{"id":57319,"date":"2025-12-16T11:31:10","date_gmt":"2025-12-16T04:31:10","guid":{"rendered":"https:\/\/hbbgroup.net\/giam-doc-phan-tich-mirae-asset-mo-hinh-2-3-day-da-xuat-hien-o-nhieu-nhom-co-phieu-dinh-gia-ve-vung-hap-dan-mo-ra-ky-vong-bat-tang-tro-lai\/"},"modified":"2025-12-16T11:31:10","modified_gmt":"2025-12-16T04:31:10","slug":"giam-doc-phan-tich-mirae-asset-mo-hinh-2-3-day-da-xuat-hien-o-nhieu-nhom-co-phieu-dinh-gia-ve-vung-hap-dan-mo-ra-ky-vong-bat-tang-tro-lai","status":"publish","type":"post","link":"https:\/\/hbbgroup.net\/vi\/giam-doc-phan-tich-mirae-asset-mo-hinh-2-3-day-da-xuat-hien-o-nhieu-nhom-co-phieu-dinh-gia-ve-vung-hap-dan-mo-ra-ky-vong-bat-tang-tro-lai\/","title":{"rendered":"Gi\u00e1m \u0111\u1ed1c Ph\u00e2n t\u00edch Mirae Asset: M\u00f4 h\u00ecnh 2\u20133 \u0111\u00e1y \u0111\u00e3 xu\u1ea5t hi\u1ec7n \u1edf nhi\u1ec1u nh\u00f3m c\u1ed5 phi\u1ebfu, \u0111\u1ecbnh gi\u00e1 v\u1ec1 v\u00f9ng h\u1ea5p d\u1eabn m\u1edf ra k\u1ef3 v\u1ecdng b\u1eadt t\u0103ng tr\u1edf l\u1ea1i"},"content":{"rendered":"
<\/figcaption>

Trao \u0111\u1ed5i trong Talk show Ph\u1ed1 T\u00e0i ch\u00ednh (The Finance Street) tr\u00ean VTV8, 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

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

\u00d4ng \u0110inh <\/b> Minh Tr\u00ed, <\/b> Gi\u00e1m \u0111\u1ed1c Ph\u00e2n t\u00edch Kh\u1ed1i Kh\u00e1ch h\u00e0ng c\u00e1 nh\u00e2n, C\u00f4ng ty CP Ch\u1ee9ng kho\u00e1n Mirae Asset (MAS): <\/b> \ufeff N\u1ebfu nh\u00ecn b\u1ec1 n\u1ed5i, 2025 l\u00e0 n\u0103m r\u1ea5t \u0111\u1eb9p. T\u1eeb \u0111\u1ea7u n\u0103m t\u1edbi sau gi\u1eefa th\u00e1ng 12\/2025, VN-Index t\u0103ng h\u01a1n 30%, nh\u01b0ng di\u1ec5n bi\u1ebfn gay c\u1ea5n, c\u00f3 l\u00fac t\u1eeb \u0111\u00e1y d\u01b0\u1edbi 1.100 \u0111i\u1ec3m l\u00ean \u0111\u1ec9nh v\u1edbi m\u1ee9c t\u0103ng h\u01a1n 60%, v\u01b0\u1ee3t v\u00f9ng 1.700 \u0111i\u1ec3m. <\/p>\n

