{"id":14518,"date":"2026-05-10T11:29:41","date_gmt":"2026-05-10T04:29:41","guid":{"rendered":"https:\/\/taichinhphowall.com\/index.php\/2026\/05\/10\/tang-von-nganh-chung-khoan-cuoc-dua-khan-truong-truoc-nguong-cua-nang-hang\/"},"modified":"2026-05-10T11:29:41","modified_gmt":"2026-05-10T04:29:41","slug":"tang-von-nganh-chung-khoan-cuoc-dua-khan-truong-truoc-nguong-cua-nang-hang","status":"publish","type":"post","link":"https:\/\/taichinhphowall.com\/index.php\/2026\/05\/10\/tang-von-nganh-chung-khoan-cuoc-dua-khan-truong-truoc-nguong-cua-nang-hang\/","title":{"rendered":"T\u0103ng v\u1ed1n ng\u00e0nh ch\u1ee9ng kho\u00e1n: Cu\u1ed9c \u0111ua kh\u1ea9n tr\u01b0\u01a1ng tr\u01b0\u1edbc ng\u01b0\u1ee1ng c\u1eeda n\u00e2ng h\u1ea1ng"},"content":{"rendered":"
\n

T\u0103ng v\u1ed1n ng\u00e0nh ch\u1ee9ng kho\u00e1n \u0111ang tr\u1edf th\u00e0nh l\u00e0n s\u00f3ng ch\u1ee7 \u0111\u1ea1o, \u0111\u1ecbnh h\u00ecnh l\u1ea1i c\u1ea5u tr\u00fac c\u1ee7a th\u1ecb tr\u01b0\u1eddng t\u00e0i ch\u00ednh Vi\u1ec7t Nam trong giai \u0111o\u1ea1n 2025-2026. Khi c\u1ed9t m\u1ed1c n\u00e2ng h\u1ea1ng t\u1eeb th\u1ecb tr\u01b0\u1eddng c\u1eadn bi\u00ean (Frontier Market) l\u00ean m\u1edbi n\u1ed5i (Emerging Market) \u0111ang \u0111\u1ebfn g\u1ea7n, c\u00e1c \u0111\u1ecbnh ch\u1ebf t\u00e0i ch\u00ednh kh\u00f4ng ch\u1ec9 xem \u0111\u00e2y l\u00e0 nhu c\u1ea7u t\u1ef1 th\u00e2n m\u00e0 c\u00f2n l\u00e0 \u0111i\u1ec1u ki\u1ec7n ti\u00ean quy\u1ebft \u0111\u1ec3 n\u1eafm b\u1eaft d\u00f2ng v\u1ed1n ngo\u1ea1i v\u00e0 m\u1edf r\u1ed9ng quy m\u00f4 ho\u1ea1t \u0111\u1ed9ng. S\u1ef1 kh\u1ea9n tr\u01b0\u01a1ng n\u00e0y kh\u00f4ng \u0111\u01a1n thu\u1ea7n l\u00e0 nh\u1eefng con s\u1ed1 tr\u00ean b\u00e1o c\u00e1o t\u00e0i ch\u00ednh, m\u00e0 l\u00e0 b\u01b0\u1edbc chu\u1ea9n b\u1ecb chi\u1ebfn l\u01b0\u1ee3c cho m\u1ed9t chu k\u1ef3 t\u0103ng tr\u01b0\u1edfng m\u1edbi \u0111\u1ea7y c\u1ea1nh tranh.<\/p>\n

\n \"T\u0103ng
\u1ea2nh t\u1eeb ngu\u1ed3n: vnbusiness.vn<\/em><\/figcaption><\/figure>\n

B\u1ea3n ch\u1ea5t c\u1ee7a l\u00e0n s\u00f3ng t\u0103ng v\u1ed1n ng\u00e0nh ch\u1ee9ng kho\u00e1n<\/h2>\n

