{"id":74730,"date":"2026-04-22T08:58:05","date_gmt":"2026-04-22T01:58:05","guid":{"rendered":"https:\/\/hbbgroup.net\/loat-ctck-cho-vay-hang-chuc-nghin-ty-nhung-thi-phan-giao-dich-khiem-ton-tien-margin-da-di-dau\/"},"modified":"2026-04-22T08:58:05","modified_gmt":"2026-04-22T01:58:05","slug":"loat-ctck-cho-vay-hang-chuc-nghin-ty-nhung-thi-phan-giao-dich-khiem-ton-tien-margin-da-di-dau","status":"publish","type":"post","link":"https:\/\/hbbgroup.net\/zh\/loat-ctck-cho-vay-hang-chuc-nghin-ty-nhung-thi-phan-giao-dich-khiem-ton-tien-margin-da-di-dau\/","title":{"rendered":"Lo\u1ea1t CTCK cho vay h\u00e0ng ch\u1ee5c ngh\u00ecn t\u1ef7 nh\u01b0ng th\u1ecb ph\u1ea7n giao d\u1ecbch khi\u00eam t\u1ed1n, ti\u1ec1n margin \u0111\u00e3 \u0111i \u0111\u00e2u?"},"content":{"rendered":"
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M\u00f9a b\u00e1o c\u00e1o t\u00e0i ch\u00ednh qu\u00fd 1 c\u1ee7a c\u00e1c c\u00f4ng ty ch\u1ee9ng kho\u00e1n (CTCK) \u0111\u00e3 kh\u00e9p l\u1ea1i v\u1edbi m\u1ed9t hi\u1ec7n t\u01b0\u1ee3ng th\u00fa v\u1ecb l\u00e0 s\u1ef1 ch\u00eanh l\u1ec7ch r\u00f5 r\u1ec7t gi\u1eefa quy m\u00f4 ho\u1ea1t \u0111\u1ed9ng cho vay v\u00e0 th\u1ecb ph\u1ea7n giao d\u1ecbch c\u1ee7a c\u00e1c CTCK. M\u1ed9t s\u1ed1 CTCK nh\u01b0 ACBS, Mirae Asset c\u00f3 d\u01b0 n\u1ee3 cho vay l\u1edbn, h\u00e0ng \u0111\u1ea7u th\u1ecb tr\u01b0\u1eddng nh\u01b0ng th\u1ecb ph\u1ea7n l\u1ea1i khi\u00eam t\u1ed1n, th\u1eadm ch\u00ed n\u1eb1m ngo\u00e0i top 10. <\/p>\n

M\u1ed9t tr\u01b0\u1eddng h\u1ee3p kh\u00e1c l\u00e0 VPBankS, CTCK n\u00e0y c\u00f3 d\u01b0 n\u1ee3 cho vay h\u01a1n 36.000 t\u1ef7 \u0111\u1ed3ng t\u1ea1i ng\u00e0y 31\/3, x\u1ebfp th\u1ee9 3 to\u00e0n ng\u00e0nh. Tuy nhi\u00ean, th\u1ecb ph\u1ea7n giao d\u1ecbch qu\u00fd 1 tr\u00ean HoSE c\u1ee7a VPBankS ch\u1ec9 v\u1ecfn v\u1eb9n 2,94% – x\u1ebfp th\u1ee9 9. Trong khi \u0111\u00f3, VPS d\u1eabn \u0111\u1ea7u v\u1ec1 th\u1ecb ph\u1ea7n m\u00f4i gi\u1edbi v\u1edbi con s\u1ed1 v\u01b0\u1ee3t tr\u1ed9i l\u00e0 15,32% l\u1ea1i cho d\u01b0 n\u1ee3 cho vay th\u1ea5p h\u01a1n \u0111\u00e1ng k\u1ec3, ch\u1ec9 kho\u1ea3ng 30.000 t\u1ef7 v\u00e0o cu\u1ed1i qu\u00fd 1. <\/p>\n

T\u01b0\u01a1ng t\u1ef1, TCBS c\u00f3 d\u01b0 n\u1ee3 cho vay l\u1edbn nh\u1ea5t ng\u00e0nh v\u1edbi g\u1ea7n 45.000 t\u1ef7 \u0111\u1ed3ng, b\u1ecf xa nh\u1eefng CTCK ph\u00eda sau nh\u01b0ng th\u1ecb ph\u1ea7n ch\u1ec9 x\u1ebfp th\u1ee9 3 v\u1edbi 8,85%. M\u1ee9c th\u1ecb ph\u1ea7n n\u00e0y ch\u1ec9 nh\u1ec9nh h\u01a1n \u0111\u00f4i ch\u00fat so v\u1edbi Vietcap (7,35%) \u2013 CTCK c\u00f3 d\u01b0 n\u1ee3 cho vay ch\u1ec9 ch\u01b0a \u0111\u1ebfn 17.000 t\u1ef7 \u0111\u1ed3ng, t\u1ee9c l\u00e0 t\u01b0\u01a1ng \u0111\u01b0\u01a1ng 1\/3 c\u1ee7a TCBS. <\/p>\n

