{"id":81501,"date":"2026-05-22T08:59:27","date_gmt":"2026-05-22T01:59:27","guid":{"rendered":"https:\/\/hbbgroup.net\/cuong-che-va-thao-do-biet-thu-trang-noi-tieng-o-phu-quoc\/"},"modified":"2026-05-22T09:39:25","modified_gmt":"2026-05-22T02:39:25","slug":"da-den-luc-nang-hang-theo-chuan-msci","status":"publish","type":"post","link":"https:\/\/hbbgroup.net\/vi\/da-den-luc-nang-hang-theo-chuan-msci\/","title":{"rendered":"\u0110\u00e3 \u0111\u1ebfn l\u00fac n\u00e2ng h\u1ea1ng theo chu\u1ea9n MSCI"},"content":{"rendered":"


Vi\u1ec7c FTSE Russell x\u00e1c nh\u1eadn l\u1ed9 tr\u00ecnh n\u00e2ng h\u1ea1ng t\u1eeb th\u00e1ng 9\/2026 l\u00e0 b\u01b0\u1edbc ngo\u1eb7t quan tr\u1ecdng, nh\u01b0ng \u0111\u00edch \u0111\u1ebfn ti\u1ebfp theo c\u1ee7a th\u1ecb tr\u01b0\u1eddng ch\u1ee9ng kho\u00e1n Vi\u1ec7t Nam l\u00e0 MSCI. Sau nhi\u1ec1u c\u1ea3i c\u00e1ch v\u1ec1 giao d\u1ecbch, thanh to\u00e1n, ti\u1ebfp c\u1eadn c\u1ee7a nh\u00e0 \u0111\u1ea7u t\u01b0 n\u01b0\u1edbc ngo\u00e0i v\u00e0 minh b\u1ea1ch th\u00f4ng tin, Vi\u1ec7t Nam \u0111\u00e3 c\u00f3 c\u01a1 s\u1edf r\u00f5 h\u01a1n \u0111\u1ec3 h\u01b0\u1edbng t\u1edbi danh s\u00e1ch theo d\u00f5i n\u00e2ng h\u1ea1ng. V\u1ea5n \u0111\u1ec1 c\u00f2n l\u1ea1i l\u00e0 bi\u1ebfn k\u1ef3 v\u1ecdng n\u00e0y th\u00e0nh m\u1ed9t ch\u01b0\u01a1ng tr\u00ecnh c\u1ea3i c\u00e1ch th\u1ef1c ch\u1ea5t, c\u00f3 tr\u1ecdng t\u00e2m v\u00e0 c\u00f3 th\u1eddi h\u1ea1n.<\/p>\n\n\n

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i\u1ec7t Nam \u0111ang ti\u1ebfn g\u1ea7n h\u01a1n \u0111\u1ebfn chu\u1ea9n MSCI<\/p>\n\n\n\n

C\u00e2u chuy\u1ec7n n\u00e2ng h\u1ea1ng th\u1ecb tr\u01b0\u1eddng ch\u1ee9ng kho\u00e1n Vi\u1ec7t Nam kh\u00f4ng c\u00f2n l\u00e0 k\u1ef3 v\u1ecdng d\u00e0i h\u1ea1n. Nh\u1eefng thay \u0111\u1ed5i trong hai n\u0103m g\u1ea7n \u0111\u00e2y cho th\u1ea5y ti\u1ebfn tr\u00ecnh n\u00e0y \u0111\u00e3 chuy\u1ec3n sang giai \u0111o\u1ea1n th\u1ef1c thi. Tr\u01b0\u1edbc \u0111\u00e2y, c\u00e1c \u0111i\u1ec3m ngh\u1ebdn ch\u1ee7 y\u1ebfu n\u1eb1m \u1edf y\u00eau c\u1ea7u k\u00fd qu\u1ef9 tr\u01b0\u1edbc, th\u1ee7 t\u1ee5c gia nh\u1eadp th\u1ecb tr\u01b0\u1eddng, gi\u1edbi h\u1ea1n s\u1edf h\u1eefu n\u01b0\u1edbc ngo\u00e0i v\u00e0 h\u1ea1 t\u1ea7ng thanh to\u00e1n, th\u00ec hi\u1ec7n nay nhi\u1ec1u r\u00e0o c\u1ea3n \u0111\u00e3 b\u1eaft \u0111\u1ea7u \u0111\u01b0\u1ee3c x\u1eed l\u00fd theo h\u01b0\u1edbng ph\u00f9 h\u1ee3p h\u01a1n v\u1edbi th\u00f4ng l\u1ec7 th\u1ecb tr\u01b0\u1eddng m\u1edbi n\u1ed5i.<\/p>\n\n\n\n

