{"id":75512,"date":"2026-04-24T09:01:26","date_gmt":"2026-04-24T02:01:26","guid":{"rendered":"https:\/\/hbbgroup.net\/loat-ten-tuoi-danh-tieng-giam-tu-doanh-co-phieu-chuyen-gi-dang-xay-ra\/"},"modified":"2026-04-24T09:01:26","modified_gmt":"2026-04-24T02:01:26","slug":"loat-ten-tuoi-danh-tieng-giam-tu-doanh-co-phieu-chuyen-gi-dang-xay-ra","status":"publish","type":"post","link":"https:\/\/hbbgroup.net\/zh\/loat-ten-tuoi-danh-tieng-giam-tu-doanh-co-phieu-chuyen-gi-dang-xay-ra\/","title":{"rendered":"Lo\u1ea1t t\u00ean tu\u1ed5i \u0111\u00e1nh ti\u1ebfng gi\u1ea3m t\u1ef1 doanh c\u1ed5 phi\u1ebfu, chuy\u1ec7n g\u00ec \u0111ang x\u1ea3y ra?"},"content":{"rendered":"
<\/figcaption>

T\u1ef1 doanh c\u1ed5 phi\u1ebfu l\u00e0 m\u1ed9t trong nh\u1eefng m\u1ea3ng ho\u1ea1t \u0111\u1ed9ng quan tr\u1ecdng, chi\u1ebfm t\u1ef7 tr\u1ecdng l\u1edbn trong c\u01a1 c\u1ea5u ph\u00e2n b\u1ed5 v\u1ed1n c\u1ee7a c\u00e1c c\u00f4ng ty ch\u1ee9ng kho\u00e1n (CTCK). Tuy nhi\u00ean, th\u1eddi gian g\u1ea7n \u0111\u00e2y, m\u1ed9t s\u1ed1 CTCK c\u00f3 xu h\u01b0\u1edbng thu h\u1eb9p m\u1ea3ng ho\u1ea1t \u0111\u1ed9ng n\u00e0y. <\/p>\n

Ch\u1ee9ng kho\u00e1n SHS l\u00e0 m\u1ed9t v\u00ed d\u1ee5 \u0111i\u1ec3n h\u00ecnh. CTCK n\u00e0y l\u00e0 \u0111\u01a1n v\u1ecb c\u00f3 ho\u1ea1t \u0111\u1ed9ng t\u1ef1 doanh kh\u00e1 n\u1ed5i b\u1eadt v\u1edbi quy m\u00f4 danh m\u1ee5c (FVTPL v\u00e0 AFS) th\u01b0\u1eddng chi\u1ebfm kho\u1ea3ng 50-60% t\u1ed5ng t\u00e0i s\u1ea3n. T\u00ednh \u0111\u1ebfn cu\u1ed1i qu\u00fd 1\/2026, gi\u00e1 tr\u1ecb ghi s\u1ed5 c\u00e1c kho\u1ea3n \u0111\u1ea7u t\u01b0 c\u1ed5 phi\u1ebfu (ni\u00eam y\u1ebft, UPCoM v\u00e0 ch\u01b0a ni\u00eam y\u1ebft) \u0111\u00e3 gi\u1ea3m g\u1ea7n 1.200 t\u1ef7 so v\u1edbi \u0111\u1ea7u n\u0103m. <\/p>\n

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\"Lo\u1ea1t <\/p>

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Ngu\u1ed3n: BCTC qu\u00fd 1\/2026 c\u1ee7a SHS <\/p>\n<\/figcaption><\/figure>\n

T\u1ea1i \u0110H\u0110C\u0110 th\u01b0\u1eddng ni\u00ean n\u0103m 2026 t\u1ed5 ch\u1ee9c ng\u00e0y 17\/4, ban l\u00e3nh \u0111\u1ea1o SHS \u0111\u00e3 c\u00f4ng b\u1ed1 \u0111\u1ecbnh h\u01b0\u1edbng kinh doanh, v\u1edbi vi\u1ec7c d\u1ea7n chuy\u1ec3n d\u1ecbch c\u01a1 c\u1ea5u, b\u1ed5 sung m\u1ea3ng kinh doanh m\u1edbi \u0111\u1ec3 m\u1ea3ng \u0111\u1ea7u t\u01b0 t\u1ef1 \u0111\u1ed9ng gi\u1ea3m xu\u1ed1ng. Theo T\u1ed5ng gi\u00e1m \u0111\u1ed1c SHS, m\u1ea3ng t\u1ef1 doanh s\u1ebd thu\u1eadn l\u1ee3i khi th\u1ecb tr\u01b0\u1eddng thu\u1eadn l\u1ee3i nh\u01b0ng bi\u1ebfn \u0111\u1ed9ng x\u1ea3y ra th\u00ec l\u1ea1i l\u00e0 r\u1ee7i ro l\u1edbn v\u1edbi t\u00ednh b\u1ec1n v\u1eefng c\u1ee7a k\u1ebft qu\u1ea3 kinh doanh. <\/p>\n

