{"id":71723,"date":"2026-04-15T09:09:35","date_gmt":"2026-04-15T02:09:35","guid":{"rendered":"https:\/\/hbbgroup.net\/chuyen-gia-quoc-te-noi-gi-ve-lo-ngai-thi-truong-phu-thuoc-vao-co-phieu-ho-vingroup\/"},"modified":"2026-04-15T09:09:35","modified_gmt":"2026-04-15T02:09:35","slug":"chuyen-gia-quoc-te-noi-gi-ve-lo-ngai-thi-truong-phu-thuoc-vao-co-phieu-ho-vingroup","status":"publish","type":"post","link":"https:\/\/hbbgroup.net\/zh\/chuyen-gia-quoc-te-noi-gi-ve-lo-ngai-thi-truong-phu-thuoc-vao-co-phieu-ho-vingroup\/","title":{"rendered":"Chuy\u00ean gia qu\u1ed1c t\u1ebf n\u00f3i g\u00ec v\u1ec1 lo ng\u1ea1i th\u1ecb tr\u01b0\u1eddng ph\u1ee5 thu\u1ed9c v\u00e0o c\u1ed5 phi\u1ebfu \u201ch\u1ecd Vingroup\u201d?"},"content":{"rendered":"
<\/figcaption>

M\u1ee9c \u0111\u1ed9 t\u1eadp trung c\u1ee7a th\u1ecb tr\u01b0\u1eddng ch\u1ee9ng kho\u00e1n Vi\u1ec7t Nam v\u00e0o m\u1ed9t s\u1ed1 nh\u00f3m c\u1ed5 phi\u1ebfu l\u00e0 m\u1ed9t v\u1ea5n \u0111\u1ec1 \u0111\u01b0\u1ee3c quan t\u00e2m th\u1eddi gian qua. Th\u1ef1c t\u1ebf, t\u1ea7m \u1ea3nh h\u01b0\u1edfng l\u1edbn c\u1ee7a nh\u00f3m c\u1ed5 phi\u1ebfu \u201ch\u1ecd Vingroup\u201d \u0111\u00e3 l\u00e0m d\u1ea5y l\u00ean lo ng\u1ea1i v\u1ec1 r\u1ee7i ro \u0111\u1ed1i v\u1edbi th\u1ecb tr\u01b0\u1eddng. <\/p>\n

R\u1ee7i ro t\u1eadp trung v\u00e0o h\u1ecd Vingroup \u0111\u00e3 \u0111\u01b0\u1ee3c t\u00ednh to\u00e1n <\/b> <\/p>\n

T\u1ea1i webinar c\u1ee7a Ch\u1ee9ng kho\u00e1n SSI t\u1ed5 ch\u1ee9c m\u1edbi \u0111\u00e2y, \u00f4ng David Rabinowitz, Gi\u00e1m \u0111\u1ed1c Ph\u00e2n t\u00edch Ch\u1ec9 s\u1ed1 To\u00e0n c\u1ea7u v\u00e0 C\u1ea5u tr\u00fac Th\u1ecb tr\u01b0\u1eddng ch\u00e2u \u00c1 \u2013 Th\u00e1i B\u00ecnh D\u01b0\u01a1ng t\u1ea1i UBS cho r\u1eb1ng, \u0111\u00e2y kh\u00f4ng ph\u1ea3i l\u00e0 c\u00e2u chuy\u1ec7n ri\u00eang c\u1ee7a Vi\u1ec7t Nam m\u00e0 l\u00e0 v\u1ea5n \u0111\u1ec1 mang t\u00ednh to\u00e0n c\u1ea7u. <\/p>\n

T\u1ea1i nhi\u1ec1u th\u1ecb tr\u01b0\u1eddng ph\u00e1t tri\u1ec3n nh\u01b0 M\u1ef9, \u00dac hay c\u00e1c qu\u1ed1c gia kh\u00e1c, m\u1ee9c \u0111\u1ed9 t\u1eadp trung v\u00e0o m\u1ed9t s\u1ed1 c\u1ed5 phi\u1ebfu l\u1edbn c\u0169ng hi\u1ec7n h\u1eefu. V\u00ec v\u1eady, ch\u1ec9 s\u1ed1 c\u1ee7a FTSE \u0111\u00e3 t\u00ednh \u0111\u1ebfn \u0111i\u1ec1u n\u00e0y \u0111\u1ec3 \u0111\u1ea3m b\u1ea3o t\u00ednh \u1ed5n \u0111\u1ecbnh v\u00e0 \u0111i\u1ec1u quan tr\u1ecdng kh\u00f4ng n\u1eb1m \u1edf vi\u1ec7c c\u00f3 hay kh\u00f4ng s\u1ef1 t\u1eadp trung, m\u00e0 l\u00e0 c\u00e1ch th\u1ecb tr\u01b0\u1eddng qu\u1ea3n l\u00fd v\u00e0 \u0111\u00e1nh gi\u00e1 r\u1ee7i ro n\u00e0y. <\/p>\n

