{
    "id": 69485,
    "date": "2026-04-08T10:05:39",
    "date_gmt": "2026-04-08T03:05:39",
    "guid": {
        "rendered": "https:\/\/hbbgroup.net\/giam-doc-ssi-research-tham-bat-bo-mam-t-theo-tin-nang-hang-nha-dau-tu-co-the-bo-lo-song-lon\/"
    },
    "modified": "2026-04-08T10:05:39",
    "modified_gmt": "2026-04-08T03:05:39",
    "slug": "giam-doc-ssi-research-tham-bat-bo-mam-t-theo-tin-nang-hang-nha-dau-tu-co-the-bo-lo-song-lon",
    "status": "publish",
    "type": "post",
    "link": "https:\/\/hbbgroup.net\/en_us\/giam-doc-ssi-research-tham-bat-bo-mam-t-theo-tin-nang-hang-nha-dau-tu-co-the-bo-lo-song-lon\/",
    "title": {
        "rendered": "Gi\u00e1m \u0111\u1ed1c SSI Research: \u201cTham b\u00e1t b\u1ecf m\u00e2m\u201d T+ theo tin n\u00e2ng h\u1ea1ng, nh\u00e0 \u0111\u1ea7u t\u01b0 c\u00f3 th\u1ec3 b\u1ecf l\u1ee1 s\u00f3ng l\u1edbn"
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        "rendered": "<div data-role=\"content\" id=\"mainContent\"><figcaption> <\/figcaption><p data-path-to-node=\"3\">  FTSE Russell v\u1eeba c\u00f4ng b\u1ed1 b\u00e1o c\u00e1o ph\u00e2n lo\u1ea1i th\u1ecb tr\u01b0\u1eddng gi\u1eefa k\u1ef3, t\u00e1i kh\u1eb3ng \u0111\u1ecbnh l\u1ed9 tr\u00ecnh \u0111\u01b0a Vi\u1ec7t Nam t\u1eeb th\u1ecb tr\u01b0\u1eddng c\u1eadn bi\u00ean (Frontier Market) l\u00ean th\u1ecb tr\u01b0\u1eddng m\u1edbi n\u1ed5i th\u1ee9 c\u1ea5p (Secondary Emerging Market) v\u00e0o th\u00e1ng 9\/2026. \u0110\u00e2y \u0111\u01b0\u1ee3c xem l\u00e0 c\u1ed9t m\u1ed1c l\u1ecbch s\u1eed, m\u1edf ra c\u00e1nh c\u1eeda \u0111\u00f3n d\u00f2ng v\u1ed1n kh\u1ed5ng l\u1ed3 t\u1eeb c\u00e1c \u0111\u1ecbnh ch\u1ebf t\u00e0i ch\u00ednh to\u00e0n c\u1ea7u. <\/p>\n<p>  <b>   N\u00e2ng h\u1ea1ng ch\u00ednh th\u1ee9c m\u1edf ra c\u00e1nh c\u1eeda ti\u1ebfp c\u1eadn d\u00f2ng v\u1ed1n to\u00e0n c\u1ea7u  <\/b> <\/p>\n<p>  \ufeffChia s\u1ebb t\u1ea1i ch\u01b0\u01a1ng tr\u00ecnh \u201cCafe c\u00f9ng ch\u1ee9ng\u201d, \u00f4ng Ph\u1ea1m L\u01b0u H\u01b0ng \u2013 Kinh t\u1ebf tr\u01b0\u1edfng, Gi\u00e1m \u0111\u1ed1c Ph\u00e2n t\u00edch SSI Research cho bi\u1ebft k\u1ebf ho\u1ea1ch n\u00e2ng h\u1ea1ng th\u1ef1c t\u1ebf s\u1ebd \u0111\u01b0\u1ee3c tri\u1ec3n khai theo 4 \u0111\u1ee3t, thay v\u00ec chia \u0111\u1ec1u nh\u01b0 d\u1ef1 b\u00e1o ban \u0111\u1ea7u, v\u1edbi kho\u1ea3ng c\u00e1ch gi\u1eefa c\u00e1c \u0111\u1ee3t kh\u00f4ng \u0111\u1ed3ng \u0111\u1ec1u. C\u1ee5 th\u1ec3, \u0111\u1ee3t \u0111\u1ea7u ti\u00ean d\u1ef1 ki\u1ebfn b\u1eaft \u0111\u1ea7u v\u00e0o th\u00e1ng 9\/2026. \u0110\u1ee3t th\u1ee9 hai di\u1ec5n ra v\u00e0o th\u00e1ng 3\/2027 v\u1edbi t\u1ef7 tr\u1ecdng kho\u1ea3ng 20%. Hai \u0111\u1ee3t cu\u1ed1i s\u1ebd gi\u1ea3i ng\u00e2n ph\u1ea7n c\u00f2n l\u1ea1i, m\u1ed7i \u0111\u1ee3t kho\u1ea3ng 35%. <\/p>\n<p>  \u0110\u00e1ng l\u01b0u \u00fd, d\u00f2ng ti\u1ec1n trong \u0111\u1ee3t \u0111\u1ea7u ti\u00ean (th\u00e1ng 9\/2026) d\u1ef1 ki\u1ebfn kh\u00e1 h\u1ea1n ch\u1ebf, ch\u1ec9 kho\u1ea3ng h\u01a1n 150 tri\u1ec7u USD, do \u0111\u00f3 t\u00e1c \u0111\u1ed9ng ng\u1eafn h\u1ea1n v\u1ec1 m\u1eb7t d\u00f2ng ti\u1ec1n th\u1ef1c t\u1ebf l\u00ean th\u1ecb tr\u01b0\u1eddng \u0111\u01b0\u1ee3c \u0111\u00e1nh gi\u00e1 l\u00e0 kh\u00f4ng qu\u00e1 l\u1edbn. <\/p>\n<p data-path-to-node=\"8\">  D\u00f9 d\u00f2ng ti\u1ec1n tr\u1ef1c ti\u1ebfp t\u1eeb c\u00e1c qu\u1ef9 th\u1ee5 \u0111\u1ed9ng trong giai \u0111o\u1ea1n \u0111\u1ea7u kh\u00f4ng qu\u00e1 m\u1ea1nh, \u00f4ng H\u01b0ng nh\u1ea5n m\u1ea1nh \u0111i\u1ec3m t\u00edch c\u1ef1c quan tr\u1ecdng nh\u1ea5t l\u00e0 Vi\u1ec7t Nam \u0111\u00e3 ch\u00ednh th\u1ee9c \u0111\u01b0\u1ee3c n\u00e2ng h\u1ea1ng, m\u1edf ra c\u00e1nh c\u1eeda ti\u1ebfp c\u1eadn h\u1ec7 sinh th\u00e1i nh\u00e0 \u0111\u1ea7u t\u01b0 to\u00e0n c\u1ea7u. <\/p>\n<p data-path-to-node=\"8\">  Khi c\u00e1c qu\u1ef9 l\u1edbn v\u00e0 t\u1ed5 ch\u1ee9c t\u00e0i ch\u00ednh qu\u1ed1c t\u1ebf b\u1eaft \u0111\u1ea7u v\u1eadn h\u00e0nh t\u1ea1i Vi\u1ec7t Nam, nh\u1eefng r\u00e0o c\u1ea3n v\u1ec1 h\u1ea1 t\u1ea7ng v\u00e0 v\u1eadn h\u00e0nh th\u1ecb tr\u01b0\u1eddng s\u1ebd d\u1ea7n \u0111\u01b0\u1ee3c th\u00e1o g\u1ee1.  \u0110\u00e2y l\u00e0 ti\u1ec1n \u0111\u1ec1 \u0111\u1eb7c bi\u1ec7t quan tr\u1ecdng \u0111\u1ec3 MSCI \u0111\u00e1nh gi\u00e1 l\u1ea1i v\u1ecb th\u1ebf c\u1ee7a Vi\u1ec7t Nam. <\/p>\n<p>  <b>   X\u00e1c su\u1ea5t cao MSCI \u0111\u01b0a Vi\u1ec7t Nam v\u00e0o danh s\u00e1ch theo d\u00f5i  <\/b> <\/p>\n<p data-path-to-node=\"8\">  Chuy\u00ean gia n\u00e0y k\u1ef3 v\u1ecdng trong v\u00f2ng 1 n\u0103m t\u1edbi, \u0111\u1eb7c bi\u1ec7t t\u1ea1i c\u00e1c k\u1ef3 \u0111\u00e1nh gi\u00e1 th\u00e1ng 6\/2026 v\u00e0 6\/2027, x\u00e1c su\u1ea5t Vi\u1ec7t Nam \u0111\u01b0\u1ee3c \u0111\u01b0a v\u00e0o danh s\u00e1ch theo d\u00f5i (Watch List) c\u1ee7a MSCI l\u00e0 r\u1ea5t cao. <\/p>\n<p>  \u201c  <i>   Khi c\u00e1c qu\u1ef9 l\u1edbn nh\u01b0 Vanguard hay c\u00e1c c\u00f4ng ty ch\u1ee9ng kho\u00e1n to\u00e0n c\u1ea7u b\u1eaft \u0111\u1ea7u ho\u1ea1t \u0111\u1ed9ng hi\u1ec7u qu\u1ea3 t\u1ea1i Vi\u1ec7t Nam sau \u0111\u1ee3t n\u00e2ng h\u1ea1ng c\u1ee7a FTSE, MSCI s\u1ebd kh\u00f4ng c\u00f2n l\u00fd do g\u00ec \u0111\u1ec3 lo ng\u1ea1i v\u1ec1 m\u1eb7t v\u1eadn h\u00e0nh hay h\u1ea1 t\u1ea7ng nh\u1eb1m t\u1eeb ch\u1ed1i \u0111\u01b0a Vi\u1ec7t Nam v\u00e0o danh s\u00e1ch n\u00e2ng h\u1ea1ng\u201d  <\/i>  , \u00f4ng Ph\u1ea1m L\u01b0u H\u01b0ng nh\u1eadn \u0111\u1ecbnh.\ufeff <\/p>\n<p data-end=\"2693\" data-start=\"2485\">  Hi\u1ec7n t\u1ea1i Vi\u1ec7t Nam \u0111\u00e3 \u0111\u1ea1t kho\u1ea3ng 10\/18 ti\u00eau ch\u00ed c\u1ee7a MSCI. V\u1edbi vi\u1ec7c tri\u1ec3n khai h\u1ec7 th\u1ed1ng \u0111\u1ed1i t\u00e1c b\u00f9 tr\u1eeb trung t\u00e2m (CCP) v\u00e0o cu\u1ed1i n\u0103m 2026 \u2013 \u0111\u1ea7u n\u0103m 2027, chuy\u00ean gia k\u1ef3 v\u1ecdng gi\u00fap Vi\u1ec7t Nam \u0111\u00e1p \u1ee9ng th\u00eam \u00edt nh\u1ea5t 3 ti\u00eau ch\u00ed quan tr\u1ecdng. <\/p>\n<p data-end=\"3114\" data-start=\"2695\">  B\u00ean c\u1ea1nh \u0111\u00f3, th\u1ecb tr\u01b0\u1eddng c\u0169ng \u0111ang ghi nh\u1eadn nh\u1eefng thay \u0111\u1ed5i r\u00f5 r\u1ec7t trong vi\u1ec7c m\u1edf r\u1ed9ng d\u01b0 \u0111\u1ecba cho nh\u00e0 \u0111\u1ea7u t\u01b0 n\u01b0\u1edbc ngo\u00e0i. T\u1ef7 l\u1ec7 s\u1edf h\u1eefu n\u01b0\u1edbc ngo\u00e0i th\u1ef1c t\u1ebf (effective room) \u0111\u00e3 t\u0103ng nhanh, \u01b0\u1edbc t\u00ednh kho\u1ea3ng 3\u20134% tr\u00ean s\u00e0n HOSE ch\u1ec9 trong m\u1ed9t n\u0103m, nh\u1edd l\u00e0n s\u00f3ng ni\u00eam y\u1ebft m\u1edbi