{"id":74089,"date":"2026-04-21T08:53:39","date_gmt":"2026-04-21T01:53:39","guid":{"rendered":"https:\/\/hbbgroup.net\/du-no-margin-toan-thi-truong-lap-ky-luc-moi-loat-ctck-cho-vay-ca-ty-usd\/"},"modified":"2026-04-21T08:53:39","modified_gmt":"2026-04-21T01:53:39","slug":"du-no-margin-toan-thi-truong-lap-ky-luc-moi-loat-ctck-cho-vay-ca-ty-usd","status":"publish","type":"post","link":"https:\/\/hbbgroup.net\/vi\/du-no-margin-toan-thi-truong-lap-ky-luc-moi-loat-ctck-cho-vay-ca-ty-usd\/","title":{"rendered":"D\u01b0 n\u1ee3 margin to\u00e0n th\u1ecb tr\u01b0\u1eddng l\u1eadp k\u1ef7 l\u1ee5c m\u1edbi, lo\u1ea1t CTCK cho vay c\u1ea3 t\u1ef7 USD"},"content":{"rendered":"
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Theo th\u1ed1ng k\u00ea, t\u00ednh \u0111\u1ebfn cu\u1ed1i qu\u00fd 1\/2026, d\u01b0 n\u1ee3 cho vay (bao g\u1ed3m margin v\u00e0 \u1ee9ng tr\u01b0\u1edbc ti\u1ec1n b\u00e1n) t\u1ea1i c\u00e1c c\u00f4ng ty ch\u1ee9ng kho\u00e1n \u01b0\u1edbc t\u00ednh v\u00e0o kho\u1ea3ng 415.000 t\u1ef7 \u0111\u1ed3ng, t\u0103ng kho\u1ea3ng 9.000 t\u1ef7 so v\u1edbi cu\u1ed1i n\u0103m 2025 tr\u01b0\u1edbc \u0111\u00f3 v\u00e0 l\u00e0 m\u1ee9c cao k\u1ef7 l\u1ee5c t\u1eeb tr\u01b0\u1edbc \u0111\u1ebfn nay. <\/p>\n

Trong \u0111\u00f3, d\u01b0 n\u1ee3 cho vay k\u00fd qu\u1ef9 (margin) \u01b0\u1edbc t\u00ednh kho\u1ea3ng 405.000 t\u1ef7 \u0111\u1ed3ng, t\u0103ng 13.000 t\u1ef7 sau qu\u00fd \u0111\u1ea7u n\u0103m v\u00e0 c\u0169ng l\u00e0 con s\u1ed1 cao nh\u1ea5t trong l\u1ecbch s\u1eed ch\u1ee9ng kho\u00e1n Vi\u1ec7t Nam<\/b>. <\/p>\n

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T\u00ednh \u0111\u1ebfn cu\u1ed1i qu\u00fd 1, to\u00e0n th\u1ecb tr\u01b0\u1eddng ghi nh\u1eadn 15 CTCK c\u00f3 d\u01b0 n\u1ee3 cho vay tr\u00ean 10.000 t\u1ef7 \u0111\u1ed3ng, trong \u0111\u00f3 5 c\u00e1i t\u00ean l\u00e0 TCBS, SSI, VPBankS, VPS v\u00e0 HSC l\u00e0 nh\u1eefng CTCK c\u00f3 d\u01b0 n\u1ee3 tr\u00ean 1 t\u1ef7 USD. TCBS ti\u1ebfp t\u1ee5c l\u00e0 l\u00e0 CTCK c\u00f3 d\u01b0 n\u1ee3 cho vay l\u1edbn nh\u1ea5t to\u00e0n ng\u00e0nh v\u1edbi gi\u00e1 tr\u1ecb g\u1ea7n 45.000 t\u1ef7, t\u0103ng nh\u1eb9 so v\u1edbi \u0111\u1ea7u n\u0103m. <\/p>\n

