{"id":74979,"date":"2026-04-23T08:49:42","date_gmt":"2026-04-23T01:49:42","guid":{"rendered":"https:\/\/hbbgroup.net\/chung-khoan-viet-dang-o-dau-so-voi-gia-vang\/"},"modified":"2026-04-23T09:06:13","modified_gmt":"2026-04-23T02:06:13","slug":"chung-khoan-viet-dang-o-dau-so-voi-gia-vang","status":"publish","type":"post","link":"https:\/\/hbbgroup.net\/zh\/chung-khoan-viet-dang-o-dau-so-voi-gia-vang\/","title":{"rendered":"Ch\u1ee9ng kho\u00e1n Vi\u1ec7t \u0111ang \u1edf \u0111\u00e2u so v\u1edbi gi\u00e1 v\u00e0ng?"},"content":{"rendered":"
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\"Ch\u1ee9ng<\/p>

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So v\u1edbi v\u00e0ng, VN-Index \u0111ang \u1edf \u0111\u00e1y th\u1ea5p nh\u1ea5t trong v\u00f2ng h\u01a1n 1 th\u1eadp k\u1ef7 tr\u1edf l\u1ea1i \u0111\u00e2y – \u1ea2nh: H\u1eeeU H\u1ea0NH<\/p>\n<\/figcaption><\/figure>\n

Theo th\u1ed1ng k\u00ea c\u1ee7a Tu\u1ed5i Tr\u1ebb Online<\/i>, Ch\u1ee9ng kho\u00e1n<\/a> Vi\u1ec7t Nam \u0111\u00e3 ra kh\u1ecfi tr\u1ea1ng th\u00e1i \u0111i\u1ec1u ch\u1ec9nh k\u1ec3 t\u1eeb phi\u00ean 9-4. T\u00ednh \u0111\u1ebfn nay, VN-Index \u0111ang \u1edf tu\u1ea7n t\u0103ng \u0111i\u1ec3m th\u1ee9 5 li\u00ean ti\u1ebfp.<\/p>\n

\u0110\u1ecbnh gi\u00e1 th\u1ecb tr\u01b0\u1eddng ch\u1ee9ng kho\u00e1n theo v\u00e0ng: v\u1eabn \u1edf \u0111\u00e1y<\/h2>\n

X\u00e9t v\u1ec1 m\u1eb7t th\u00e0nh t\u00edch, VN-Index \u0111\u00e3 quay l\u1ea1i qu\u1ef9 \u0111\u1ea1o t\u0103ng tr\u01b0\u1edfng c\u1ee7a n\u0103m th\u1ee9 4 li\u00ean ti\u1ebfp. T\u00ednh \u0111\u1ebfn h\u1ebft phi\u00ean 22-4, ch\u1ec9 s\u1ed1 n\u00e0y t\u0103ng kho\u1ea3ng 4,1% so v\u1edbi \u0111\u1ea7u n\u0103m 2026.<\/p>\n

Tuy nhi\u00ean gi\u00e1 v\u00e0ng th\u1ebf gi\u1edbi c\u0169ng \u0111ang c\u00f3 n\u0103m t\u0103ng tr\u01b0\u1edfng th\u1ee9 4 li\u00ean ti\u1ebfp v\u00e0 hi\u1ec7n \u0111\u00e3 t\u0103ng g\u1ea7n 9% t\u1eeb \u0111\u1ea7u n\u0103m 2026.<\/p>\n

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\"ch\u1ee9ng<\/p>

<\/figcaption><\/figure>\n

\u00d4ng Nguy\u1ec5n Th\u1ebf Minh – Gi\u00e1m \u0111\u1ed1c Kh\u1ed1i Ng\u00e2n h\u00e0ng<\/a> \u0111\u1ea7u t\u01b0 CTCP Ch\u1ee9ng kho\u00e1n An B\u00ecnh – d\u1eabn m\u1ed9t th\u1ed1ng k\u00ea \u0111\u00e1ng ch\u00fa \u00fd cho bi\u1ebft n\u1ebfu \u0111o VN-Index theo b\u1ea3n v\u1ecb v\u00e0ng (ch\u1ec9 s\u1ed1 VNI-XAU), th\u1ecb tr\u01b0\u1eddng hi\u1ec7n \u0111ang giao d\u1ecbch quanh v\u00f9ng \u0111\u00e1y c\u1ee7a giai \u0111o\u1ea1n 2012-2013.<\/p>\n