T\u01b0\u01a1ng t\u1ef1, t\u1ea1i \u0110H\u0110C\u0110 th\u01b0\u1eddng ni\u00ean 2026 c\u1ee7a Ch\u1ee9ng kho\u00e1n HSC, \u00f4ng Tr\u1ecbnh Ho\u00e0i Giang – T\u1ed5ng Gi\u00e1m \u0111\u1ed1c cho bi\u1ebft, ho\u1ea1t \u0111\u1ed9ng t\u1ef1 doanh c\u1ee7a CTCK n\u00e0y c\u0169ng \u0111\u01b0\u1ee3c \u0111\u1ecbnh h\u01b0\u1edbng theo h\u01b0\u1edbng ki\u1ec3m so\u00e1t r\u1ee7i ro, t\u1eadp trung v\u00e0o c\u00e1c s\u1ea3n ph\u1ea9m c\u00f3 thu nh\u1eadp \u1ed5n \u0111\u1ecbnh (fixed-income) thay v\u00ec \u0111\u1ea7u c\u01a1 ng\u1eafn h\u1ea1n. <\/p>\n

Trong qu\u00fd \u0111\u1ea7u n\u0103m, HSC g\u1ea7n nh\u01b0 \u0111\u00e3 b\u00e1n to\u00e0n b\u1ed9 g\u1ea7n 3.900 t\u1ef7 \u0111\u1ed3ng (t\u00ednh theo gi\u00e1 g\u1ed1c) c\u00e1c kho\u1ea3n \u0111\u1ea7u t\u01b0 c\u1ed5 phi\u1ebfu. Tuy nhi\u00ean, \u00f4ng Giang c\u0169ng l\u01b0u \u00fd ph\u1ea7n l\u1edbn danh m\u1ee5c c\u1ed5 phi\u1ebfu c\u1ee7a HSC ph\u1ee5c v\u1ee5 ho\u1ea1t \u0111\u1ed9ng t\u1ea1o l\u1eadp th\u1ecb tr\u01b0\u1eddng v\u00e0 h\u1ed7 tr\u1ee3 giao d\u1ecbch cho kh\u00e1ch h\u00e0ng, n\u00ean quy m\u00f4 c\u00f3 th\u1ec3 bi\u1ebfn \u0111\u1ed9ng theo nhu c\u1ea7u th\u1ecb tr\u01b0\u1eddng. \u201cVi\u1ec7c gi\u1ea3m quy m\u00f4 c\u1ed5 phi\u1ebfu t\u1ea1i m\u1ed9t th\u1eddi \u0111i\u1ec3m ch\u1ee7 y\u1ebfu do ho\u1ea1t \u0111\u1ed9ng mua \u2013 b\u00e1n ph\u1ee5c v\u1ee5 kh\u00e1ch h\u00e0ng t\u0103ng cao, kh\u00f4ng ph\u1ea3n \u00e1nh xu h\u01b0\u1edbng gi\u1ea3m \u0111\u1ea7u t\u01b0 d\u00e0i h\u1ea1n\u201d, \u00f4ng Giang chia s\u1ebb. <\/p>\n

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\"Lo\u1ea1t <\/p>

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Ngu\u1ed3n: BCTC qu\u00fd 1\/2026 c\u1ee7a HSC <\/p>\n<\/figcaption><\/figure>\n

L\u00e3nh \u0111\u1ea1o HSC cho bi\u1ebft c\u00f4ng ty s\u1ebd ti\u1ebfp t\u1ee5c t\u1eadp trung v\u00e0o vai tr\u00f2 t\u1ea1o l\u1eadp th\u1ecb tr\u01b0\u1eddng, \u0111\u1eb7c bi\u1ec7t v\u1edbi c\u00e1c s\u1ea3n ph\u1ea9m ETF v\u00e0 ch\u1ee9ng quy\u1ec1n. Hi\u1ec7n HSC l\u00e0 nh\u00e0 t\u1ea1o l\u1eadp th\u1ecb tr\u01b0\u1eddng cho 3 ETF l\u1edbn, t\u1ed5ng AUM 1 t\u1ef7 USD, g\u00f3p ph\u1ea7n \u0111\u1ea3m b\u1ea3o thanh kho\u1ea3n v\u00e0 h\u1ed7 tr\u1ee3 giao d\u1ecbch. V\u1ec1 t\u1ed5ng th\u1ec3, danh m\u1ee5c \u0111\u1ea7u t\u01b0 c\u1ee7a c\u00f4ng ty t\u1eadp trung v\u00e0o c\u00e1c t\u00e0i s\u1ea3n sinh l\u1ee3i \u1ed5n \u0111\u1ecbnh (fixed-income), ch\u1ee7 y\u1ebfu l\u00e0 tr\u00e1i phi\u1ebfu. <\/p>\n

