{"id":64504,"date":"2026-03-23T10:42:23","date_gmt":"2026-03-23T03:42:23","guid":{"rendered":"https:\/\/hbbgroup.net\/tieng-noi-thanh-nien-trong-ky-nguyen-vuon-minh\/"},"modified":"2026-03-23T11:05:22","modified_gmt":"2026-03-23T04:05:22","slug":"thi-truong-da-dieu-chinh-2-tuan-can-bao-lau-de-thoat-khoi-trang-thai-kem-tich-cuc","status":"publish","type":"post","link":"https:\/\/hbbgroup.net\/zh\/thi-truong-da-dieu-chinh-2-tuan-can-bao-lau-de-thoat-khoi-trang-thai-kem-tich-cuc\/","title":{"rendered":"Th\u1ecb tr\u01b0\u1eddng \u0111\u00e3 \u0111i\u1ec1u ch\u1ec9nh 2 tu\u1ea7n, c\u1ea7n bao l\u00e2u \u0111\u1ec3 tho\u00e1t kh\u1ecfi tr\u1ea1ng th\u00e1i k\u00e9m t\u00edch c\u1ef1c?"},"content":{"rendered":"
\n
<\/figure>\n

VN-Index<\/a>\u00a0\u0111ang c\u00f3 tu\u1ea7n \u0111i\u1ec1u ch\u1ec9nh li\u00ean ti\u1ebfp. M\u1ee9c gi\u1ea3m hi\u1ec7n t\u1ea1i ch\u01b0a ch\u1ea1m ng\u01b0\u1ee1ng x\u00e1c nh\u1eadn \u201cth\u1ecb tr\u01b0\u1eddng g\u1ea5u\u201d \u2013 Bear market nh\u01b0ng di\u1ec5n bi\u1ebfn k\u00e9o d\u00e0i v\u00e0 thi\u1ebfu t\u00edn hi\u1ec7u h\u1ed3i ph\u1ee5c r\u00f5 r\u00e0ng \u0111ang khi\u1ebfn t\u00e2m l\u00fd nh\u00e0 \u0111\u1ea7u t\u01b0 \u0111\u1ea7y s\u1ef1 c\u1ea3nh gi\u00e1c.<\/strong><\/p>\n

Th\u1eddi gian \u0111i\u1ec1u ch\u1ec9nh \u0111\u00e3 \u0111\u1ea1t g\u1ea7n 60% c\u1ee7a nh\u1ecbp r\u01a1i thu\u1ebf quan 2025<\/strong><\/p>\n

Th\u1ecb tr\u01b0\u1eddng ch\u1ee9ng kho\u00e1n Vi\u1ec7t Nam \u0111ang tr\u1ea3i qua chu\u1ed7i 10 phi\u00ean \u0111i\u1ec1u ch\u1ec9nh trong n\u0103m 2026, v\u1edbi m\u1ee9c gi\u1ea3m t\u1eeb \u0111\u1ec9nh (drawdown) \u0111\u00e3 n\u1edbi r\u1ed9ng l\u00ean tr\u00ean 15%. \u0110\u00e1ng ch\u00fa \u00fd, t\u00ednh \u0111\u1ebfn h\u1ebft phi\u00ean 20\/03, m\u1ee9c gi\u1ea3m ch\u01b0a c\u00f3 d\u1ea5u hi\u1ec7u thu h\u1eb9p m\u00e0 v\u1eabn ti\u1ebfp t\u1ee5c m\u1edf r\u1ed9ng, ph\u1ea3n \u00e1nh l\u1ef1c c\u1ea7u b\u1eaft \u0111\u00e1y ch\u01b0a \u0111\u1ee7 m\u1ea1nh \u0111\u1ec3 t\u1ea1o \u0111i\u1ec3m c\u00e2n b\u1eb1ng<\/p>\n

\"\"<\/p>\n<\/div>\n\n\n

Di\u1ec5n bi\u1ebfn n\u00e0y khi\u1ebfn nh\u00e0 \u0111\u1ea7u t\u01b0 c\u00f3 xu h\u01b0\u1edbng tr\u00ec ho\u00e3n c\u00e1c quy\u1ebft \u0111\u1ecbnh gi\u1ea3i ng\u00e2n, \u0111\u1eb7c bi\u1ec7t trong b\u1ed1i c\u1ea3nh thi\u1ebfu c\u00e1c t\u00edn hi\u1ec7u x\u00e1c nh\u1eadn xu h\u01b0\u1edbng h\u1ed3i ph\u1ee5c ng\u1eafn h\u1ea1n.<\/p>\n\n\n\n