V\u1edbi MSCI, v\u1ea5n \u0111\u1ec1 c\u1ed1t l\u00f5i kh\u00f4ng ch\u1ec9 l\u00e0 quy m\u00f4 hay thanh kho\u1ea3n. M\u1ed9t th\u1ecb tr\u01b0\u1eddng mu\u1ed1n \u0111\u01b0\u1ee3c n\u00e2ng t\u1eeb c\u1eadn bi\u00ean l\u00ean m\u1edbi n\u1ed5i ph\u1ea3i ch\u1ee9ng minh r\u1eb1ng nh\u00e0 \u0111\u1ea7u t\u01b0 n\u01b0\u1edbc ngo\u00e0i c\u00f3 th\u1ec3 ti\u1ebfp c\u1eadn th\u1ecb tr\u01b0\u1eddng thu\u1eadn l\u1ee3i, b\u00ecnh \u0111\u1eb3ng v\u00e0 an to\u00e0n. \u0110i\u1ec1u n\u00e0y bao g\u1ed3m kh\u1ea3 n\u0103ng m\u1edf t\u00e0i kho\u1ea3n, \u0111\u1eb7t l\u1ec7nh, thanh to\u00e1n, l\u01b0u k\u00fd, chuy\u1ec3n v\u1ed1n, ti\u1ebfp c\u1eadn th\u00f4ng tin, ph\u00f2ng ng\u1eeba r\u1ee7i ro v\u00e0 tho\u00e1i v\u1ed1n khi c\u1ea7n thi\u1ebft. Theo SSI<\/a> Research, Vi\u1ec7t Nam hi\u1ec7n \u0111\u00e3 \u0111\u00e1p \u1ee9ng 10\/18 ti\u00eau ch\u00ed v\u1ec1 kh\u1ea3 n\u0103ng ti\u1ebfp c\u1eadn th\u1ecb tr\u01b0\u1eddng c\u1ee7a MSCI v\u00e0 \u0111ang ti\u1ec7m c\u1eadn m\u1ee9c \u0111\u00e1p \u1ee9ng c\u01a1 b\u1ea3n \u0111\u1ed1i v\u1edbi 17\/18 ti\u00eau ch\u00ed.<\/p>\n\n\n\n

H\u00ecnh 1: Vi\u1ec7t Nam \u0111\u00e3 ti\u1ebfn g\u1ea7n h\u01a1n \u0111\u1ebfn chu\u1ea9n n\u00e2ng h\u1ea1ng c\u1ee7a MSCI<\/strong><\/p>\n\n\n\n

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B\u01b0\u1edbc ti\u1ebfn \u0111\u1ea7u ti\u00ean l\u00e0 th\u00e1o g\u1ee1 y\u00eau c\u1ea7u k\u00fd qu\u1ef9 \u0111\u1ea7y \u0111\u1ee7 tr\u01b0\u1edbc giao d\u1ecbch \u0111\u1ed1i v\u1edbi nh\u00e0 \u0111\u1ea7u t\u01b0 t\u1ed5 ch\u1ee9c n\u01b0\u1edbc ngo\u00e0i. Quy \u0111\u1ecbnh m\u1edbi \u0111\u00e3 b\u1ed5 sung quy \u0111\u1ecbnh v\u1ec1 giao d\u1ecbch mua c\u1ed5 phi\u1ebfu kh\u00f4ng y\u00eau c\u1ea7u c\u00f3 \u0111\u1ee7 ti\u1ec1n khi \u0111\u1eb7t l\u1ec7nh c\u1ee7a nh\u00e0 \u0111\u1ea7u t\u01b0 n\u01b0\u1edbc ngo\u00e0i l\u00e0 t\u1ed5 ch\u1ee9c (Th\u00f4ng t\u01b0 68\/2024\/TT-BTC). Sau \u0111\u00f3, c\u1ea3i ti\u1ebfn ti\u1ebfp t\u1ee5c ho\u00e0n thi\u1ec7n kh\u00e2u \u0111\u0103ng k\u00fd, l\u01b0u k\u00fd, b\u00f9 tr\u1eeb, thanh to\u00e1n v\u00e0 b\u1ed5 sung n\u1ed9i dung thanh to\u00e1n giao d\u1ecbch mua c\u1ed5 phi\u1ebfu kh\u00f4ng y\u00eau c\u1ea7u c\u00f3 \u0111\u1ee7 ti\u1ec1n khi \u0111\u1eb7t l\u1ec7nh (Th\u00f4ng t\u01b0 18\/2025\/TT-BTC). V\u1edbi c\u00e1c qu\u1ef9 qu\u1ed1c t\u1ebf, \u0111\u00e2y l\u00e0 c\u1ea3i c\u00e1ch quan tr\u1ecdng, b\u1edfi th\u00f4ng l\u1ec7 ph\u1ed5 bi\u1ebfn l\u00e0 \u0111\u1eb7t l\u1ec7nh tr\u01b0\u1edbc v\u00e0 thanh to\u00e1n theo chu k\u1ef3 sau.<\/p>\n\n\n\n

C\u00f9ng v\u1edbi \u0111\u00f3, m\u00f4 h\u00ecnh m\u00f4i gi\u1edbi to\u00e0n c\u1ea7u l\u00e0 b\u01b0\u1edbc c\u1ea3i c\u00e1ch c\u00f3 \u00fd ngh\u0129a tr\u1ef1c ti\u1ebfp \u0111\u1ed1i v\u1edbi kh\u1ea3 n\u0103ng ti\u1ebfp c\u1eadn th\u1ecb tr\u01b0\u1eddng. Th\u00f4ng t\u01b0 08\/2026\/TT-BTC b\u1ed5 sung c\u01a1 ch\u1ebf cho ph\u00e9p nh\u00e0 \u0111\u1ea7u t\u01b0 n\u01b0\u1edbc ngo\u00e0i \u0111\u1eb7t l\u1ec7nh th\u00f4ng qua t\u1ed5 ch\u1ee9c kinh doanh ch\u1ee9ng kho\u00e1n n\u01b0\u1edbc ngo\u00e0i \u0111\u1ea1i di\u1ec7n, s\u1eed d\u1ee5ng s\u1ed1 hi\u1ec7u t\u00e0i kho\u1ea3n l\u01b0u k\u00fd \u0111\u1ec3 chuy\u1ec3n l\u1ec7nh v\u00e0o c\u00f4ng ty ch\u1ee9ng kho\u00e1n trong n\u01b0\u1edbc. Nh\u00e0 \u0111\u1ea7u t\u01b0 v\u1eabn c\u00f3 m\u00e3 s\u1ed1 giao d\u1ecbch v\u00e0 t\u00e0i kho\u1ea3n l\u01b0u k\u00fd, nh\u01b0ng quy tr\u00ecnh \u0111\u1eb7t l\u1ec7nh tr\u1edf n\u00ean quen thu\u1ed9c h\u01a1n v\u1edbi c\u00e1c qu\u1ef9 to\u00e0n c\u1ea7u, qua \u0111\u00f3 gi\u1ea3m chi ph\u00ed v\u1eadn h\u00e0nh v\u00e0 th\u1eddi gian gia nh\u1eadp th\u1ecb tr\u01b0\u1eddng.<\/p>\n\n\n\n

