{"id":51209,"date":"2025-10-10T09:59:25","date_gmt":"2025-10-10T02:59:25","guid":{"rendered":"https:\/\/hbbgroup.net\/chuyen-gia-dragon-capital-dung-ngac-nhien-thac-mac-hay-so-hai-khi-thay-chung-khoan-co-nhip-giam-5-10\/"},"modified":"2025-10-10T09:59:25","modified_gmt":"2025-10-10T02:59:25","slug":"chuyen-gia-dragon-capital-dung-ngac-nhien-thac-mac-hay-so-hai-khi-thay-chung-khoan-co-nhip-giam-5-10","status":"publish","type":"post","link":"https:\/\/hbbgroup.net\/vi\/chuyen-gia-dragon-capital-dung-ngac-nhien-thac-mac-hay-so-hai-khi-thay-chung-khoan-co-nhip-giam-5-10\/","title":{"rendered":"Chuy\u00ean gia Dragon Capital: \u201c\u0110\u1eebng ng\u1ea1c nhi\u00ean, th\u1eafc m\u1eafc hay s\u1ee3 h\u00e3i khi th\u1ea5y ch\u1ee9ng kho\u00e1n c\u00f3 nh\u1ecbp gi\u1ea3m 5-10%\u201d"},"content":{"rendered":"
<\/figcaption>

Th\u1ecb tr\u01b0\u1eddng ch\u1ee9ng kho\u00e1n Vi\u1ec7t Nam \u0111ang trong giai \u0111o\u1ea1n b\u00f9ng n\u1ed5 m\u1ea1nh m\u1ebd, li\u00ean t\u1ee5c l\u1eadp \u0111\u1ec9nh m\u1edbi sau th\u00f4ng tin ch\u00ednh th\u1ee9c \u0111\u01b0\u1ee3c n\u00e2ng h\u1ea1ng. T\u00e2m l\u00fd nh\u00e0 \u0111\u1ea7u t\u01b0 h\u1ee9ng kh\u1edfi, ni\u1ec1m tin v\u00e0o chu k\u1ef3 t\u0103ng tr\u01b0\u1edfng m\u1edbi c\u1ee7a th\u1ecb tr\u01b0\u1eddng \u0111\u01b0\u1ee3c c\u1ee7ng c\u1ed1.\u00a0Th\u1ebf nh\u01b0ng, ch\u1ec9 c\u1ea7n m\u1ed9t nh\u1ecbp rung l\u1eafc 5-10%, t\u00e2m l\u00fd e ng\u1ea1i l\u1ea1i nhanh ch\u00f3ng bao tr\u00f9m, nhi\u1ec1u nh\u00e0 \u0111\u1ea7u t\u01b0 v\u1ed9i v\u00e3 ch\u1ed1t l\u1eddi, th\u1eadm ch\u00ed b\u00e1n th\u00e1o trong lo s\u1ee3. <\/b> <\/p>\n

T\u1ea1i s\u1ef1 ki\u1ec7n Investor Day m\u1edbi \u0111\u00e2y, \u00f4ng L\u00ea Anh Tu\u1ea5n, T\u1ed5ng Gi\u00e1m \u0111\u1ed1c Dragon Capital, cho r\u1eb1ng nh\u1eefng bi\u1ebfn \u0111\u1ed9ng ng\u1eafn h\u1ea1n, d\u00f9 t\u0103ng hay gi\u1ea3m l\u00e0 \u0111i\u1ec1u ho\u00e0n to\u00e0n b\u00ecnh th\u01b0\u1eddng, gi\u1ed1ng nh\u01b0 \u201c\u1ed5 g\u00e0, \u1ed5 tr\u00e2u\u201d tr\u00ean h\u00e0nh tr\u00ecnh d\u00e0i c\u1ee7a th\u1ecb tr\u01b0\u1eddng. <\/p>\n

\u201c Bi\u1ebfn \u0111\u1ed9ng trong chu k\u1ef3 t\u0103ng l\u00e0 \u0111i\u1ec1u kh\u00f3 tr\u00e1nh kh\u1ecfi. Vi\u1ec7c th\u1ecb tr\u01b0\u1eddng t\u0103ng hay gi\u1ea3m 5-10% l\u00e0 ho\u00e0n to\u00e0n b\u00ecnh th\u01b0\u1eddng. \u0110\u1eebng ng\u1ea1c nhi\u00ean, th\u1eafc m\u1eafc hay s\u1ee3 h\u00e3i khi th\u1ecb tr\u01b0\u1eddng c\u00f3 nh\u1eefng \u0111\u1ee3t chi\u1ebft kh\u1ea5u nh\u01b0 v\u1eady,\u201d <\/i> \u00f4ng Tu\u1ea5n nh\u1ea5n m\u1ea1nh. <\/p>\n