Nh\u00ecn l\u1ea1i di\u1ec5n bi\u1ebfn th\u1ecb tr\u01b0\u1eddng trong n\u0103m qua, c\u00f3 th\u1ec3 th\u1ea5y b\u1ee9c tranh \u0111i l\u00ean r\u00f5 n\u00e9t nh\u01b0ng kh\u00f4ng h\u1ec1 \u00eam \u1ea3 qua t\u1eebng giai \u0111o\u1ea1n. T\u1eeb \u0111\u1ea7u n\u0103m cho \u0111\u1ebfn tr\u01b0\u1edbc c\u00fa s\u1ed1c thu\u1ebf quan v\u00e0o th\u00e1ng 4, th\u1ecb tr\u01b0\u1eddng ch\u1ee9ng kho\u00e1n Vi\u1ec7t Nam v\u1eadn \u0111\u1ed9ng t\u01b0\u01a1ng \u0111\u1ed1i t\u00edch c\u1ef1c, xu h\u01b0\u1edbng t\u0103ng \u0111\u01b0\u1ee3c duy tr\u00ec kh\u00e1 \u1ed5n \u0111\u1ecbnh. Tuy nhi\u00ean, ngay sau th\u00f4ng tin T\u1ed5ng th\u1ed1ng M\u1ef9 Donald Trump c\u00f4ng b\u1ed1 c\u00e1c bi\u1ec7n ph\u00e1p \u00e1p thu\u1ebf, t\u00e2m l\u00fd nh\u00e0 \u0111\u1ea7u t\u01b0 ch\u1ecbu t\u00e1c \u0111\u1ed9ng m\u1ea1nh, khi\u1ebfn VN-Index c\u00f3 th\u1eddi \u0111i\u1ec3m gi\u1ea3m s\u00e2u xu\u1ed1ng d\u01b0\u1edbi m\u1ed1c 1.100 \u0111i\u1ec3m. <\/p>\n

B\u01b0\u1edbc sang giai \u0111o\u1ea1n t\u1eeb th\u00e1ng 4 \u0111\u1ebfn cao \u0111i\u1ec3m v\u00e0o kho\u1ea3ng th\u00e1ng 8\u20139, th\u1ecb tr\u01b0\u1eddng ghi nh\u1eadn nh\u1ecbp h\u1ed3i ph\u1ee5c v\u00e0 t\u0103ng tr\u01b0\u1edfng r\u1ea5t m\u1ea1nh. D\u00f9 v\u1eady, t\u1eeb th\u00e1ng 9 \u0111\u1ebfn th\u00e1ng 10, \u00e1p l\u1ef1c \u0111i\u1ec1u ch\u1ec9nh xu\u1ea5t hi\u1ec7n r\u00f5 r\u1ec7t tr\u00ean di\u1ec7n r\u1ed9ng, nhi\u1ec1u c\u1ed5 phi\u1ebfu gi\u1ea3m t\u1eeb 25% \u0111\u1ebfn 35%. \u0110i\u1ec1u n\u00e0y d\u1eabn \u0111\u1ebfn th\u1ef1c t\u1ebf l\u00e0 kh\u00f4ng \u00edt nh\u00e0 \u0111\u1ea7u t\u01b0 chuy\u1ec3n t\u1eeb tr\u1ea1ng th\u00e1i c\u00f3 l\u00e3i sang thua l\u1ed7, m\u1eb7c d\u00f9 x\u00e9t tr\u00ean t\u1ed5ng th\u1ec3, ch\u1ec9 s\u1ed1 VN-Index v\u1eabn duy tr\u00ec m\u1ee9c t\u0103ng so v\u1edbi \u0111\u1ea7u n\u0103m. <\/p>\n

Quan tr\u1ecdng h\u01a1n, ch\u1ec9 s\u1ed1 t\u0103ng nh\u01b0ng s\u1ed1 \u0111\u00f4ng kh\u00f4ng ph\u1ea3i ai c\u0169ng ki\u1ebfm \u0111\u01b0\u1ee3c ti\u1ec1n, nh\u00f3m c\u1ed5 phi\u1ebfu Vingroup (VIC, VHM, VRE) l\u00e0 \u0111\u1ed9ng l\u1ef1c ch\u00ednh k\u00e9o ch\u1ec9 s\u1ed1 c\u00f3 c\u1ed5 phi\u1ebfu t\u0103ng g\u1ea7n 5 l\u1ea7n t\u1eeb \u0111\u1ea7u n\u0103m, \u0111\u00f3ng g\u00f3p kho\u1ea3ng 70% m\u1ee9c t\u0103ng \u0111i\u1ec3m c\u1ee7a VN Index. Ng\u01b0\u1ee3c l\u1ea1i, nh\u1eefng m\u00e3 c\u1ed5 phi\u1ebfu v\u1ed1n h\u00f3a l\u1edbn c\u00f3 m\u00e3 gi\u1ea3m \u0111\u1ebfn 20%-30% trong n\u0103m. Ngo\u00e0i ra, kh\u1ed1i ngo\u1ea1i b\u00e1n r\u00f2ng h\u01a1n 120.000 t\u1ef7 \u0111\u1ed3ng trong n\u0103m 2025 c\u0169ng l\u00e0 m\u1ed9t \u00e1p l\u1ef1c. <\/p>\n

