{"id":70454,"date":"2026-04-10T09:13:15","date_gmt":"2026-04-10T02:13:15","guid":{"rendered":"https:\/\/hbbgroup.net\/sgi-capital-dong-tien-ngay-cang-nhay-cam-voi-lai-suat-uu-tien-phong-thu-cho-co-hoi\/"},"modified":"2026-04-10T09:13:15","modified_gmt":"2026-04-10T02:13:15","slug":"sgi-capital-dong-tien-ngay-cang-nhay-cam-voi-lai-suat-uu-tien-phong-thu-cho-co-hoi","status":"publish","type":"post","link":"https:\/\/hbbgroup.net\/vi\/sgi-capital-dong-tien-ngay-cang-nhay-cam-voi-lai-suat-uu-tien-phong-thu-cho-co-hoi\/","title":{"rendered":"SGI Capital: D\u00f2ng ti\u1ec1n ng\u00e0y c\u00e0ng nh\u1ea1y c\u1ea3m v\u1edbi l\u00e3i su\u1ea5t, \u01b0u ti\u00ean ph\u00f2ng th\u1ee7 ch\u1edd c\u01a1 h\u1ed9i"},"content":{"rendered":"
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D\u00f2ng ti\u1ec1n ph\u00f2ng th\u1ee7 r\u00fat kh\u1ecfi c\u00e1c t\u00e0i s\u1ea3n r\u1ee7i ro <\/b> <\/p>\n

Theo b\u00e1o c\u00e1o m\u1edbi \u0111\u00e2y, SGI Capital \u0111\u00e1nh gi\u00e1 k\u1ecbch b\u1ea3n \u0111\u1ee9t g\u1eaby cung \u1ee9ng k\u00e9o d\u00e0i \u0111ang hi\u1ec7n h\u1eefu h\u01a1n v\u00e0 \u0111\u00e3 b\u1eaft \u0111\u1ea7u g\u00e2y \u1ea3nh h\u01b0\u1edfng ti\u00eau c\u1ef1c l\u00ean kinh t\u1ebf to\u00e0n c\u1ea7u. N\u1ebfu kh\u00f4ng s\u1edbm c\u00f3 m\u1ed9t th\u1ecfa thu\u1eadn to\u00e0n di\u1ec7n, gi\u00e1 d\u1ea7u Brent neo cao \u1edf m\u1ee9c tr\u00ean $90 s\u1ebd t\u1ea1o hi\u1ec7u \u1ee9ng ti\u00eau c\u1ef1c l\u00ean l\u1ea1m ph\u00e1t v\u00e0 c\u1ea3 tri\u1ec3n v\u1ecdng t\u0103ng tr\u01b0\u1edfng. <\/p>\n

\u1ede m\u1ed9t di\u1ec5n bi\u1ebfn kh\u00e1c, d\u1ef1 ki\u1ebfn m\u1ed9t n\u1eeda v\u1ed1n \u0111\u1ea7u t\u01b0 trung t\u00e2m d\u1eef li\u1ec7u ph\u1ee5c v\u1ee5 A.I trong n\u0103m nay s\u1ebd t\u1ea1m d\u1eebng do chi ph\u00ed \u0111ang t\u0103ng v\u1ecdt, c\u0169ng s\u1ebd l\u00e0m gi\u1ea3m \u0111\u00e0 t\u0103ng tr\u01b0\u1edfng l\u1ee3i nhu\u1eadn c\u1ee7a S&P 500 trong n\u0103m 2026. <\/p>\n