Th\u1ef1c t\u1ebf cho th\u1ea5y, vi\u1ec7c h\u00e0ng lo\u1ea1t \u0111\u01a1n v\u1ecb nh\u01b0 TCX, VCK, VPX d\u1ed1c to\u00e0n l\u1ef1c \u0111\u1ec3 c\u1ee7ng c\u1ed1 b\u1ed9 \u0111\u1ec7m v\u1ed1n ph\u1ea3n \u00e1nh m\u1ed9t kh\u00e1t v\u1ecdng d\u1eabn \u0111\u1ea7u trong b\u1ed1i c\u1ea3nh thanh kho\u1ea3n th\u1ecb tr\u01b0\u1eddng k\u1ef3 v\u1ecdng s\u1ebd b\u00f9ng n\u1ed5. S&I Ratings d\u1ef1 b\u00e1o quy m\u00f4 t\u0103ng v\u1ed1n to\u00e0n ng\u00e0nh trong n\u0103m 2026 c\u00f3 th\u1ec3 ch\u1ea1m m\u1ed1c 100.000 t\u1ef7 \u0111\u1ed3ng, t\u01b0\u01a1ng \u0111\u01b0\u01a1ng v\u1edbi m\u1ee9c n\u1ec1n t\u1ea3ng c\u1ee7a n\u0103m 2025. C\u00e1c doanh nghi\u1ec7p \u0111ang \u00e1p d\u1ee5ng b\u1ed9 ba chi\u1ebfn l\u01b0\u1ee3c: ph\u00e1t h\u00e0nh quy\u1ec1n mua cho c\u1ed5 \u0111\u00f4ng hi\u1ec7n h\u1eefu, ch\u00e0o b\u00e1n ri\u00eang l\u1ebb cho \u0111\u1ed1i t\u00e1c chi\u1ebfn l\u01b0\u1ee3c n\u01b0\u1edbc ngo\u00e0i v\u00e0 huy \u0111\u1ed9ng tr\u00e1i phi\u1ebfu d\u00e0i h\u1ea1n \u0111\u1ec3 t\u00e1i c\u1ea5u tr\u00fac k\u1ef3 h\u1ea1n ngu\u1ed3n v\u1ed1n. \u0110\u00e2y l\u00e0 s\u1ef1 chuy\u1ec3n d\u1ecbch c\u1ea7n thi\u1ebft \u0111\u1ec3 gi\u1ea3m b\u1edbt s\u1ef1 ph\u1ee5 thu\u1ed9c v\u00e0o c\u00e1c kho\u1ea3n vay ng\u1eafn h\u1ea1n, v\u1ed1n t\u1eeb l\u00e2u l\u00e0 “g\u00f3t ch\u00e2n Achilles” c\u1ee7a nhi\u1ec1u c\u00f4ng ty trong nh\u1eefng giai \u0111o\u1ea1n bi\u1ebfn \u0111\u1ed9ng.<\/p>\n