So v\u1edbi c\u00fa s\u1ed1c \u201cLiberation Day Tariff\u201d v\u00e0o th\u00e1ng 04\/2025, th\u1ecb tr\u01b0\u1eddng m\u1ea5t 17 phi\u00ean \u0111\u1ec3 tho\u00e1t kh\u1ecfi tr\u1ea1ng th\u00e1i ti\u00eau c\u1ef1c, tr\u01b0\u1edbc khi b\u01b0\u1edbc v\u00e0o nh\u1ecbp t\u0103ng m\u1ea1nh v\u00e0 thi\u1ebft l\u1eadp c\u00e1c \u0111\u1ec9nh cao m\u1edbi.<\/p>\n\n\n\n

V\u1edbi tr\u1ea1ng th\u00e1i hi\u1ec7n t\u1ea1i, nh\u1ecbp \u0111i\u1ec1u ch\u1ec9nh n\u0103m 2026 \u0111\u00e3 \u0111i qua g\u1ea7n 60% v\u1ec1 m\u1eb7t th\u1eddi gian so v\u1edbi giai \u0111o\u1ea1n n\u0103m 2025, nh\u01b0ng di\u1ec5n bi\u1ebfn ph\u1ee5c h\u1ed3i ch\u01b0a xu\u1ea5t hi\u1ec7n r\u00f5 r\u00e0ng.<\/p>\n\n\n\n

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

B\u1ed1i c\u1ea3nh th\u1ecb tr\u01b0\u1eddng c\u0169ng \u0111\u00e3 c\u00f3 s\u1ef1 thay \u0111\u1ed5i \u0111\u00e1ng k\u1ec3. N\u1ebfu nh\u01b0 n\u0103m 2025, c\u00e2u chuy\u1ec7n thu\u1ebf quan \u0111\u00f3ng vai tr\u00f2 chi ph\u1ed1i, th\u00ec hi\u1ec7n nay d\u00f2ng ti\u1ec1n \u0111ang ph\u1ea3n \u1ee9ng nhi\u1ec1u h\u01a1n v\u1edbi c\u00e1c bi\u1ebfn s\u1ed1 v\u0129 m\u00f4 nh\u01b0 l\u1ea1m ph\u00e1t, l\u00e3i su\u1ea5t v\u00e0 gi\u00e1 h\u00e0ng h\u00f3a, \u0111\u1eb7c bi\u1ec7t trong b\u1ed1i c\u1ea3nh c\u0103ng th\u1eb3ng \u0111\u1ecba ch\u00ednh tr\u1ecb t\u1ea1i khu v\u1ef1c V\u1ecbnh Ba T\u01b0.<\/p>\n\n\n\n

C\u00f9ng v\u1edbi \u0111\u00f3, ch\u1ec9 s\u1ed1 VN-Index v\u1eeba tr\u1ea3i qua giai \u0111o\u1ea1n t\u0103ng tr\u01b0\u1edfng m\u1ea1nh, l\u1eadp k\u1ef7 l\u1ee5c t\u1ea1i 1,918.46 \u0111i\u1ec3m, n\u00ean vi\u1ec7c xu\u1ea5t hi\u1ec7n nh\u1ecbp \u0111i\u1ec1u ch\u1ec9nh kh\u00f4ng ph\u1ea3i l\u00e0 di\u1ec5n bi\u1ebfn qu\u00e1 b\u1ea5t ng\u1edd \u0111\u1ed1i v\u1edbi c\u00e1c nh\u00e0 \u0111\u1ea7u t\u01b0 c\u00f3 kinh nghi\u1ec7m.<\/p>\n\n\n\n

