{"id":11756,"date":"2026-05-02T18:46:39","date_gmt":"2026-05-02T11:46:39","guid":{"rendered":"https:\/\/taichinhphowall.com\/index.php\/2026\/05\/02\/chung-khoan-thua-lo-keo-dai-nhung-vet-cat-tu-15-quy-lien-tiep\/"},"modified":"2026-05-02T18:46:39","modified_gmt":"2026-05-02T11:46:39","slug":"chung-khoan-thua-lo-keo-dai-nhung-vet-cat-tu-15-quy-lien-tiep","status":"publish","type":"post","link":"https:\/\/taichinhphowall.com\/index.php\/2026\/05\/02\/chung-khoan-thua-lo-keo-dai-nhung-vet-cat-tu-15-quy-lien-tiep\/","title":{"rendered":"Ch\u1ee9ng kho\u00e1n thua l\u1ed7 k\u00e9o d\u00e0i: Nh\u1eefng v\u1ebft c\u1eaft t\u1eeb 15 qu\u00fd li\u00ean ti\u1ebfp"},"content":{"rendered":"
\n

Ch\u1ee9ng kho\u00e1n thua l\u1ed7 k\u00e9o d\u00e0i l\u00e0 t\u00ecnh c\u1ea3nh tr\u1edb tr\u00eau m\u00e0 C\u00f4ng ty C\u1ed5 ph\u1ea7n Ch\u1ee9ng kho\u00e1n CV (CVS) \u0111ang ph\u1ea3i \u0111\u1ed1i m\u1eb7t. Trong b\u1ed1i c\u1ea3nh th\u1ecb tr\u01b0\u1eddng v\u1eadn \u0111\u1ed9ng kh\u00f4ng ng\u1eebng v\u1edbi b\u1ea3ng \u0111i\u1ec7n t\u1eed xanh \u0111\u1ecf \u0111an xen, vi\u1ec7c m\u1ed9t \u0111\u01a1n v\u1ecb trung gian t\u00e0i ch\u00ednh ghi nh\u1eadn \u0111\u1ebfn 15 qu\u00fd kinh doanh d\u01b0\u1edbi m\u1ee9c h\u00f2a v\u1ed1n li\u00ean ti\u1ebfp kh\u00f4ng ch\u1ec9 l\u00e0 m\u1ed9t con s\u1ed1 th\u1ed1ng k\u00ea \u0111\u01a1n thu\u1ea7n, m\u00e0 l\u00e0 minh ch\u1ee9ng cho m\u1ed9t b\u00e0i to\u00e1n qu\u1ea3n tr\u1ecb \u0111\u1ea7y th\u00e1ch th\u1ee9c v\u00e0 nh\u1eefng h\u1ec7 l\u1ee5y t\u00e0i ch\u00ednh t\u00edch t\u1ee5 qua th\u1eddi gian.<\/p>\n

\n \"Ch\u1ee9ng
\u1ea2nh t\u1eeb ngu\u1ed3n: cafef.vn<\/em><\/figcaption><\/figure>\n

B\u1ea3n ch\u1ea5t t\u1eeb nh\u1eefng con s\u1ed1 bi\u1ebft n\u00f3i<\/h2>\n

K\u1ebft qu\u1ea3 kinh doanh qu\u00fd 1\/2026 c\u1ee7a CVS mang \u0111\u1ebfn nh\u1eefng gam m\u00e0u tr\u00e1i ng\u01b0\u1ee3c. D\u00f9 doanh thu ho\u1ea1t \u0111\u1ed9ng \u0111\u1ea1t 7,7 t\u1ef7 \u0111\u1ed3ng, t\u0103ng tr\u01b0\u1edfng 57% so v\u1edbi c\u00f9ng k\u1ef3, nh\u01b0ng \u0111\u00e2y ch\u01b0a ph\u1ea3i l\u00e0 li\u1ec1u thu\u1ed1c \u0111\u1ee7 m\u1ea1nh \u0111\u1ec3 \u0111\u1ea3o ng\u01b0\u1ee3c c\u1ee5c di\u1ec7n. Khi nh\u00ecn s\u00e2u v\u00e0o c\u01a1 c\u1ea5u, l\u00e3i t\u1eeb kho\u1ea3n \u0111\u1ea7u t\u01b0 n\u1eafm gi\u1eef \u0111\u1ebfn ng\u00e0y \u0111\u00e1o h\u1ea1n (HTM) c\u00f3 s\u1ef1 s\u1ee5t gi\u1ea3m 26%, xu\u1ed1ng c\u00f2n 3 t\u1ef7 \u0111\u1ed3ng. Trong khi \u0111\u00f3, l\u00e3i t\u1eeb cho vay v\u00e0 ph\u1ea3i thu c\u00f9ng doanh thu m\u00f4i gi\u1edbi c\u00f3 s\u1ef1 c\u1ea3i thi\u1ec7n \u0111\u00e1ng k\u1ec3, l\u1ea7n l\u01b0\u1ee3t t\u0103ng 880% v\u00e0 374%. Tuy nhi\u00ean, s\u1ef1 t\u0103ng tr\u01b0\u1edfng v\u1ec1 doanh thu n\u00e0y l\u1ea1i nhanh ch\u00f3ng b\u1ecb “nu\u1ed1t ch\u1eedng” b\u1edfi chi ph\u00ed ho\u1ea1t \u0111\u1ed9ng cao ng\u1ea5t ng\u01b0\u1edfng, l\u00ean t\u1edbi 9 t\u1ef7 \u0111\u1ed3ng, ch\u1ee7 y\u1ebfu \u0111\u1ed5 d\u1ed3n v\u00e0o kho\u1ea3n m\u1ee5c chi ph\u00ed m\u00f4i gi\u1edbi.<\/p>\n