B\u00ean c\u1ea1nh \u0111\u00f3, d\u00f2ng v\u1ed1n gi\u00e1n ti\u1ebfp ti\u1ebfp t\u1ee5c \u0111\u01b0\u1ee3c t\u1ea1o \u0111i\u1ec1u ki\u1ec7n th\u00f4ng qua vi\u1ec7c gi\u1ea3m c\u00e1c y\u00eau c\u1ea7u h\u00e0nh ch\u00ednh, r\u00fat ng\u1eafn th\u1ee7 t\u1ee5c. Th\u00f4ng t\u01b0 03\/2025\/TT-NHNN gi\u00fap th\u1ee7 t\u1ee5c m\u1edf t\u00e0i kho\u1ea3n \u0111\u1ea7u t\u01b0 gi\u00e1n ti\u1ebfp \u0111\u01b0\u1ee3c \u0111\u01a1n gi\u1ea3n h\u00f3a, trong \u0111\u00f3 nh\u00e0 \u0111\u1ea7u t\u01b0 n\u01b0\u1edbc ngo\u00e0i kh\u00f4ng c\u00f2n ph\u1ea3i h\u1ee3p ph\u00e1p h\u00f3a l\u00e3nh s\u1ef1 \u0111\u1ed1i v\u1edbi h\u1ed3 s\u01a1 m\u1edf t\u00e0i kho\u1ea3n. \u0110\u00e2y l\u00e0 thay \u0111\u1ed5i th\u1ef1c ch\u1ea5t, v\u00ec th\u1ee7 t\u1ee5c t\u00e0i kho\u1ea3n v\u1ed1n tr\u01b0\u1edbc \u0111\u00e2y th\u01b0\u1eddng l\u00e0m k\u00e9o d\u00e0i qu\u00e1 tr\u00ecnh gia nh\u1eadp th\u1ecb tr\u01b0\u1eddng.<\/p>\n\n\n\n

\u0110i\u1ec3m c\u1ea3i c\u00e1ch th\u1ee9 hai l\u00e0 h\u1ea1 t\u1ea7ng v\u1eadn h\u00e0nh. H\u1ec7 th\u1ed1ng KRX ch\u00ednh th\u1ee9c v\u1eadn h\u00e0nh t\u1eeb th\u00e1ng 5\/2025, t\u1ea1o n\u1ec1n t\u1ea3ng c\u00f4ng ngh\u1ec7 m\u1edbi cho giao d\u1ecbch, thanh to\u00e1n v\u00e0 ph\u00e1t tri\u1ec3n s\u1ea3n ph\u1ea9m. KRX kh\u00f4ng t\u1ef1 \u0111\u1ed9ng t\u1ea1o ra n\u00e2ng h\u1ea1ng, nh\u01b0ng l\u00e0 \u0111i\u1ec1u ki\u1ec7n c\u1ea7n \u0111\u1ec3 tri\u1ec3n khai giao d\u1ecbch trong ng\u00e0y, b\u00e1n kh\u1ed1ng c\u00f3 ki\u1ec3m so\u00e1t, r\u00fat ng\u1eafn chu k\u1ef3 thanh to\u00e1n v\u00e0 ph\u00e1t tri\u1ec3n c\u01a1 ch\u1ebf \u0111\u1ed1i t\u00e1c b\u00f9 tr\u1eeb trung t\u00e2m. V\u1edbi MSCI, \u0111\u00e2y l\u00e0 nh\u00f3m ti\u00eau ch\u00ed li\u00ean quan tr\u1ef1c ti\u1ebfp \u0111\u1ebfn hi\u1ec7u qu\u1ea3 v\u1eadn h\u00e0nh, k\u1ef7 lu\u1eadt thanh to\u00e1n v\u00e0 qu\u1ea3n tr\u1ecb r\u1ee7i ro th\u1ecb tr\u01b0\u1eddng.<\/p>\n\n\n\n

