{"id":57767,"date":"2025-12-25T10:40:40","date_gmt":"2025-12-25T03:40:40","guid":{"rendered":"https:\/\/hbbgroup.net\/chung-khoan-viet-nam-vuot-1-800-diem-lan-dau-tien-trong-lich-su\/"},"modified":"2025-12-25T10:40:40","modified_gmt":"2025-12-25T03:40:40","slug":"chung-khoan-viet-nam-vuot-1-800-diem-lan-dau-tien-trong-lich-su","status":"publish","type":"post","link":"https:\/\/hbbgroup.net\/zh\/chung-khoan-viet-nam-vuot-1-800-diem-lan-dau-tien-trong-lich-su\/","title":{"rendered":"Ch\u1ee9ng kho\u00e1n Vi\u1ec7t Nam v\u01b0\u1ee3t 1.800 \u0111i\u1ec3m l\u1ea7n \u0111\u1ea7u ti\u00ean trong l\u1ecbch s\u1eed"},"content":{"rendered":"
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Th\u1ecb tr\u01b0\u1eddng ch\u1ee9ng kho\u00e1n Vi\u1ec7t Nam ti\u1ebfp t\u1ee5c kh\u1edfi s\u1eafc v\u1edbi l\u1ef1c k\u00e9o ch\u1ee7 y\u1ebfu \u0111\u1ebfn t\u1eeb nh\u00f3m Vingroup<\/a>. C\u1ea3 4 c\u1ed5 phi\u1ebfu c\u1ee7a t\u1ef7 ph\u00fa Ph\u1ea1m Nh\u1eadt V\u01b0\u1ee3ng l\u00e0 VIC, VHM, VPL v\u00e0 VRE \u0111\u1ec1u t\u0103ng gi\u00e1, trong \u0111\u00f3 VHM v\u00e0 VRE th\u1eadm ch\u00ed c\u00f2n c\u00f3 th\u1eddi \u0111i\u1ec3m ch\u1ea1m tr\u1ea7n. VN-Index c\u00f3 th\u1eddi \u0111i\u1ec3m v\u01b0\u1ee3t m\u1ed1c 1.800 \u0111i\u1ec3m, l\u1ea7n \u0111\u1ea7u ti\u00ean trong l\u1ecbch s\u1eed. <\/p>\n

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B\u00ean c\u1ea1nh \u0111\u00e0 b\u1ee9t ph\u00e1 c\u1ee7a nh\u00f3m Vingroup (chi\u1ebfm 25% v\u1ed1n ho\u00e1 HoSE), \u0111\u1ed9ng th\u00e1i quay tr\u1edf l\u1ea1i c\u1ee7a kh\u1ed1i ngo\u1ea1i c\u0169ng l\u00e0 y\u1ebfu t\u1ed1 h\u1ed7 tr\u1ee3 th\u1ecb tr\u01b0\u1eddng. Sau giai \u0111o\u1ea1n b\u00e1n r\u00f2ng tri\u1ec1n mi\u00ean, kh\u1ed1i ngo\u1ea1i \u0111\u00e3 mua r\u00f2ng tr\u1edf l\u1ea1i t\u1eeb \u0111\u1ea7u th\u00e1ng 12 v\u1edbi gi\u00e1 tr\u1ecb g\u1ea7n 1.300 t\u1ef7 \u0111\u1ed3ng tr\u00ean HoSE t\u00ednh \u0111\u1ebfn tr\u01b0\u1edbc phi\u00ean 25\/12. D\u00f9 gi\u00e1 tr\u1ecb kh\u00f4ng l\u1edbn nh\u01b0ng \u0111\u00e2y v\u1eabn l\u00e0 m\u1ed9t t\u00edn hi\u1ec7u t\u00edch c\u1ef1c \u0111\u1ed1i v\u1edbi ch\u1ee9ng kho\u00e1n Vi\u1ec7t Nam. <\/p>\n

