{"id":74173,"date":"2026-04-21T08:55:40","date_gmt":"2026-04-21T01:55:40","guid":{"rendered":"https:\/\/hbbgroup.net\/dhdcd-vpbanks-tu-tin-du-no-margin-cham-gan-50-000-ty-dong-san-sang-tham-gia-thi-truong-tai-san-so\/"},"modified":"2026-04-21T08:55:40","modified_gmt":"2026-04-21T01:55:40","slug":"dhdcd-vpbanks-tu-tin-du-no-margin-cham-gan-50-000-ty-dong-san-sang-tham-gia-thi-truong-tai-san-so","status":"publish","type":"post","link":"https:\/\/hbbgroup.net\/zh\/dhdcd-vpbanks-tu-tin-du-no-margin-cham-gan-50-000-ty-dong-san-sang-tham-gia-thi-truong-tai-san-so\/","title":{"rendered":"\u0110H\u0110C\u0110 VPBankS: T\u1ef1 tin d\u01b0 n\u1ee3 margin ch\u1ea1m g\u1ea7n 50.000 t\u1ef7 \u0111\u1ed3ng, s\u1eb5n s\u00e0ng tham gia th\u1ecb tr\u01b0\u1eddng t\u00e0i s\u1ea3n s\u1ed1"},"content":{"rendered":"
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Chi\u1ec1u ng\u00e0y 20\/4, C\u00f4ng ty C\u1ed5 ph\u1ea7n Ch\u1ee9ng kho\u00e1n VPBank (VPBankS) \u0111\u00e3 t\u1ed5 ch\u1ee9c th\u00e0nh c\u00f4ng \u0110\u1ea1i h\u1ed9i \u0111\u1ed3ng c\u1ed5 \u0111\u00f4ng th\u01b0\u1eddng ni\u00ean n\u0103m 2026, \u0111\u00e1nh d\u1ea5u k\u1ef3 \u0111\u1ea1i h\u1ed9i \u0111\u1ea7u ti\u00ean k\u1ec3 t\u1eeb khi c\u1ed5 phi\u1ebfu VPX ch\u00ednh th\u1ee9c ni\u00eam y\u1ebft tr\u00ean th\u1ecb tr\u01b0\u1eddng ch\u1ee9ng kho\u00e1n. <\/p>\n

K\u1ebf ho\u1ea1ch l\u00e3i k\u1ef7 l\u1ee5c h\u01a1n 6.400 t\u1ef7 \u0111\u1ed3ng <\/b> <\/p>\n

T\u1ea1i \u0111\u1ea1i h\u1ed9i, H\u1ed9i \u0111\u1ed3ng qu\u1ea3n tr\u1ecb \u0111\u00e3 tr\u00ecnh c\u1ed5 \u0111\u00f4ng th\u00f4ng qua k\u1ebf ho\u1ea1ch kinh doanh n\u0103m 2026 v\u1edbi m\u1ee5c ti\u00eau t\u1ed5ng doanh thu \u0111\u1ea1t 11.074 t\u1ef7 \u0111\u1ed3ng, t\u0103ng 59% so v\u1edbi k\u1ebft qu\u1ea3 th\u1ef1c hi\u1ec7n n\u0103m 2025 v\u00e0 l\u1ee3i nhu\u1eadn tr\u01b0\u1edbc thu\u1ebf k\u1ef3 v\u1ecdng \u0111\u1ea1t m\u1ee9c k\u1ef7 l\u1ee5c 6.453 t\u1ef7 \u0111\u1ed3ng, t\u0103ng 44% so v\u1edbi n\u0103m tr\u01b0\u1edbc. <\/p>\n

\u0110\u00e2y l\u00e0 n\u0103m th\u1ee9 hai trong chi\u1ebfn l\u01b0\u1ee3c ph\u00e1t tri\u1ec3n giai \u0111o\u1ea1n 2025\u20132030 c\u1ee7a doanh nghi\u1ec7p v\u1edbi m\u1ee5c ti\u00eau t\u0103ng tr\u01b0\u1edfng b\u00ecnh qu\u00e2n 32%\/n\u0103m nh\u1eb1m h\u01b0\u1edbng t\u1edbi v\u1ecb th\u1ebf m\u1ed9t trong nh\u1eefng c\u00f4ng ty ch\u1ee9ng kho\u00e1n h\u00e0ng \u0111\u1ea7u th\u1ecb tr\u01b0\u1eddng. <\/p>\n

K\u1ebf ho\u1ea1ch \u0111\u1ea7y tham v\u1ecdng n\u00e0y \u0111\u01b0\u1ee3c x\u00e2y d\u1ef1ng tr\u00ean c\u01a1 s\u1edf k\u1ebft qu\u1ea3 kinh doanh n\u0103m 2025 t\u0103ng tr\u01b0\u1edfng \u0111\u1ed9t bi\u1ebfn v\u1edbi doanh thu \u0111\u1ea1t 7.910 t\u1ef7 \u0111\u1ed3ng, g\u1ea5p h\u01a1n 3 l\u1ea7n n\u0103m 2024 v\u00e0 l\u1ee3i nhu\u1eadn tr\u01b0\u1edbc thu\u1ebf \u0111\u1ea1t 4.476 t\u1ef7 \u0111\u1ed3ng, g\u1ea7n g\u1ea5p 4 l\u1ea7n c\u00f9ng k\u1ef3 v\u00e0 v\u01b0\u1ee3t xa k\u1ebf ho\u1ea1ch \u0111\u1ec1 ra. <\/p>\n