\u0110i\u1ec3m c\u1ea3i c\u00e1ch th\u1ee9 ba l\u00e0 gi\u1edbi h\u1ea1n s\u1edf h\u1eefu n\u01b0\u1edbc ngo\u00e0i. Theo SSI Research, t\u1ef7 l\u1ec7 s\u1edf h\u1eefu n\u01b0\u1edbc ngo\u00e0i th\u1ef1c t\u1ebf tr\u00ean HOSE<\/a> \u0111\u00e3 t\u0103ng t\u1eeb 41,4% l\u00ean 46% v\u00e0o th\u00e1ng 4\/2026, nh\u1edd s\u1ef1 xu\u1ea5t hi\u1ec7n c\u1ee7a c\u00e1c c\u1ed5 phi\u1ebfu v\u1ed1n h\u00f3a l\u1edbn m\u1edbi ni\u00eam y\u1ebft c\u00f3 room ngo\u1ea1i t\u1ed1i \u0111a 100%. \u0110\u00e2y l\u00e0 t\u00edn hi\u1ec7u t\u00edch c\u1ef1c, nh\u01b0ng ch\u01b0a ph\u1ea3i l\u1eddi gi\u1ea3i cu\u1ed1i c\u00f9ng. MSCI quan t\u00e2m nhi\u1ec1u h\u01a1n \u0111\u1ebfn kh\u1ea3 n\u0103ng gi\u1ea3i ng\u00e2n th\u1ef1c t\u1ebf v\u00e0o c\u00e1c c\u1ed5 phi\u1ebfu c\u00f3 quy m\u00f4, thanh kho\u1ea3n v\u00e0 t\u00ednh \u0111\u1ea1i di\u1ec7n cao. N\u1ebfu nh\u1eefng c\u1ed5 phi\u1ebfu \u0111\u1ea7u ng\u00e0nh v\u1eabn b\u1ecb k\u00edn room, kh\u1ea3 n\u0103ng m\u00f4 ph\u1ecfng ch\u1ec9 s\u1ed1 s\u1ebd b\u1ecb h\u1ea1n ch\u1ebf.<\/p>\n\n\n\n

M\u1ed9t \u0111i\u1ec3m ti\u1ebfn b\u1ed9 kh\u00e1c l\u00e0 c\u00f4ng b\u1ed1 th\u00f4ng tin b\u1eb1ng ti\u1ebfng Anh. \u0110\u00e2y l\u00e0 y\u00eau c\u1ea7u t\u01b0\u1edfng nh\u01b0 k\u1ef9 thu\u1eadt, nh\u01b0ng ph\u1ea3n \u00e1nh m\u1ee9c \u0111\u1ed9 b\u00ecnh \u0111\u1eb3ng th\u00f4ng tin. Nh\u00e0 \u0111\u1ea7u t\u01b0 n\u01b0\u1edbc ngo\u00e0i kh\u00f4ng th\u1ec3 ra quy\u1ebft \u0111\u1ecbnh hi\u1ec7u qu\u1ea3 n\u1ebfu ti\u1ebfp c\u1eadn th\u00f4ng tin ch\u1eadm h\u01a1n, thi\u1ebfu \u0111\u1ea7y \u0111\u1ee7 h\u01a1n ho\u1eb7c ph\u1ee5 thu\u1ed9c v\u00e0o b\u1ea3n d\u1ecbch kh\u00f4ng ch\u00ednh th\u1ee9c. V\u1edbi c\u00e1c doanh nghi\u1ec7p v\u1ed1n h\u00f3a l\u1edbn, ng\u00e2n h\u00e0ng, c\u00f4ng ty ch\u1ee9ng kho\u00e1n v\u00e0 doanh nghi\u1ec7p trong c\u00e1c r\u1ed5 ch\u1ec9 s\u1ed1 quan tr\u1ecdng, c\u00f4ng b\u1ed1 th\u00f4ng tin b\u1eb1ng ti\u1ebfng Anh c\u1ea7n tr\u1edf th\u00e0nh chu\u1ea9n m\u1ef1c b\u1eaft bu\u1ed9c.<\/p>\n\n\n\n

D\u00f9 v\u1eady, ti\u00eau ch\u00ed kh\u00f3 nh\u1ea5t v\u1eabn l\u00e0 ngo\u1ea1i h\u1ed1i. Nh\u00e0 \u0111\u1ea7u t\u01b0 n\u01b0\u1edbc ngo\u00e0i kh\u00f4ng ch\u1ec9 nh\u00ecn l\u1ee3i su\u1ea5t t\u00ednh b\u1eb1ng \u0111\u1ed3ng Vi\u1ec7t Nam, m\u00e0 nh\u00ecn l\u1ee3i su\u1ea5t sau khi quy \u0111\u1ed5i v\u1ec1 \u0111\u1ed3ng ti\u1ec1n c\u01a1 s\u1edf. N\u1ebfu t\u1ef7 gi\u00e1 bi\u1ebfn \u0111\u1ed9ng nh\u01b0ng c\u00f4ng c\u1ee5 ph\u00f2ng ng\u1eeba r\u1ee7i ro c\u00f2n h\u1ea1n ch\u1ebf, d\u00f2ng v\u1ed1n ngo\u1ea1i s\u1ebd \u0111\u00f2i h\u1ecfi m\u1ee9c b\u00f9 r\u1ee7i ro cao h\u01a1n. V\u00ec v\u1eady, c\u1ea3i c\u00e1ch ngo\u1ea1i h\u1ed1i kh\u00f4ng nh\u1ea5t thi\u1ebft \u0111\u1ed3ng ngh\u0129a v\u1edbi t\u1ef1 do h\u00f3a ho\u00e0n to\u00e0n ngay l\u1eadp t\u1ee9c, nh\u01b0ng c\u1ea7n \u0111i theo h\u01b0\u1edbng t\u0103ng t\u00ednh d\u1ef1 b\u00e1o, t\u0103ng kh\u1ea3 n\u0103ng chuy\u1ec3n \u0111\u1ed5i v\u00e0 m\u1edf r\u1ed9ng c\u00f4ng c\u1ee5 ph\u00f2ng v\u1ec7 cho nh\u00e0 \u0111\u1ea7u t\u01b0 t\u1ed5 ch\u1ee9c.<\/p>\n\n\n\n

K\u1ef3 v\u1ecdng l\u1edbn, nh\u01b0ng d\u00f2ng v\u1ed1n kh\u00f4ng \u0111\u1ebfn m\u1ed9t c\u00e1ch t\u1ef1 \u0111\u1ed9ng<\/p>\n\n\n\n

