{"id":47113,"date":"2025-09-05T04:53:58","date_gmt":"2025-09-04T21:53:58","guid":{"rendered":"https:\/\/hbbgroup.net\/ong-la-giang-trung-giai-doan-tang-diem-tiep-theo-chua-dung-nhieu-kho-khan-hon\/"},"modified":"2025-09-05T04:53:58","modified_gmt":"2025-09-04T21:53:58","slug":"ong-la-giang-trung-giai-doan-tang-diem-tiep-theo-chua-dung-nhieu-kho-khan-hon","status":"publish","type":"post","link":"https:\/\/hbbgroup.net\/vi\/ong-la-giang-trung-giai-doan-tang-diem-tiep-theo-chua-dung-nhieu-kho-khan-hon\/","title":{"rendered":"\u00d4ng L\u00e3 Giang Trung: Giai \u0111o\u1ea1n t\u0103ng \u0111i\u1ec3m ti\u1ebfp theo ch\u1ee9a \u0111\u1ef1ng nhi\u1ec1u kh\u00f3 kh\u0103n h\u01a1n"},"content":{"rendered":"
\n

\u00d4ng L\u00e3 Giang Trung: Giai \u0111o\u1ea1n t\u0103ng \u0111i\u1ec3m ti\u1ebfp theo ch\u1ee9a \u0111\u1ef1ng nhi\u1ec1u kh\u00f3 kh\u0103n h\u01a1n<\/p>\n

Chia s\u1ebb t\u1ea1i ch\u01b0\u01a1ng tr\u00ecnh Vi\u1ec7t Nam v\u00e0 c\u00e1c ch\u1ec9 s\u1ed1 ng\u00e0y 04\/09, \u00f4ng L\u00e3 Giang Trung – CEO<\/a> Passion Investment cho r\u1eb1ng d\u01b0 \u0111\u1ecba t\u0103ng \u0111i\u1ec3m c\u1ee7a ch\u1ee9ng kho\u00e1n Vi\u1ec7t Nam l\u00e0 r\u1ea5t l\u1edbn. Tuy nhi\u00ean, giai \u0111o\u1ea1n t\u0103ng m\u1ea1nh nh\u1ea5t \u0111\u00e3 qua v\u00e0 s\u1eafp t\u1edbi s\u1ebd kh\u00f3 kh\u0103n h\u01a1n, \u0111\u1ed3ng ngh\u0129a v\u1edbi vi\u1ec7c nh\u00e0 \u0111\u1ea7u t\u01b0 c\u1ea7n c\u00f3 s\u1ef1 \u0111i\u1ec1u ch\u1ec9nh chi\u1ebfn l\u01b0\u1ee3c ph\u00f9 h\u1ee3p. <\/p>\n

C\u00f2n nhi\u1ec1u d\u01b0 \u0111\u1ecba t\u0103ng, nh\u01b0ng b\u1ed1i c\u1ea3nh \u0111\u00e3 kh\u00e1c<\/p>\n

Theo \u00f4ng Trung, nh\u1ecbp \u0111i\u1ec1u ch\u1ec9nh lu\u00f4n xu\u1ea5t hi\u1ec7n trong m\u1ed9t xu h\u01b0\u1edbng t\u0103ng (uptrend), tuy nhi\u00ean s\u1ebd kh\u00f4ng x\u1ea3y ra trong th\u00e1ng 9. Th\u1ecb tr\u01b0\u1eddng \u0111\u00e3 \u0111i l\u00ean kh\u00e1 nhi\u1ec1u v\u1ec1 \u0111i\u1ec3m s\u1ed1, nh\u01b0ng ch\u01b0a d\u00e0i v\u1ec1 th\u1eddi gian n\u1ebfu t\u00ednh t\u1eeb \u0111\u00e1y. <\/p>\n