Ho\u1ea1t \u0111\u1ed9ng cho vay c\u00f3 s\u1ef1 ph\u00e2n ho\u00e1 r\u00f5 r\u1ec7t sau qu\u00fd \u0111\u1ea7u n\u0103m, d\u01b0 n\u1ee3 t\u1ea1i m\u1ed9t s\u1ed1 CTCK \u0111\u00e3 l\u1eadp k\u1ef7 l\u1ee5c m\u1edbi, c\u00f3 th\u1ec3 k\u1ec3 \u0111\u1ebfn nh\u01b0 TCBS, VPBankS, VPS, ACBS, Vietcap, KIS, LPBankS, SHS\u2026 \u0110a ph\u1ea7n c\u00e1c CTCK n\u00e0y \u0111\u1ec1u c\u00f3 m\u1ee9c t\u0103ng d\u01b0 n\u1ee3 tr\u00ean ngh\u00ecn t\u1ef7 so v\u1edbi cu\u1ed1i n\u0103m ngo\u00e1i. \u0110\u00e1ng ch\u00fa \u00fd nh\u1ea5t l\u00e0 VPS v\u1edbi d\u01b0 n\u1ee3 cho vay t\u0103ng g\u1ea7n 8.000 t\u1ef7 \u0111\u1ed3ng sau qu\u00fd 1. \u0110\u00e0 t\u0103ng gi\u00fap VPS v\u01b0\u1ee3t qua HSC tr\u1edf th\u00e0nh CTCK c\u00f3 quy m\u00f4 ho\u1ea1t \u0111\u1ed9ng cho vay l\u1edbn th\u1ee9 4 tr\u00ean th\u1ecb tr\u01b0\u1eddng. <\/p>\n

\u1ede chi\u1ec1u ng\u01b0\u1ee3c l\u1ea1i, m\u1ed9t s\u1ed1 CTCK \u0111\u00e3 c\u00f3 d\u1ea5u hi\u1ec7u ch\u1eefng l\u1ea1i trong ho\u1ea1t \u0111\u1ed9ng cho vay. Trong \u0111\u00f3, SSI, VNDirect, VIX c\u00f2n ghi nh\u1eadn d\u01b0 n\u1ee3 gi\u1ea3m \u0111\u00e1ng k\u1ec3 so v\u1edbi cu\u1ed1i n\u0103m ngo\u00e1i. Vi\u1ec7c thu h\u1eb9p quy m\u00f4 cho vay trong qu\u00fd \u0111\u1ea7u n\u0103m khi\u1ebfn SSI b\u1ecb VPBankS \u00e1p s\u00e1t khi \u201ct\u00e2n binh\u201d n\u00e0y \u0111\u00e3 c\u00f3 6 qu\u00fd li\u00ean ti\u1ebfp ghi nh\u1eadn d\u01b0 n\u1ee3 t\u0103ng m\u1ea1nh. <\/p>\n

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C\u00f3 th\u1ec3 th\u1ea5y, d\u01b0 n\u1ee3 cho vay to\u00e0n th\u1ecb tr\u01b0\u1eddng t\u0103ng ch\u1eadm l\u1ea1i ph\u1ea7n n\u00e0o ph\u1ea3n \u00e1nh m\u1ee9c \u0111\u1ed9 s\u1eed d\u1ee5ng \u0111\u00f2n b\u1ea9y th\u1eadn tr\u1ecdng h\u01a1n c\u1ee7a nh\u00e0 \u0111\u1ea7u t\u01b0 trong qu\u00fd \u0111\u1ea7u n\u0103m. Th\u1ecb tr\u01b0\u1eddng kh\u1edfi \u0111\u1ea7u n\u0103m 2026 r\u1ea5t t\u01b0ng b\u1eebng, VN-Index c\u00f3 th\u1eddi \u0111i\u1ec3m v\u01b0\u1ee3t 1.900 \u0111i\u1ec3m nh\u01b0ng sau \u0111\u00f3 \u0111\u00e3 gi\u1ea3m m\u1ea1nh trong th\u00e1ng 3 do lo ng\u1ea1i t\u00ecnh h\u00ecnh c\u0103ng th\u1eb3ng t\u1ea1i Trung \u0110\u00f4ng. Kh\u00f4ng lo\u1ea1i tr\u1eeb kh\u1ea3 n\u0103ng, nhi\u1ec1u nh\u00e0 \u0111\u1ea7u t\u01b0 \u0111\u00e3 ch\u1ee7 \u0111\u1ed9ng h\u1ea1 t\u1ef7 tr\u1ecdng ho\u1eb7c b\u1ecb call margin trong giai \u0111o\u1ea1n n\u00e0y. <\/p>\n