C\u00e1c \u0111\u00e1nh gi\u00e1 g\u1ea7n \u0111\u00e2y c\u1ee7a c\u00e1c t\u1ed5 ch\u1ee9c trong n\u01b0\u1edbc v\u00e0 qu\u1ed1c t\u1ebf \u0111\u1ec1u cho th\u1ea5y tri\u1ec3n v\u1ecdng MSCI c\u1ee7a Vi\u1ec7t Nam \u0111ang r\u00f5 h\u01a1n. SSI Research cho r\u1eb1ng Vi\u1ec7t Nam c\u00f3 kh\u1ea3 n\u0103ng cao \u0111\u01b0\u1ee3c \u0111\u01b0a v\u00e0o danh s\u00e1ch theo d\u00f5i n\u00e2ng h\u1ea1ng trong k\u1ef3 \u0111\u00e1nh gi\u00e1 th\u00e1ng 6\/2026. \u0110\u00e2y l\u00e0 b\u01b0\u1edbc m\u1edf \u0111\u1ea7u cho m\u1ed9t chu k\u1ef3 t\u00e1i \u0111\u1ecbnh v\u1ecb th\u1ecb tr\u01b0\u1eddng trong m\u1eaft c\u00e1c nh\u00e0 \u0111\u1ea7u t\u01b0 to\u00e0n c\u1ea7u. SSI Research c\u0169ng cho r\u1eb1ng \u0111\u1ecbnh gi\u00e1 th\u1ecb tr\u01b0\u1eddng v\u1eabn \u1edf v\u00f9ng h\u1ea5p d\u1eabn, t\u1ea1o \u0111i\u1ec1u ki\u1ec7n cho d\u00f2ng v\u1ed1n d\u00e0i h\u1ea1n quay l\u1ea1i khi c\u00e1c r\u00e0o c\u1ea3n k\u1ef9 thu\u1eadt ti\u1ebfp t\u1ee5c \u0111\u01b0\u1ee3c th\u00e1o g\u1ee1.<\/p>\n\n\n\n

Dragon Capital c\u0169ng \u0111\u01b0a ra g\u00f3c nh\u00ecn t\u00edch c\u1ef1c. Theo \u00f4ng L\u00ea Anh Tu\u1ea5n, T\u1ed5ng gi\u00e1m \u0111\u1ed1c Dragon Capital Vi\u1ec7t Nam, n\u1ebfu CCP<\/a> v\u1eadn h\u00e0nh \u1ed5n \u0111\u1ecbnh v\u00e0 gi\u1edbi h\u1ea1n s\u1edf h\u1eefu n\u01b0\u1edbc ngo\u00e0i ti\u1ebfp t\u1ee5c \u0111\u01b0\u1ee3c n\u1edbi l\u1ecfng, Vi\u1ec7t Nam c\u00f3 th\u1ec3 \u0111\u01b0\u1ee3c n\u00e2ng h\u1ea1ng v\u00e0o r\u1ed5 MSCI Emerging Markets v\u00e0o n\u0103m 2028. Nh\u1eadn \u0111\u1ecbnh n\u00e0y cho th\u1ea5y th\u1ecb tr\u01b0\u1eddng kh\u00f4ng c\u00f2n thi\u1ebfu \u0111i\u1ec1u ki\u1ec7n n\u1ec1n t\u1ea3ng, m\u00e0 c\u1ea7n th\u00eam m\u1ed9t v\u00f2ng c\u1ea3i c\u00e1ch \u0111\u1ee7 s\u00e2u \u0111\u1ec3 chuy\u1ec3n t\u1eeb \u201cc\u00f3 tri\u1ec3n v\u1ecdng\u201d sang \u201c\u0111\u1ee7 chu\u1ea9n\u201d.<\/p>\n\n\n\n

H\u00ecnh 2: So s\u00e1nh FTSE v\u00e0 MSCI trong vi\u1ec7c n\u00e2ng h\u1ea1ng th\u1ecb tr\u01b0\u1eddng Vi\u1ec7t Nam<\/strong><\/p>\n\n\n\n

\"\"<\/figure>\n\n\n\n

Tuy nhi\u00ean, c\u1ea7n tr\u00e1nh nh\u00ecn n\u00e2ng h\u1ea1ng nh\u01b0 m\u1ed9t t\u00edn hi\u1ec7u mua \u0111\u1ed3ng lo\u1ea1t. Hi\u1ec7n c\u00f3 m\u1ed9t ngh\u1ecbch l\u00fd \u0111\u00e1ng ch\u00fa \u00fd khi kinh t\u1ebf Vi\u1ec7t Nam t\u0103ng tr\u01b0\u1edfng t\u00edch c\u1ef1c, th\u1ecb tr\u01b0\u1eddng ch\u1ee9ng kho\u00e1n \u0111i l\u00ean, nh\u01b0ng kh\u1ed1i ngo\u1ea1i v\u1eabn r\u00fat r\u00f2ng m\u1ea1nh trong n\u0103m 2025 (VN-index t\u0103ng 41% nh\u01b0ng kh\u1ed1i ngo\u1ea1i r\u00fat r\u00f2ng k\u1ef7 l\u1ee5c trong n\u0103m v\u1edbi 5,1 t\u1ef7 USD). \u0110i\u1ec1u n\u00e0y cho th\u1ea5y d\u00f2ng v\u1ed1n ngo\u1ea1i kh\u00f4ng ch\u1ec9 ph\u1ea3n \u1ee9ng v\u1edbi c\u00e2u chuy\u1ec7n t\u0103ng tr\u01b0\u1edfng. Nh\u00e0 \u0111\u1ea7u t\u01b0 c\u00f2n quan t\u00e2m \u0111\u1ebfn t\u1ef7 gi\u00e1, room ngo\u1ea1i, kh\u1ea3 n\u0103ng tho\u00e1i v\u1ed1n, \u0111\u1ecbnh gi\u00e1, ch\u1ea5t l\u01b0\u1ee3ng doanh nghi\u1ec7p v\u00e0 r\u1ee7i ro \u0111\u1ecba ch\u00ednh tr\u1ecb.<\/p>\n\n\n\n