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N\u0103m 2025, VPBankS \u0111\u00e3 ho\u00e0n t\u1ea5t \u0111\u1ee3t ch\u00e0o b\u00e1n 375 tri\u1ec7u c\u1ed5 phi\u1ebfu l\u1ea7n \u0111\u1ea7u ra c\u00f4ng ch\u00fang, thu v\u1ec1 g\u1ea7n 13.000 t\u1ef7 \u0111\u1ed3ng v\u00e0 x\u00e1c l\u1eadp k\u1ef7 l\u1ee5c IPO l\u1edbn nh\u1ea5t l\u1ecbch s\u1eed ng\u00e0nh ch\u1ee9ng kho\u00e1n Vi\u1ec7t Nam, t\u1ea1o ti\u1ec1n \u0111\u1ec1 \u0111\u1ec3 c\u1ed5 phi\u1ebfu VPX ch\u00ednh th\u1ee9c ni\u00eam y\u1ebft tr\u00ean HOSE v\u00e0o th\u00e1ng 12\/2025. <\/p>\n

Trong c\u01a1 c\u1ea5u doanh thu, m\u1ea3ng m\u00f4i gi\u1edbi v\u00e0 cho vay k\u00fd qu\u1ef9 ti\u1ebfp t\u1ee5c \u0111\u00f3ng vai tr\u00f2 \u0111\u1ed9ng l\u1ef1c t\u0103ng tr\u01b0\u1edfng ch\u1ee7 l\u1ef1c khi c\u00f4ng ty \u0111\u1eb7t m\u1ee5c ti\u00eau n\u00e2ng th\u1ecb ph\u1ea7n m\u00f4i gi\u1edbi tr\u00ean HOSE l\u00ean 5% sau khi \u0111\u00e3 l\u1ecdt v\u00e0o top 10 t\u1eeb cu\u1ed1i n\u0103m 2025. D\u01b0 n\u1ee3 cho vay margin b\u00ecnh qu\u00e2n n\u0103m 2026 d\u1ef1 ki\u1ebfn \u0111\u1ea1t kho\u1ea3ng 49.485 t\u1ef7 \u0111\u1ed3ng, t\u0103ng g\u1ea5p \u0111\u00f4i so v\u1edbi m\u1ee9c b\u00ecnh qu\u00e2n n\u0103m tr\u01b0\u1edbc. <\/p>\n

Song song v\u1edbi \u0111\u00f3, m\u1ea3ng ng\u00e2n h\u00e0ng \u0111\u1ea7u t\u01b0 (IB) \u0111\u01b0\u1ee3c x\u00e1c \u0111\u1ecbnh l\u00e0 tr\u1ee5 c\u1ed9t chi\u1ebfn l\u01b0\u1ee3c d\u1ef1a tr\u00ean h\u1ec7 sinh th\u00e1i ng\u00e2n h\u00e0ng m\u1eb9 \u0111\u1ec3 \u0111\u1ea9y m\u1ea1nh t\u01b0 v\u1ea5n ph\u00e1t h\u00e0nh n\u1ee3 v\u00e0 th\u1ecb tr\u01b0\u1eddng v\u1ed1n c\u1ed5 ph\u1ea7n. <\/p>\n

V\u1ec1 chi\u1ebfn l\u01b0\u1ee3c d\u00e0i h\u1ea1n \u0111\u1ebfn n\u0103m 2030, VPBankS h\u01b0\u1edbng t\u1edbi m\u1ee5c ti\u00eau d\u1eabn \u0111\u1ea7u th\u1ecb tr\u01b0\u1eddng v\u1ec1 t\u1ed5ng t\u00e0i s\u1ea3n v\u00e0 l\u1ee3i nhu\u1eadn tr\u01b0\u1edbc thu\u1ebf, n\u1eb1m trong top 2 v\u1ec1 th\u1ecb ph\u1ea7n m\u00f4i gi\u1edbi v\u00e0 ng\u00e2n h\u00e0ng \u0111\u1ea7u t\u01b0 v\u1edbi t\u1ed1c \u0111\u1ed9 t\u0103ng tr\u01b0\u1edfng k\u00e9p 32%\/n\u0103m c\u00f9ng t\u1ef7 l\u1ec7 CIR ki\u1ec3m so\u00e1t \u1edf m\u1ee9c 23\u201325%. <\/p>\n

Li\u00ean quan \u0111\u1ebfn nh\u00e2n s\u1ef1, \u0110H\u0110C\u0110 VPBankS s\u1ebd ki\u1ec7n to\u00e0n H\u0110QT nhi\u1ec7m k\u1ef3 2022-2027 v\u1edbi 3 th\u00e0nh vi\u00ean, bao g\u1ed3m Ch\u1ee7 t\u1ecbch H\u0110QT H\u1ed3 Th\u00fay Ng\u00e0, Th\u00e0nh vi\u00ean H\u0110QT Nguy\u1ec5n L\u01b0\u01a1ng T\u00e2n v\u00e0 Th\u00e0nh vi\u00ean \u0111\u1ed9c l\u1eadp Tr\u1ea7n Ng\u1ecdc Lan. <\/p>\n

Th\u1ea3o lu\u1eadn t\u1ea1i \u0111\u1ea1i h\u1ed9i:\ufeff <\/b> <\/p>\n

C\u1ed5 \u0111\u00f4ng: C\u00f4ng ty \u0111\u1eb7t m\u1ee5c ti\u00eau d\u01b0 n\u1ee3 margin kho\u1ea3ng 50.000 t\u1ef7 \u0111\u1ed3ng trong n\u0103m 2026. Tuy nhi\u00ean, trong b\u1ed1i c\u1ea3nh l\u00e3i su\u1ea5t cho vay v\u1eabn \u0111ang \u1edf m\u1ee9c cao, vi\u1ec7c huy \u0111\u1ed9ng v\u1ed1n c\u00f3 b\u1ecb \u1ea3nh h\u01b0\u1edfng hay kh\u00f4ng, v\u00e0 \u0111i\u1ec1u n\u00e0y t\u00e1c \u0111\u1ed9ng nh\u01b0 th\u1ebf n\u00e0o \u0111\u1ebfn k\u1ebf ho\u1ea1ch t\u0103ng tr\u01b0\u1edfng margin c\u1ee7a c\u00f4ng ty? <\/i> <\/b> <\/p>\n