Tuy nhi\u00ean, giai \u0111o\u1ea1n cu\u1ed1i th\u00e1ng 11, \u0111\u1ea7u th\u00e1ng 12 \u0111\u00e3 ghi nh\u1eadn d\u1ea5u hi\u1ec7u t\u00edch l\u0169y t\u1ea1o \u0111\u00e1y \u1edf h\u00e0ng lo\u1ea1t nh\u00f3m ng\u00e0nh ch\u1ee7 ch\u1ed1t nh\u01b0 ch\u1ee9ng kho\u00e1n, ng\u00e2n h\u00e0ng, b\u00e1n l\u1ebb, x\u00e2y d\u1ef1ng,\u2026 t\u1ea1o ni\u1ec1m tin v\u00e0o m\u1ed9t chu k\u1ef3 ph\u1ee5c h\u1ed3i trong th\u00e1ng 12 c\u0169ng nh\u01b0 qu\u00fd 1\/2026. <\/p>\n

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

\u00d4ng \u0110inh <\/b> Minh Tr\u00ed: <\/b> \ufeff B\u01b0\u1edbc sang 2026, Vi\u1ec7t Nam b\u01b0\u1edbc v\u00e0o chu k\u1ef3 h\u1ed7 tr\u1ee3 m\u1ea1nh m\u1ebd t\u1eeb c\u1ea3 trong n\u01b0\u1edbc l\u1eabn qu\u1ed1c t\u1ebf. Fed \u0111\u01b0\u1ee3c k\u1ef3 v\u1ecdng ti\u1ebfp t\u1ee5c h\u1ea1 l\u00e3i su\u1ea5t, chi ph\u00ed v\u1ed1n to\u00e0n c\u1ea7u gi\u1ea3m, t\u1ea1o thu\u1eadn l\u1ee3i cho d\u00f2ng v\u1ed1n FDI v\u00e0 xu\u1ea5t kh\u1ea9u. Trong n\u01b0\u1edbc, Ch\u00ednh ph\u1ee7 \u0111\u1eb7t k\u1ef3 v\u1ecdng t\u0103ng tr\u01b0\u1edfng GDP hai ch\u1eef s\u1ed1, th\u00fac \u0111\u1ea9y c\u1ea3i c\u00e1ch th\u1ec3 ch\u1ebf v\u00e0 gi\u1ea3i ng\u00e2n \u0111\u1ea7u t\u01b0 c\u00f4ng quy m\u00f4 l\u1edbn. <\/p>\n

Tuy v\u1eady, c\u00e1c t\u1ed5 ch\u1ee9c qu\u1ed1c t\u1ebf v\u1eabn th\u1eadn tr\u1ecdng h\u01a1n, d\u1ef1 b\u00e1o t\u0103ng tr\u01b0\u1edfng Vi\u1ec7t Nam \u1edf v\u00f9ng 6,5\u20137,5%, nh\u01b0ng \u0111\u00e2y v\u1eabn thu\u1ed9c nh\u00f3m cao nh\u1ea5t khu v\u1ef1c. <\/p>\n

Ch\u00fang t\u00f4i \u0111\u00e1nh gi\u00e1 m\u1ed1c t\u0103ng tr\u01b0\u1edfng 10% l\u00e0 \u0111\u1ea7y tham v\u1ecdng, v\u00e0 kh\u00f4ng d\u1ec5 \u0111\u1ea1t \u0111\u01b0\u1ee3c trong b\u1ed1i c\u1ea3nh hi\u1ec7n nay. Tuy nhi\u00ean, v\u1edbi c\u00e1c \u0111\u1ed9ng l\u1ef1c \u0111\u00e3 x\u00e1c l\u1eadp, t\u0103ng tr\u01b0\u1edfng 8-9% \u0111\u01b0\u1ee3c \u0111\u00e1nh gi\u00e1 l\u00e0 kh\u1ea3 thi, v\u00e0 v\u1eabn gi\u1eef Vi\u1ec7t Nam trong nh\u00f3m kinh t\u1ebf t\u0103ng tr\u01b0\u1edfng t\u1ed1t h\u00e0ng \u0111\u1ea7u ch\u00e2u \u00c1. \u0110\u1ed9ng l\u1ef1c ch\u00ednh s\u1ebd \u0111\u1ebfn t\u1eeb \u0111\u1ea7u t\u01b0 c\u00f4ng, \u0111\u1ea7u t\u01b0 nh\u00f3m doanh nghi\u1ec7p t\u01b0 nh\u00e2n c\u0169ng nh\u01b0 ho\u1ea1t \u0111\u1ed9ng xu\u1ea5t nh\u1eadp kh\u1ea9u k\u1ef3 v\u1ecdng ti\u1ebfp t\u1ee5c t\u0103ng tr\u01b0\u1edfng t\u00edch c\u1ef1c. <\/p>\n