B\u00ean c\u1ea1nh \u0111\u00f3, di\u1ec5n bi\u1ebfn l\u00e3i su\u1ea5t c\u0169ng kh\u00f4ng th\u1eadt s\u1ef1 thu\u1eadn l\u1ee3i \u0111\u1ed1i v\u1edbi ho\u1ea1t \u0111\u1ed9ng cho vay. T\u1eeb cu\u1ed1i n\u0103m ngo\u00e1i, l\u00e3i su\u1ea5t huy \u0111\u1ed9ng v\u00e0 cho vay \u0111\u00e3 c\u00f3 d\u1ea5u hi\u1ec7u t\u0103ng tr\u1edf l\u1ea1i do thi\u1ebfu thanh kho\u1ea3n trong h\u1ec7 th\u1ed1ng ng\u00e2n h\u00e0ng. M\u1eb7t b\u1eb1ng l\u00e3i vay margin t\u1ea1i c\u00e1c CTCK c\u0169ng theo \u0111\u00f3 l\u00ean kho\u1ea3ng 13\u201314%\/n\u0103m. \u0110i\u1ec1u n\u00e0y l\u00e0m h\u1ea1n ch\u1ebf ph\u1ea7n n\u00e0o nhu c\u1ea7u \u0111\u00f2n b\u1ea9y c\u1ee7a nh\u00e0 \u0111\u1ea7u t\u01b0, \u0111\u1eb7c bi\u1ec7t trong b\u1ed1i c\u1ea3nh th\u1ecb tr\u01b0\u1eddng bi\u1ebfn \u0111\u1ed9ng kh\u00f3 l\u01b0\u1eddng. <\/p>\n

Trong b\u00e1o c\u00e1o m\u1edbi \u0111\u00e2y, MBS \u0111\u00e3 ch\u1ec9 ra m\u1ed9t s\u1ed1 l\u1ef1c c\u1ea3n khi\u1ebfn d\u00f2ng ti\u1ec1n l\u1edbn v\u1eabn ch\u01b0a nh\u1eadp cu\u1ed9c. Th\u1ee9 nh\u1ea5t, \u00e1p l\u1ef1c b\u00e1n r\u00f2ng t\u1eeb kh\u1ed1i ngo\u1ea1i v\u1eabn di\u1ec5n ra kh\u00e1 m\u1ea1nh, 4 tu\u1ea7n t\u0103ng li\u00ean ti\u1ebfp c\u1ee7a th\u1ecb tr\u01b0\u1eddng c\u0169ng ch\u00ednh l\u00e0 chu\u1ed7i b\u00e1n r\u00f2ng 4 tu\u1ea7n li\u00ean ti\u1ebfp c\u1ee7a kh\u1ed1i ngo\u1ea1i, v\u1edbi t\u1ed5ng gi\u00e1 tr\u1ecb v\u00e0o kho\u1ea3ng 11.000 t\u1ef7 \u0111\u1ed3ng. <\/p>\n

Th\u1ee9 hai, \u0111\u1ed9 r\u1ed9ng th\u1ecb tr\u01b0\u1eddng cho th\u1ea5y danh m\u1ee5c c\u1ee7a nh\u00e0 \u0111\u1ea7u t\u01b0 \u0111\u00e3 b\u1ecb \u201cb\u1ecf l\u1ea1i ph\u00eda sau\u201d so v\u1edbi m\u1ee9c t\u0103ng c\u1ee7a ch\u1ec9 s\u1ed1. Th\u1ed1ng k\u00ea c\u0169ng cho th\u1ea5y, vi\u1ec7c ch\u1ec9 s\u1ed1 VN-Index v\u01b0\u1ee3t ng\u01b0\u1ee1ng 1.800 \u0111i\u1ec3m, ti\u1ec7m c\u1eadn v\u00f9ng 1.850 \u0111i\u1ec3m nh\u01b0ng ch\u1ec9 c\u00f3 1\/3 s\u1ed1 c\u1ed5 phi\u1ebfu c\u00f3 gi\u00e1 cao h\u01a1n b\u00ecnh qu\u00e2n 200 ng\u00e0y. <\/p>\n