Ban l\u00e3nh \u0111\u1ea1o: <\/strong> Ch\u00fang t\u00f4i \u0111\u00e3 k\u1ebft th\u00fac n\u0103m 2025 v\u1edbi d\u01b0 n\u1ee3 margin \u0111\u1ea1t kho\u1ea3ng 34.000 t\u1ef7 \u0111\u1ed3ng v\u00e0 m\u1ee5c ti\u00eau \u0111\u1eb7t ra l\u00e0 n\u00e2ng l\u00ean 50.000 t\u1ef7 \u0111\u1ed3ng v\u00e0o cu\u1ed1i n\u0103m 2026. \u0110\u1ebfn th\u1eddi \u0111i\u1ec3m hi\u1ec7n t\u1ea1i, d\u01b0 n\u1ee3 margin c\u1ee7a c\u00f4ng ty \u0111\u00e3 \u0111\u1ea1t h\u01a1n 38.000 t\u1ef7 \u0111\u1ed3ng. <\/p>\n

Th\u1ef1c t\u1ebf trong qu\u00fd I v\u1eeba qua, m\u1eb7t b\u1eb1ng l\u00e3i su\u1ea5t c\u00f3 xu h\u01b0\u1edbng t\u0103ng, tuy nhi\u00ean ch\u00fang t\u00f4i v\u1eabn duy tr\u00ec \u0111\u01b0\u1ee3c \u0111\u00e0 t\u0103ng tr\u01b0\u1edfng d\u01b0 n\u1ee3. V\u1ec1 y\u1ebfu t\u1ed1 \u1ea3nh h\u01b0\u1edfng, ch\u00fang t\u00f4i c\u00f3 m\u1ed9t thu\u1eadn l\u1ee3i l\u00e0 v\u00e0o cu\u1ed1i n\u0103m 2025 \u0111\u00e3 huy \u0111\u1ed9ng \u0111\u01b0\u1ee3c g\u1ea7n 13.000 t\u1ef7 \u0111\u1ed3ng v\u1ed1n ch\u1ee7 s\u1edf h\u1eefu. Ngu\u1ed3n v\u1ed1n n\u00e0y gi\u00fap c\u00f4ng ty duy tr\u00ec m\u1ee9c l\u00e3i su\u1ea5t c\u1ea1nh tranh tr\u00ean th\u1ecb tr\u01b0\u1eddng \u0111\u1ed1i v\u1edbi kh\u00e1ch h\u00e0ng vay margin. <\/p>\n

B\u00ean c\u1ea1nh \u0111\u00f3, ch\u00fang t\u00f4i nh\u1eadn th\u1ea5y nhu c\u1ea7u vay margin tr\u00ean th\u1ecb tr\u01b0\u1eddng v\u1eabn \u1edf m\u1ee9c r\u1ea5t l\u1edbn, \u0111\u1eb7c bi\u1ec7t trong b\u1ed1i c\u1ea3nh t\u0103ng tr\u01b0\u1edfng t\u00edn d\u1ee5ng c\u1ee7a h\u1ec7 th\u1ed1ng ng\u00e2n h\u00e0ng th\u01b0\u01a1ng m\u1ea1i n\u0103m 2026 d\u1ef1 ki\u1ebfn ch\u1ec9 kho\u1ea3ng 15%, th\u1ea5p h\u01a1n so v\u1edbi m\u1ee9c 19% c\u1ee7a n\u0103m 2025. \u0110i\u1ec1u n\u00e0y khi\u1ebfn nhu c\u1ea7u vay v\u1ed1n th\u00f4ng qua k\u00eanh margin c\u1ee7a nh\u00e0 \u0111\u1ea7u t\u01b0 ti\u1ebfp t\u1ee5c gia t\u0103ng. <\/p>\n

Ngo\u00e0i ra, thanh kho\u1ea3n th\u1ecb tr\u01b0\u1eddng trong qu\u00fd I v\u1eabn duy tr\u00ec \u1edf m\u1ee9c cao, kho\u1ea3ng 35.000 t\u1ef7 \u0111\u1ed3ng\/phi\u00ean, cao h\u01a1n m\u1ee9c b\u00ecnh qu\u00e2n kho\u1ea3ng 29.000 t\u1ef7 \u0111\u1ed3ng\/phi\u00ean c\u1ee7a n\u0103m 2025. D\u00f9 kh\u1ed1i ngo\u1ea1i b\u00e1n r\u00f2ng kho\u1ea3ng 1 t\u1ef7 USD trong qu\u00fd I, s\u1ee9c h\u1ea5p th\u1ee5 c\u1ee7a th\u1ecb tr\u01b0\u1eddng v\u1eabn r\u1ea5t t\u1ed1t, cho th\u1ea5y n\u0103ng l\u1ef1c c\u1ee7a th\u1ecb tr\u01b0\u1eddng ch\u1ee9ng kho\u00e1n Vi\u1ec7t Nam \u0111\u00e3 c\u1ea3i thi\u1ec7n \u0111\u00e1ng k\u1ec3. <\/p>\n