Tuy nhi\u00ean, m\u1ed9t ng\u01b0\u1ee1ng quan tr\u1ecdng c\u1ea7n theo d\u00f5i l\u00e0 m\u1ee9c gi\u1ea3m 20% t\u1eeb \u0111\u1ec9nh, t\u01b0\u01a1ng \u0111\u01b0\u01a1ng v\u00f9ng 1,534 \u0111i\u1ec3m, th\u01b0\u1eddng \u0111\u01b0\u1ee3c xem l\u00e0 ranh gi\u1edbi x\u00e1c nh\u1eadn th\u1ecb tr\u01b0\u1eddng b\u01b0\u1edbc v\u00e0o tr\u1ea1ng th\u00e1i Bear market. So v\u1edbi m\u1ed1c n\u00e0y, VN-Index hi\u1ec7n v\u1eabn ch\u01b0a r\u01a1i v\u00e0o v\u00f9ng \u0111\u00e1ng lo ng\u1ea1i theo \u0111\u1ecbnh ngh\u0129a k\u1ef9 thu\u1eadt.<\/p>\n\n\n\n

D\u00f9 v\u1eady, kho\u1ea3ng c\u00e1ch gi\u1eefa v\u00f9ng hi\u1ec7n t\u1ea1i v\u00e0 ng\u01b0\u1ee1ng r\u1ee7i ro kh\u00f4ng c\u00f2n qu\u00e1 l\u1edbn, \u0111\u1ed3ng ngh\u0129a v\u1edbi vi\u1ec7c th\u1ecb tr\u01b0\u1eddng \u0111ang trong giai \u0111o\u1ea1n nh\u1ea1y c\u1ea3m v\u00e0 \u0111\u00f2i h\u1ecfi nh\u00e0 \u0111\u1ea7u t\u01b0 theo d\u00f5i s\u00e1t di\u1ec5n bi\u1ebfn trong c\u00e1c phi\u00ean t\u1edbi.<\/p>\n\n\n\n

\u00c1p l\u1ef1c v\u0129 m\u00f4 gia t\u0103ng, th\u1ecb tr\u01b0\u1eddng ph\u1ee5 thu\u1ed9c v\u00e0o di\u1ec5n bi\u1ebfn to\u00e0n c\u1ea7u<\/strong><\/p>\n\n\n\n

Theo \u00f4ng B\u00f9i V\u0103n Huy, Gi\u00e1m \u0111\u1ed1c Kh\u1ed1i Nghi\u00ean c\u1ee9u \u0110\u1ea7u t\u01b0 CTCP FIDT, y\u1ebfu t\u1ed1 then ch\u1ed1t \u0111\u1ec3 th\u1ecb tr\u01b0\u1eddng l\u1ea5y l\u1ea1i \u0111\u1ed9ng l\u1ef1c n\u1eb1m \u1edf di\u1ec5n bi\u1ebfn \u0111\u1ecba ch\u00ednh tr\u1ecb. Vi\u1ec7c xung \u0111\u1ed9t k\u00e9o d\u00e0i c\u00f3 th\u1ec3 khi\u1ebfn k\u1ef3 v\u1ecdng v\u1ec1 ch\u00ednh s\u00e1ch ti\u1ec1n t\u1ec7 tr\u1edf n\u00ean k\u00e9m t\u00edch c\u1ef1c h\u01a1n<\/p>\n\n\n\n

Trong k\u1ecbch b\u1ea3n gi\u00e1 d\u1ea7u duy tr\u00ec \u1edf m\u1ee9c cao, \u0111\u1eb7c bi\u1ec7t tr\u00ean 100 USD\/th\u00f9ng, \u00e1p l\u1ef1c l\u1ea1m ph\u00e1t to\u00e0n c\u1ea7u c\u00f3 th\u1ec3 gia t\u0103ng \u0111\u00e1ng k\u1ec3. \u0110\u1ed1i v\u1edbi Vi\u1ec7t Nam, \u0111i\u1ec1u n\u00e0y \u0111\u1ed3ng ngh\u0129a v\u1edbi r\u1ee7i ro l\u1ea1m ph\u00e1t nh\u1eadp kh\u1ea9u, khi \u0111\u1ed3ng USD m\u1ea1nh l\u00ean v\u00e0 gi\u00e1 h\u00e0ng h\u00f3a qu\u1ed1c t\u1ebf t\u0103ng, t\u1eeb \u0111\u00f3 t\u1ea1o s\u1ee9c \u00e9p l\u00ean ch\u1ec9 s\u1ed1 gi\u00e1 ti\u00eau d\u00f9ng (CPI).<\/p>\n\n\n\n