Vi\u1ec7c FTSE x\u00e1c nh\u1eadn n\u00e2ng h\u1ea1ng l\u00e0 y\u1ebfu t\u1ed1 h\u1ed7 tr\u1ee3 t\u00e2m l\u00fd, nh\u01b0ng ch\u01b0a \u0111\u1ee7 \u0111\u1ec3 \u0111\u1ea3o chi\u1ec1u b\u1ec1n v\u1eefng d\u00f2ng v\u1ed1n n\u1ebfu c\u00e1c r\u00e0o c\u1ea3n ti\u1ebfp c\u1eadn th\u1ecb tr\u01b0\u1eddng ch\u01b0a \u0111\u01b0\u1ee3c x\u1eed l\u00fd t\u1eadn g\u1ed1c. N\u00e2ng h\u1ea1ng c\u00f3 th\u1ec3 t\u1ea1o ra d\u00f2ng v\u1ed1n th\u1ee5 \u0111\u1ed9ng t\u1eeb c\u00e1c qu\u1ef9 m\u00f4 ph\u1ecfng ch\u1ec9 s\u1ed1. Nh\u01b0ng \u0111\u1ec3 thu h\u00fat d\u00f2ng v\u1ed1n ch\u1ee7 \u0111\u1ed9ng, th\u1ecb tr\u01b0\u1eddng c\u1ea7n nhi\u1ec1u h\u01a1n: h\u00e0ng h\u00f3a t\u1ed1t, qu\u1ea3n tr\u1ecb c\u00f4ng ty t\u1ed1t, minh b\u1ea1ch cao, t\u1ef7 gi\u00e1 \u1ed5n \u0111\u1ecbnh v\u00e0 c\u01a1 ch\u1ebf giao d\u1ecbch thu\u1eadn l\u1ee3i.<\/p>\n\n\n\n

V\u1edbi Vi\u1ec7t Nam, MSCI c\u1ea7n \u0111\u01b0\u1ee3c nh\u00ecn nh\u01b0 m\u1ed9t ch\u01b0\u01a1ng tr\u00ecnh n\u00e2ng c\u1ea5p c\u1ea5u tr\u00fac th\u1ecb tr\u01b0\u1eddng v\u1ed1n, kh\u00f4ng ch\u1ec9 l\u00e0 m\u1ee5c ti\u00eau x\u1ebfp h\u1ea1ng. Khi c\u1ea3i c\u00e1ch \u0111\u1ee7 s\u00e2u, th\u1ecb tr\u01b0\u1eddng kh\u00f4ng ch\u1ec9 thu h\u00fat d\u00f2ng v\u1ed1n ng\u1eafn h\u1ea1n t\u1eeb c\u00e1c qu\u1ef9 ch\u1ec9 s\u1ed1, m\u00e0 c\u00f2n c\u00f3 c\u01a1 h\u1ed9i \u0111\u00f3n d\u00f2ng v\u1ed1n ch\u1ee7 \u0111\u1ed9ng, d\u00e0i h\u1ea1n v\u00e0 c\u00f3 y\u00eau c\u1ea7u cao h\u01a1n v\u1ec1 ch\u1ea5t l\u01b0\u1ee3ng qu\u1ea3n tr\u1ecb.<\/p>\n\n\n\n

C\u1ea7n m\u1ed9t g\u00f3i gi\u1ea3i ph\u00e1p h\u01b0\u1edbng th\u1eb3ng v\u00e0o ti\u00eau ch\u00ed MSCI<\/p>\n\n\n\n

\u0110\u1ec3 ti\u1ebfn t\u1edbi chu\u1ea9n MSCI, Vi\u1ec7t Nam c\u1ea7n t\u1eadp trung v\u00e0o nh\u1eefng \u0111i\u1ec3m c\u00f3 t\u00e1c \u0111\u1ed9ng tr\u1ef1c ti\u1ebfp \u0111\u1ebfn \u0111\u00e1nh gi\u00e1 c\u1ee7a MSCI v\u00e0 tr\u1ea3i nghi\u1ec7m c\u1ee7a nh\u00e0 \u0111\u1ea7u t\u01b0 qu\u1ed1c t\u1ebf.<\/p>\n\n\n\n