Trong th\u1eddi gian t\u1edbi, ch\u00fang t\u00f4i cho r\u1eb1ng khi c\u00e1c y\u1ebfu t\u1ed1 v\u0129 m\u00f4 tr\u1edf n\u00ean t\u00edch c\u1ef1c h\u01a1n, thanh kho\u1ea3n th\u1ecb tr\u01b0\u1eddng v\u00e0 nhu c\u1ea7u margin s\u1ebd ti\u1ebfp t\u1ee5c gia t\u0103ng. V\u00ec v\u1eady, bi\u1ebfn \u0111\u1ed9ng l\u00e3i su\u1ea5t trong giai \u0111o\u1ea1n hi\u1ec7n t\u1ea1i \u0111\u01b0\u1ee3c \u0111\u00e1nh gi\u00e1 l\u00e0 mang t\u00ednh t\u1ea1m th\u1eddi v\u00e0 kh\u00f4ng \u1ea3nh h\u01b0\u1edfng \u0111\u1ebfn kh\u1ea3 n\u0103ng ho\u00e0n th\u00e0nh k\u1ebf ho\u1ea1ch t\u0103ng tr\u01b0\u1edfng d\u01b0 n\u1ee3 margin c\u1ee7a c\u00f4ng ty. <\/p>\n

B\u00ean c\u1ea1nh \u0111\u00f3, ch\u00fang t\u00f4i hi\u1ec7n v\u1eabn c\u00f2n d\u01b0 \u0111\u1ecba cho vay margin kh\u00e1 l\u1edbn, kho\u1ea3ng 30.000\u201333.000 t\u1ef7 \u0111\u1ed3ng. Trong khi \u0111\u00f3, m\u1ed9t s\u1ed1 c\u00f4ng ty ch\u1ee9ng kho\u00e1n kh\u00e1c c\u00f3 th\u1ec3 b\u1ecb h\u1ea1n ch\u1ebf h\u01a1n v\u1ec1 d\u01b0 \u0111\u1ecba cho vay. \u0110i\u1ec1u n\u00e0y t\u1ea1o \u0111i\u1ec1u ki\u1ec7n \u0111\u1ec3 c\u00f4ng ty thu h\u00fat th\u00eam kh\u00e1ch h\u00e0ng, \u0111\u1eb7c bi\u1ec7t l\u00e0 c\u00e1c kh\u00e1ch h\u00e0ng c\u00f3 quy m\u00f4 l\u1edbn. <\/p>\n

T\u1eeb nh\u1eefng y\u1ebfu t\u1ed1 tr\u00ean, ch\u00fang t\u00f4i tin t\u01b0\u1edfng r\u1eb1ng m\u1ee5c ti\u00eau t\u0103ng tr\u01b0\u1edfng d\u01b0 n\u1ee3 margin l\u00ean 50.000 t\u1ef7 \u0111\u1ed3ng trong n\u0103m 2026 l\u00e0 ho\u00e0n to\u00e0n kh\u1ea3 thi. <\/p>\n

C\u1ed5 \u0111\u00f4ng: H\u1ec7 sinh th\u00e1i ng\u00e2n h\u00e0ng m\u1eb9 v\u00e0 c\u00e1c \u0111\u1ed1i t\u00e1c s\u1ebd h\u1ed7 tr\u1ee3 c\u00f4ng ty ch\u1ee9ng kho\u00e1n nh\u01b0 th\u1ebf n\u00e0o \u0111\u1ec3 th\u00fac \u0111\u1ea9y t\u0103ng tr\u01b0\u1edfng v\u00e0 h\u01b0\u1edbng t\u1edbi v\u1ecb th\u1ebf h\u00e0ng \u0111\u1ea7u? <\/i> <\/b> <\/p>\n

Ban l\u00e3nh \u0111\u1ea1o: <\/strong> \u0110\u00e2y l\u00e0 \u0111\u1ea1i h\u1ed9i c\u1ed5 \u0111\u00f4ng \u0111\u1ea7u ti\u00ean sau kho\u1ea3ng 6 th\u00e1ng IPO, h\u01a1n 9.000 c\u1ed5 \u0111\u00f4ng l\u00e0 m\u1ed9t kh\u1edfi \u0111\u1ea7u r\u1ea5t t\u00edch c\u1ef1c cho c\u00f4ng ty v\u00e0 to\u00e0n h\u1ec7 sinh th\u00e1i. M\u1ed9t c\u00f4ng ty ch\u1ee9ng kho\u00e1n m\u1edbi g\u1ea7n 4 n\u0103m nh\u01b0ng t\u0103ng tr\u01b0\u1edfng nhanh nh\u01b0 v\u1eady kh\u00f4ng ph\u1ea3i l\u00e0 ng\u1eabu nhi\u00ean, m\u00e0 xu\u1ea5t ph\u00e1t t\u1eeb vi\u1ec7c \u0111\u00e2y l\u00e0 m\u1ed9t m\u1eaft x\u00edch quan tr\u1ecdng trong chi\u1ebfn l\u01b0\u1ee3c ph\u00e1t tri\u1ec3n c\u1ee7a h\u1ec7 sinh th\u00e1i. <\/p>\n