D\u1eef li\u1ec7u l\u1ecbch s\u1eed cho th\u1ea5y, ngay c\u1ea3 trong nh\u1eefng giai \u0111o\u1ea1n h\u01b0ng ph\u1ea5n nh\u1ea5t, th\u1ecb tr\u01b0\u1eddng v\u1eabn tr\u1ea3i qua c\u00e1c nh\u1ecbp \u0111i\u1ec1u ch\u1ec9nh s\u00e2u. C\u1ee5 th\u1ec3, ch\u1ec9 s\u1ed1 ch\u1ee9ng kho\u00e1n SET Index c\u1ee7a Th\u00e1i Lan t\u1eebng gi\u1ea3m g\u1ea7n 50% sau nh\u1ecbp t\u0103ng n\u00f3ng, r\u1ed3i ti\u1ebfp t\u1ee5c \u0111i\u1ec1u ch\u1ec9nh th\u00eam h\u01a1n 20% tr\u01b0\u1edbc khi b\u01b0\u1edbc v\u00e0o giai \u0111o\u1ea1n h\u1ed3i ph\u1ee5c m\u1ea1nh m\u1ebd. T\u01b0\u01a1ng t\u1ef1, ch\u1ec9 s\u1ed1 Nikkei 225 c\u1ee7a Nh\u1eadt B\u1ea3n giai \u0111o\u1ea1n 1986\u20131990 c\u0169ng tr\u1ea3i qua hai \u0111\u1ee3t gi\u1ea3m 24% v\u00e0 27% tr\u01b0\u1edbc khi l\u1eadp \u0111\u1ec9nh m\u1edbi. <\/p>\n

\n

\"Chuy\u00ean <\/p>

<\/figcaption><\/figure>\n

\u201c Kinh t\u1ebf ho\u00e0n to\u00e0n c\u00f3 th\u1ec3 t\u0103ng tr\u01b0\u1edfng hai con s\u1ed1, nh\u01b0ng th\u1ecb tr\u01b0\u1eddng ch\u1ee9ng kho\u00e1n v\u1eabn c\u00f3 nh\u1eefng nh\u1ecbp \u0111i\u1ec1u ch\u1ec9nh 10%. Khi hi\u1ec3u \u0111\u00fang b\u1ea3n ch\u1ea5t, nh\u1eefng nh\u1ecbp \u0111i\u1ec1u ch\u1ec9nh \u0111\u00f3 l\u1ea1i ch\u00ednh l\u00e0 c\u01a1 h\u1ed9i <\/i> \u201d \u00f4ng Tu\u1ea5n chia s\u1ebb th\u00eam. <\/p>\n

Theo l\u00e3nh \u0111\u1ea1o Dragon Capital, \u0111i\u1ec1u quan tr\u1ecdng l\u00e0 xu h\u01b0\u1edbng v\u00e0 n\u1ed9i l\u1ef1c d\u00e0i h\u1ea1n c\u1ee7a th\u1ecb tr\u01b0\u1eddng \u0111ang \u0111\u01b0\u1ee3c c\u1ee7ng c\u1ed1 m\u1ea1nh m\u1ebd. Theo \u0111\u00f3, Vi\u1ec7t Nam \u0111ang h\u01b0\u1edbng t\u1edbi vi\u1ec7c \u0111\u01b0\u1ee3c n\u00e2ng h\u1ea1ng l\u00ean nh\u00f3m MSCI Emerging Markets v\u00e0 FTSE Advanced Emerging trong 3-5 n\u0103m t\u1edbi \u2013 m\u1ed9t b\u01b0\u1edbc ti\u1ebfn c\u00f3 th\u1ec3 m\u1edf ra chu k\u1ef3 t\u0103ng tr\u01b0\u1edfng m\u1edbi cho th\u1ecb tr\u01b0\u1eddng. <\/p>\n