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\u1ede m\u1ed9t g\u00f3c \u0111\u1ed9 n\u00e0o \u0111\u00f3, hi\u1ec7n t\u01b0\u1ee3ng nhi\u1ec1u CTCK c\u00f3 d\u01b0 n\u1ee3 cho vay l\u1edbn nh\u01b0ng th\u1ecb ph\u1ea7n kh\u00f4ng t\u01b0\u01a1ng x\u1ee9ng, \u0111ang ph\u1ea3n \u00e1nh th\u1ef1c tr\u1ea1ng l\u00e0 m\u1ed9t l\u01b0\u1ee3ng margin \u0111\u00e1ng k\u1ec3 kh\u00f4ng ph\u1ee5c v\u1ee5 m\u1ee5c \u0111\u00edch giao d\u1ecbch. Hay n\u00f3i c\u00e1ch kh\u00e1c, ho\u1ea1t \u0111\u1ed9ng cho vay n\u00e0y kh\u00f4ng ho\u00e0n to\u00e0n cung c\u1ea5p cho nhu c\u1ea7u \u0111\u00f2n b\u1ea9y c\u1ee7a nh\u00e0 \u0111\u1ea7u t\u01b0 c\u00e1 nh\u00e2n, m\u1ed9t l\u01b0\u1ee3ng kh\u00f4ng nh\u1ecf d\u00f9ng \u0111\u1ec3 d\u00e0nh cho c\u00e1c t\u1ed5 ch\u1ee9c, l\u00e3nh \u0111\u1ea1o doanh nghi\u1ec7p, c\u1ed5 \u0111\u00f4ng l\u1edbn s\u1eed d\u1ee5ng v\u00e0o m\u1ee5c \u0111\u00edch kh\u00e1c. <\/p>\n

\u0110i\u1ec3m d\u1ec5 nh\u1eadn th\u1ea5y l\u00e0 hi\u1ec7n t\u01b0\u1ee3ng n\u00e0y ch\u1ee7 y\u1ebfu x\u1ea3y ra tr\u00ean c\u00e1c CTCK c\u00f3 ng\u00e2n h\u00e0ng h\u1eadu thu\u1eabn. \u0110i\u1ec1u n\u00e0y ph\u00f9 h\u1ee3p v\u1edbi xu h\u01b0\u1edbng \u201cng\u00e2n h\u00e0ng ho\u00e1\u201d (shadow banking) \u0111ang di\u1ec5n ra m\u1ea1nh m\u1ebd tr\u00ean nh\u00f3m CTCK. Trong b\u1ed1i c\u1ea3nh t\u00ednh d\u1ee5ng th\u1eaft ch\u1eb7t c\u00f3 ch\u1ecdn l\u1ecdc, \u0111\u00e2y l\u00e0 k\u00eanh huy \u0111\u1ed9ng c\u00f3 th\u1ec3 gi\u1ea3i quy\u1ebft nhu c\u1ea7u v\u1ed1n c\u1ea5p thi\u1ebft cho c\u00e1c doanh nghi\u1ec7p ho\u1eb7c ch\u1ee7 doanh nghi\u1ec7p v\u1edbi th\u1ee7 t\u1ee5c \u0111\u01a1n gi\u1ea3n v\u00e0 m\u1ee9c \u0111\u1ed9 ki\u1ec3m so\u00e1t l\u1ecfng l\u1ebbo h\u01a1n nhi\u1ec1u. <\/p>\n

Th\u1ef1c t\u1ebf, ho\u1ea1t \u0111\u1ed9ng n\u00e0y mang l\u1ea1i l\u1ee3i \u00edch r\u00f5 r\u00e0ng cho c\u1ea3 3 b\u00ean: (1) ng\u00e2n h\u00e0ng c\u00f3 th\u00eam \u0111\u1ea7u ra, gi\u1ea3i quy\u1ebft v\u1ea5n \u0111\u1ec1 t\u0103ng tr\u01b0\u1edfng t\u00edn d\u1ee5ng; (2) CTCK c\u00f3 d\u01b0 n\u1ee3, thu l\u00e3i; (3) doanh nghi\u1ec7p\/ch\u1ee7 doanh nghi\u1ec7p \u0111\u01b0\u1ee3c ti\u1ebfp c\u1eadn ngu\u1ed3n v\u1ed1n d\u1ec5 d\u00e0ng. Tuy nhi\u00ean, ho\u1ea1t \u0111\u1ed9ng n\u00e0y c\u0169ng ti\u1ec1m \u1ea9n nh\u1eefng r\u1ee7i ro nh\u1ea5t \u0111\u1ecbnh khi ngu\u1ed3n tr\u1ea3 n\u1ee3 c\u1ee7a c\u00e1c doanh nghi\u1ec7p g\u1eb7p v\u1ea5n \u0111\u1ec1, c\u00e1c ch\u1ee7 doanh nghi\u1ec7p b\u1ecb b\u00e1n gi\u1ea3i ch\u1ea5p s\u1ebd t\u00e1c \u0111\u1ed9ng l\u1edbn h\u01a1n nhi\u1ec1u so v\u1edbi c\u00e1c nh\u00e0 \u0111\u1ea7u t\u01b0 c\u00e1 nh\u00e2n. <\/p>\n