Th\u1ef1c t\u1ebf giai \u0111o\u1ea1n 2016 – 2018, VN-Index<\/a> t\u0103ng g\u1ea5p \u0111\u00f4i r\u1ed3i m\u1edbi c\u00f3 nh\u1ecbp \u0111i\u1ec1u ch\u1ec9nh tr\u00ean 10%. Hi\u1ec7n t\u1ea1i, t\u1eeb \u0111\u00e1y th\u00e1ng 4, th\u1ecb tr\u01b0\u1eddng m\u1edbi t\u0103ng ch\u01b0a t\u1edbi 50%. N\u1ebfu di\u1ec5n bi\u1ebfn l\u00e0 t\u01b0\u01a1ng t\u1ef1 giai \u0111o\u1ea1n 2016 – 2018, d\u01b0 \u0111\u1ecba t\u0103ng \u0111i\u1ec3m v\u1eabn c\u00f2n.<\/p>\n

D\u00f9 v\u1eady, k\u1ecbch b\u1ea3n t\u0103ng m\u1ea1nh ngay l\u00fac n\u00e0y v\u1eabn kh\u00f3 x\u1ea3y ra, m\u00e0 thay v\u00e0o \u0111\u00f3 l\u00e0 \u0111i l\u00ean t\u1eeb t\u1eeb, xen k\u1ebd th\u00eam c\u00e1c nh\u1ecbp \u0111i\u1ec1u ch\u1ec9nh nh\u1eb9 tr\u01b0\u1edbc khi c\u00f3 m\u1ed9t giai \u0111o\u1ea1n t\u0103ng m\u1ea1nh h\u01a1n. <\/p>\n

\u0110\u1ec3 tr\u1ea3 l\u1eddi cho c\u00e2u h\u1ecfi xu h\u01b0\u1edbng t\u0103ng s\u1ebd k\u00e9o d\u00e0i \u0111\u1ebfn bao gi\u1edd, \u00f4ng Trung cho r\u1eb1ng c\u1ea7n nh\u00ecn c\u1ea3 ch\u00ednh s\u00e1ch v\u0129 m\u00f4 v\u00e0 \u0111\u1ecbnh gi\u00e1 th\u1ecb tr\u01b0\u1eddng. C\u1ee5 th\u1ec3, cung ti\u1ec1n M2 hi\u1ec7n t\u1ea1i h\u01a1n 20 tri\u1ec7u t\u1ef7 \u0111\u1ed3ng, d\u1ef1 b\u00e1o cu\u1ed1i n\u0103m l\u00ean 26 tri\u1ec7u t\u1ef7 \u0111\u1ed3ng, t\u1ee9c g\u1ea5p \u0111\u00f4i so v\u1edbi giai \u0111o\u1ea1n 2020 – 2021. V\u1ec1 l\u00fd thuy\u1ebft, khi cung ti\u1ec1n t\u0103ng g\u1ea5p \u0111\u00f4i th\u00ec h\u00e0ng h\u00f3a c\u0169ng s\u1ebd t\u0103ng g\u1ea5p \u0111\u00f4i.<\/p>\n

V\u1ec1 \u0111\u1ecbnh gi\u00e1, th\u00f4ng th\u01b0\u1eddng P\/E th\u1ecb tr\u01b0\u1eddng \u0111\u1ea1t 20 – 22 l\u1ea7n l\u00e0 t\u1ea1o \u0111\u1ec9nh, c\u00f2n hi\u1ec7n t\u1ea1i P\/E m\u1edbi h\u01a1n 15 l\u1ea7n. V\u1edbi k\u1ef3 v\u1ecdng l\u1ee3i nhu\u1eadn doanh nghi\u1ec7p t\u0103ng th\u00eam 20 – 25% \u0111\u1ebfn h\u1ebft n\u0103m 2026 v\u00e0 P\/E t\u0103ng l\u00ean m\u1ee9c 20 – 22 l\u1ea7n, th\u1ecb tr\u01b0\u1eddng c\u00f2n d\u01b0 \u0111\u1ecba r\u1ea5t l\u1edbn.<\/p>\n