Tuy nhi\u00ean, nh\u00f3m doanh nghi\u1ec7p nh\u1ecf kh\u1ea3 n\u0103ng c\u1ea1nh tranh s\u1ebd kh\u00f3 kh\u0103n trong b\u1ed1i c\u1ea3nh kinh t\u1ebf to\u00e0n c\u1ea7u \u0111ang y\u00eau c\u1ea7u s\u1ef1 \u0111\u1ea7u t\u01b0 m\u1ea1nh \u0111\u1ec3 c\u1ea1nh tranh. V\u00ec v\u1eady, \u0111\u1ed9ng l\u1ef1c \u0111\u00f3ng g\u00f3p t\u0103ng tr\u01b0\u1edfng ch\u00ednh k\u1ef3 v\u1ecdng t\u1eeb nh\u00f3m doanh nghi\u1ec7p l\u1edbn v\u00e0 v\u1eeba. V\u00ec v\u1eady, n\u0103m 2026 ch\u00fang t\u00f4i \u0111\u00e1nh gi\u00e1 s\u1ef1 ph\u00e2n h\u00f3a s\u1ebd l\u1edbn h\u01a1n. <\/p>\n

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

\u00d4ng \u0110inh <\/b> Minh Tr\u00ed: <\/b> \ufeff V\u1edbi m\u1ee9c t\u0103ng tr\u01b0\u1edfng kinh t\u1ebf k\u1ef3 v\u1ecdng 8% – 9%, ch\u00fang t\u00f4i k\u1ef3 v\u1ecdng t\u0103ng tr\u01b0\u1edfng EPS c\u00f3 th\u1ec3 v\u00e0o kho\u1ea3ng 15-20% cho to\u00e0n th\u1ecb tr\u01b0\u1eddng. Tuy nhi\u00ean, \u0111\u00e0 t\u0103ng tr\u01b0\u1edfng EPS s\u1ebd c\u00f3 ph\u00e2n h\u00f3a gi\u1eefa nhi\u1ec1u nh\u00f3m c\u1ed5 phi\u1ebfu. <\/p>\n

B\u01b0\u1edbc sang n\u0103m 2026, th\u1ecb tr\u01b0\u1eddng s\u1ebd c\u00f3 s\u1ef1 ph\u00e2n h\u00f3a r\u00f5 n\u00e9t h\u01a1n v\u00e0 c\u01a1 h\u1ed9i s\u1ebd t\u1eadp trung v\u00e0o nh\u1eefng nh\u00f3m ng\u00e0nh c\u00f3 c\u00e2u chuy\u1ec7n t\u0103ng tr\u01b0\u1edfng th\u1ef1c ch\u1ea5t. Trong \u0111\u00f3, nh\u00f3m d\u1ea7u kh\u00ed l\u00e0 m\u1ed9t \u0111i\u1ec3m nh\u1ea5n \u0111\u00e1ng ch\u00fa \u00fd khi c\u00e1c v\u01b0\u1edbng m\u1eafc ph\u00e1p l\u00fd d\u1ea7n \u0111\u01b0\u1ee3c th\u00e1o g\u1ee1, gi\u00fap c\u00e1c d\u1ef1 \u00e1n kh\u00ed – \u0111i\u1ec7n kh\u00ed – LNG c\u00f3 l\u1ed9 tr\u00ecnh tri\u1ec3n khai r\u00f5 r\u00e0ng h\u01a1n. C\u00f9ng v\u1edbi nhu c\u1ea7u n\u0103ng l\u01b0\u1ee3ng t\u0103ng tr\u01b0\u1edfng song h\u00e0nh v\u1edbi GDP v\u00e0 ti\u1ebfn \u0111\u1ed9 \u0111\u1ea7u t\u01b0 c\u00f4ng trong l\u0129nh v\u1ef1c n\u0103ng l\u01b0\u1ee3ng \u0111\u01b0\u1ee3c \u0111\u1ea9y nhanh tr\u1edf l\u1ea1i, c\u00e1c doanh nghi\u1ec7p \u1edf \u0111\u1ea7u chu\u1ed7i v\u00e0 h\u1ea1 t\u1ea7ng c\u00f3 d\u01b0 \u0111\u1ecba t\u00e1i \u0111\u1ecbnh gi\u00e1 \u0111\u00e1ng k\u1ec3. <\/p>\n