Nh\u00ecn chung, shadow banking l\u00e0 xu h\u01b0\u1edbng \u0111ang th\u1ecbnh h\u00e0nh trong nh\u00f3m CTCK, mang l\u1ea1i l\u1ee3i \u00edch l\u1edbn nh\u01b0ng c\u0169ng \u0111\u00f2i h\u1ecfi kh\u1ea3 n\u0103ng qu\u1ea3n tr\u1ecb r\u1ee7i ro \u1edf m\u1ee9c cao. Ng\u00e0y c\u00e0ng nhi\u1ec1u ng\u00e2n h\u00e0ng mu\u1ed1n th\u00e2u t\u00f3m, t\u0103ng s\u1edf h\u1eefu c\u00e1c CTCK. Nh\u00f3m n\u00e0y \u0111\u1ec1u ghi nh\u1eadn quy m\u00f4 ho\u1ea1t \u0111\u1ed9ng cho vay m\u1edf r\u1ed9ng m\u1ea1nh m\u1ebd. Theo th\u1ed1ng k\u00ea, t\u00ednh \u0111\u1ebfn cu\u1ed1i qu\u00fd 1, to\u00e0n th\u1ecb tr\u01b0\u1eddng ghi nh\u1eadn 15 CTCK c\u00f3 d\u01b0 n\u1ee3 cho vay tr\u00ean 10.000 t\u1ef7 \u0111\u1ed3ng, trong \u0111\u00f3 qu\u00e1 n\u1eeda nh\u00f3m n\u00e0y c\u00f3 ng\u00e2n h\u00e0ng h\u1eadu thu\u1eabn. <\/p>\n

T\u00ednh \u0111\u1ebfn cu\u1ed1i qu\u00fd 1\/2026, d\u01b0 n\u1ee3 cho vay (bao g\u1ed3m margin v\u00e0 \u1ee9ng tr\u01b0\u1edbc ti\u1ec1n b\u00e1n) t\u1ea1i c\u00e1c CTCK \u01b0\u1edbc t\u00ednh v\u00e0o kho\u1ea3ng 415.000 t\u1ef7 \u0111\u1ed3ng, t\u0103ng kho\u1ea3ng 9.000 t\u1ef7 so v\u1edbi cu\u1ed1i n\u0103m 2025. Trong \u0111\u00f3, d\u01b0 n\u1ee3 cho vay k\u00fd qu\u1ef9 (margin) \u01b0\u1edbc t\u00ednh kho\u1ea3ng 405.000 t\u1ef7 \u0111\u1ed3ng, t\u0103ng 13.000 t\u1ef7 sau qu\u00fd \u0111\u1ea7u n\u0103m v\u00e0 c\u0169ng l\u00e0 con s\u1ed1 cao nh\u1ea5t trong l\u1ecbch s\u1eed ch\u1ee9ng kho\u00e1n Vi\u1ec7t Nam. <\/p>\n<\/p><\/div>","protected":false},"excerpt":{"rendered":"

M\u00f9a b\u00e1o c\u00e1o t\u00e0i ch\u00ednh qu\u00fd 1 c\u1ee7a c\u00e1c c\u00f4ng ty ch\u1ee9ng kho\u00e1n (CTCK) \u0111\u00e3 kh\u00e9p l\u1ea1i v\u1edbi m\u1ed9t hi\u1ec7n […]<\/p>","protected":false},"author":5,"featured_media":74731,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[221],"tags":[],"class_list":["post-74730","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\/74730","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=74730"}],"version-history":[{"count":0,"href":"https:\/\/hbbgroup.net\/zh\/wp-json\/wp\/v2\/posts\/74730\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/hbbgroup.net\/zh\/wp-json\/wp\/v2\/media\/74731"}],"wp:attachment":[{"href":"https:\/\/hbbgroup.net\/zh\/wp-json\/wp\/v2\/media?parent=74730"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/hbbgroup.net\/zh\/wp-json\/wp\/v2\/categories?post=74730"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/hbbgroup.net\/zh\/wp-json\/wp\/v2\/tags?post=74730"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}