\u00d4ng Trung nh\u1ea5n m\u1ea1nh, trong m\u1ed9t uptrend lu\u00f4n c\u00f3 \u0111i\u1ec1u ch\u1ec9nh, ai c\u0169ng mu\u1ed1n b\u00e1n tr\u01b0\u1edbc khi \u0111i\u1ec1u ch\u1ec9nh v\u00e0 mua l\u1ea1i \u1edf \u0111\u00e1y, nh\u01b0ng d\u1eef li\u1ec7u l\u1ecbch s\u1eed cho th\u1ea5y x\u00e1c su\u1ea5t th\u00e0nh c\u00f4ng r\u1ea5t th\u1ea5p. V\u00ed d\u1ee5, \u1edf giai \u0111o\u1ea1n 2020 – 2021, VN-Index<\/span> t\u0103ng g\u1ea7n 140% t\u1eeb \u0111\u00e1y l\u00ean \u0111\u1ec9nh, trong \u0111\u00f3 c\u00f3 3 l\u1ea7n \u0111i\u1ec1u ch\u1ec9nh tr\u00ean 10%, \u0111\u1ebfn giai \u0111o\u1ea1n 2016 – 2018 c\u0169ng t\u0103ng g\u1ea7n 140%, nh\u01b0ng ch\u1ec9 c\u00f3 1 l\u1ea7n \u0111i\u1ec1u ch\u1ec9nh tr\u00ean 10%.<\/p>\n

M\u1eb7t kh\u00e1c, trong giai \u0111o\u1ea1n 2020 – 2021, t\u1eeb \u0111\u00e1y \u0111\u1ebfn \u0111\u1ec9nh c\u00f3 448 phi\u00ean, nh\u01b0ng s\u1ed1 phi\u00ean m\u00e0 nh\u00e0 \u0111\u1ea7u t\u01b0 c\u00f3 th\u1ec3 b\u00e1n \u0111\u00fang tr\u01b0\u1edbc khi \u0111i\u1ec1u ch\u1ec9nh v\u00e0 mua l\u1ea1i \u0111\u01b0\u1ee3c \u1edf gi\u00e1 th\u1ea5p h\u01a1n ch\u1ec9 l\u00e0 54 phi\u00ean (t\u1ef7 l\u1ec7 kho\u1ea3ng 12%), c\u00f2n giai \u0111o\u1ea1n 2016 – 2018 ch\u1ec9 c\u00f3 9 tr\u00ean t\u1ed5ng s\u1ed1 551 phi\u00ean nh\u01b0 th\u1ebf (t\u1ef7 l\u1ec7 1.63%), cho th\u1ea5y x\u00e1c su\u1ea5t r\u1ea5t th\u1ea5p. C\u00f3 th\u1ec3 hi\u1ec3u r\u1eb1ng, chi\u1ebfn l\u01b0\u1ee3c b\u00e1n tr\u01b0\u1edbc nh\u1ecbp \u0111i\u1ec1u ch\u1ec9nh \u0111\u1ec3 mua l\u1ea1i v\u1edbi gi\u00e1 th\u1ea5p h\u01a1n kh\u00f4ng d\u00e0nh cho s\u1ed1 \u0111\u00f4ng.<\/p>\n

<\/p>\n

\u00d4ng L\u00e3 Giang Trung – CEO<\/span> Passion Investment chia s\u1ebb t\u1ea1i ch\u01b0\u01a1ng tr\u00ecnh Vi\u1ec7t Nam v\u00e0 c\u00e1c ch\u1ec9 s\u1ed1 ng\u00e0y 04\/09.<\/p>\n<\/p><\/div>\n

Theo CEO<\/span> Passion Investment, ch\u00ednh s\u00e1ch v\u0129 m\u00f4 hi\u1ec7n t\u1ea1i t\u1eadp trung v\u00e0o \u0111\u1ea9y m\u1ea1nh \u0111\u1ea7u t\u01b0 h\u1ea1 t\u1ea7ng th\u00f4ng qua khu v\u1ef1c t\u01b0 nh\u00e2n, \u0111\u01b0\u1ee3c h\u1ed7 tr\u1ee3 b\u1edfi c\u1ea3 ch\u00ednh s\u00e1ch t\u00e0i kh\u00f3a v\u00e0 ch\u00ednh s\u00e1ch ti\u1ec1n t\u1ec7. Do \u0111\u00f3, c\u00e1c ng\u00e0nh h\u01b0\u1edfng l\u1ee3i tr\u1ef1c ti\u1ebfp s\u1ebd g\u1ed3m h\u1ea1 t\u1ea7ng, \u0111\u1ea7u t\u01b0 c\u00f4ng. <\/p>\n