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Trong b\u00e1o c\u00e1o ph\u00e2n t\u00edch m\u1edbi \u0111\u00e2y, MBS cho r\u1eb1ng c\u00e1c y\u1ebfu t\u1ed1 ng\u1eafn h\u1ea1n k\u00ecm h\u00e3m th\u1ecb tr\u01b0\u1eddng trong ng\u1eafn h\u1ea1n \u0111\u00e3 qua \u0111i (nh\u01b0 \u0111\u00e1o h\u1ea1n ph\u00e1i sinh, ETF t\u00e1i c\u01a1 c\u1ea5u danh m\u1ee5c hay t\u1ef7 gi\u00e1 v\u00e0 l\u00e3i su\u1ea5t huy \u0111\u1ed9ng nh\u00edch t\u0103ng theo m\u00f9a v\u1ee5), th\u1ecb tr\u01b0\u1eddng h\u01b0\u1edbng \u0111\u1ebfn nh\u1ecbp t\u0103ng v\u00e0o giai \u0111o\u1ea1n cu\u1ed1i n\u0103m. <\/p>\n

MBS khuy\u1ebfn ngh\u1ecb nh\u00e0 \u0111\u1ea7u t\u01b0 t\u1eadn d\u1ee5ng c\u00e1c nh\u1ecbp rung l\u1eafc tr\u01b0\u1edbc l\u1ec5 Gi\u00e1ng sinh \u0111\u1ec3 t\u00edch l\u0169y c\u1ed5 phi\u1ebfu, T\u1eadp trung v\u00e0o nh\u00f3m B\u00e1n l\u1ebb (nhu c\u1ea7u mua s\u1eafm) v\u00e0 Ng\u00e2n h\u00e0ng (t\u00edn d\u1ee5ng cu\u1ed1i n\u0103m, nh\u01b0ng th\u1eadn tr\u1ecdng v\u1edbi vi\u1ec7c s\u1eed d\u1ee5ng Margin cao qua k\u1ef3 ngh\u1ec9 l\u1ec5 d\u00e0i ng\u00e0y. <\/p>\n

\u0110\u1ed3ng quan \u0111i\u1ec3m, \u00f4ng Nguy\u1ec5n Th\u1ebf Minh \u2013 Gi\u00e1m \u0111\u1ed1c Ph\u00e2n t\u00edch Ch\u1ee9ng kho\u00e1n Yuanta \u2013 cho r\u1eb1ng th\u1ecb tr\u01b0\u1eddng ch\u1ee9ng kho\u00e1n th\u1eddi \u0111i\u1ec3m cu\u1ed1i n\u0103m nhi\u1ec1u kh\u1ea3 n\u0103ng s\u1ebd xu\u1ea5t hi\u1ec7n nh\u1ecbp t\u0103ng g\u1eafn v\u1edbi T\u1ebft D\u01b0\u01a1ng l\u1ecbch v\u00e0 T\u1ebft Nguy\u00ean \u0111\u00e1n, khi t\u00e2m l\u00fd nh\u00e0 \u0111\u1ea7u t\u01b0 c\u1ea3i thi\u1ec7n v\u00e0 d\u00f2ng ti\u1ec1n c\u00f3 xu h\u01b0\u1edbng quay tr\u1edf l\u1ea1i. <\/p>\n

V\u1ec1 d\u00e0i h\u1ea1n, Dragon Capital cho r\u1eb1ng Vi\u1ec7t Nam \u0111ang s\u1edf h\u1eefu n\u1ec1n t\u1ea3ng v\u0129 m\u00f4 t\u01b0\u01a1ng \u0111\u1ed1i thu\u1eadn l\u1ee3i v\u1edbi t\u0103ng tr\u01b0\u1edfng kinh t\u1ebf duy tr\u00ec \u1edf m\u1ee9c cao, l\u1ea1m ph\u00e1t \u0111\u01b0\u1ee3c ki\u1ec3m so\u00e1t v\u00e0 khu v\u1ef1c kinh t\u1ebf t\u01b0 nh\u00e2n ng\u00e0y c\u00e0ng gi\u1eef vai tr\u00f2 n\u1ed5i b\u1eadt h\u01a1n. \u0110\u00e2y l\u00e0 nh\u1eefng y\u1ebfu t\u1ed1 quan tr\u1ecdng t\u1ea1o n\u1ec1n t\u1ea3ng h\u1ed7 tr\u1ee3 cho tri\u1ec3n v\u1ecdng l\u1ee3i nhu\u1eadn c\u1ee7a doanh nghi\u1ec7p ni\u00eam y\u1ebft trong trung v\u00e0 d\u00e0i h\u1ea1n. <\/p>\n