Th\u1ef1c t\u1ebf cho th\u1ea5y m\u1ed9t ngh\u1ecbch l\u00fd l\u00e0 d\u00f9 n\u1ed7 l\u1ef1c t\u00ecm ki\u1ebfm d\u00f2ng thu t\u1eeb c\u00e1c ho\u1ea1t \u0111\u1ed9ng c\u1ed1t l\u00f5i, chi ph\u00ed qu\u1ea3n l\u00fd doanh nghi\u1ec7p c\u00f9ng chi ph\u00ed m\u00f4i gi\u1edbi v\u1eabn duy tr\u00ec \u1edf m\u1ee9c cao, khi\u1ebfn l\u1ee3i nhu\u1eadn tr\u01b0\u1edbc thu\u1ebf c\u1ee7a CVS ch\u1ed1t l\u1ea1i b\u1eb1ng con s\u1ed1 \u00e2m 5 t\u1ef7 \u0111\u1ed3ng. \u0110\u00e2y l\u00e0 m\u1ea3nh gh\u00e9p cu\u1ed1i c\u00f9ng n\u1ed1i d\u00e0i chu\u1ed7i 15 qu\u00fd kinh doanh thua l\u1ed7 li\u00ean ti\u1ebfp. Nh\u00ecn v\u00e0o b\u1ee9c tranh t\u00e0i ch\u00ednh n\u00e0y, ng\u01b0\u1eddi ta kh\u00f4ng kh\u1ecfi t\u1ef1 v\u1ea5n v\u1ec1 hi\u1ec7u qu\u1ea3 v\u1eadn h\u00e0nh c\u1ee7a m\u1ed9t b\u1ed9 m\u00e1y \u0111\u00e3 ti\u00eau t\u1ed1n qu\u00e1 nhi\u1ec1u ngu\u1ed3n l\u1ef1c nh\u01b0ng ch\u01b0a th\u1ec3 t\u1ed1i \u01b0u h\u00f3a l\u1ee3i \u00edch t\u1eeb c\u00e1c nghi\u1ec7p v\u1ee5 n\u1ec1n t\u1ea3ng.<\/p>\n

Ch\u1ee9ng kho\u00e1n thua l\u1ed7 k\u00e9o d\u00e0i v\u00e0 \u00e1p l\u1ef1c t\u1eeb t\u00e0i s\u1ea3n<\/h2>\n