\u0110\u1ed1i v\u1edbi nh\u00f3m xu\u1ea5t kh\u1ea9u, c\u01a1 h\u1ed9i s\u1ebd thu\u1ed9c v\u1ec1 nh\u1eefng doanh nghi\u1ec7p ch\u1ee7 \u0111\u1ed9ng \u0111a d\u1ea1ng h\u00f3a th\u1ecb tr\u01b0\u1eddng, \u0111\u00e1p \u1ee9ng t\u1ed1t h\u01a1n c\u00e1c ti\u00eau chu\u1ea9n v\u1ec1 xu\u1ea5t x\u1ee9 v\u00e0 m\u00f4i tr\u01b0\u1eddng, qua \u0111\u00f3 t\u1ea1o n\u1ec1n t\u1ea3ng cho s\u1ef1 ph\u1ee5c h\u1ed3i l\u1ee3i nhu\u1eadn trong giai \u0111o\u1ea1n 2026\u20132027. Ng\u01b0\u1ee3c l\u1ea1i, nh\u1eefng doanh nghi\u1ec7p ch\u1eadm c\u1ea3i t\u1ed5 c\u00f3 th\u1ec3 r\u01a1i v\u00e0o tr\u1ea1ng th\u00e1i \u201c\u0111\u1ecbnh gi\u00e1 r\u1ebb k\u00e9o d\u00e0i\u201d m\u00e0 kh\u00f4ng c\u00f3 ch\u1ea5t x\u00fac t\u00e1c r\u00f5 r\u00e0ng. <\/p>\n

Ng\u00e0nh ng\u00e2n h\u00e0ng \u0111\u01b0\u1ee3c k\u1ef3 v\u1ecdng ti\u1ebfp t\u1ee5c \u0111\u00f3ng vai tr\u00f2 tr\u1ee5 c\u1ed9t c\u1ee7a th\u1ecb tr\u01b0\u1eddng nh\u1edd bi\u00ean l\u00e3i r\u00f2ng duy tr\u00ec \u1ed5n \u0111\u1ecbnh v\u00e0 chi ph\u00ed d\u1ef1 ph\u00f2ng gi\u1ea3m d\u1ea7n, qua \u0111\u00f3 h\u1ed7 tr\u1ee3 t\u0103ng tr\u01b0\u1edfng l\u1ee3i nhu\u1eadn. \u0110\u00e2y nhi\u1ec1u kh\u1ea3 n\u0103ng s\u1ebd l\u00e0 nh\u00f3m d\u1eabn d\u1eaft trong chu k\u1ef3 t\u0103ng tr\u01b0\u1edfng m\u1edbi c\u1ee7a th\u1ecb tr\u01b0\u1eddng. <\/p>\n

V\u1edbi nh\u00f3m ch\u1ee9ng kho\u00e1n, tri\u1ec3n v\u1ecdng tr\u1edf n\u00ean t\u00edch c\u1ef1c h\u01a1n trong b\u1ed1i c\u1ea3nh k\u1ef3 v\u1ecdng n\u00e2ng h\u1ea1ng th\u1ecb tr\u01b0\u1eddng, thanh kho\u1ea3n c\u1ea3i thi\u1ec7n m\u1ea1nh v\u00e0 ho\u1ea1t \u0111\u1ed9ng IPO s\u00f4i \u0111\u1ed9ng tr\u1edf l\u1ea1i. Nh\u1eefng y\u1ebfu t\u1ed1 n\u00e0y c\u00f3 th\u1ec3 t\u1ea1o ra \u0111\u00f2n b\u1ea9y l\u1ee3i nhu\u1eadn \u0111\u00e1ng k\u1ec3 cho c\u00e1c c\u00f4ng ty ch\u1ee9ng kho\u00e1n trong chu k\u1ef3 m\u1edbi. <\/p>\n