B\u00ean c\u1ea1nh \u0111\u00f3, th\u1ecb tr\u01b0\u1eddng ch\u1ee9ng kho\u00e1n \u0111\u01b0\u1ee3c k\u1ef3 v\u1ecdng s\u1ebd ti\u1ebfp t\u1ee5c c\u1ea3i thi\u1ec7n v\u1ec1 ch\u1ea5t l\u01b0\u1ee3ng v\u00e0 hi\u1ec7u qu\u1ea3 nh\u1edd c\u00e1c l\u1ef1c \u0111\u1ea9y \u0111\u1ebfn t\u1eeb n\u1ed9i t\u1ea1i n\u1ec1n kinh t\u1ebf, bao g\u1ed3m \u0111\u1ea9y m\u1ea1nh chi ti\u00eau cho h\u1ea1 t\u1ea7ng, d\u00f2ng v\u1ed1n FDI duy tr\u00ec t\u00edch c\u1ef1c v\u00e0 l\u1ef1c l\u01b0\u1ee3ng nh\u00e0 \u0111\u1ea7u t\u01b0 trong n\u01b0\u1edbc ng\u00e0y c\u00e0ng l\u1edbn m\u1ea1nh. <\/p>\n

\u201cCh\u00fang t\u00f4i cho r\u1eb1ng \u0111\u00e2y l\u00e0 th\u1eddi \u0111i\u1ec3m ph\u00f9 h\u1ee3p \u0111\u1ec3 nh\u00e0 \u0111\u1ea7u t\u01b0 duy tr\u00ec s\u1ef1 ki\u00ean \u0111\u1ecbnh, c\u1ee7ng c\u1ed1 c\u00e1c v\u1ecb th\u1ebf \u0111\u1ea7u t\u01b0 h\u1ee3p l\u00fd v\u00e0 h\u01b0\u1edbng t\u1edbi m\u1ee5c ti\u00eau d\u00e0i h\u1ea1n, qua \u0111\u00f3 t\u1ea1o n\u1ec1n t\u1ea3ng cho m\u1ed9t n\u0103m 2026 t\u00edch c\u1ef1c h\u01a1n\u201d, Dragon Capital nh\u1eadn \u0111\u1ecbnh <\/p>\n

C\u0169ng c\u00f3 g\u00f3c nh\u00ecn l\u1ea1c quan, \u00f4ng Petri Deryng – ng\u01b0\u1eddi \u0111\u1ee9ng \u0111\u1ea7u Pyn Elite Fund kh\u1eb3ng \u0111\u1ecbnh con s\u1ed1 3.200 \u0111i\u1ec3m m\u00e0 qu\u1ef9 \u0111\u1eb7t m\u1ee5c ti\u00eau cho VN-Index ho\u00e0n to\u00e0n kh\u1ea3 thi trong v\u00f2ng 3 n\u0103m t\u1edbi, d\u1ef1a tr\u00ean m\u1ee9c t\u0103ng tr\u01b0\u1edfng l\u1ee3i nhu\u1eadn doanh nghi\u1ec7p trung b\u00ecnh t\u1eeb 18-20% m\u1ed7i n\u0103m. V\u1edbi \u0111\u00e0 t\u0103ng tr\u01b0\u1edfng n\u00e0y, \u0111\u1ecbnh gi\u00e1 P\/E c\u1ee7a th\u1ecb tr\u01b0\u1eddng v\u00e0o n\u0103m 2028 s\u1ebd \u0111\u1ea1t m\u1ee9c h\u1ee3p l\u00fd l\u00e0 16 (so v\u1edbi m\u1ee9c \u0111\u1ecbnh gi\u00e1 r\u1ebb hi\u1ec7n t\u1ea1i). <\/p>\n