\u0110i\u1ec1u n\u00e0y \u0111\u1ed3ng ngh\u0129a d\u00f9 \u0111i\u1ec3m s\u1ed1 c\u00f3 ph\u1ee5c h\u1ed3i, ch\u1ee9ng kho\u00e1n \u0111ang b\u1ecb gi\u00e1 v\u00e0ng “b\u1ecf xa” trong xu h\u01b0\u1edbng t\u0103ng.<\/p>\n

Tuy nhi\u00ean VNI-XAU \u0111ang xu\u1ea5t hi\u1ec7n t\u00edn hi\u1ec7u ph\u00e2n k\u1ef3 t\u0103ng v\u1edbi c\u00e1c ch\u1ec9 b\u00e1o \u0111\u1ed9ng l\u01b0\u1ee3ng.<\/p>\n

“Trong qu\u00e1 kh\u1ee9, t\u00edn hi\u1ec7u n\u00e0y t\u1eebng xu\u1ea5t hi\u1ec7n v\u00e0o giai \u0111o\u1ea1n 2012-2013 v\u00e0 n\u0103m 2020 – nh\u1eefng th\u1eddi \u0111i\u1ec3m th\u1ecb tr\u01b0\u1eddng t\u1ea1o \u0111\u00e1y d\u00e0i h\u1ea1n tr\u01b0\u1edbc khi b\u01b0\u1edbc v\u00e0o chu k\u1ef3 t\u0103ng m\u1edbi”, \u00f4ng Minh ph\u00e2n t\u00edch.<\/p>\n

Ti\u1ec1n r\u1ebb ch\u01b0a quay l\u1ea1i, nh\u01b0ng \u00e1p l\u1ef1c \u0111\u00e3 h\u1ea1 nhi\u1ec7t<\/h2>\n

\u1ede g\u00f3c \u0111\u1ed9 d\u00f2ng ti\u1ec1n, di\u1ec5n bi\u1ebfn l\u00e3i su\u1ea5t \u0111ang mang l\u1ea1i t\u00edn hi\u1ec7u t\u00edch c\u1ef1c b\u01b0\u1edbc \u0111\u1ea7u. \u00d4ng B\u00f9i V\u0103n Huy – Gi\u00e1m \u0111\u1ed1c Kh\u1ed1i Nghi\u00ean c\u1ee9u \u0111\u1ea7u t\u01b0 CTCP FIDT – cho bi\u1ebft l\u00e3i su\u1ea5t qua \u0111\u00eam li\u00ean ng\u00e2n h\u00e0ng \u0111\u00e3 gi\u1ea3m m\u1ea1nh t\u1eeb kho\u1ea3ng 8%-10% \u0111\u1ea7u th\u00e1ng 4 xu\u1ed1ng 4% v\u00e0o gi\u1eefa th\u00e1ng 4.<\/p>\n

Vi\u1ec7c chi ph\u00ed v\u1ed1n ng\u1eafn h\u1ea1n h\u1ea1 nhi\u1ec7t gi\u00fap gi\u1ea3m \u00e1p l\u1ef1c thanh kho\u1ea3n trong h\u1ec7 th\u1ed1ng, \u0111\u1ed3ng th\u1eddi c\u1ea3i thi\u1ec7n t\u00e2m l\u00fd th\u1ecb tr\u01b0\u1eddng khi lo ng\u1ea1i d\u00f2ng ti\u1ec1n b\u1ecb h\u00fat kh\u1ecfi t\u00e0i s\u1ea3n r\u1ee7i ro ph\u1ea7n n\u00e0o \u0111\u01b0\u1ee3c xoa d\u1ecbu.<\/p>\n

Tuy nhi\u00ean theo \u00f4ng Huy, ch\u01b0a th\u1ec3 coi \u0111\u00e2y l\u00e0 d\u1ea5u hi\u1ec7u c\u1ee7a m\u1ed9t chu k\u1ef3 ti\u1ec1n r\u1ebb m\u1edbi. Trong n\u0103m 2025, t\u0103ng tr\u01b0\u1edfng t\u00edn d\u1ee5ng kho\u1ea3ng 19% trong khi huy \u0111\u1ed9ng ch\u1ec9 t\u0103ng 11,4%, bu\u1ed9c nhi\u1ec1u ng\u00e2n h\u00e0ng ph\u1ea3i ti\u1ebfp t\u1ee5c d\u1ef1a v\u00e0o th\u1ecb tr\u01b0\u1eddng li\u00ean ng\u00e2n h\u00e0ng v\u00e0 k\u00eanh tr\u00e1i phi\u1ebfu.<\/p>\n

