed9 t\u0103ng tr\u01b0\u1edfng c\u1ee7a Vi\u1ec7t Nam c\u0169ng nh\u01b0 s\u1ef1 d\u1ecbch chuy\u1ec3n gi\u1eefa c\u00e1c nh\u00f3m ng\u00e0nh c\u1ed5 phi\u1ebfu. V\u00ed d\u1ee5 nh\u01b0 nh\u1eefng nh\u00f3m ng\u00e0nh m\u00e0 2025 v\u1eeba r\u1ed3i c\u00f3 v\u1ebb b\u1ecb t\u1ee5t l\u1ea1i ph\u00eda sau th\u00ec c\u00f3 th\u1ec3 s\u1ebd \u0111\u01b0\u1ee3c l\u1ef1a ch\u1ecdn \u0111\u1ec3 mua tr\u1edf l\u1ea1i trong 2026. <\/p>\n<p>  \u0110\u01a1n c\u1eed nh\u01b0 nh\u00f3m ng\u00e2n h\u00e0ng c\u0169ng s\u1ebd \u0111\u01b0\u1ee3c h\u01b0\u1edfng l\u1ee3i t\u1eeb c\u00e2u chuy\u1ec7n ti\u1ebfp t\u1ee5c th\u00fac \u0111\u1ea9y \u0111\u1ea7u t\u01b0 c\u00f4ng c\u1ee7a Ch\u00ednh ph\u1ee7. B\u00ean c\u1ea1nh \u0111\u00f3 l\u00e0 nh\u1eefng nh\u00f3m ng\u00e0nh nh\u01b0 v\u1eadt li\u1ec7u x\u00e2y d\u1ef1ng, h\u1ea1 t\u1ea7ng, th\u1eadm ch\u00ed l\u00e0 b\u00e1n l\u1ebb c\u0169ng \u0111\u01b0\u1ee3c h\u01b0\u1edfng l\u1ee3i. V\u00e0 trong b\u1ed1i c\u1ea3nh Vi\u1ec7t Nam v\u1eabn ti\u1ebfp t\u1ee5c thu h\u00fat d\u00f2ng v\u1ed1n FDI, xu\u1ea5t kh\u1ea9u v\u00e0 logistics l\u00e0 nh\u00f3m ng\u00e0nh ti\u1ec1m n\u0103ng. Th\u1eadm ch\u00ed, m\u1ed9t ng\u00e0nh ngh\u1ec1 \u0111\u1eb7c th\u00f9 c\u0169ng c\u00f3 th\u1ec3 \u0111\u01b0\u1ee3c h\u01b0\u1edfng l\u1ee3i t\u1eeb c\u00e2u chuy\u1ec7n gi\u00e1 d\u1ea7u th\u1ea5p, v\u00ed d\u1ef1 nh\u01b0 nh\u00f3m ng\u00e0nh d\u1ea7u kh\u00ed. \u1ede g\u00f3c \u0111\u1ed9 nh\u00e0 \u0111\u1ea7u t\u01b0 c\u00e1 nh\u00e2n, khi c\u00f3 l\u1ee3i nhu\u1eadn v\u01b0\u1ee3t tr\u1ed9i \u1edf m\u1ed9t hay m\u1ed9t s\u1ed1 c\u1ed5 phi\u1ebfu ri\u00eang l\u1ebb n\u00e0o \u0111\u00f3 th\u00ec n\u00ean ch\u1ed1t l\u1eddi, v\u00e0 duy tr\u00ec m\u1ed9t t\u1ef7 l\u1ec7 ti\u1ec1n m\u1eb7t kho\u1ea3ng 20% \u0111\u1ec3 ch\u1edd nh\u1eefng c\u01a1 h\u1ed9i giao d\u1ecbch xoay v\u00f2ng. <\/p>\n<\/p><\/div>",
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