C\u00f9ng v\u1edbi di\u1ec5n bi\u1ebfn t\u1eeb cu\u1ed9c xung \u0111\u1ed9t, th\u1ecb tr\u01b0\u1eddng tr\u00e1i phi\u1ebfu c\u0169ng \u0111ang ph\u00e1t \u0111i t\u00edn hi\u1ec7u t\u0103ng l\u00e3i su\u1ea5t d\u01b0\u1edbi \u00e1p l\u1ef1c l\u1ea1m ph\u00e1t do t\u00e1c \u0111\u1ed9ng \u0111\u1ee9t g\u1eaby ngu\u1ed3n cung. Khi l\u1ea1m ph\u00e1t t\u0103ng tr\u1edf l\u1ea1i trong khi th\u1ea5t nghi\u1ec7p v\u1eabn \u1edf m\u1ee9c th\u1ea5p, FED v\u00e0 c\u00e1c NHTW s\u1ebd th\u1eadn tr\u1ecdng h\u01a1n trong vi\u1ec7c h\u1ea1 l\u00e3i su\u1ea5t nh\u00ecn t\u1eeb b\u00e0i h\u1ecdc 2022. <\/p>\n

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R\u1ee7i ro b\u1ea5t \u1ed5n v\u00e0 l\u00e3i su\u1ea5t t\u0103ng \u0111ang khi\u1ebfn d\u00f2ng ti\u1ec1n quay tr\u1edf l\u1ea1i ph\u00f2ng th\u1ee7, b\u00e1n m\u1ea1nh c\u00e1c t\u00e0i s\u1ea3n r\u1ee7i ro v\u00e0 t\u0103ng n\u1eafm gi\u1eef USD. \u0110\u1ed3ng USD m\u1ea1nh c\u00f9ng v\u1edbi l\u00e3i su\u1ea5t neo cao l\u00e0 nh\u1eefng l\u00e0n gi\u00f3 ng\u01b0\u1ee3c khi\u1ebfn nh\u00e0 \u0111\u1ea7u t\u01b0 n\u01b0\u1edbc ngo\u00e0i b\u00e1n r\u00f2ng k\u1ef7 l\u1ee5c \u1edf c\u00e1c th\u1ecb tr\u01b0\u1eddng m\u1edbi n\u1ed5i trong th\u00e1ng qua, \u0111\u1eb7c bi\u1ec7t l\u00e0 c\u00e1c th\u1ecb tr\u01b0\u1eddng ch\u00e2u \u00c1 ph\u1ee5 thu\u1ed9c ngu\u1ed3n cung d\u1ea7u Trung \u0110\u00f4ng. <\/p>\n

Trong th\u00e1ng qua, d\u00f2ng ti\u1ec1n ph\u00f2ng th\u1ee7 \u0111\u00e3 r\u00fat r\u1ea5t m\u1ea1nh kh\u1ecfi c\u00e1c t\u00e0i s\u1ea3n r\u1ee7i ro khi\u1ebfn c\u00e1c ch\u1ec9 b\u00e1o ng\u1eafn h\u1ea1n \u0111\u1ea1t t\u1edbi m\u1ee9c \u0111\u1ed9 qu\u00e1 b\u00e1n tr\u00ean c\u00e1c TTCK l\u1edbn, r\u1ea5t d\u1ec5 khi\u1ebfn c\u00e1c th\u1ecb tr\u01b0\u1eddng n\u00e0y \u0111\u1ea3o chi\u1ec1u ph\u1ee5c h\u1ed3i khi c\u00f3 c\u00e1c th\u00f4ng tin t\u00edch c\u1ef1c t\u1eeb chi\u1ebfn s\u1ef1 t\u1ea1i Iran c\u0169ng nh\u01b0 gi\u00e1 d\u1ea7u. <\/p>\n