Trong c\u00e1c b\u1ed9 ch\u1ec9 s\u1ed1, bao g\u1ed3m c\u1ea3 VN30, y\u1ebfu t\u1ed1 t\u1eadp trung \u0111\u00e3 \u0111\u01b0\u1ee3c t\u00ednh to\u00e1n v\u00e0 ki\u1ec3m so\u00e1t. V\u00ed d\u1ee5, nh\u00f3m t\u00e0i ch\u00ednh hi\u1ec7n chi\u1ebfm t\u1ef7 tr\u1ecdng \u0111\u00e1ng k\u1ec3, kho\u1ea3ng 27%, cho th\u1ea5y s\u1ef1 ph\u00e2n b\u1ed5 ng\u00e0nh v\u1eabn \u0111ang d\u1ea7n \u0111a d\u1ea1ng h\u01a1n. So v\u1edbi m\u1ed9t s\u1ed1 th\u1ecb tr\u01b0\u1eddng trong khu v\u1ef1c nh\u01b0 Indonesia, b\u00e0i to\u00e1n kh\u00f4ng ch\u1ec9 n\u1eb1m \u1edf quy m\u00f4 v\u1ed1n h\u00f3a m\u00e0 c\u00f2n \u1edf t\u1ef7 l\u1ec7 c\u1ed5 phi\u1ebfu t\u1ef1 do chuy\u1ec3n nh\u01b0\u1ee3ng (free-float) v\u00e0 kh\u1ea3 n\u0103ng ti\u1ebfp c\u1eadn c\u1ee7a nh\u00e0 \u0111\u1ea7u t\u01b0. <\/p>\n

Theo \u0111\u00f3, \u0111\u1ec3 gi\u1ea3m r\u1ee7i ro t\u1eadp trung, th\u1ecb tr\u01b0\u1eddng Vi\u1ec7t Nam c\u1ea7n ti\u1ebfp t\u1ee5c m\u1edf r\u1ed9ng \u201c\u0111\u1ed9 s\u00e2u\u201d b\u1eb1ng c\u00e1ch b\u1ed5 sung th\u00eam c\u00e1c c\u1ed5 phi\u1ebfu ch\u1ea5t l\u01b0\u1ee3ng v\u00e0o r\u1ed5 ch\u1ec9 s\u1ed1, qua \u0111\u00f3 t\u1ea1o th\u00eam l\u1ef1a ch\u1ecdn cho nh\u00e0 \u0111\u1ea7u t\u01b0 v\u00e0 th\u00fac \u0111\u1ea9y \u0111a d\u1ea1ng h\u00f3a danh m\u1ee5c. <\/p>\n

\u1ede g\u00f3c \u0111\u1ed9 thu h\u00fat d\u00f2ng v\u1ed1n, \u0111\u1eb7c bi\u1ec7t l\u00e0 v\u1ed1n l\u1edbn, thanh kho\u1ea3n v\u1eabn l\u00e0 y\u1ebfu t\u1ed1 then ch\u1ed1t. \u0110i\u1ec1u n\u00e0y \u0111\u00f2i h\u1ecfi th\u1ecb tr\u01b0\u1eddng c\u1ea7n c\u00f3 c\u1ea5u tr\u00fac t\u1ed1t h\u01a1n, vai tr\u00f2 c\u1ee7a c\u00e1c nh\u00e0 t\u1ea1o l\u1eadp th\u1ecb tr\u01b0\u1eddng r\u00f5 n\u00e9t h\u01a1n, \u0111\u1ed3ng th\u1eddi n\u00e2ng cao t\u00ednh minh b\u1ea1ch v\u00e0 hi\u1ec7u qu\u1ea3 v\u1eadn h\u00e0nh. Khi quy m\u00f4 th\u1ecb tr\u01b0\u1eddng m\u1edf r\u1ed9ng, nh\u00e0 \u0111\u1ea7u t\u01b0 c\u0169ng s\u1ebd k\u1ef3 v\u1ecdng nhi\u1ec1u h\u01a1n v\u00e0o c\u00e1c s\u1ea3n ph\u1ea9m \u0111\u1ea7u t\u01b0 m\u1edbi, kh\u00f4ng ch\u1ec9 d\u1eebng l\u1ea1i \u1edf c\u00e1c ch\u1ec9 s\u1ed1 truy\u1ec1n th\u1ed1ng nh\u01b0 VN30 m\u00e0 c\u00f2n m\u1edf r\u1ed9ng sang c\u00e1c b\u1ed9 ch\u1ec9 s\u1ed1 v\u00e0 c\u00f4ng c\u1ee5 \u0111a d\u1ea1ng h\u01a1n. <\/p>\n