Do \u0111\u00f3 chuy\u1ec3n \u0111\u1ed9ng v\u1eeba qua mang t\u00ednh “gi\u1ea3m c\u0103ng th\u1eb3ng c\u1ee5c b\u1ed9” nhi\u1ec1u h\u01a1n l\u00e0 \u0111\u1ea3o chi\u1ec1u ch\u00ednh s\u00e1ch ti\u1ec1n t\u1ec7. <\/p>\n

T\u00e1c \u0111\u1ed9ng l\u00ean ch\u1ee9ng kho\u00e1n hi\u1ec7n ch\u1ee7 y\u1ebfu d\u1eebng \u1edf h\u1ed7 tr\u1ee3 \u0111\u1ecbnh gi\u00e1 v\u00e0 t\u00e2m l\u00fd, trong khi \u0111\u1ec3 h\u00ecnh th\u00e0nh m\u1ed9t xu h\u01b0\u1edbng t\u0103ng d\u00e0i h\u01a1n v\u1eabn c\u1ea7n th\u00eam c\u00e1c \u0111i\u1ec1u ki\u1ec7n nh\u01b0 t\u0103ng tr\u01b0\u1edfng l\u1ee3i nhu\u1eadn v\u00e0 d\u00f2ng ti\u1ec1n th\u1ef1c quay l\u1ea1i.<\/p>\n

Ng\u00e2n h\u00e0ng v\u1eabn l\u00e0 “b\u00e0i test” c\u1ee7a th\u1ecb tr\u01b0\u1eddng<\/h2>\n

Theo \u00f4ng B\u00f9i V\u0103n Huy, nh\u00f3m ng\u00e2n h\u00e0ng v\u1eabn l\u00e0 bi\u1ebfn s\u1ed1 quan tr\u1ecdng nh\u1ea5t \u0111\u1ec3 \u0111\u00e1nh gi\u00e1 \u0111\u1ed9 b\u1ec1n c\u1ee7a th\u1ecb tr\u01b0\u1eddng. X\u00e9t v\u1ec1 \u0111\u1ecbnh gi\u00e1, nh\u00f3m n\u00e0y hi\u1ec7n giao d\u1ecbch quanh m\u1ee9c P\/B 1,3 l\u1ea7n v\u1edbi ROE kho\u1ea3ng 16% – th\u1ea5p h\u01a1n \u0111\u00e1ng k\u1ec3 so v\u1edbi m\u1eb7t b\u1eb1ng l\u1ecbch s\u1eed.<\/p>\n

D\u00f9 c\u00f2n d\u01b0 \u0111\u1ecba t\u00e1i \u0111\u1ecbnh gi\u00e1, c\u01a1 h\u1ed9i s\u1ebd kh\u00f4ng tr\u1ea3i \u0111\u1ec1u. N\u0103m 2026 \u0111\u01b0\u1ee3c d\u1ef1 b\u00e1o l\u00e0 giai \u0111o\u1ea1n ph\u00e2n h\u00f3a m\u1ea1nh, khi c\u00e1c ng\u00e2n h\u00e0ng c\u00f3 n\u1ec1n t\u1ea3ng v\u1ed1n t\u1ed1t, CASA cao v\u00e0 ch\u1ea5t l\u01b0\u1ee3ng t\u00e0i s\u1ea3n \u1ed5n \u0111\u1ecbnh s\u1ebd ti\u1ebfp t\u1ee5c gia t\u0103ng l\u1ee3i th\u1ebf, trong khi nh\u00f3m y\u1ebfu h\u01a1n \u0111\u1ed1i m\u1eb7t \u00e1p l\u1ef1c t\u1eeb NIM suy gi\u1ea3m v\u00e0 chi ph\u00ed v\u1ed1n t\u0103ng.<\/p>\n

Trong b\u1ed1i c\u1ea3nh NIM to\u00e0n ng\u00e0nh c\u00f3 th\u1ec3 xu\u1ed1ng d\u01b0\u1edbi 3% v\u00e0 t\u00edn d\u1ee5ng mang t\u00ednh ch\u1ecdn l\u1ecdc h\u01a1n, c\u00e2u chuy\u1ec7n \u0111\u1ea7u t\u01b0 ng\u00e2n h\u00e0ng tr\u1edf n\u00ean “kh\u00f3” h\u01a1n, \u0111\u00f2i h\u1ecfi ch\u1ecdn l\u1ecdc thay v\u00ec mua theo ng\u00e0nh.<\/p>\n