Cu\u1ed9c \u0111ua kh\u00f4ng ch\u1ec9 gi\u1edbi h\u1ea1n \u1edf c\u00e1c \u00f4ng l\u1edbn m\u00e0 \u0111\u00e3 lan t\u1ecfa sang nh\u00f3m t\u1ea7m trung nh\u01b0 Kafi, HDBS hay OCBS v\u1edbi tham v\u1ecdng IPO. Khi c\u00e1c m\u1ea3nh gh\u00e9p n\u00e0y ho\u00e0n thi\u1ec7n, b\u1ee9c tranh ng\u00e0nh ch\u1ee9ng kho\u00e1n Vi\u1ec7t Nam s\u1ebd mang m\u1ed9t di\u1ec7n m\u1ea1o ho\u00e0n to\u00e0n m\u1edbi v\u1edbi nh\u1eefng \u0111\u1ecbnh ch\u1ebf t\u1ef7 USD, \u0111\u1ee7 s\u1ee9c v\u01b0\u01a1n ra kh\u1ecfi bi\u00ean gi\u1edbi n\u1ed9i \u0111\u1ecba. Tuy nhi\u00ean, s\u1ef1 ph\u00e1t tri\u1ec3n n\u00f3ng n\u00e0y c\u0169ng \u0111\u1eb7t ra nh\u1eefng c\u00e2u h\u1ecfi v\u1ec1 t\u00ednh hi\u1ec7u qu\u1ea3. Trong khi nhi\u1ec1u nh\u00e0 \u0111\u1ea7u t\u01b0 \u0111ang d\u1ea7n r\u01a1i v\u00e0o b\u1eaby t\u00e2m l\u00fd do l\u1ec7ch pha th\u1ecb tr\u01b0\u1eddng<\/a>, th\u00ec ch\u00ednh c\u00e1c c\u00f4ng ty ch\u1ee9ng kho\u00e1n c\u0169ng c\u1ea7n ch\u1ee9ng minh r\u1eb1ng ngu\u1ed3n v\u1ed1n m\u1edbi s\u1ebd \u0111\u01b0\u1ee3c s\u1eed d\u1ee5ng t\u1ed1i \u01b0u thay v\u00ec ch\u1ec9 d\u1eebng l\u1ea1i \u1edf vi\u1ec7c l\u00e0m \u0111\u1eb9p b\u1ea3ng c\u00e2n \u0111\u1ed1i k\u1ebf to\u00e1n.<\/p>\n

\u0110\u1ed9ng l\u1ef1c t\u1eeb k\u1ebf ho\u1ea1ch kinh doanh v\u00e0 m\u1edf r\u1ed9ng h\u1ec7 sinh th\u00e1i<\/h2>\n

Nh\u00ecn s\u00e2u v\u00e0o b\u1ea3n ch\u1ea5t, s\u1ef1 l\u1ea1c quan c\u1ee7a c\u00e1c c\u00f4ng ty ch\u1ee9ng kho\u00e1n v\u1ec1 k\u1ebf ho\u1ea1ch t\u0103ng tr\u01b0\u1edfng l\u1ee3i nhu\u1eadn hai con s\u1ed1, th\u1eadm ch\u00ed tr\u00ean 50% \u1edf m\u1ed9t s\u1ed1 c\u00e1i t\u00ean nh\u01b0 HCM hay VCI, xu\u1ea5t ph\u00e1t t\u1eeb ni\u1ec1m tin v\u00e0o s\u1ef1 chuy\u1ec3n bi\u1ebfn c\u1ee7a thanh kho\u1ea3n. \u0110\u1ed9ng l\u1ef1c ch\u00ednh \u0111\u1ebfn t\u1eeb d\u01b0 n\u1ee3 margin \u0111\u01b0\u1ee3c k\u1ef3 v\u1ecdng s\u1ebd t\u0103ng tr\u01b0\u1edfng m\u1ea1nh m\u1ebd, song h\u00e0nh c\u00f9ng n\u0103ng l\u1ef1c t\u00e0i ch\u00ednh m\u1edbi \u0111\u01b0\u1ee3c b\u1ed5 sung. B\u00ean c\u1ea1nh \u0111\u00f3, c\u00e1c doanh nghi\u1ec7p kh\u00f4ng ch\u1ec9 d\u1eebng l\u1ea1i \u1edf d\u1ecbch v\u1ee5 m\u00f4i gi\u1edbi truy\u1ec1n th\u1ed1ng m\u00e0 \u0111ang ti\u1ebfn v\u00e0o cu\u1ed9c ch\u01a1i c\u1ee7a nh\u1eefng h\u1ec7 sinh th\u00e1i s\u1ed1 h\u00f3a. Vi\u1ec7c tham gia v\u00e0o c\u00e1c s\u00e0n t\u00e0i s\u1ea3n m\u00e3 h\u00f3a, s\u00e0n v\u00e0ng ph\u00e1i sinh hay \u0111\u1eb7t nh\u1eefng vi\u00ean g\u1ea1ch \u0111\u1ea7u ti\u00ean t\u1ea1i Trung t\u00e2m t\u00e0i ch\u00ednh qu\u1ed1c t\u1ebf cho th\u1ea5y t\u1ea7m nh\u00ecn chi\u1ebfn l\u01b0\u1ee3c d\u00e0i h\u1ea1n h\u01a1n c\u1ee7a c\u00e1c doanh nghi\u1ec7p.<\/p>\n