Tr\u01b0\u1edbc h\u1ebft, c\u1ea7n x\u1eed l\u00fd b\u00e0i to\u00e1n ngo\u1ea1i h\u1ed1i theo h\u01b0\u1edbng th\u1ef1c d\u1ee5ng. Vi\u1ec7t Nam c\u1ea7n thi\u1ebft k\u1ebf c\u01a1 ch\u1ebf ph\u00f2ng ng\u1eeba r\u1ee7i ro t\u1ef7 gi\u00e1 cho nh\u00e0 \u0111\u1ea7u t\u01b0 n\u01b0\u1edbc ngo\u00e0i tr\u00ean th\u1ecb tr\u01b0\u1eddng ch\u1ee9ng kho\u00e1n. C\u00e1c s\u1ea3n ph\u1ea9m k\u1ef3 h\u1ea1n, ho\u00e1n \u0111\u1ed5i ho\u1eb7c quy\u1ec1n ch\u1ecdn t\u1ef7 gi\u00e1 c\u00f3 th\u1ec3 \u0111\u01b0\u1ee3c thi\u1ebft k\u1ebf g\u1eafn v\u1edbi d\u00f2ng v\u1ed1n \u0111\u1ea7u t\u01b0 ch\u1ee9ng kho\u00e1n h\u1ee3p ph\u00e1p, ph\u1ee5c v\u1ee5 m\u1ee5c ti\u00eau ph\u00f2ng v\u1ec7 thay v\u00ec \u0111\u1ea7u c\u01a1 v\u00e0 \u0111\u01b0\u1ee3c gi\u00e1m s\u00e1t li\u00ean th\u00f4ng gi\u1eefa ng\u00e2n h\u00e0ng, c\u00f4ng ty ch\u1ee9ng kho\u00e1n, ng\u00e2n h\u00e0ng l\u01b0u k\u00fd v\u00e0 c\u01a1 quan qu\u1ea3n l\u00fd.<\/p>\n\n\n\n

Th\u1ee9 hai, c\u1ea7n ti\u1ebfp t\u1ee5c m\u1edf room ngo\u1ea1i theo c\u00e1ch c\u00f3 ch\u1ecdn l\u1ecdc. V\u1edbi c\u00e1c ng\u00e0nh kh\u00f4ng nh\u1ea1y c\u1ea3m, n\u00ean r\u00e0 so\u00e1t \u0111\u1ec3 n\u1edbi t\u1ed1i \u0111a theo ph\u00e1p lu\u1eadt. V\u1edbi doanh nghi\u1ec7p ni\u00eam y\u1ebft, c\u1ea7n khuy\u1ebfn kh\u00edch c\u00f4ng b\u1ed1 r\u00f5 ch\u00ednh s\u00e1ch s\u1edf h\u1eefu n\u01b0\u1edbc ngo\u00e0i v\u00e0 l\u00fd do n\u1ebfu kh\u00f4ng n\u00e2ng room. V\u1edbi c\u00e1c ng\u00e0nh c\u1ea7n duy tr\u00ec quy\u1ec1n ki\u1ec3m so\u00e1t, c\u00f3 th\u1ec3 nghi\u00ean c\u1ee9u m\u00f4 h\u00ecnh ch\u1ee9ng ch\u1ec9 l\u01b0u k\u00fd kh\u00f4ng c\u00f3 quy\u1ec1n bi\u1ec3u quy\u1ebft, qua \u0111\u00f3 dung h\u00f2a gi\u1eefa y\u00eau c\u1ea7u thu h\u00fat v\u1ed1n v\u00e0 y\u00eau c\u1ea7u ki\u1ec3m so\u00e1t.<\/p>\n\n\n\n

Th\u1ee9 ba, c\u1ea7n \u0111\u1ea9y nhanh CCP nh\u01b0ng kh\u00f4ng t\u00e1ch r\u1eddi kh\u1ecfi h\u1ec7 sinh th\u00e1i s\u1ea3n ph\u1ea9m. CCP ch\u1ec9 ph\u00e1t huy \u0111\u1ea7y \u0111\u1ee7 t\u00e1c d\u1ee5ng khi \u0111i c\u00f9ng cho vay ch\u1ee9ng kho\u00e1n, b\u00e1n kh\u1ed1ng c\u00f3 ki\u1ec3m so\u00e1t, giao d\u1ecbch trong ng\u00e0y v\u00e0 c\u01a1 ch\u1ebf qu\u1ea3n tr\u1ecb r\u1ee7i ro th\u00e0nh vi\u00ean b\u00f9 tr\u1eeb. N\u1ebfu CCP tr\u1edf th\u00e0nh n\u1ec1n t\u1ea3ng cho m\u1ed9t th\u1ecb tr\u01b0\u1eddng c\u00f3 chi\u1ec1u s\u00e2u, \u0111\u00e2y s\u1ebd l\u00e0 \u0111i\u1ec3m c\u1ed9ng l\u1edbn trong \u0111\u00e1nh gi\u00e1 c\u1ee7a MSCI.<\/p>\n\n\n\n

Th\u1ee9 t\u01b0, c\u1ea7n n\u00e2ng ch\u1ea5t l\u01b0\u1ee3ng h\u00e0ng h\u00f3a ni\u00eam y\u1ebft. N\u00e2ng h\u1ea1ng kh\u00f4ng th\u1ec3 b\u1ec1n v\u1eefng n\u1ebfu th\u1ecb tr\u01b0\u1eddng thi\u1ebfu doanh nghi\u1ec7p l\u1edbn, minh b\u1ea1ch, c\u00f3 t\u1ef7 l\u1ec7 t\u1ef1 do chuy\u1ec3n nh\u01b0\u1ee3ng cao v\u00e0 \u0111\u1ea1i di\u1ec7n cho c\u00e1c \u0111\u1ed9ng l\u1ef1c t\u0103ng tr\u01b0\u1edfng m\u1edbi c\u1ee7a n\u1ec1n kinh t\u1ebf. V\u00ec v\u1eady, c\u1ed5 ph\u1ea7n h\u00f3a, tho\u00e1i v\u1ed1n nh\u00e0 n\u01b0\u1edbc g\u1eafn v\u1edbi ni\u00eam y\u1ebft, c\u00f9ng v\u1edbi khuy\u1ebfn kh\u00edch doanh nghi\u1ec7p FDI, doanh nghi\u1ec7p c\u00f4ng ngh\u1ec7 v\u00e0 doanh nghi\u1ec7p t\u01b0 nh\u00e2n quy m\u00f4 l\u1edbn l\u00ean s\u00e0n, c\u1ea7n \u0111\u01b0\u1ee3c th\u00fac \u0111\u1ea9y th\u1ef1c ch\u1ea5t h\u01a1n.<\/p>\n\n\n\n