Th\u1ee9 ba, do bi\u00ean l\u1ee3i nhu\u1eadn ch\u1ec9 t\u1eadp trung \u1edf 1 v\u00e0i nh\u00f3m c\u1ed5 phi\u1ebfu \u0111\u01a1n l\u1ebb, \u0111\u00e3 khi\u1ebfn thanh kho\u1ea3n to\u00e0n th\u1ecb tr\u01b0\u1eddng trong chu\u1ed7i t\u0103ng 4 tu\u1ea7n li\u00ean ti\u1ebfp ch\u1ec9 \u0111\u1ea1t 26.800 t\u1ef7 \u0111\u1ed3ng, th\u1ea5p h\u01a1n so v\u1edbi b\u00ecnh qu\u00e2n 3 tu\u1ea7n gi\u1ea3m tr\u01b0\u1edbc \u0111\u00f3 (37.500 t\u1ef7 \u0111\u1ed3ng) v\u00e0 c\u0169ng th\u1ea5p h\u01a1n so v\u1edbi tu\u1ea7n gi\u1ea3m cu\u1ed1i c\u00f9ng tr\u01b0\u1edbc khi t\u1ea1o \u0111\u00e1y cu\u1ed1i th\u00e1ng 3 (28.600 t\u1ef7 \u0111\u1ed3ng). <\/p>\n

Nh\u00ecn chung, th\u1ecb tr\u01b0\u1eddng ch\u1ee9ng kho\u00e1n Vi\u1ec7t Nam \u0111\u00e3 \u1ed5n \u0111\u1ecbnh h\u01a1n c\u00f9ng xu h\u01b0\u1edbng v\u1edbi th\u1ebf gi\u1edbi khi lo ng\u1ea1i v\u1ec1 t\u00ecnh h\u00ecnh Trung \u0110\u00f4ng d\u1ecbu xu\u1ed1ng. FTSE c\u0169ng \u0111\u00e3 x\u00e1c nh\u1eadn Vi\u1ec7t Nam s\u1ebd \u0111\u01b0\u1ee3c n\u00e2ng h\u1ea1ng l\u00ean th\u1ecb tr\u01b0\u1eddng m\u1edbi n\u1ed5i th\u1ee9 c\u1ea5p v\u00e0o th\u00e1ng 9 n\u0103m nay. \u0110i\u1ec1u n\u00e0y \u0111\u01b0\u1ee3c k\u1ef3 v\u1ecdng s\u1ebd gi\u00fap t\u00e2m l\u00fd nh\u00e0 \u0111\u1ea7u t\u01b0 c\u1ea3i thi\u00ean, qua \u0111\u00f3 th\u00fac \u0111\u1ea9y d\u00f2ng ti\u1ec1n tr\u1edf l\u1ea1i th\u1ecb tr\u01b0\u1eddng c\u00f9ng nhu c\u1ea7u \u0111\u00f2n b\u1ea9y trong th\u1eddi gian t\u1edbi. <\/p>\n<\/p><\/div>","protected":false},"excerpt":{"rendered":"

Theo th\u1ed1ng k\u00ea, t\u00ednh \u0111\u1ebfn cu\u1ed1i qu\u00fd 1\/2026, d\u01b0 n\u1ee3 cho vay (bao g\u1ed3m margin v\u00e0 \u1ee9ng tr\u01b0\u1edbc ti\u1ec1n b\u00e1n) […]<\/p>","protected":false},"author":5,"featured_media":74090,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[221],"tags":[],"class_list":["post-74089","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\/74089","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=74089"}],"version-history":[{"count":0,"href":"https:\/\/hbbgroup.net\/vi\/wp-json\/wp\/v2\/posts\/74089\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/hbbgroup.net\/vi\/wp-json\/wp\/v2\/media\/74090"}],"wp:attachment":[{"href":"https:\/\/hbbgroup.net\/vi\/wp-json\/wp\/v2\/media?parent=74089"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/hbbgroup.net\/vi\/wp-json\/wp\/v2\/categories?post=74089"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/hbbgroup.net\/vi\/wp-json\/wp\/v2\/tags?post=74089"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}