Tuy nhi\u00ean, nh\u00ecn v\u00e0o b\u1ee9c tranh l\u1edbn h\u01a1n, SGI Capital cho r\u1eb1ng xu h\u01b0\u1edbng gi\u1ea3m l\u00e3i su\u1ea5t 2 n\u0103m qua \u0111\u00e3 k\u1ebft th\u00fac v\u00e0 c\u00f3 r\u1ee7i ro \u0111\u1ea3o chi\u1ec1u khi l\u1ea1m ph\u00e1t t\u0103ng m\u1ea1nh tr\u1edf l\u1ea1i. Tri\u1ec3n v\u1ecdng t\u0103ng tr\u01b0\u1edfng suy y\u1ebfu tr\u00ean m\u1ed9t n\u1ec1n \u0111\u1ecbnh gi\u00e1 kh\u00f4ng \u0111\u1ee7 r\u1ebb c\u00f3 th\u1ec3 khi\u1ebfn d\u00f2ng ti\u1ec1n \u0111\u1ea7u t\u01b0 ti\u1ebfp t\u1ee5c th\u1eadn tr\u1ecdng trong th\u1eddi gian t\u1edbi, cho t\u1edbi khi b\u1ea5t \u1ed5n l\u1eafng d\u1ecbu ho\u1eb7c m\u1ee9c gi\u1ea3m gi\u00e1 \u0111\u1ee7 \u0111\u1ec3 chi\u1ebft kh\u1ea5u r\u1ee7i ro. <\/p>\n

Ti\u1ec1n m\u1eb7t l\u00ean ng\u00f4i ch\u1edd th\u1ecb tr\u01b0\u1eddng chi\u1ebft kh\u1ea5u \u0111\u1ee7 <\/b> <\/p>\n

Tong n\u01b0\u1edbc, kinh t\u1ebf Vi\u1ec7t Nam ghi nh\u1eadn t\u0103ng tr\u01b0\u1edfng GDP qu\u00fd 1\/2026 \u0111\u1ea1t 7,83%, song c\u00e1c \u00e1p l\u1ef1c v\u0129 m\u00f4 \u0111ang d\u1ea7n r\u00f5 n\u00e9t h\u01a1n. L\u1ea1m ph\u00e1t c\u00f3 d\u1ea5u hi\u1ec7u t\u0103ng t\u1ed1c trong khi h\u1ec7 th\u1ed1ng ng\u00e2n h\u00e0ng \u0111\u1ed1i m\u1eb7t v\u1edbi c\u0103ng th\u1eb3ng thanh kho\u1ea3n, khi h\u1ec7 s\u1ed1 cho vay tr\u00ean huy \u0111\u1ed9ng (LDR) \u0111\u00e3 v\u01b0\u1ee3t 110% t\u1eeb cu\u1ed1i n\u0103m 2025 v\u00e0 ti\u1ebfp t\u1ee5c t\u0103ng th\u00eam kho\u1ea3ng 2% trong qu\u00fd 1. <\/p>\n

Trong b\u1ed1i c\u1ea3nh huy \u0111\u1ed9ng v\u1ed1n ch\u1eadm h\u01a1n t\u0103ng tr\u01b0\u1edfng t\u00edn d\u1ee5ng, m\u1eb7t b\u1eb1ng l\u00e3i su\u1ea5t \u0111i l\u00ean v\u1edbi nhi\u1ec1u ng\u00e2n h\u00e0ng n\u00e2ng l\u00e3i su\u1ea5t k\u1ef3 h\u1ea1n 6\u201312 th\u00e1ng l\u00ean tr\u00ean 8\u20139%\/n\u0103m. Theo SGI Capital, khi l\u00e3i su\u1ea5t t\u0103ng \u0111\u1ee7 cao, th\u1ecb tr\u01b0\u1eddng s\u1ebd \u0111\u00f2i h\u1ecfi m\u1ee9c sinh l\u1eddi h\u1ea5p d\u1eabn h\u01a1n \u0111\u1ec3 gi\u1eef d\u00f2ng ti\u1ec1n \u1edf l\u1ea1i h\u1ec7 th\u1ed1ng, qua \u0111\u00f3 k\u00e9o d\u00e0i \u00e1p l\u1ef1c chi ph\u00ed v\u1ed1n trong n\u1ec1n kinh t\u1ebf. <\/p>\n