M\u1ed9t c\u00e1i t\u00ean \u0111\u00e1ng ch\u00fa \u00fd kh\u00e1c l\u00e0 Ch\u1ee9ng kho\u00e1n VPS \u2013 c\u00f4ng ty d\u1eabn \u0111\u1ea7u th\u1ecb ph\u1ea7n m\u00f4i gi\u1edbi tr\u00ean c\u1ea3 3 s\u00e0n, th\u1eadm ch\u00ed c\u00f2n kh\u00f4ng t\u1ef1 doanh c\u1ed5 phi\u1ebfu. Gi\u00e1 tr\u1ecb c\u00e1c kho\u1ea3n \u0111\u1ea7u t\u01b0 c\u1ed5 phi\u1ebfu c\u1ee7a CTCK g\u1ea7n nh\u01b0 kh\u00f4ng \u0111\u00e1ng k\u1ec3. Thay v\u00e0o \u0111\u00f3, VPS r\u00f3t h\u00e0ng ngh\u00ecn t\u1ef7 v\u00e0o c\u00e1c t\u00e0i s\u1ea3n sinh l\u1ee3i \u1ed5n \u0111\u1ecbnh (tr\u00e1i phi\u1ebfu v\u00e0 ti\u1ec1n g\u1eedi). <\/p>\n

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\"Lo\u1ea1t <\/p>

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Ngu\u1ed3n: BCTC qu\u00fd 1\/2026 c\u1ee7a VPS <\/p>\n<\/figcaption><\/figure>\n

Chia s\u1ebb v\u1ec1 \u0111\u1ecbnh h\u01b0\u1edbng t\u1ea1i \u0110H\u0110C\u0110 th\u01b0\u1eddng ni\u00ean 2026, \u00f4ng John Desmond Sheehy \u2013 th\u00e0nh vi\u00ean H\u0110QT VPS cho bi\u1ebft, c\u00f4ng ty x\u00e1c \u0111\u1ecbnh m\u1ea3ng m\u00f4i gi\u1edbi v\u00e0 cho vay k\u00fd qu\u1ef9 l\u00e0 m\u1ea3ng kinh doanh c\u1ed1t l\u00f5i c\u1ee7a VPS, d\u1ef1 ki\u1ebfn s\u1ebd chi\u1ebfm kho\u1ea3ng 60 – 65% t\u1ed5ng doanh thu. M\u1ea3ng kinh doanh ngu\u1ed3n v\u1ed1n d\u1ef1 ki\u1ebfn chi\u1ebfm t\u1ef7 tr\u1ecdng t\u1eeb 15 – 20% t\u1ed5ng doanh thu. M\u1ea3ng d\u1ecbch v\u1ee5 IB s\u1ebd \u0111\u00f3ng g\u00f3p kho\u1ea3ng 10 – 15% doanh thu. <\/p>\n

Kh\u00f4ng ch\u1ec9 c\u00e1c CTCK, doanh nghi\u1ec7p \u201cngo\u1ea1i \u0111\u1ea1o\u201d nh\u01b0 Digiworld c\u0169ng \u0111\u00e1nh ti\u1ebfng s\u1ebd gi\u1ea3m \u0111\u1ea7u t\u01b0 c\u1ed5 phi\u1ebfu. Chia s\u1ebb t\u1ea1i \u0110H\u0110C\u0110 th\u01b0\u1eddng ni\u00ean 2026, \u00f4ng \u0110o\u00e0n H\u1ed3ng Vi\u1ec7t – Ch\u1ee7 t\u1ecbch Digiworld cho bi\u1ebft, n\u0103m 2025, b\u1ed9 ph\u1eadn \u0111\u1ea7u t\u01b0 t\u00e0i ch\u00ednh \u0111\u00e3 quy\u1ebft \u0111\u1ecbnh \u0111\u1ea7u t\u01b0 v\u00e0o FPT v\u00e0 ph\u1ea3i ghi nh\u1eadn kho\u1ea3n l\u1ed7 t\u01b0\u01a1ng \u0111\u1ed1i. \u0110\u1ebfn th\u1eddi \u0111i\u1ec3m n\u00e0y, C\u00f4ng ty \u0111\u00e3 ho\u00e0n th\u00e0nh vi\u1ec7c tr\u00edch l\u1eadp d\u1ef1 ph\u00f2ng. <\/p>\n