H\u00ecnh 3: C\u01a1 c\u1ea5u c\u1ed5 phi\u1ebfu c\u1ee7a Vi\u1ec7t Nam v\u00e0 chu\u1ea9n th\u1ecb tr\u01b0\u1eddng m\u1edbi n\u1ed5i<\/strong><\/p>\n\n\n\n

\"\"<\/figure>\n\n\n\n

Th\u1ee9 n\u0103m, c\u1ea7n chu\u1ea9n h\u00f3a c\u00f4ng b\u1ed1 th\u00f4ng tin, qu\u1ea3n tr\u1ecb c\u00f4ng ty v\u00e0 \u0111\u1ed1i tho\u1ea1i v\u1edbi MSCI. C\u00f4ng b\u1ed1 th\u00f4ng tin b\u1eb1ng ti\u1ebfng Anh n\u00ean \u0111\u01b0\u1ee3c \u01b0u ti\u00ean \u00e1p d\u1ee5ng b\u1eaft bu\u1ed9c v\u1edbi doanh nghi\u1ec7p v\u1ed1n h\u00f3a l\u1edbn, doanh nghi\u1ec7p trong c\u00e1c r\u1ed5 ch\u1ec9 s\u1ed1 ch\u00ednh v\u00e0 t\u1ed5 ch\u1ee9c trung gian th\u1ecb tr\u01b0\u1eddng. \u0110\u1ed3ng th\u1eddi, Vi\u1ec7t Nam c\u1ea7n c\u00f4ng b\u1ed1 l\u1ed9 tr\u00ecnh c\u1ea3i c\u00e1ch theo t\u1eebng ti\u00eau ch\u00ed, c\u1eadp nh\u1eadt ti\u1ebfn \u0111\u1ed9 \u0111\u1ecbnh k\u1ef3 v\u00e0 ti\u1ebfp nh\u1eadn ph\u1ea3n h\u1ed3i t\u1eeb c\u00e1c qu\u1ef9 ch\u1ec9 s\u1ed1, qu\u1ef9 ch\u1ee7 \u0111\u1ed9ng, ng\u00e2n h\u00e0ng l\u01b0u k\u00fd to\u00e0n c\u1ea7u v\u00e0 c\u00f4ng ty m\u00f4i gi\u1edbi qu\u1ed1c t\u1ebf.<\/p>\n\n\n\n

FTSE l\u00e0 c\u1ed9t m\u1ed1c quan tr\u1ecdng, nh\u01b0ng MSCI m\u1edbi l\u00e0 ph\u00e9p th\u1eed l\u1edbn h\u01a1n. N\u1ebfu x\u1eed l\u00fd t\u1ed1t c\u00e1c \u0111i\u1ec3m ngh\u1ebdn v\u1ec1 ngo\u1ea1i h\u1ed1i, room ngo\u1ea1i, CCP, c\u00f4ng b\u1ed1 th\u00f4ng tin, h\u00e0ng h\u00f3a ni\u00eam y\u1ebft v\u00e0 c\u00f4ng c\u1ee5 ph\u00f2ng v\u1ec7 r\u1ee7i ro, n\u00e2ng h\u1ea1ng s\u1ebd kh\u00f4ng ch\u1ec9 m\u1edf th\u00eam c\u00e1nh c\u1eeda cho d\u00f2ng v\u1ed1n ngo\u1ea1i, m\u00e0 c\u00f2n g\u00f3p ph\u1ea7n \u0111\u1ecbnh h\u00ecnh m\u1ed9t th\u1ecb tr\u01b0\u1eddng ch\u1ee9ng kho\u00e1n minh b\u1ea1ch h\u01a1n, hi\u1ec7n \u0111\u1ea1i h\u01a1n v\u00e0 c\u00f3 vai tr\u00f2 l\u1edbn h\u01a1n trong huy \u0111\u1ed9ng v\u1ed1n trung, d\u00e0i h\u1ea1n cho n\u1ec1n kinh t\u1ebf.<\/p>","protected":false},"excerpt":{"rendered":"

Vi\u1ec7c FTSE Russell x\u00e1c nh\u1eadn l\u1ed9 tr\u00ecnh n\u00e2ng h\u1ea1ng t\u1eeb th\u00e1ng 9\/2026 l\u00e0 b\u01b0\u1edbc ngo\u1eb7t quan tr\u1ecdng, nh\u01b0ng \u0111\u00edch \u0111\u1ebfn […]<\/p>","protected":false},"author":5,"featured_media":81838,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[221],"tags":[],"class_list":["post-81501","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\/81501","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=81501"}],"version-history":[{"count":1,"href":"https:\/\/hbbgroup.net\/vi\/wp-json\/wp\/v2\/posts\/81501\/revisions"}],"predecessor-version":[{"id":81840,"href":"https:\/\/hbbgroup.net\/vi\/wp-json\/wp\/v2\/posts\/81501\/revisions\/81840"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/hbbgroup.net\/vi\/wp-json\/wp\/v2\/media\/81838"}],"wp:attachment":[{"href":"https:\/\/hbbgroup.net\/vi\/wp-json\/wp\/v2\/media?parent=81501"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/hbbgroup.net\/vi\/wp-json\/wp\/v2\/categories?post=81501"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/hbbgroup.net\/vi\/wp-json\/wp\/v2\/tags?post=81501"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}