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V\u1edbi th\u1ecb tr\u01b0\u1eddng ch\u1ee9ng kho\u00e1n, nh\u00e0 \u0111\u1ea7u t\u01b0 n\u01b0\u1edbc ngo\u00e0i b\u00e1n r\u00f2ng g\u1ea7n 17.500 t\u1ef7 \u0111\u1ed3ng tr\u00ean HoSE trong th\u00e1ng 3 v\u00e0 h\u01a1n 32.000 t\u1ef7 \u0111\u1ed3ng t\u1eeb \u0111\u1ea7u n\u0103m. \u0110\u00e2y l\u00e0 m\u1ee9c b\u00e1n r\u00f2ng m\u1ea1nh v\u00e0 g\u1ea5p g\u00e1p theo xu h\u01b0\u1edbng chung to\u00e0n c\u1ea7u v\u00e0 c\u00f3 ph\u1ea7n b\u1ea5t ng\u1edd khi x\u1ea3y ra ngay tr\u01b0\u1edbc khi Vi\u1ec7t Nam \u0111\u01b0\u1ee3c v\u00e0o r\u1ed5 th\u1ecb tr\u01b0\u1eddng m\u1edbi n\u1ed5i (EM) c\u1ee7a FTSE. <\/p>\n

B\u00ean c\u1ea1nh \u0111\u00f3, l\u01b0\u1ee3ng ph\u00e1t h\u00e0nh th\u00eam l\u1edbn l\u00ean c\u1ed5 \u0111\u00f4ng hi\u1ec7n h\u1eefu, l\u01b0\u1ee3ng \u0111\u00e1o h\u1ea1n v\u00e0 nhu c\u1ea7u ph\u00e1t h\u00e0nh tr\u00e1i phi\u1ebfu b\u1ea5t \u0111\u1ed9ng s\u1ea3n (l\u1ee3i su\u1ea5t \u0111\u00e3 ch\u1ea1m 18%) c\u0169ng \u1edf m\u1ee9c cao trong qu\u00fd 2 c\u00f9ng v\u1edbi l\u00e3i su\u1ea5t huy \u0111\u1ed9ng t\u0103ng m\u1ea1nh \u0111ang c\u1ed9ng h\u01b0\u1edfng t\u1ea1o n\u00ean s\u1ee9c \u00e9p thanh kho\u1ea3n l\u00ean th\u1ecb tr\u01b0\u1eddng chung. <\/p>\n

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SGI Capital cho r\u1eb1ng d\u00f2ng ti\u1ec1n n\u1ed9i v\u1eabn \u0111\u00f3ng vai tr\u00f2 ch\u1ee7 \u0111\u1ea1o nh\u01b0ng l\u01b0u \u00fd s\u1ef1 nh\u1ea1y c\u1ea3m ng\u00e0y c\u00e0ng l\u1edbn v\u1edbi bi\u1ebfn \u0111\u1ed9ng l\u00e3i su\u1ea5t, \u0111\u1eb7c bi\u1ec7t trong b\u1ed1i c\u1ea3nh d\u01b0 n\u1ee3 margin v\u1eabn duy tr\u00ec quanh v\u00f9ng \u0111\u1ec9nh n\u0103m 2025. Khi l\u00e3i su\u1ea5t t\u0103ng, d\u00f2ng v\u1ed1n n\u1ed9i c\u00f3 th\u1ec3 \u0111\u1ea3o chi\u1ec1u, k\u00edch ho\u1ea1t qu\u00e1 tr\u00ecnh h\u1ea1 \u0111\u00f2n b\u1ea9y \u2013 y\u1ebfu t\u1ed1 th\u01b0\u1eddng xu\u1ea5t hi\u1ec7n s\u1edbm tr\u00ean th\u1ecb tr\u01b0\u1eddng ch\u1ee9ng kho\u00e1n do t\u00ednh thanh kho\u1ea3n cao. <\/p>\n