v\u00e0 xu h\u01b0\u1edbng n\u1edbi room \u1edf m\u1ed9t s\u1ed1 ng\u00e0nh nh\u01b0 h\u00e0ng kh\u00f4ng. \u0110i\u1ec1u n\u00e0y gi\u00fap Vi\u1ec7t Nam ti\u1ebfn g\u1ea7n h\u01a1n t\u1edbi c\u00e1c ti\u00eau ch\u00ed kh\u1eaft khe c\u1ee7a MSCI v\u1ec1 kh\u1ea3 n\u0103ng ti\u1ebfp c\u1eadn th\u1ecb tr\u01b0\u1eddng. <\/p>\n<p data-end=\"3268\" data-start=\"3116\">  Song song, c\u00e1c ho\u1ea1t \u0111\u1ed9ng c\u00f4ng b\u1ed1 th\u00f4ng tin b\u1eb1ng ti\u1ebfng Anh v\u00e0 vi\u1ec7c \u0111\u1ea3m b\u1ea3o \u0111\u1ed1i x\u1eed b\u00ecnh \u0111\u1eb3ng v\u1edbi nh\u00e0 \u0111\u1ea7u t\u01b0 n\u01b0\u1edbc ngo\u00e0i c\u0169ng \u0111ang \u0111\u01b0\u1ee3c c\u1ea3i thi\u1ec7n \u0111\u00e1ng k\u1ec3. <\/p>\n<p>  <b>   \ufeffNh\u00e0 \u0111\u1ea7u t\u01b0 kh\u00f4ng n\u00ean \u0111\u1ea7u c\u01a1 ng\u1eafn h\u1ea1n theo tin n\u00e2ng h\u1ea1ng m\u00e0 b\u1ecf l\u1ee1 c\u01a1 h\u1ed9i d\u00e0i h\u1ea1n  <\/b> <\/p>\n<p>  Tr\u01b0\u1edbc th\u1eafc m\u1eafc c\u1ee7a nh\u00e0 \u0111\u1ea7u t\u01b0 v\u1ec1 vi\u1ec7c t\u1ea1i sao th\u1ecb tr\u01b0\u1eddng \u0111\u00e3 c\u00f3 th\u00f4ng tin n\u00e2ng h\u1ea1ng nh\u01b0ng kh\u1ed1i ngo\u1ea1i v\u1eabn duy tr\u00ec \u00e1p l\u1ef1c b\u00e1n r\u00f2ng, chuy\u00ean gia kh\u1eb3ng \u0111\u1ecbnh: \u201cNh\u1eefng t\u00e1c \u0111\u1ed9ng t\u00edch c\u1ef1c kh\u00f4ng ph\u1ea3i l\u00e0 kh\u00f4ng x\u1ea3y ra, m\u00e0 l\u00e0 ch\u01b0a x\u1ea3y ra. Hi\u1ec7n t\u1ea1i, c\u00e1c \u0111\u1ecbnh ch\u1ebf t\u00e0i ch\u00ednh l\u1edbn \u0111ang t\u00edch c\u1ef1c th\u1ef1c hi\u1ec7n c\u00e1c chuy\u1ebfn c\u00f4ng t\u00e1c n\u01b0\u1edbc ngo\u00e0i \u0111\u1ec3 k\u1ebft n\u1ed1i v\u1edbi c\u00e1c qu\u1ef9 \u0111\u1ea7u t\u01b0 qu\u1ed1c t\u1ebf v\u1ed1n ch\u01b0a c\u00f3 t\u00e0i kho\u1ea3n t\u1ea1i Vi\u1ec7t Nam. Xu h\u01b0\u1edbng b\u00e1n r\u00f2ng hi\u1ec7n nay th\u1ef1c ch\u1ea5t l\u00e0 ph\u1ea3n \u1ee9ng &#8220;Risk-off&#8221; (ph\u00f2ng v\u1ec7 r\u1ee7i ro) chung tr\u00ean to\u00e0n c\u1ea7u trong b\u1ed1i c\u1ea3nh gi\u00e1 d\u1ea7u t\u0103ng cao v\u00e0 \u0111\u1ed3ng USD duy tr\u00ec s\u1ee9c m\u1ea1nh, t\u00e1c \u0111\u1ed9ng \u0111\u1ebfn h\u1ea7u h\u1ebft c\u00e1c th\u1ecb