\u201c Th\u1ecb tr\u01b0\u1eddng \u0111\u00e3 v\u01b0\u1ee3t m\u1ed1c 1.700 \u0111i\u1ec3m, nh\u01b0ng t\u00f4i kh\u00f4ng cho r\u1eb1ng \u0111\u00e2y l\u00e0 \u0111i\u1ec3m d\u1eebng. T\u00f4i k\u1ef3 v\u1ecdng trong 5 n\u0103m t\u1edbi, s\u1ef1 ph\u00e1t tri\u1ec3n c\u1ee7a th\u1ecb tr\u01b0\u1eddng ch\u1ee9ng kho\u00e1n Vi\u1ec7t Nam s\u1ebd t\u01b0\u01a1ng \u0111\u01b0\u01a1ng th\u00e0nh qu\u1ea3 10\u201315 n\u0103m c\u1ed9ng l\u1ea1i, x\u00e9t c\u1ea3 v\u1ec1 ch\u00ednh s\u00e1ch, h\u1ea1 t\u1ea7ng v\u00e0 \u0111\u1ed9 s\u00e2u <\/i> \u201d \u00f4ng Tu\u1ea5n nh\u1eadn \u0111\u1ecbnh. <\/p>\n

C\u00f9ng g\u00f3c nh\u00ecn t\u00edch c\u1ef1c, Dragon Capital cho r\u1eb1ng v\u1edbi t\u0103ng tr\u01b0\u1edfng GDP hai ch\u1eef s\u1ed1, l\u1ee3i nhu\u1eadn doanh nghi\u1ec7p t\u0103ng tr\u00ean 20% v\u00e0 \u0111\u1ecbnh gi\u00e1 P\/E ch\u1ec9 quanh 12\u201313 l\u1ea7n, VN-Index v\u1eabn c\u00f2n d\u01b0 \u0111\u1ecba t\u0103ng m\u1ea1nh m\u1ebd. <\/p>\n

Ng\u00e2n h\u00e0ng \u0111\u1ea7u t\u01b0 J.P. Morgan c\u0169ng chung quan \u0111i\u1ec3m khi d\u1ef1 b\u00e1o VN-Index c\u00f3 th\u1ec3 \u0111\u1ea1t m\u1ed1c 2.200 \u0111i\u1ec3m trong 12 th\u00e1ng t\u1edbi, k\u1ecbch b\u1ea3n n\u00e0y d\u1ef1a tr\u00ean b\u1ed1i c\u1ea3nh kinh t\u1ebf v\u0129 m\u00f4 \u1ed5n \u0111\u1ecbnh, d\u00f2ng v\u1ed1n ngo\u1ea1i quay tr\u1edf l\u1ea1i v\u00e0 k\u1ef3 v\u1ecdng l\u1ee3i nhu\u1eadn doanh nghi\u1ec7p ti\u1ebfp t\u1ee5c b\u1ee9t ph\u00e1. <\/p>\n<\/p><\/div>","protected":false},"excerpt":{"rendered":"

Th\u1ecb tr\u01b0\u1eddng ch\u1ee9ng kho\u00e1n Vi\u1ec7t Nam \u0111ang trong giai \u0111o\u1ea1n b\u00f9ng n\u1ed5 m\u1ea1nh m\u1ebd, li\u00ean t\u1ee5c l\u1eadp \u0111\u1ec9nh m\u1edbi sau […]<\/p>","protected":false},"author":5,"featured_media":51210,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[221],"tags":[],"class_list":["post-51209","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-chung-khoan"],"acf":[],"_links":{"self":[{"href":"https:\/\/hbbgroup.net\/vi\/wp-json\/wp\/v2\/posts\/51209","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\/5"}],"replies":[{"embeddable":true,"href":"https:\/\/hbbgroup.net\/vi\/wp-json\/wp\/v2\/comments?post=51209"}],"version-history":[{"count":0,"href":"https:\/\/hbbgroup.net\/vi\/wp-json\/wp\/v2\/posts\/51209\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/hbbgroup.net\/vi\/wp-json\/wp\/v2\/media\/51210"}],"wp:attachment":[{"href":"https:\/\/hbbgroup.net\/vi\/wp-json\/wp\/v2\/media?parent=51209"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/hbbgroup.net\/vi\/wp-json\/wp\/v2\/categories?post=51209"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/hbbgroup.net\/vi\/wp-json\/wp\/v2\/tags?post=51209"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}