N\u1ebfu k\u1ecbch b\u1ea3n n\u00e0y x\u1ea3y ra, m\u1ee5c ti\u00eau ki\u1ec3m so\u00e1t CPI quanh m\u1ee9c 4.5% s\u1ebd \u0111\u1ed1i m\u1eb7t nhi\u1ec1u th\u00e1ch th\u1ee9c, \u0111\u1ed3ng th\u1eddi thu h\u1eb9p d\u01b0 \u0111\u1ecba \u0111i\u1ec1u h\u00e0nh ch\u00ednh s\u00e1ch h\u1ed7 tr\u1ee3 t\u0103ng tr\u01b0\u1edfng.<\/p>\n\n\n\n

\u1ede chi\u1ec1u ng\u01b0\u1ee3c l\u1ea1i, n\u1ebfu gi\u00e1 d\u1ea7u h\u1ea1 nhi\u1ec7t v\u1ec1 v\u00f9ng 85 USD\/th\u00f9ng, \u00e1p l\u1ef1c l\u1ea1m ph\u00e1t c\u00f3 th\u1ec3 gi\u1ea3m b\u1edbt, t\u1ea1o \u0111i\u1ec1u ki\u1ec7n \u0111\u1ec3 C\u1ee5c D\u1ef1 tr\u1eef Li\u00ean bang M\u1ef9 (Fed) c\u00e2n nh\u1eafc quay l\u1ea1i l\u1ed9 tr\u00ecnh h\u1ea1 l\u00e3i su\u1ea5t.<\/p>\n\n\n\n

\u1ede g\u00f3c nh\u00ecn qu\u1ed1c t\u1ebf, b\u00e1o c\u00e1o c\u1ee7a Goldman Sachs cho th\u1ea5y ch\u1ec9 s\u1ed1 MSCI EM \u0111\u00e3 gi\u1ea3m kho\u1ea3ng 8.4% k\u1ec3 t\u1eeb cu\u1ed1i th\u00e1ng 2 \u0111\u1ebfn ng\u00e0y 19\/03, ch\u1ee7 y\u1ebfu do t\u00e1c \u0111\u1ed9ng t\u1eeb c\u0103ng th\u1eb3ng \u0111\u1ecba ch\u00ednh tr\u1ecb.<\/p>\n\n\n\n

D\u00f9 v\u1eady, t\u1ed5 ch\u1ee9c n\u00e0y cho r\u1eb1ng \u0111\u1ed9ng l\u1ef1c t\u0103ng tr\u01b0\u1edfng d\u00e0i h\u1ea1n c\u1ee7a c\u00e1c th\u1ecb tr\u01b0\u1eddng m\u1edbi n\u1ed5i v\u1eabn ch\u01b0a thay \u0111\u1ed5i, khi n\u1ec1n t\u1ea3ng l\u1ee3i nhu\u1eadn doanh nghi\u1ec7p ti\u1ebfp t\u1ee5c duy tr\u00ec t\u00edch c\u1ef1c.<\/p>","protected":false},"excerpt":{"rendered":"

VN-Index\u00a0\u0111ang c\u00f3 tu\u1ea7n \u0111i\u1ec1u ch\u1ec9nh li\u00ean ti\u1ebfp. M\u1ee9c gi\u1ea3m hi\u1ec7n t\u1ea1i ch\u01b0a ch\u1ea1m ng\u01b0\u1ee1ng x\u00e1c nh\u1eadn \u201cth\u1ecb tr\u01b0\u1eddng g\u1ea5u\u201d \u2013 […]<\/p>","protected":false},"author":5,"featured_media":64533,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[221],"tags":[],"class_list":["post-64504","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\/64504","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=64504"}],"version-history":[{"count":1,"href":"https:\/\/hbbgroup.net\/zh\/wp-json\/wp\/v2\/posts\/64504\/revisions"}],"predecessor-version":[{"id":64535,"href":"https:\/\/hbbgroup.net\/zh\/wp-json\/wp\/v2\/posts\/64504\/revisions\/64535"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/hbbgroup.net\/zh\/wp-json\/wp\/v2\/media\/64533"}],"wp:attachment":[{"href":"https:\/\/hbbgroup.net\/zh\/wp-json\/wp\/v2\/media?parent=64504"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/hbbgroup.net\/zh\/wp-json\/wp\/v2\/categories?post=64504"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/hbbgroup.net\/zh\/wp-json\/wp\/v2\/tags?post=64504"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}