M\u1ed9t \u0111i\u1ec3m \u0111\u00e1ng ch\u00fa \u00fd kh\u00e1c l\u00e0 c\u01a1 c\u1ea5u nh\u00e0 \u0111\u1ea7u t\u01b0. Hi\u1ec7n nay, th\u1ecb tr\u01b0\u1eddng Vi\u1ec7t Nam v\u1eabn ch\u1ee7 y\u1ebfu l\u00e0 nh\u00e0 \u0111\u1ea7u t\u01b0 c\u00e1 nh\u00e2n, chi\u1ebfm kho\u1ea3ng 90%, trong khi nh\u00e0 \u0111\u1ea7u t\u01b0 t\u1ed5 ch\u1ee9c ch\u1ec9 kho\u1ea3ng 10%. Tuy nhi\u00ean, theo kinh nghi\u1ec7m t\u1eeb c\u00e1c th\u1ecb tr\u01b0\u1eddng nh\u01b0 Trung Qu\u1ed1c, t\u1ef7 l\u1ec7 n\u00e0y c\u00f3 th\u1ec3 thay \u0111\u1ed5i m\u1ea1nh theo th\u1eddi gian. N\u0103m 2014, Trung Qu\u1ed1c c\u0169ng c\u00f3 c\u01a1 c\u1ea5u t\u01b0\u01a1ng t\u1ef1 Vi\u1ec7t Nam hi\u1ec7n t\u1ea1i, nh\u01b0ng sau \u0111\u00f3 t\u1ef7 tr\u1ecdng nh\u00e0 \u0111\u1ea7u t\u01b0 t\u1ed5 ch\u1ee9c \u0111\u00e3 t\u0103ng l\u00ean \u0111\u00e1ng k\u1ec3 nh\u1edd qu\u00e1 tr\u00ecnh chu\u1ea9n h\u00f3a v\u00e0 minh b\u1ea1ch h\u00f3a th\u1ecb tr\u01b0\u1eddng. <\/p>\n

\u0110\u1ea1i di\u1ec7n USB cho r\u1eb1ng, qu\u00e1 tr\u00ecnh n\u00e0y t\u1ea1i Vi\u1ec7t Nam c\u00f3 th\u1ec3 di\u1ec5n ra nhanh h\u01a1n, khi th\u1ecb tr\u01b0\u1eddng \u0111ang ch\u1ee7 \u0111\u1ed9ng h\u1ecdc h\u1ecfi t\u1eeb c\u00e1c m\u00f4 h\u00ecnh th\u00e0nh c\u00f4ng nh\u01b0 H\u00e0n Qu\u1ed1c, \u0110\u00e0i Loan hay Indonesia. Vi\u1ec7c n\u00e2ng h\u1ea1ng th\u1ecb tr\u01b0\u1eddng kh\u00f4ng ch\u1ec9 gi\u00fap c\u1ea3i thi\u1ec7n h\u00ecnh \u1ea3nh m\u00e0 c\u00f2n t\u1ea1o \u0111i\u1ec1u ki\u1ec7n \u0111\u1ec3 thu h\u00fat m\u1ea1nh m\u1ebd h\u01a1n d\u00f2ng v\u1ed1n t\u1ed5 ch\u1ee9c qu\u1ed1c t\u1ebf. <\/p>\n

\ufeff B\u00e0i h\u1ecdc r\u1ee7i ro t\u1eeb th\u1ecb tr\u01b0\u1eddng Indonesia <\/b> <\/p>\n

Tuy nhi\u00ean, b\u00e0 Wanming Du \u2013 Gi\u00e1m \u0111\u1ed1c Ch\u00ednh s\u00e1ch khu v\u1ef1c ch\u00e2u \u00c1 \u2013 Th\u00e1i B\u00ecnh D\u01b0\u01a1ng c\u1ee7a FTSE Russell cho r\u1eb1ng b\u00e0i h\u1ecdc t\u1eeb Indonesia c\u0169ng \u0111\u1eb7t ra c\u1ea3nh b\u00e1o quan tr\u1ecdng. Nh\u1eefng v\u1ea5n \u0111\u1ec1 li\u00ean quan \u0111\u1ebfn minh b\u1ea1ch d\u1eef li\u1ec7u, t\u00ednh to\u00e0n v\u1eb9n th\u00f4ng tin v\u00e0 t\u1ef7 l\u1ec7 s\u1edf h\u1eefu th\u1ef1c t\u1ebf \u0111\u00e3 t\u1eebng khi\u1ebfn th\u1ecb tr\u01b0\u1eddng n\u00e0y \u0111\u1ed1i m\u1eb7t v\u1edbi nhi\u1ec1u quan ng\u1ea1i. T\u01b0\u01a1ng t\u1ef1, Hong Kong c\u0169ng t\u1eebng ghi nh\u1eadn t\u00ecnh tr\u1ea1ng t\u1ef7 l\u1ec7 s\u1edf h\u1eefu t\u1eadp trung cao nh\u01b0ng l\u01b0\u1ee3ng c\u1ed5 phi\u1ebfu t\u1ef1 do giao d\u1ecbch th\u1ea5p, d\u1eabn \u0111\u1ebfn bi\u1ebfn \u0111\u1ed9ng gi\u00e1 m\u1ea1nh. <\/p>\n