T\u1ea1i th\u1eddi \u0111i\u1ec3m cu\u1ed1i th\u00e1ng 3\/2026, t\u1ed5ng t\u00e0i s\u1ea3n c\u1ee7a \u0111\u01a1n v\u1ecb n\u00e0y ghi nh\u1eadn m\u1ee9c 327 t\u1ef7 \u0111\u1ed3ng, t\u0103ng nh\u1eb9 10 t\u1ef7 so v\u1edbi \u0111\u1ea7u n\u0103m. \u0110i\u1ec3m \u0111\u00e1ng ch\u00fa \u00fd trong c\u01a1 c\u1ea5u t\u00e0i s\u1ea3n l\u00e0 c\u00e1c kho\u1ea3n \u0111\u1ea7u t\u01b0 n\u1eafm gi\u1eef \u0111\u1ebfn ng\u00e0y \u0111\u00e1o h\u1ea1n (HTM) chi\u1ebfm t\u1ef7 tr\u1ecdng l\u1edbn v\u1edbi 200 t\u1ef7 \u0111\u1ed3ng, ch\u1ee7 y\u1ebfu d\u01b0\u1edbi d\u1ea1ng ti\u1ec1n g\u1eedi c\u00f3 k\u1ef3 h\u1ea1n. Vi\u1ec7c gi\u1ea3m 30 t\u1ef7 \u0111\u1ed3ng t\u1ea1i kho\u1ea3n m\u1ee5c n\u00e0y cho th\u1ea5y \u00e1p l\u1ef1c thanh kho\u1ea3n ho\u1eb7c nhu c\u1ea7u lu\u00e2n chuy\u1ec3n v\u1ed1n \u0111ang di\u1ec5n ra \u00e2m th\u1ea7m.<\/p>\n

D\u01b0 n\u1ee3 margin \u0111\u1ea1t g\u1ea7n 33 t\u1ef7 \u0111\u1ed3ng, t\u0103ng 8 t\u1ef7 so v\u1edbi \u0111\u1ea7u qu\u00fd, l\u00e0 m\u1ed9t t\u00edn hi\u1ec7u cho th\u1ea5y n\u1ed7 l\u1ef1c th\u00fac \u0111\u1ea9y m\u1ea3ng cho vay. Tuy nhi\u00ean, khi c\u1ed9ng d\u1ed3n nh\u1eefng kho\u1ea3n l\u1ed7 t\u1eeb qu\u00e1 kh\u1ee9 \u0111\u1ebfn hi\u1ec7n t\u1ea1i, con s\u1ed1 l\u1ed7 l\u0169y k\u1ebf l\u00ean \u0111\u1ebfn 150 t\u1ef7 \u0111\u1ed3ng th\u1ef1c s\u1ef1 l\u00e0 m\u1ed9t “b\u00f3ng ma” \u0111\u00e8 n\u1eb7ng l\u00ean b\u1ea3ng c\u00e2n \u0111\u1ed1i k\u1ebf to\u00e1n. Trong khi c\u00e1c \u0111\u01a1n v\u1ecb kh\u00e1c \u0111ang t\u00ecm c\u00e1ch tho\u00e1i v\u1ed1n \u0111\u1ec3 t\u00e1i c\u1ea5u tr\u00fac nh\u01b0 tr\u01b0\u1eddng h\u1ee3p C\u1ed5 phi\u1ebfu VCI v\u00e0 \u0111\u1ed9ng th\u00e1i tho\u00e1i v\u1ed1n c\u1ee7a Qu\u1ef9 \u0110\u1ea7u t\u01b0 B\u1ea3n Vi\u1ec7t Discovery<\/a>, th\u00ec CVS d\u01b0\u1eddng nh\u01b0 v\u1eabn \u0111ang loay hoay trong v\u00f2ng xo\u00e1y c\u1ee7a s\u1ef1 tr\u00ec tr\u1ec7. C\u00e2u chuy\u1ec7n n\u00e0y c\u0169ng g\u1ee3i nh\u1eafc \u0111\u1ebfn t\u1ea7m quan tr\u1ecdng c\u1ee7a ni\u1ec1m tin trong ng\u00e0nh t\u00e0i ch\u00ednh, v\u1ed1n lu\u00f4n l\u00e0 t\u00e0i s\u1ea3n v\u00f4 h\u00ecnh qu\u00fd gi\u00e1 nh\u1ea5t, t\u01b0\u01a1ng t\u1ef1 nh\u01b0 c\u00e1ch Hana Gold xin l\u1ed7i nh\u00e0 \u0111\u1ea7u t\u01b0 v\u00e0 l\u00fd gi\u1ea3i vi\u1ec7c t\u1ea1m kh\u00f3a c\u00e1c ch\u1ee9c n\u0103ng tr\u00ean \u1ee9ng d\u1ee5ng<\/a> \u0111\u1ec3 tr\u1ea5n an d\u01b0 lu\u1eadn tr\u01b0\u1edbc nh\u1eefng bi\u1ebfn \u0111\u1ed9ng.<\/p>\n