L\u1ee3i th\u1ebf l\u1edbn l\u00e0 c\u00f4ng ty n\u1eb1m trong h\u1ec7 sinh th\u00e1i ng\u00e2n h\u00e0ng m\u1eb9 VPBank \u0111\u00e3 c\u00f3 h\u01a1n 33 n\u0103m ph\u00e1t tri\u1ec3n v\u1edbi g\u1ea7n 10 c\u00f4ng ty th\u00e0nh vi\u00ean, ph\u1ee5c v\u1ee5 g\u1ea7n 4 tri\u1ec7u kh\u00e1ch h\u00e0ng. Ngo\u00e0i ra, trong 5 n\u0103m g\u1ea7n \u0111\u00e2y c\u00f3 s\u1ef1 \u0111\u1ed3ng h\u00e0nh c\u1ee7a \u0111\u1ed1i t\u00e1c chi\u1ebfn l\u01b0\u1ee3c l\u00e0 T\u1eadp \u0111o\u00e0n SMBC c\u1ee7a Nh\u1eadt B\u1ea3n. Th\u1ef1c t\u1ebf, trong h\u01a1n 2 n\u0103m qua, c\u00f4ng ty \u0111\u00e3 huy \u0111\u1ed9ng \u0111\u01b0\u1ee3c h\u00e0ng tr\u0103m tri\u1ec7u USD t\u1eeb th\u1ecb tr\u01b0\u1eddng qu\u1ed1c t\u1ebf, \u0111i\u1ec1u m\u00e0 m\u1ed9t c\u00f4ng ty m\u1edbi ho\u1ea1t \u0111\u1ed9ng kh\u00f3 c\u00f3 th\u1ec3 \u0111\u1ea1t \u0111\u01b0\u1ee3c n\u1ebfu kh\u00f4ng c\u00f3 uy t\u00edn t\u1eeb h\u1ec7 sinh th\u00e1i. <\/p>\n

Trong th\u1eddi gian t\u1edbi, ch\u00fang t\u00f4i ti\u1ebfp t\u1ee5c \u0111\u1ecbnh h\u00ecnh c\u00f4ng ty ch\u1ee9ng kho\u00e1n tr\u1edf th\u00e0nh m\u1ed9t \u0111\u1ecbnh ch\u1ebf ng\u00e2n h\u00e0ng \u0111\u1ea7u t\u01b0, m\u1edf r\u1ed9ng sang c\u00e1c ho\u1ea1t \u0111\u1ed9ng th\u1ecb tr\u01b0\u1eddng v\u1ed1n, M&A, IPO, qu\u1ea3n l\u00fd t\u00e0i s\u1ea3n, \u0111\u1ed3ng th\u1eddi chu\u1ea9n b\u1ecb tham gia c\u00e1c l\u0129nh v\u1ef1c m\u1edbi nh\u01b0 t\u00e0i s\u1ea3n s\u1ed1 khi \u0111i\u1ec1u ki\u1ec7n cho ph\u00e9p. <\/p>\n

C\u1ed5 \u0111\u00f4ng: \u0110\u1ecbnh h\u01b0\u1edbng \u0111\u1ea7u t\u01b0 c\u1ed5 phi\u1ebfu c\u1ee7a c\u00f4ng ty s\u1ebd t\u1eadp trung v\u00e0o t\u1ef1 doanh hay g\u1eafn v\u1edbi ho\u1ea1t \u0111\u1ed9ng t\u01b0 v\u1ea5n ph\u00e1t h\u00e0nh?\ufeff <\/i> <\/b> <\/p>\n

Ban l\u00e3nh \u0111\u1ea1o: <\/strong> \u0110\u1ea7u t\u01b0 c\u1ed5 phi\u1ebfu l\u00e0 m\u1ed9t trong nh\u1eefng m\u1ea3ng chi\u1ebfn l\u01b0\u1ee3c c\u1ee7a c\u00f4ng ty. N\u0103m 2025, ch\u00fang t\u00f4i \u0111\u00e3 t\u01b0 v\u1ea5n ph\u00e1t h\u00e0nh kho\u1ea3ng 20.000 t\u1ef7 \u0111\u1ed3ng v\u00e0 n\u0103m 2026 \u0111\u1eb7t m\u1ee5c ti\u00eau n\u00e2ng l\u00ean 28.000 t\u1ef7 \u0111\u1ed3ng cho m\u1ea3ng ECM. <\/p>\n

V\u1edbi ho\u1ea1t \u0111\u1ed9ng ECM\/DCM, y\u1ebfu t\u1ed1 c\u1ed1t l\u00f5i l\u00e0 quy m\u00f4 v\u1ed1n v\u00e0 n\u0103ng l\u1ef1c t\u00e0i ch\u00ednh, b\u1edfi t\u01b0 v\u1ea5n ph\u00e1t h\u00e0nh lu\u00f4n \u0111i k\u00e8m b\u1ea3o l\u00e3nh v\u00e0 ph\u00e2n ph\u1ed1i. \u0110\u00e2y l\u00e0 l\u1ee3i th\u1ebf gi\u00fap ch\u00fang t\u00f4i c\u00f3 c\u01a1 h\u1ed9i gia t\u0103ng th\u1ecb ph\u1ea7n. \u0110\u1ed3ng th\u1eddi, ch\u00fang t\u00f4i \u0111\u1ecbnh h\u01b0\u1edbng tham gia \u0111\u1ea7u t\u01b0 chi\u1ebfn l\u01b0\u1ee3c v\u00e0o ch\u00ednh c\u00e1c doanh nghi\u1ec7p t\u01b0 v\u1ea5n, tr\u00ean c\u01a1 s\u1edf hi\u1ec3u s\u00e2u v\u1ec1 t\u00ecnh h\u00ecnh t\u00e0i ch\u00ednh, ho\u1ea1t \u0111\u1ed9ng v\u00e0 qu\u1ea3n tr\u1ecb, t\u1eeb \u0111\u00f3 c\u1ea5u tr\u00fac th\u01b0\u01a1ng v\u1ee5 v\u1edbi m\u1ee9c \u0111\u1ed9 an to\u00e0n v\u00e0 hi\u1ec7u qu\u1ea3 cao. <\/p>\n