\u1ede nh\u00f3m b\u1ea3o hi\u1ec3m, khi t\u1ea7n su\u1ea5t b\u1ed3i th\u01b0\u1eddng d\u1ea7n tr\u1edf v\u1ec1 m\u1ee9c b\u00ecnh th\u01b0\u1eddng v\u00e0 m\u1eb7t b\u1eb1ng l\u00e3i su\u1ea5t duy tr\u00ec \u1edf m\u1ee9c hi\u1ec7n t\u1ea1i ho\u1eb7c nh\u00edch l\u00ean nh\u1eb9, hi\u1ec7u qu\u1ea3 sinh l\u1eddi tr\u00ean v\u1ed1n ch\u1ee7 s\u1edf h\u1eefu (ROE) c\u1ee7a to\u00e0n ng\u00e0nh \u0111\u01b0\u1ee3c k\u1ef3 v\u1ecdng s\u1ebd h\u1ed3i ph\u1ee5c r\u00f5 r\u1ec7t. <\/p>\n

B\u00ean c\u1ea1nh \u0111\u00f3, nh\u00f3m c\u1ea3ng bi\u1ec3n c\u0169ng \u0111\u01b0\u1ee3c \u0111\u00e1nh gi\u00e1 h\u01b0\u1edfng l\u1ee3i t\u1eeb vi\u1ec7c duy tr\u00ec \u0111\u00e0 t\u0103ng tr\u01b0\u1edfng c\u1ee7a ho\u1ea1t \u0111\u1ed9ng xu\u1ea5t nh\u1eadp kh\u1ea9u, s\u1ea3n l\u01b0\u1ee3ng th\u00f4ng quan c\u1ea3i thi\u1ec7n v\u00e0 nhu c\u1ea7u logistics ph\u1ee5c h\u1ed3i, qua \u0111\u00f3 h\u1ed7 tr\u1ee3 t\u0103ng tr\u01b0\u1edfng \u1ed5n \u0111\u1ecbnh trong trung h\u1ea1n. <\/p>\n

Cu\u1ed1i c\u00f9ng, nh\u00f3m b\u00e1n l\u1ebb \u0111\u01b0\u1ee3c k\u1ef3 v\u1ecdng kh\u1edfi s\u1eafc nh\u1edd s\u1ee9c mua c\u1ee7a ng\u01b0\u1eddi d\u00e2n d\u1ea7n ph\u1ee5c h\u1ed3i, thu nh\u1eadp c\u1ea3i thi\u1ec7n v\u00e0 t\u00e2m l\u00fd chi ti\u00eau t\u00edch c\u1ef1c h\u01a1n, t\u1ea1o n\u1ec1n t\u1ea3ng cho doanh thu v\u00e0 bi\u00ean l\u1ee3i nhu\u1eadn c\u1ea3i thi\u1ec7n trong th\u1eddi gian t\u1edbi. <\/p>\n

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

\u00d4ng \u0110inh <\/b> Minh Tr\u00ed: <\/b> \ufeff Trong ng\u1eafn h\u1ea1n, k\u1ef3 v\u1ecdng VN-Index sau giai \u0111o\u1ea1n \u0111i\u1ec1u ch\u1ec9nh \u0111\u00e3 c\u00f3 nhi\u1ec1u nh\u00f3m c\u1ed5 phi\u1ebfu c\u00f3 d\u1ea5u hi\u1ec7u t\u00edch l\u0169y t\u1ea1o m\u00f4 h\u00ecnh 2 \u0111\u1ebfn 3 \u0111\u00e1y nh\u01b0 ch\u1ee9ng kho\u00e1n, ph\u00e2n b\u00f3n, x\u00e2y d\u1ef1ng, \u2026 v\u00e0 \u0111ang \u1edf v\u00f9ng \u0111\u00e1y quanh 3 – 6 th\u00e1ng, v\u1edbi n\u1ec1n \u0111\u1ecbnh gi\u00e1 h\u1ea5p d\u1eabn k\u1ef3 v\u1ecdng s\u1ebd v\u00e0o chu k\u1ef3 ph\u1ee5c h\u1ed3i. <\/p>\n