Nh\u00ecn chung, n\u1ec1n kinh t\u1ebf n\u00f3i chung v\u00e0 TTCK n\u00f3i ri\u00eang trong n\u0103m nay ph\u1ea3i \u0111\u1ed1i m\u1eb7t v\u1edbi m\u1ed9t s\u1ed1 kh\u00f3 kh\u0103n ng\u1eafn h\u1ea1n: thanh kho\u1ea3n gi\u1ea3m, l\u1ea1m ph\u00e1t t\u0103ng, r\u1ee7i ro thu\u1ebf quan, v\u00e0 d\u00f2ng ti\u1ec1n ngo\u1ea1i r\u00fat kh\u1ecfi EM. Tr\u01b0\u1edbc m\u1eaft, trong xu h\u01b0\u1edbng t\u0103ng c\u1ee7a l\u00e3i su\u1ea5t, ti\u1ec1n m\u1eb7t s\u1ebd d\u1ea7n l\u00ean ng\u00f4i v\u00e0 l\u00e0 k\u00eanh ph\u00f2ng th\u1ee7 t\u1ed1t \u0111\u1ec3 ch\u1edd \u0111\u1ee3i TTCK h\u1ea1 \u0111\u00f2n b\u1ea9y, chi\u1ebft kh\u1ea5u \u0111\u1ee7 v\u00e0 mang l\u1ea1i nh\u1eefng c\u01a1 h\u1ed9i \u0111\u1ea7u t\u01b0 th\u1ef1c s\u1ef1 h\u1ea5p d\u1eabn. <\/p>\n

Tuy nhi\u00ean, v\u1ec1 d\u00e0i h\u1ea1n, SGI Capital tin r\u1eb1ng nh\u1eefng c\u1ea3i c\u00e1ch th\u1ec3 ch\u1ebf, vi\u1ec7c n\u00e2ng h\u1ea1ng th\u1ecb tr\u01b0\u1eddng, Ch\u00ednh ph\u1ee7 m\u1edbi v\u1edbi nhi\u1ec1u kinh nghi\u1ec7m \u0111i\u1ec1u h\u00e0nh s\u1ebd gi\u00fap ch\u00e8o l\u00e1i v\u01b0\u1ee3t qua nh\u1eefng b\u1ea5t \u0111\u1ecbnh tr\u00ean. Doanh nghi\u1ec7p ni\u00eam y\u1ebft l\u00e0 nh\u1eefng \u0111\u1ea1i di\u1ec7n n\u0103ng \u0111\u1ed9ng v\u00e0 hi\u1ec7u qu\u1ea3 nh\u1ea5t c\u1ee7a n\u1ec1n kinh t\u1ebf c\u0169ng s\u1ebd s\u1edbm th\u00edch nghi v\u00e0 v\u01b0\u1ee3t qua c\u00e1c kh\u00f3 kh\u0103n th\u00e1ch th\u1ee9c nh\u01b0 \u0111\u00e3 t\u1eebng nhi\u1ec1u l\u1ea7n tr\u01b0\u1edbc \u0111\u00e2y. <\/p>\n<\/p><\/div>","protected":false},"excerpt":{"rendered":"

D\u00f2ng ti\u1ec1n ph\u00f2ng th\u1ee7 r\u00fat kh\u1ecfi c\u00e1c t\u00e0i s\u1ea3n r\u1ee7i ro Theo b\u00e1o c\u00e1o m\u1edbi \u0111\u00e2y, SGI Capital \u0111\u00e1nh gi\u00e1 […]<\/p>","protected":false},"author":5,"featured_media":70456,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[221],"tags":[],"class_list":["post-70454","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\/70454","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=70454"}],"version-history":[{"count":0,"href":"https:\/\/hbbgroup.net\/vi\/wp-json\/wp\/v2\/posts\/70454\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/hbbgroup.net\/vi\/wp-json\/wp\/v2\/media\/70456"}],"wp:attachment":[{"href":"https:\/\/hbbgroup.net\/vi\/wp-json\/wp\/v2\/media?parent=70454"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/hbbgroup.net\/vi\/wp-json\/wp\/v2\/categories?post=70454"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/hbbgroup.net\/vi\/wp-json\/wp\/v2\/tags?post=70454"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}