\u0110\u1ed3ng th\u1eddi, ng\u00e0nh ng\u00e2n h\u00e0ng c\u0169ng h\u01b0\u1edfng l\u1ee3i nh\u1edd t\u0103ng tr\u01b0\u1edfng t\u00edn d\u1ee5ng m\u1ea1nh; b\u1ea5t \u0111\u1ed9ng s\u1ea3n h\u01b0\u1edfng l\u1ee3i nh\u1edd h\u1ea1 t\u1ea7ng ph\u00e1t tri\u1ec3n v\u00e0 t\u00edn d\u1ee5ng; ch\u1ee9ng kho\u00e1n c\u00f3 tri\u1ec3n v\u1ecdng nh\u1edd thanh kho\u1ea3n th\u1ecb tr\u01b0\u1eddng cao h\u01a1n. <\/p>\n

Nh\u00e0 \u0111\u1ea7u t\u01b0 n\u00ean so s\u00e1nh \u0111\u1ecbnh gi\u00e1 c\u00e1c ng\u00e0nh n\u00e0y v\u1edbi qu\u00e1 kh\u1ee9, ng\u00e0nh n\u00e0o \u1edf m\u1ee9c b\u1eb1ng ho\u1eb7c nh\u1ec9nh h\u01a1n trung b\u00ecnh th\u00ec v\u1eabn h\u1ea5p d\u1eabn. V\u1edbi ph\u01b0\u01a1ng ph\u00e1p n\u00e0y, hi\u1ec7n t\u1ea1i b\u1ea5t \u0111\u1ed9ng s\u1ea3n v\u00e0 ng\u00e2n h\u00e0ng \u0111ang c\u00f3 \u0111\u1ecbnh gi\u00e1 th\u1ea5p, c\u00f2n ch\u1ee9ng kho\u00e1n \u0111\u00e3 h\u01a1i cao.<\/p>\n

Ri\u00eang v\u1edbi ng\u00e0nh ng\u00e2n h\u00e0ng, khi t\u00edn d\u1ee5ng \u0111\u01b0\u1ee3c bung m\u1ea1nh th\u00ec t\u1ea5t c\u1ea3 c\u00e1c ng\u00e2n h\u00e0ng \u0111\u1ec1u h\u01b0\u1edfng l\u1ee3i, \u0111\u1eb7c bi\u1ec7t l\u00e0 c\u00e1c ng\u00e2n h\u00e0ng t\u01b0 nh\u00e2n. Ngo\u00e0i ra, n\u1ebfu x\u00e9t theo \u0111\u1ecbnh gi\u00e1, nh\u1eefng ng\u00e2n h\u00e0ng c\u00f3 P\/B quanh 1.5 l\u1ea7n ho\u1eb7c th\u1ea5p h\u01a1n hi\u1ec7n \u0111ang c\u00f3 r\u1ea5t nhi\u1ec1u tr\u00ean th\u1ecb tr\u01b0\u1eddng v\u00e0 r\u1ea5t h\u1ea5p d\u1eabn \u0111\u1ec3 \u0111\u1ea7u t\u01b0.<\/p>\n

Kh\u1ed1i ngo\u1ea1i li\u00ean t\u1ee5c b\u00e1n r\u00f2ng l\u00e0 ph\u00f9 h\u1ee3p <\/p>\n