B\u00ean c\u1ea1nh \u0111\u00f3, c\u00f4ng ty v\u1eabn duy tr\u00ec danh m\u1ee5c \u0111\u1ea7u t\u01b0 c\u1ed5 phi\u1ebfu linh ho\u1ea1t, \u0111\u01b0\u1ee3c qu\u1ea3n l\u00fd theo h\u01b0\u1edbng chuy\u00ean nghi\u1ec7p nh\u01b0 c\u00e1c qu\u1ef9 \u0111\u1ea7u t\u01b0, v\u1edbi h\u1ec7 th\u1ed1ng l\u1ef1a ch\u1ecdn c\u1ed5 phi\u1ebfu, ph\u00e2n b\u1ed5 v\u1ed1n v\u00e0 qu\u1ea3n tr\u1ecb r\u1ee7i ro ch\u1eb7t ch\u1ebd, nh\u1eb1m t\u1ed1i \u01b0u hi\u1ec7u qu\u1ea3 v\u00e0 th\u00edch \u1ee9ng theo di\u1ec5n bi\u1ebfn th\u1ecb tr\u01b0\u1eddng. <\/p>\n

C\u1ed5 \u0111\u00f4ng: \u0110\u1ecbnh h\u01b0\u1edbng tham gia th\u1ecb tr\u01b0\u1eddng t\u00e0i s\u1ea3n s\u1ed1 c\u1ee7a c\u00f4ng ty v\u00e0 h\u1ec7 sinh th\u00e1i s\u1ebd \u0111\u01b0\u1ee3c tri\u1ec3n khai nh\u01b0 th\u1ebf n\u00e0o? <\/i> <\/b> <\/p>\n

Ban l\u00e3nh \u0111\u1ea1o: <\/strong> Hi\u1ec7n nay, Nh\u00e0 n\u01b0\u1edbc v\u00e0 Ch\u00ednh ph\u1ee7 \u0111ang c\u00f3 ch\u1ee7 tr\u01b0\u01a1ng r\u1ea5t r\u00f5 r\u00e0ng trong vi\u1ec7c ti\u1ebfp c\u1eadn c\u00e1c c\u00f4ng ngh\u1ec7 m\u1edbi, c\u00e1c m\u00f4 h\u00ecnh m\u1edbi \u0111ang ph\u00e1t tri\u1ec3n tr\u00ean th\u1ebf gi\u1edbi. Hi\u1ec7n c\u00f3 h\u00e0ng tri\u1ec7u ng\u01b0\u1eddi Vi\u1ec7t Nam \u0111ang giao d\u1ecbch t\u00e0i s\u1ea3n s\u1ed1 tr\u00ean c\u00e1c s\u00e0n qu\u1ed1c t\u1ebf, tuy nhi\u00ean c\u00e1c ho\u1ea1t \u0111\u1ed9ng n\u00e0y ch\u01b0a \u0111\u01b0\u1ee3c qu\u1ea3n l\u00fd \u0111\u1ea7y \u0111\u1ee7, ti\u1ec1m \u1ea9n nhi\u1ec1u r\u1ee7i ro. V\u00ec v\u1eady, ch\u00fang t\u00f4i ho\u00e0n to\u00e0n \u1ee7ng h\u1ed9 ch\u1ee7 tr\u01b0\u01a1ng x\u00e2y d\u1ef1ng khung ph\u00e1p l\u00fd \u0111\u1ec3 qu\u1ea3n l\u00fd th\u1ecb tr\u01b0\u1eddng n\u00e0y m\u1ed9t c\u00e1ch an to\u00e0n v\u00e0 hi\u1ec7u qu\u1ea3. <\/p>\n

Trong kho\u1ea3ng g\u1ea7n m\u1ed9t n\u0103m qua, t\u00f4i cho bi\u1ebft ch\u00fang t\u00f4i \u0111\u00e3 ch\u1ee7 \u0111\u1ed9ng chu\u1ea9n b\u1ecb v\u1ec1 ngu\u1ed3n l\u1ef1c, h\u1ec7 th\u1ed1ng v\u00e0 h\u1ea1 t\u1ea7ng \u0111\u1ec3 s\u1eb5n s\u00e0ng tham gia khi c\u01a1 quan qu\u1ea3n l\u00fd cho ph\u00e9p. Hi\u1ec7n t\u1ea1i, ch\u01b0a c\u00f3 t\u1ed5 ch\u1ee9c n\u00e0o \u0111\u01b0\u1ee3c c\u1ea5p ph\u00e9p ch\u00ednh th\u1ee9c, nh\u01b0ng ch\u00fang t\u00f4i \u0111\u00e3 c\u00f3 nh\u1eefng b\u01b0\u1edbc chu\u1ea9n b\u1ecb quan tr\u1ecdng. <\/p>\n

C\u1ee5 th\u1ec3, ch\u00fang t\u00f4i \u0111\u00e3 tham gia th\u00e0nh l\u1eadp c\u00f4ng ty v\u1eadn h\u00e0nh s\u00e0n giao d\u1ecbch t\u00e0i s\u1ea3n m\u00e3 h\u00f3a v\u1edbi s\u1ef1 tham gia c\u1ee7a c\u00e1c c\u1ed5 \u0111\u00f4ng trong v\u00e0 ngo\u00e0i n\u01b0\u1edbc. Trong \u0111\u00f3 c\u00f3 c\u00e1c \u0111\u1ed1i t\u00e1c qu\u1ed1c t\u1ebf l\u1edbn nh\u01b0 m\u1ed9t t\u1eadp \u0111o\u00e0n c\u00f4ng ngh\u1ec7 blockchain to\u00e0n c\u1ea7u v\u00e0 m\u1ed9t s\u00e0n giao d\u1ecbch t\u00e0i s\u1ea3n s\u1ed1 h\u00e0ng \u0111\u1ea7u t\u1ea1i H\u1ed3ng K\u00f4ng. \u0110\u00e2y \u0111\u1ec1u l\u00e0 nh\u1eefng \u0111\u01a1n v\u1ecb c\u00f3 kinh nghi\u1ec7m v\u1eadn h\u00e0nh, tu\u00e2n th\u1ee7 v\u00e0 qu\u1ea3n tr\u1ecb tr\u00ean c\u00e1c th\u1ecb tr\u01b0\u1eddng l\u1edbn nh\u01b0 M\u1ef9, ch\u00e2u \u00c2u, Singapore v\u00e0 Trung \u0110\u00f4ng. <\/p>\n