D\u1eabu v\u1eady, m\u00f4i tr\u01b0\u1eddng kinh doanh kh\u00f4ng ph\u1ea3i l\u00e0 m\u1ed9t \u0111\u01b0\u1eddng th\u1eb3ng \u0111i l\u00ean. C\u00e1c doanh nghi\u1ec7p \u0111ang ph\u1ea3i \u0111\u1ed1i m\u1eb7t v\u1edbi \u00e1p l\u1ef1c k\u00e9p t\u1eeb m\u1eb7t b\u1eb1ng l\u00e3i su\u1ea5t c\u00f3 d\u1ea5u hi\u1ec7u ph\u1ee5c h\u1ed3i v\u00e0 t\u00e2m l\u00fd ch\u1ed1t l\u1eddi c\u1ee7a nh\u00e0 \u0111\u1ea7u t\u01b0 khi c\u00e1c k\u1ef3 v\u1ecdng n\u00e2ng h\u1ea1ng d\u1ea7n \u0111\u01b0\u1ee3c ph\u1ea3n \u00e1nh v\u00e0o gi\u00e1 c\u1ed5 phi\u1ebfu. Trong b\u1ed1i c\u1ea3nh c\u01a1 h\u1ed9i ng\u00e0y c\u00e0ng m\u1ecfng<\/a>, s\u1ef1 ph\u00e2n h\u00f3a gi\u1eefa c\u00e1c c\u00f4ng ty ch\u1ee9ng kho\u00e1n s\u1ebd ng\u00e0y c\u00e0ng tr\u1edf n\u00ean r\u00f5 r\u1ec7t. Nh\u1eefng \u0111\u01a1n v\u1ecb c\u00f3 kh\u1ea3 n\u0103ng qu\u1ea3n tr\u1ecb r\u1ee7i ro t\u1ed1t v\u00e0 th\u1ef1c thi t\u0103ng v\u1ed1n hi\u1ec7u qu\u1ea3 s\u1ebd l\u00e0 nh\u1eefng k\u1ebb tr\u1ee5 l\u1ea1i cu\u1ed1i c\u00f9ng tr\u00ean \u0111\u01b0\u1eddng \u0111ua \u0111\u1ea7y kh\u1ed1c li\u1ec7t n\u00e0y.<\/p>\n

Th\u00e1ch th\u1ee9c t\u1eeb b\u00e0i to\u00e1n pha lo\u00e3ng v\u00e0 hi\u1ec7u qu\u1ea3 s\u1eed d\u1ee5ng v\u1ed1n<\/h2>\n