V\u1ec1 \u0111\u1ed9ng th\u00e1i b\u00e1n r\u00f2ng c\u1ee7a kh\u1ed1i ngo\u1ea1i g\u1ea7n \u0111\u00e2y, \u00f4ng Trung cho r\u1eb1ng xu\u1ea5t ph\u00e1t t\u1eeb tri\u1ebft l\u00fd \u0111\u1ea7u t\u01b0 d\u1ef1a tr\u00ean \u0111\u1ecbnh gi\u00e1 doanh nghi\u1ec7p. Hi\u1ec7n t\u1ea1i, th\u1ecb tr\u01b0\u1eddng \u0111\u00e3 \u0111i \u0111\u01b0\u1ee3c kho\u1ea3ng n\u1eeda ch\u1eb7ng \u0111\u01b0\u1eddng c\u1ee7a uptrend, \u0111\u1ecbnh gi\u00e1 tr\u00ean trung b\u00ecnh, kho\u1ea3ng 60%. N\u1ebfu coi 50% l\u00e0 m\u1ee9c \u201cfair value\u201d, v\u1eady \u1edf m\u1ee9c 60% nh\u01b0 hi\u1ec7n nay v\u1edbi nh\u00e0 \u0111\u1ea7u t\u01b0 gi\u00e1 tr\u1ecb th\u00ec vi\u1ec7c b\u00e1n ra l\u00e0 \u0111i\u1ec1u d\u1ec5 hi\u1ec3u.<\/p>\n

Tuy nhi\u00ean, trong m\u1ed9t uptrend, khi d\u00f2ng ti\u1ec1n v\u00e0 ch\u00ednh s\u00e1ch v\u0129 m\u00f4 \u0111\u1ec1u h\u1ed7 tr\u1ee3, th\u1ecb tr\u01b0\u1eddng th\u01b0\u1eddng \u0111\u01b0\u1ee3c \u0111\u1ecbnh gi\u00e1 \u1edf m\u1ee9c \u201covervalue\u201d. V\u00ec v\u1eady, su\u1ed1t giai \u0111o\u1ea1n \u0111i l\u00ean, nh\u00e0 \u0111\u1ea7u t\u01b0 gi\u00e1 tr\u1ecb v\u1eabn ti\u1ebfp t\u1ee5c b\u00e1n ra, c\u00f2n nh\u1eefng ng\u01b0\u1eddi mua v\u00e0o l\u00e0 c\u00e1c nh\u00e0 \u0111\u1ea7u t\u01b0 theo d\u00f2ng ti\u1ec1n (momentum). Ch\u1ec9 \u0111\u1ebfn khi d\u00f2ng ti\u1ec1n kh\u00f4ng c\u00f2n \u0111\u1ee7 m\u1ea1nh \u0111\u1ec3 \u201cg\u00e1nh\u201d m\u1ee9c \u0111\u1ecbnh gi\u00e1, th\u1ecb tr\u01b0\u1eddng m\u1edbi \u0111\u1ea3o chi\u1ec1u. <\/p>\n

Huy Kh\u1ea3i<\/a><\/p>\n

FILI<\/a><\/p>\n

– 17:02 04\/09\/2025<\/p>\n<\/p><\/div>","protected":false},"excerpt":{"rendered":"

\u00d4ng L\u00e3 Giang Trung: Giai \u0111o\u1ea1n t\u0103ng \u0111i\u1ec3m ti\u1ebfp theo ch\u1ee9a \u0111\u1ef1ng nhi\u1ec1u kh\u00f3 kh\u0103n h\u01a1n Chia s\u1ebb t\u1ea1i ch\u01b0\u01a1ng […]<\/p>","protected":false},"author":1,"featured_media":47114,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[229],"tags":[],"class_list":["post-47113","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-y-kien-chuyen-gia"],"acf":[],"_links":{"self":[{"href":"https:\/\/hbbgroup.net\/vi\/wp-json\/wp\/v2\/posts\/47113","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/hbbgroup.net\/vi\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/hbbgroup.net\/vi\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/hbbgroup.net\/vi\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/hbbgroup.net\/vi\/wp-json\/wp\/v2\/comments?post=47113"}],"version-history":[{"count":0,"href":"https:\/\/hbbgroup.net\/vi\/wp-json\/wp\/v2\/posts\/47113\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/hbbgroup.net\/vi\/wp-json\/wp\/v2\/media\/47114"}],"wp:attachment":[{"href":"https:\/\/hbbgroup.net\/vi\/wp-json\/wp\/v2\/media?parent=47113"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/hbbgroup.net\/vi\/wp-json\/wp\/v2\/categories?post=47113"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/hbbgroup.net\/vi\/wp-json\/wp\/v2\/tags?post=47113"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}