Th\u1eddi \u0111i\u1ec3m cu\u1ed1i n\u0103m 2025, danh m\u1ee5c ch\u1ee9ng kho\u00e1n kinh doanh c\u1ee7a Digiworld c\u00f3 gi\u00e1 tr\u1ecb h\u01a1n 770 t\u1ef7 \u0111\u1ed3ng, chi\u1ebfm h\u01a1n 20% v\u1ed1n ch\u1ee7 s\u1edf h\u1eefu. \u0110\u00e2y l\u00e0 m\u1ed9t con s\u1ed1 kh\u00f4ng h\u1ec1 nh\u1ecf \u0111\u1ed1i v\u1edbi m\u1ed9t doanh nghi\u1ec7p \u201ctay ngang\u201d nh\u01b0 Digiworld. Doanh nghi\u1ec7p ph\u1ea3i tr\u00edch l\u1eadp d\u1ef1 ph\u00f2ng gi\u1ea3m gi\u00e1 t\u1edbi 90 t\u1ef7 \u0111\u1ed3ng cho c\u00e1c kho\u1ea3n \u0111\u1ea7u t\u01b0 n\u00e0y t\u1ea1i ng\u00e0y 31\/12\/2025. <\/p>\n

\u201cS\u1eafp t\u1edbi, ch\u00fang t\u00f4i s\u1ebd qu\u1ea3n l\u00fd ch\u1eb7t ch\u1ebd h\u01a1n. \u0110\u1ecbnh h\u01b0\u1edbng l\u00e0 chuy\u1ec3n sang \u0111\u1ea7u t\u01b0 v\u00e0o c\u00e1c s\u1ea3n ph\u1ea9m c\u1ea5u tr\u00fac v\u00e0 s\u1ea3n ph\u1ea9m c\u00f3 thu nh\u1eadp c\u1ed1 \u0111\u1ecbnh. D\u00f9 danh m\u1ee5c c\u1ed5 phi\u1ebfu m\u00e0 Digiworld \u0111ang n\u1eafm gi\u1eef \u0111\u01b0\u1ee3c \u0111\u00e1nh gi\u00e1 l\u00e0 c\u00f3 ti\u1ec1m n\u0103ng, ch\u00fang t\u00f4i v\u1eabn s\u1ebd chuy\u1ec3n h\u01b0\u1edbng sang c\u00e1c s\u1ea3n ph\u1ea9m n\u00e0y\u201d, Ch\u1ee7 t\u1ecbch Digiworld kh\u1eb3ng \u0111\u1ecbnh. <\/p>\n

Nh\u00ecn chung, hi\u1ec7u qu\u1ea3 m\u1ea3ng t\u1ef1 doanh c\u1ee7a c\u00e1c CTCK hay ho\u1ea1t \u0111\u1ed9ng \u0111\u1ea7u t\u01b0 c\u1ed5 phi\u1ebfu c\u1ee7a c\u00e1c doanh nghi\u1ec7p ph\u1ee5 thu\u1ed9c r\u1ea5t nhi\u1ec1u v\u00e0o di\u1ec5n bi\u1ebfn th\u1ecb tr\u01b0\u1eddng. V\u1edbi nh\u1eefng bi\u1ebfn \u0111\u1ed9ng kh\u00f3 l\u01b0\u1eddng c\u1ee7a ch\u1ee9ng kho\u00e1n Vi\u1ec7t Nam th\u1eddi gian qua, kh\u00f4ng b\u1ea5t ng\u1edd khi vi\u1ec7c thu h\u1eb9p m\u1ea3ng t\u1ef1 doanh c\u1ed5 phi\u1ebfu tr\u1edf th\u00e0nh xu h\u01b0\u1edbng. <\/p>\n<\/p><\/div>","protected":false},"excerpt":{"rendered":"

T\u1ef1 doanh c\u1ed5 phi\u1ebfu l\u00e0 m\u1ed9t trong nh\u1eefng m\u1ea3ng ho\u1ea1t \u0111\u1ed9ng quan tr\u1ecdng, chi\u1ebfm t\u1ef7 tr\u1ecdng l\u1edbn trong c\u01a1 c\u1ea5u […]<\/p>","protected":false},"author":5,"featured_media":75515,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[221],"tags":[],"class_list":["post-75512","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\/75512","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=75512"}],"version-history":[{"count":0,"href":"https:\/\/hbbgroup.net\/zh\/wp-json\/wp\/v2\/posts\/75512\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/hbbgroup.net\/zh\/wp-json\/wp\/v2\/media\/75515"}],"wp:attachment":[{"href":"https:\/\/hbbgroup.net\/zh\/wp-json\/wp\/v2\/media?parent=75512"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/hbbgroup.net\/zh\/wp-json\/wp\/v2\/categories?post=75512"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/hbbgroup.net\/zh\/wp-json\/wp\/v2\/tags?post=75512"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}