Th\u00f4ng th\u01b0\u1eddng VN-Index n\u1ebfu \u0111i\u1ec1u ch\u1ec9nh tr\u01b0\u1edbc th\u00e1ng 12, th\u00e1ng 12 hay l\u00e0 \u0111i\u1ec3m t\u1ea1o v\u00f9ng \u0111\u00e1y cho s\u00f3ng ph\u1ee5c h\u1ed3i \u0111\u1ebfn h\u1ebft qu\u00fd 1 sang n\u0103m. V\u00ec v\u1eady, k\u1ef3 v\u1ecdng d\u00f2ng ti\u1ec1n s\u1ebd c\u00f3 lan t\u1ecfa h\u01a1n trong th\u1eddi gian t\u1edbi, \u0111\u1eb7c bi\u1ec7t trong b\u1ed1i c\u1ea3nh c\u00e2u chuy\u1ec7n t\u0103ng tr\u01b0\u1edfng kinh t\u1ebf n\u0103m 2026 k\u1ef3 v\u1ecdng s\u1ebd t\u1ea1o ch\u1ea5t x\u00fac t\u00e1c chung cho to\u00e0n th\u1ecb tr\u01b0\u1eddng. B\u00ean c\u1ea1nh \u0111\u00f3, c\u00e2u chuy\u1ec7n n\u00e2ng h\u1ea1ng th\u1ecb tr\u01b0\u1eddng k\u1ef3 v\u1ecdng s\u1ebd gi\u00fap d\u00f2ng ti\u1ec1n kh\u1ed1i ngo\u1ea1i c\u00f3 th\u1ec3 chuy\u1ec3n sang mua r\u00f2ng trong n\u0103m 2026, \u0111\u1eb7c bi\u1ec7t khi t\u00ecnh h\u00ecnh t\u1ef7 gi\u00e1 \u0111ang c\u00f3 d\u1ea5u hi\u1ec7u \u1ed5n \u0111\u1ecbnh tr\u1edf l\u1ea1i, \u0111\u1eb7c bi\u1ec7t khi Fed k\u1ef3 v\u1ecdng s\u1ebd ti\u1ebfp t\u1ee5c c\u00e2u chuy\u1ec7n gi\u1ea3m l\u00e3i su\u1ea5t trong n\u0103m 2026. <\/p>\n

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 hai \u00f4ng? <\/b> <\/p>\n

\u00d4ng \u0110inh <\/b> Minh Tr\u00ed: <\/b> \ufeff N\u0103m 2026, th\u1ecb tr\u01b0\u1eddng \u0111\u01b0\u1ee3c k\u1ef3 v\u1ecdng b\u01b0\u1edbc v\u00e0o c\u00e2u chuy\u1ec7n t\u00e1i \u0111\u1ecbnh gi\u00e1 r\u00f5 n\u00e9t h\u01a1n. Th\u00f4ng th\u01b0\u1eddng, c\u00e1c c\u1ed5 phi\u1ebfu bluechip v\u1eadn \u0111\u1ed9ng theo chu k\u1ef3 \u201cn\u0103m t\u0103ng \u2013 n\u0103m \u0111i\u1ec1u ch\u1ec9nh\u201d, do \u0111\u00f3 nh\u1eefng c\u1ed5 phi\u1ebfu \u0111\u00e3 t\u0103ng tr\u01b0\u1edfng r\u1ea5t t\u00edch c\u1ef1c trong n\u0103m 2025 c\u00f3 th\u1ec3 \u0111\u1ed1i m\u1eb7t v\u1edbi nhi\u1ec1u th\u00e1ch th\u1ee9c h\u01a1n trong n\u0103m 2026 khi m\u1eb7t b\u1eb1ng \u0111\u1ecbnh gi\u00e1 kh\u00f4ng c\u00f2n r\u1ebb. <\/p>\n