\u0110\u00e1ng ch\u00fa \u00fd, d\u00f9 t\u0103ng v\u1ed1n l\u00e0 “m\u1ec7nh l\u1ec7nh” t\u1eeb th\u1ecb tr\u01b0\u1eddng, nh\u01b0ng c\u00e1c nh\u00e0 qu\u1ea3n tr\u1ecb v\u1eabn c\u1ea7n ph\u1ea3i c\u00e2n nh\u1eafc k\u1ef9 l\u01b0\u1ee1ng b\u00e0i to\u00e1n pha lo\u00e3ng c\u1ed5 phi\u1ebfu. Vi\u1ec7c ph\u00e1t h\u00e0nh \u1ed3 \u1ea1t n\u1ebfu kh\u00f4ng \u0111i k\u00e8m v\u1edbi s\u1ef1 t\u0103ng tr\u01b0\u1edfng t\u01b0\u01a1ng x\u1ee9ng c\u1ee7a hi\u1ec7u qu\u1ea3 s\u1eed d\u1ee5ng v\u1ed1n (ROE, ROA) s\u1ebd t\u1ea1o ra \u00e1p l\u1ef1c l\u1edbn l\u00ean quy\u1ec1n l\u1ee3i c\u1ee7a c\u1ed5 \u0111\u00f4ng hi\u1ec7n h\u1eefu. Khi d\u00f2ng ti\u1ec1n ngo\u1ea1i v\u1eabn duy tr\u00ec tr\u1ea1ng th\u00e1i th\u1eadn tr\u1ecdng<\/a>, vi\u1ec7c d\u1ef1a d\u1eabm qu\u00e1 nhi\u1ec1u v\u00e0o ngu\u1ed3n v\u1ed1n \u0111i\u1ec1u l\u1ec7 thay v\u00ec n\u00e2ng cao ch\u1ea5t l\u01b0\u1ee3ng d\u1ecbch v\u1ee5 v\u00e0 s\u1ea3n ph\u1ea9m chuy\u00ean bi\u1ec7t c\u00f3 th\u1ec3 tr\u1edf th\u00e0nh con dao hai l\u01b0\u1ee1i. T\u0103ng v\u1ed1n ng\u00e0nh ch\u1ee9ng kho\u00e1n l\u00e0 xu th\u1ebf t\u1ea5t y\u1ebfu, nh\u01b0ng s\u1ef1 kh\u00f4n ngoan trong vi\u1ec7c tri\u1ec3n khai s\u1ebd quy\u1ebft \u0111\u1ecbnh v\u1ecb th\u1ebf c\u1ee7a doanh nghi\u1ec7p trong giai \u0111o\u1ea1n th\u1ecb tr\u01b0\u1eddng h\u1ed9i nh\u1eadp s\u00e2u r\u1ed9ng t\u1edbi \u0111\u00e2y.<\/p>\n

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

T\u0103ng v\u1ed1n ng\u00e0nh ch\u1ee9ng kho\u00e1n \u0111ang tr\u1edf th\u00e0nh l\u00e0n s\u00f3ng ch\u1ee7 \u0111\u1ea1o, \u0111\u1ecbnh h\u00ecnh l\u1ea1i c\u1ea5u tr\u00fac c\u1ee7a th\u1ecb tr\u01b0\u1eddng t\u00e0i ch\u00ednh Vi\u1ec7t Nam trong giai \u0111o\u1ea1n 2025-2026. Khi c\u1ed9t m\u1ed1c n\u00e2ng h\u1ea1ng t\u1eeb th\u1ecb tr\u01b0\u1eddng c\u1eadn bi\u00ean (Frontier Market) l\u00ean m\u1edbi n\u1ed5i (Emerging Market) \u0111ang \u0111\u1ebfn g\u1ea7n, c\u00e1c \u0111\u1ecbnh ch\u1ebf t\u00e0i ch\u00ednh kh\u00f4ng ch\u1ec9 […]<\/p>\n","protected":false},"author":1,"featured_media":14516,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"inline_featured_image":false,"footnotes":""},"categories":[44],"tags":[],"class_list":["post-14518","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-chung-khoan-viet-nam"],"_links":{"self":[{"href":"https:\/\/taichinhphowall.com\/index.php\/wp-json\/wp\/v2\/posts\/14518","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=14518"}],"version-history":[{"count":0,"href":"https:\/\/taichinhphowall.com\/index.php\/wp-json\/wp\/v2\/posts\/14518\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/taichinhphowall.com\/index.php\/wp-json\/wp\/v2\/media\/14516"}],"wp:attachment":[{"href":"https:\/\/taichinhphowall.com\/index.php\/wp-json\/wp\/v2\/media?parent=14518"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/taichinhphowall.com\/index.php\/wp-json\/wp\/v2\/categories?post=14518"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/taichinhphowall.com\/index.php\/wp-json\/wp\/v2\/tags?post=14518"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}