Do \u0111\u00f3, v\u1edbi Vi\u1ec7t Nam, vi\u1ec7c \u0111\u1ea3m b\u1ea3o minh b\u1ea1ch th\u00f4ng tin, c\u00f4ng b\u1ed1 \u0111\u1ea7y \u0111\u1ee7 v\u1ec1 t\u1ef7 l\u1ec7 s\u1edf h\u1eefu, free-float v\u00e0 c\u00e1c y\u1ebfu t\u1ed1 li\u00ean quan \u0111\u1ebfn kh\u1ea3 n\u0103ng ti\u1ebfp c\u1eadn c\u1ee7a nh\u00e0 \u0111\u1ea7u t\u01b0 l\u00e0 y\u1ebfu t\u1ed1 then ch\u1ed1t trong qu\u00e1 tr\u00ecnh n\u00e2ng h\u1ea1ng. \u0110\u00e2y c\u0169ng l\u00e0 nh\u1eefng ti\u00eau ch\u00ed quan tr\u1ecdng trong \u0111\u00e1nh gi\u00e1 c\u1ee7a FTSE. <\/p>\n

Do \u0111\u00f3, b\u00e0i h\u1ecdc t\u1eeb Indonesia r\u1ea5t quan tr\u1ecdng, trong qu\u00e1 tr\u00ecnh ph\u00e1t tri\u1ec3n v\u00e0 h\u01b0\u1edbng t\u1edbi n\u00e2ng h\u1ea1ng, Vi\u1ec7t Nam c\u1ea7n \u0111\u1eb7c bi\u1ec7t ch\u00fa tr\u1ecdng \u0111\u1ebfn vi\u1ec7c ho\u00e0n thi\u1ec7n khung ph\u00e1p l\u00fd, n\u00e2ng cao ti\u00eau chu\u1ea9n c\u00f4ng b\u1ed1 th\u00f4ng tin v\u00e0 x\u00e2y d\u1ef1ng c\u00e1c quy tr\u00ecnh qu\u1ea3n tr\u1ecb minh b\u1ea1ch. \u0110\u00e2y kh\u00f4ng ch\u1ec9 l\u00e0 y\u00eau c\u1ea7u k\u1ef9 thu\u1eadt, m\u00e0 c\u00f2n l\u00e0 n\u1ec1n t\u1ea3ng \u0111\u1ec3 c\u1ee7ng c\u1ed1 ni\u1ec1m tin c\u1ee7a nh\u00e0 \u0111\u1ea7u t\u01b0 v\u00e0 thu h\u00fat d\u00f2ng v\u1ed1n d\u00e0i h\u1ea1n. <\/p>\n<\/p><\/div>","protected":false},"excerpt":{"rendered":"

M\u1ee9c \u0111\u1ed9 t\u1eadp trung c\u1ee7a th\u1ecb tr\u01b0\u1eddng ch\u1ee9ng kho\u00e1n Vi\u1ec7t Nam v\u00e0o m\u1ed9t s\u1ed1 nh\u00f3m c\u1ed5 phi\u1ebfu l\u00e0 m\u1ed9t v\u1ea5n […]<\/p>","protected":false},"author":5,"featured_media":71724,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[221],"tags":[],"class_list":["post-71723","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\/71723","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=71723"}],"version-history":[{"count":0,"href":"https:\/\/hbbgroup.net\/zh\/wp-json\/wp\/v2\/posts\/71723\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/hbbgroup.net\/zh\/wp-json\/wp\/v2\/media\/71724"}],"wp:attachment":[{"href":"https:\/\/hbbgroup.net\/zh\/wp-json\/wp\/v2\/media?parent=71723"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/hbbgroup.net\/zh\/wp-json\/wp\/v2\/categories?post=71723"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/hbbgroup.net\/zh\/wp-json\/wp\/v2\/tags?post=71723"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}