\u1ede chi\u1ec1u ng\u01b0\u1ee3c l\u1ea1i, m\u1ed9t s\u1ed1 c\u1ed5 phi\u1ebfu bluechip l\u1edbn nh\u01b0 VNM, GAS, BVH, SAB\u2026 sau giai \u0111o\u1ea1n 2025 thi\u00ean v\u1ec1 t\u00edch l\u0169y c\u00f3 th\u1ec3 m\u1edf ra c\u01a1 h\u1ed9i \u0111\u1ea7u t\u01b0 m\u1edbi, nh\u1edd n\u1ec1n \u0111\u1ecbnh gi\u00e1 h\u1ea5p d\u1eabn h\u01a1n, d\u00f2ng ti\u1ec1n \u1ed5n \u0111\u1ecbnh v\u00e0 ch\u00ednh s\u00e1ch c\u1ed5 t\u1ee9c cao, ph\u00f9 h\u1ee3p v\u1edbi chi\u1ebfn l\u01b0\u1ee3c t\u00edch l\u0169y trung \u2013 d\u00e0i h\u1ea1n. <\/p>\n

B\u00ean c\u1ea1nh \u0111\u00f3, trong n\u0103m 2026, nh\u00f3m c\u1ed5 phi\u1ebfu h\u01b0\u1edfng l\u1ee3i t\u1eeb c\u00e2u chuy\u1ec7n n\u00e2ng h\u1ea1ng th\u1ecb tr\u01b0\u1eddng v\u00e0 tri\u1ec3n v\u1ecdng t\u0103ng tr\u01b0\u1edfng trung h\u1ea1n \u0111\u01b0\u1ee3c k\u1ef3 v\u1ecdng s\u1ebd ti\u1ebfp t\u1ee5c thu h\u00fat d\u00f2ng ti\u1ec1n. Tuy nhi\u00ean, th\u1ecb tr\u01b0\u1eddng nhi\u1ec1u kh\u1ea3 n\u0103ng ph\u00e2n h\u00f3a m\u1ea1nh, trong \u0111\u00f3 nh\u00f3m c\u1ed5 phi\u1ebfu v\u1ed1n h\u00f3a nh\u1ecf s\u1ebd g\u1eb7p kh\u00f4ng \u00edt th\u1eed th\u00e1ch khi \u00e1p l\u1ef1c c\u1ea1nh tranh gia t\u0103ng, khi\u1ebfn c\u00e1c doanh nghi\u1ec7p thi\u1ebfu l\u1ee3i th\u1ebf kh\u00f3 c\u1ea1nh tranh v\u1edbi doanh nghi\u1ec7p l\u1edbn. Theo \u0111\u00f3, t\u00e2m \u0111i\u1ec3m t\u0103ng tr\u01b0\u1edfng nhi\u1ec1u kh\u1ea3 n\u0103ng v\u1eabn n\u1eb1m trong tay nh\u00f3m doanh nghi\u1ec7p quy m\u00f4 l\u1edbn v\u00e0 v\u1eeba, c\u00f3 n\u1ec1n t\u1ea3ng t\u00e0i ch\u00ednh v\u00e0 v\u1ecb th\u1ebf th\u1ecb tr\u01b0\u1eddng t\u1ed1t h\u01a1n. <\/p>\n<\/p><\/div>","protected":false},"excerpt":{"rendered":"

Trao \u0111\u1ed5i trong Talk show Ph\u1ed1 T\u00e0i ch\u00ednh (The Finance Street) tr\u00ean VTV8, chuy\u00ean gia d\u1ef1 b\u00e1o n\u0103m 2026 s\u1ebd […]<\/p>","protected":false},"author":5,"featured_media":57323,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[221],"tags":[],"class_list":["post-57319","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\/57319","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=57319"}],"version-history":[{"count":0,"href":"https:\/\/hbbgroup.net\/vi\/wp-json\/wp\/v2\/posts\/57319\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/hbbgroup.net\/vi\/wp-json\/wp\/v2\/media\/57323"}],"wp:attachment":[{"href":"https:\/\/hbbgroup.net\/vi\/wp-json\/wp\/v2\/media?parent=57319"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/hbbgroup.net\/vi\/wp-json\/wp\/v2\/categories?post=57319"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/hbbgroup.net\/vi\/wp-json\/wp\/v2\/tags?post=57319"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}