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Theo qu\u1ef9 ngo\u1ea1i n\u00e0y, \u0111\u1ed9ng l\u1ef1c l\u1edbn nh\u1ea5t cho b\u01b0\u1edbc nh\u1ea3y v\u1ecdt m\u1edbi c\u1ee7a th\u1ecb tr\u01b0\u1eddng ch\u1ee9ng kho\u00e1n Vi\u1ec7t Nam \u0111\u1ebfn t\u1eeb n\u1ec1n t\u1ea3ng v\u0129 m\u00f4. M\u1ee5c ti\u00eau \u0103ng tr\u01b0\u1edfng GDP tr\u00ean 10%\/n\u0103m trong 10\u201315 n\u0103m t\u1edbi s\u1ebd c\u00f3 th\u1ec3 \u0111\u01b0a quy m\u00f4 n\u1ec1n kinh t\u1ebf v\u00e0 m\u1ee9c s\u1ed1ng ng\u01b0\u1eddi d\u00e2n l\u00ean m\u1ed9t m\u1eb7t b\u1eb1ng cao h\u01a1n. Qu\u1ef9 cho r\u1eb1ng \u0111\u1ecbnh h\u01b0\u1edbng n\u00e0y kh\u00f4ng ch\u1ec9 th\u1ec3 hi\u1ec7n qua ph\u00e1t ng\u00f4n ch\u00ednh s\u00e1ch, m\u00e0 \u0111\u00e3 \u0111\u01b0\u1ee3c c\u1ee5 th\u1ec3 h\u00f3a b\u1eb1ng c\u00e1c c\u1ea3i c\u00e1ch h\u00e0nh ch\u00ednh m\u1ea1nh m\u1ebd, gi\u1ea3i ph\u00f3ng ngu\u1ed3n l\u1ef1c kh\u1ed5ng l\u1ed3 cho n\u1ec1n kinh t\u1ebf. <\/p>\n

S\u1ef1 l\u1ea1c quan c\u1ee7a PYN Elite c\u00f2n \u0111\u1ebfn t\u1eeb nh\u1eefng b\u01b0\u1edbc ti\u1ebfn trong vi\u1ec7c hi\u1ec7n \u0111\u1ea1i h\u00f3a th\u1ecb tr\u01b0\u1eddng v\u1ed1n. Vi\u1ec7c FTSE n\u00e2ng h\u1ea1ng Vi\u1ec7t Nam l\u00ean Th\u1ecb tr\u01b0\u1eddng M\u1edbi n\u1ed5i th\u1ee9 c\u1ea5p v\u00e0o th\u00e1ng 10 v\u1eeba qua l\u00e0 minh ch\u1ee9ng r\u00f5 nh\u1ea5t. Qu\u1ef9 ngo\u1ea1i n\u00e0y c\u0169ng tin r\u1eb1ng MSCI s\u1ebd s\u1edbm c\u00f3 \u0111\u1ed9ng th\u00e1i t\u01b0\u01a1ng t\u1ef1 sau khi c\u00e1c c\u1ea3i c\u00e1ch nh\u01b0 h\u1ec7 th\u1ed1ng giao d\u1ecbch m\u1edbi, b\u1ecf y\u00eau c\u1ea7u k\u00fd qu\u1ef9 tr\u01b0\u1edbc (prefunding) v\u00e0 tri\u1ec3n khai m\u00f4 h\u00ecnh b\u00f9 tr\u1eeb trung t\u00e2m (CCP) \u0111\u01b0\u1ee3c ho\u00e0n thi\u1ec7n. <\/p>\n<\/p><\/div>","protected":false},"excerpt":{"rendered":"

Th\u1ecb tr\u01b0\u1eddng ch\u1ee9ng kho\u00e1n Vi\u1ec7t Nam ti\u1ebfp t\u1ee5c kh\u1edfi s\u1eafc v\u1edbi l\u1ef1c k\u00e9o ch\u1ee7 y\u1ebfu \u0111\u1ebfn t\u1eeb nh\u00f3m Vingroup. C\u1ea3 […]<\/p>","protected":false},"author":5,"featured_media":57768,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[221],"tags":[],"class_list":["post-57767","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-chung-khoan"],"acf":[],"_links":{"self":[{"href":"https:\/\/hbbgroup.net\/zh\/wp-json\/wp\/v2\/posts\/57767","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/hbbgroup.net\/zh\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/hbbgroup.net\/zh\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/hbbgroup.net\/zh\/wp-json\/wp\/v2\/users\/5"}],"replies":[{"embeddable":true,"href":"https:\/\/hbbgroup.net\/zh\/wp-json\/wp\/v2\/comments?post=57767"}],"version-history":[{"count":0,"href":"https:\/\/hbbgroup.net\/zh\/wp-json\/wp\/v2\/posts\/57767\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/hbbgroup.net\/zh\/wp-json\/wp\/v2\/media\/57768"}],"wp:attachment":[{"href":"https:\/\/hbbgroup.net\/zh\/wp-json\/wp\/v2\/media?parent=57767"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/hbbgroup.net\/zh\/wp-json\/wp\/v2\/categories?post=57767"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/hbbgroup.net\/zh\/wp-json\/wp\/v2\/tags?post=57767"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}