Ch\u00fang t\u00f4i h\u1ee3p t\u00e1c v\u1edbi c\u00e1c \u0111\u1ed1i t\u00e1c n\u00e0y v\u00ec h\u1ecd c\u00f3 th\u1ebf m\u1ea1nh v\u1ec1 c\u00f4ng ngh\u1ec7 v\u00e0 v\u1eadn h\u00e0nh, trong khi ch\u00fang t\u00f4i c\u00f3 l\u1ee3i th\u1ebf v\u1ec1 h\u1ec7 sinh th\u00e1i t\u00e0i ch\u00ednh v\u00e0 th\u1ecb tr\u01b0\u1eddng trong n\u01b0\u1edbc. C\u00f4ng ty ch\u1ee9ng kho\u00e1n tham gia kh\u00f4ng ch\u1ec9 v\u1edbi vai tr\u00f2 \u0111\u1ea7u t\u01b0 m\u00e0 c\u00f2n l\u00e0 m\u1ed9t ph\u1ea7n trong vi\u1ec7c x\u00e2y d\u1ef1ng n\u1ec1n t\u1ea3ng k\u1ebft n\u1ed1i \u0111\u1ec3 nh\u00e0 \u0111\u1ea7u t\u01b0 c\u00f3 th\u1ec3 ti\u1ebfp c\u1eadn \u0111a d\u1ea1ng c\u00e1c lo\u1ea1i t\u00e0i s\u1ea3n. <\/p>\n

T\u00f4i c\u0169ng nh\u1ea5n m\u1ea1nh r\u1eb1ng t\u00e0i s\u1ea3n s\u1ed1 trong t\u01b0\u01a1ng lai kh\u00f4ng ch\u1ec9 d\u1eebng l\u1ea1i \u1edf c\u00e1c \u0111\u1ed3ng ti\u1ec1n m\u00e3 h\u00f3a nh\u01b0 Bitcoin, m\u00e0 c\u00f2n m\u1edf r\u1ed9ng sang nhi\u1ec1u s\u1ea3n ph\u1ea9m t\u00e0i ch\u00ednh kh\u00e1c \u1ee9ng d\u1ee5ng c\u00f4ng ngh\u1ec7 blockchain. Khi \u0111\u01b0\u1ee3c c\u1ea5p ph\u00e9p, c\u00e1c t\u1ed5 ch\u1ee9c trong n\u01b0\u1edbc s\u1ebd c\u00f3 c\u01a1 h\u1ed9i \u0111i \u0111\u1ea7u trong vi\u1ec7c ph\u00e1t tri\u1ec3n c\u00e1c s\u1ea3n ph\u1ea9m n\u00e0y. <\/p>\n

B\u00ean c\u1ea1nh \u0111\u00f3, ch\u00fang t\u00f4i c\u0169ng \u0111ang ho\u00e0n t\u1ea5t vi\u1ec7c th\u00e0nh l\u1eadp c\u00f4ng ty qu\u1ea3n l\u00fd qu\u1ef9, d\u1ef1 ki\u1ebfn \u0111i v\u00e0o ho\u1ea1t \u0111\u1ed9ng trong th\u1eddi gian t\u1edbi. C\u00f9ng v\u1edbi c\u00f4ng ty ch\u1ee9ng kho\u00e1n, b\u1ea3o hi\u1ec3m, ng\u00e2n h\u00e0ng v\u00e0 c\u00e1c d\u1ecbch v\u1ee5 private banking, ch\u00fang t\u00f4i \u0111ang t\u1eebng b\u01b0\u1edbc ho\u00e0n thi\u1ec7n h\u1ec7 sinh th\u00e1i \u0111\u1ea7u t\u01b0 to\u00e0n di\u1ec7n, trong \u0111\u00f3 qu\u1ea3n l\u00fd t\u00e0i s\u1ea3n (asset management) l\u00e0 m\u1ed9t c\u1ea5u ph\u1ea7n quan tr\u1ecdng. <\/p>\n

T\u00f4i kh\u1eb3ng \u0111\u1ecbnh r\u1eb1ng t\u1ea5t c\u1ea3 c\u00e1c ho\u1ea1t \u0111\u1ed9ng tri\u1ec3n khai \u0111\u1ec1u \u0111\u1eb7t \u01b0u ti\u00ean cao nh\u1ea5t v\u00e0o y\u1ebfu t\u1ed1 an to\u00e0n, tu\u00e2n th\u1ee7 ph\u00e1p l\u00fd v\u00e0 ph\u00f9 h\u1ee3p v\u1edbi ch\u1ee7 tr\u01b0\u01a1ng c\u1ee7a Nh\u00e0 n\u01b0\u1edbc. Khi \u0111\u01b0\u1ee3c c\u1ea5p ph\u00e9p, ch\u00fang t\u00f4i s\u1ebd nhanh ch\u00f3ng tri\u1ec3n khai v\u1edbi n\u1ec1n t\u1ea3ng \u0111\u00e3 chu\u1ea9n b\u1ecb s\u1eb5n. <\/p>\n

C\u1ed5 \u0111\u00f4ng: C\u00f4ng ty \u0111\u00e1nh gi\u00e1 nh\u01b0 th\u1ebf n\u00e0o v\u1ec1 m\u1ee9c \u0111\u1ecbnh gi\u00e1 c\u1ed5 phi\u1ebfu hi\u1ec7n t\u1ea1i? <\/b> <\/i> <\/p>\n