\u1ede m\u1ed9t g\u00f3c nh\u00ecn r\u1ed9ng h\u01a1n, s\u1ef1 b\u1ec1n b\u1ec9 c\u1ee7a c\u00e1c doanh nghi\u1ec7p trong th\u1ecb tr\u01b0\u1eddng chung \u0111\u00f4i khi kh\u00f4ng ch\u1ec9 \u0111o b\u1eb1ng l\u1ee3i nhu\u1eadn, m\u00e0 c\u00f2n b\u1eb1ng kh\u1ea3 n\u0103ng th\u00edch nghi v\u1edbi nh\u1eefng chu k\u1ef3 kh\u1eafc nghi\u1ec7t. Gi\u1ed1ng nh\u01b0 c\u00e1c d\u1ef1 \u00e1n mang t\u00ednh \u0111\u1ed9t ph\u00e1, c\u1ea7n nh\u1eefng c\u00fa h\u00edch m\u1ea1nh m\u1ebd \u0111\u1ec3 thay \u0111\u1ed5i c\u1ee5c di\u1ec7n, nh\u01b0 c\u00e1ch ch\u00fang ta quan s\u00e1t Artemis II C\u1ea5t C\u00e1nh: H\u01a1n C\u1ea3 Chuy\u1ebfn Bay L\u1ecbch S\u1eed, \u0110\u00e2y L\u00e0 \u0110\u1ed9ng L\u1ef1c M\u1edbi Cho N\u1ec1n Kinh T\u1ebf V\u0169 Tr\u1ee5 v\u00e0 Th\u1ecb Tr\u01b0\u1eddng Chung<\/a>, th\u00ec v\u1edbi CVS, vi\u1ec7c gi\u1ea3i quy\u1ebft tri\u1ec7t \u0111\u1ec3 150 t\u1ef7 \u0111\u1ed3ng l\u1ed7 l\u0169y k\u1ebf v\u00e0 t\u00ecm ra c\u00f4ng th\u1ee9c sinh l\u1eddi b\u1ec1n v\u1eefng ch\u00ednh l\u00e0 “chuy\u1ebfn bay” quan tr\u1ecdng nh\u1ea5t m\u00e0 h\u1ecd c\u1ea7n th\u1ef1c hi\u1ec7n trong t\u01b0\u01a1ng lai g\u1ea7n.<\/p>\n

B\u00e0i vi\u1ebft \u0111\u00e3 \u0111\u01b0\u1ee3c bi\u00ean t\u1eadp l\u1ea1i t\u1eeb ngu\u1ed3n: cafef.vn<\/em><\/p>\n<\/div>\n","protected":false},"excerpt":{"rendered":"

Ch\u1ee9ng kho\u00e1n thua l\u1ed7 k\u00e9o d\u00e0i l\u00e0 t\u00ecnh c\u1ea3nh tr\u1edb tr\u00eau m\u00e0 C\u00f4ng ty C\u1ed5 ph\u1ea7n Ch\u1ee9ng kho\u00e1n CV (CVS) \u0111ang ph\u1ea3i \u0111\u1ed1i m\u1eb7t. Trong b\u1ed1i c\u1ea3nh th\u1ecb tr\u01b0\u1eddng v\u1eadn \u0111\u1ed9ng kh\u00f4ng ng\u1eebng v\u1edbi b\u1ea3ng \u0111i\u1ec7n t\u1eed xanh \u0111\u1ecf \u0111an xen, vi\u1ec7c m\u1ed9t \u0111\u01a1n v\u1ecb trung gian t\u00e0i ch\u00ednh ghi nh\u1eadn \u0111\u1ebfn 15 qu\u00fd kinh […]<\/p>\n","protected":false},"author":1,"featured_media":11755,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"inline_featured_image":false,"footnotes":""},"categories":[43],"tags":[],"class_list":["post-11756","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-tong-quan-thi-truong"],"_links":{"self":[{"href":"https:\/\/taichinhphowall.com\/index.php\/wp-json\/wp\/v2\/posts\/11756","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/taichinhphowall.com\/index.php\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/taichinhphowall.com\/index.php\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/taichinhphowall.com\/index.php\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/taichinhphowall.com\/index.php\/wp-json\/wp\/v2\/comments?post=11756"}],"version-history":[{"count":0,"href":"https:\/\/taichinhphowall.com\/index.php\/wp-json\/wp\/v2\/posts\/11756\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/taichinhphowall.com\/index.php\/wp-json\/wp\/v2\/media\/11755"}],"wp:attachment":[{"href":"https:\/\/taichinhphowall.com\/index.php\/wp-json\/wp\/v2\/media?parent=11756"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/taichinhphowall.com\/index.php\/wp-json\/wp\/v2\/categories?post=11756"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/taichinhphowall.com\/index.php\/wp-json\/wp\/v2\/tags?post=11756"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}