tr\u01b0\u1eddng m\u1edbi n\u1ed5i ch\u1ee9 kh\u00f4ng ri\u00eang g\u00ec Vi\u1ec7t Nam\u201d. <\/p>\n<p>  Nh\u00ecn chung, chuy\u00ean gia SSI \u0111\u00e1nh gi\u00e1 c\u00e2u chuy\u1ec7n n\u00e2ng h\u1ea1ng mang t\u00ednh ch\u1ea5t d\u00e0i h\u1ea1n, trong khi d\u00f2ng v\u1ed1n t\u1eeb c\u00e1c qu\u1ef9 th\u1ee5 \u0111\u1ed9ng s\u1ebd b\u1eaft \u0111\u1ea7u gi\u1ea3i ng\u00e2n v\u00e0o th\u00e1ng 9 thay v\u00ec ngay l\u1eadp t\u1ee9c. \u0110\u00e1ng ch\u00fa \u00fd, c\u00e1c nh\u00e0 \u0111\u1ea7u t\u01b0 t\u1ed5 ch\u1ee9c l\u1edbn th\u01b0\u1eddng quan t\u00e2m \u0111\u1ebfn ch\u1ec9 s\u1ed1 MSCI h\u01a1n c\u1ea3 FTSE Russell v\u00ec quy m\u00f4 d\u00f2ng v\u1ed1n m\u00f4 ph\u1ecfng MSCI l\u1edbn g\u1ea5p nhi\u1ec1u l\u1ea7n. Do \u0111\u00f3, vi\u1ec7c Vi\u1ec7t Nam \u0111\u01b0\u1ee3c xem x\u00e9t \u0111\u01b0a v\u00e0o danh s\u00e1ch theo d\u00f5i c\u1ee7a MSCI s\u1ebd l\u00e0 m\u1ed9t c\u00fa h\u00edch m\u1ea1nh m\u1ebd h\u01a1n v\u1ec1 m\u1eb7t t\u00e2m l\u00fd v\u00e0 d\u00f2ng v\u1ed1n trong t\u01b0\u01a1ng lai. <\/p>\n<p>  Th\u00f4ng \u0111i\u1ec7p quan tr\u1ecdng g\u1eedi t\u1edbi nh\u00e0 \u0111\u1ea7u t\u01b0 l\u00e0 kh\u00f4ng n\u00ean &#8220;tham b\u00e1t b\u1ecf m\u00e2m&#8221;, qu\u00e1 t\u1eadp trung v\u00e0o c\u00e1c v\u1ecb th\u1ebf \u0111\u1ea7u c\u01a1 ng\u1eafn h\u1ea1n (T+) theo tin t\u1ee9c n\u00e2ng h\u1ea1ng. B\u1edfi n\u00e2ng h\u1ea1ng l\u00e0 c\u1ea3 m\u1ed9t h\u00e0nh tr\u00ecnh thay \u0111\u1ed5i v\u1ec1 g\u00f3c nh\u00ecn c\u1ee7a nh\u00e0 \u0111\u1ea7u t\u01b0 t\u1ed5 ch\u1ee9c qu\u1ed1c t\u1ebf \u0111\u1ed1i v\u1edbi th\u1ecb tr\u01b0\u1eddng Vi\u1ec7t Nam. <\/p>\n<p>  Vi\u1ec7c b\u1ecf qua nh\u1eefng l\u1ee3i \u00edch d\u00e0i h\u1ea1n \u0111\u1ec3 ch\u1ea1y theo c\u00e1c bi\u1ebfn \u0111\u1ed9ng t\u1ee9c th\u1eddi c\u00f3 th\u1ec3 khi\u1ebfn nh\u00e0 \u0111\u1ea7u t\u01b0 b\u1ecf l\u1ee1 nh\u1eefng c\u01a1 h\u1ed9i l\u1edbn h\u01a1n khi th\u1ecb tr\u01b0\u1eddng t\u00e0i ch\u00ednh th\u1ef1c s\u1ef1 b\u1ee9t ph\u00e1 v\u00e0 h\u1ed9i nh\u1eadp s\u00e2u r\u1ed9ng v\u1edbi c\u00e1c quy chu\u1ea9n to\u00e0n c\u1ea7u. <\/p>\n<\/p><\/div>",
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