Ban l\u00e3nh \u0111\u1ea1o: <\/strong> Sau ni\u00eam y\u1ebft v\u00e0o th\u00e1ng 12, gi\u00e1 c\u1ed5 phi\u1ebfu \u0111\u00e3 c\u00f3 giai \u0111o\u1ea1n t\u0103ng m\u1ea1nh, c\u00f3 th\u1eddi \u0111i\u1ec3m \u0111\u1ea1t kho\u1ea3ng 34.500 \u0111\u1ed3ng\/c\u1ed5 phi\u1ebfu, cao h\u01a1n m\u1ee9c gi\u00e1 IPO 33.900 \u0111\u1ed3ng\/c\u1ed5 phi\u1ebfu. Tuy nhi\u00ean, trong c\u00e1c th\u00e1ng sau \u0111\u00f3, gi\u00e1 c\u00f3 \u0111i\u1ec1u ch\u1ec9nh gi\u1ea3m, \u0111\u00e2y l\u00e0 di\u1ec5n bi\u1ebfn chung c\u1ee7a th\u1ecb tr\u01b0\u1eddng. <\/p>\n

Nh\u1eefng bi\u1ebfn \u0111\u1ed9ng n\u00e0y ch\u1ecbu \u1ea3nh h\u01b0\u1edfng t\u1eeb nhi\u1ec1u y\u1ebfu t\u1ed1 v\u0129 m\u00f4 nh\u01b0 c\u0103ng th\u1eb3ng \u0111\u1ecba ch\u00ednh tr\u1ecb, bi\u1ebfn \u0111\u1ed9ng gi\u00e1 d\u1ea7u v\u00e0 m\u1eb7t b\u1eb1ng l\u00e3i su\u1ea5t t\u0103ng cao, qua \u0111\u00f3 t\u00e1c \u0111\u1ed9ng \u0111\u1ebfn th\u1ecb tr\u01b0\u1eddng ch\u1ee9ng kho\u00e1n n\u00f3i chung. <\/p>\n

N\u1ebfu x\u00e9t ri\u00eang v\u1ec1 \u0111\u1ecbnh gi\u00e1, hi\u1ec7n t\u1ea1i c\u1ed5 phi\u1ebfu c\u00f4ng ty c\u00f3 P\/B kho\u1ea3ng 1,62 l\u1ea7n v\u00e0 P\/E kho\u1ea3ng 12,69 l\u1ea7n. T\u00f4i \u0111\u00e1nh gi\u00e1 \u0111\u00e2y l\u00e0 m\u1ee9c \u0111\u1ecbnh gi\u00e1 t\u01b0\u01a1ng \u0111\u1ed1i h\u1ee3p l\u00fd v\u00e0 v\u1eabn c\u00f2n d\u01b0 \u0111\u1ecba t\u0103ng tr\u01b0\u1edfng. So v\u1edbi trung b\u00ecnh ng\u00e0nh, P\/B c\u1ee7a c\u00e1c c\u00f4ng ty ch\u1ee9ng kho\u00e1n kho\u1ea3ng 2,1 l\u1ea7n v\u00e0 P\/E kho\u1ea3ng 14,74 l\u1ea7n, th\u00ec c\u00e1c ch\u1ec9 s\u1ed1 c\u1ee7a c\u00f4ng ty \u0111ang \u1edf m\u1ee9c th\u1ea5p h\u01a1n. <\/p>\n

V\u1edbi n\u1ec1n t\u1ea3ng n\u00e0y, c\u00f9ng v\u1edbi tri\u1ec3n v\u1ecdng t\u00edch c\u1ef1c c\u1ee7a th\u1ecb tr\u01b0\u1eddng, \u0111\u1eb7c bi\u1ec7t l\u00e0 c\u00e2u chuy\u1ec7n n\u00e2ng h\u1ea1ng th\u1ecb tr\u01b0\u1eddng v\u00e0 c\u00e1c ch\u00ednh s\u00e1ch h\u1ed7 tr\u1ee3 t\u0103ng tr\u01b0\u1edfng d\u00e0i h\u1ea1n, t\u00f4i tin r\u1eb1ng gi\u00e1 c\u1ed5 phi\u1ebfu trong th\u1eddi gian t\u1edbi s\u1ebd ph\u1ea3n \u00e1nh \u0111\u1ea7y \u0111\u1ee7 h\u01a1n gi\u00e1 tr\u1ecb v\u00e0 ti\u1ec1m n\u0103ng ph\u00e1t tri\u1ec3n c\u1ee7a c\u00f4ng ty. <\/p>\n<\/p><\/div>","protected":false},"excerpt":{"rendered":"

Chi\u1ec1u ng\u00e0y 20\/4, C\u00f4ng ty C\u1ed5 ph\u1ea7n Ch\u1ee9ng kho\u00e1n VPBank (VPBankS) \u0111\u00e3 t\u1ed5 ch\u1ee9c th\u00e0nh c\u00f4ng \u0110\u1ea1i h\u1ed9i \u0111\u1ed3ng c\u1ed5 […]<\/p>","protected":false},"author":5,"featured_media":74174,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[221],"tags":[],"class_list":["post-74173","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\/74173","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=74173"}],"version-history":[{"count":0,"href":"https:\/\/hbbgroup.net\/zh\/wp-json\/wp\/v2\/posts\/74173\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/hbbgroup.net\/zh\/wp-json\/wp\/v2\/media\/74174"}],"wp:attachment":[{"href":"https:\/\/hbbgroup.net\/zh\/wp-json\/wp\/v2\/media?parent=74173"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/hbbgroup.net\/zh\/wp-json\/wp\/v2\/categories?post=74173"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/hbbgroup.net\/zh\/wp-json\/wp\/v2\/tags?post=74173"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}