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\"Ch\u1ee9ng<\/p>

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T\u00ednh \u0111\u1ebfn h\u1ebft phi\u00ean giao d\u1ecbch 22-4<\/p>\n<\/figcaption><\/figure>\n

\u1ede g\u00f3c nh\u00ecn kh\u00e1c, \u00f4ng Nguy\u1ec5n V\u0103n Tr\u00fac – Gi\u00e1m \u0111\u1ed1c Trung t\u00e2m Ph\u00e2n t\u00edch CTCP Ch\u1ee9ng kho\u00e1n qu\u1ed1c gia NSI – nh\u1ea5n m\u1ea1nh l\u00e0n s\u00f3ng t\u0103ng v\u1ed1n \u0111ang thi\u1ebft l\u1eadp m\u1ed9t m\u1eb7t b\u1eb1ng c\u1ea1nh tranh m\u1edbi, v\u1edbi m\u1ee5c ti\u00eau h\u01b0\u1edbng t\u1edbi quy m\u00f4 v\u1ed1n \u0111i\u1ec1u l\u1ec7 100.000 t\u1ec9 \u0111\u1ed3ng.<\/p>\n

Trong ng\u1eafn h\u1ea1n, vi\u1ec7c t\u0103ng v\u1ed1n c\u00f3 th\u1ec3 g\u00e2y \u00e1p l\u1ef1c l\u00ean gi\u00e1 c\u1ed5 phi\u1ebfu do ngu\u1ed3n cung gia t\u0103ng. Nh\u01b0ng v\u1ec1 d\u00e0i h\u1ea1n, y\u1ebfu t\u1ed1 quy\u1ebft \u0111\u1ecbnh v\u1eabn l\u00e0 hi\u1ec7u qu\u1ea3 s\u1eed d\u1ee5ng v\u1ed1n. N\u1ebfu l\u1ee3i nhu\u1eadn t\u1ea1o ra v\u01b0\u1ee3t qua m\u1ee9c pha lo\u00e3ng, c\u1ed5 phi\u1ebfu c\u00f3 th\u1ec3 \u0111\u01b0\u1ee3c t\u00e1i \u0111\u1ecbnh gi\u00e1 l\u00ean m\u1eb7t b\u1eb1ng cao h\u01a1n.<\/p>\n

Ng\u01b0\u1ee3c l\u1ea1i, n\u1ebfu v\u1ed1n kh\u00f4ng \u0111\u01b0\u1ee3c chuy\u1ec3n h\u00f3a th\u00e0nh t\u0103ng tr\u01b0\u1edfng th\u1ef1c, \u00e1p l\u1ef1c gi\u1ea3m gi\u00e1 l\u00e0 kh\u00f3 tr\u00e1nh kh\u1ecfi.<\/p>\n

<\/pattern> <\/defs> <\/svg> \u0110\u1ecdc ti\u1ebfp <\/a> <\/pattern> <\/defs> <\/svg> V\u1ec1 trang Ch\u1ee7 \u0111\u1ec1 <\/a> <\/p>\n<\/p><\/div>","protected":false},"excerpt":{"rendered":"

So v\u1edbi v\u00e0ng, VN-Index \u0111ang \u1edf \u0111\u00e1y th\u1ea5p nh\u1ea5t trong v\u00f2ng h\u01a1n 1 th\u1eadp k\u1ef7 tr\u1edf l\u1ea1i \u0111\u00e2y – \u1ea2nh: […]<\/p>","protected":false},"author":5,"featured_media":74982,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[94],"tags":[],"class_list":["post-74979","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-tin-tuc-trong-nuoc"],"acf":[],"_links":{"self":[{"href":"https:\/\/hbbgroup.net\/zh\/wp-json\/wp\/v2\/posts\/74979","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=74979"}],"version-history":[{"count":1,"href":"https:\/\/hbbgroup.net\/zh\/wp-json\/wp\/v2\/posts\/74979\/revisions"}],"predecessor-version":[{"id":75098,"href":"https:\/\/hbbgroup.net\/zh\/wp-json\/wp\/v2\/posts\/74979\/revisions\/75098"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/hbbgroup.net\/zh\/wp-json\/wp\/v2\/media\/74982"}],"wp:attachment":[{"href":"https:\/\/hbbgroup.net\/zh\/wp-json\/wp\/v2\/media?parent=74979"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/hbbgroup.net\/zh\/wp-json\/wp\/v2\/categories?post=74979"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/hbbgroup.net\/zh\/wp-json\/wp\/v2\/tags?post=74979"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}