{"id":2819,"date":"2026-04-07T00:20:50","date_gmt":"2026-04-06T17:20:50","guid":{"rendered":"https:\/\/taichinhphowall.com\/index.php\/2026\/04\/07\/viet-nam-sap-nang-hang-thi-truong-dong-tien-ty-do-cho-doi-dinh-hinh-thi-truong-chung\/"},"modified":"2026-04-07T00:20:50","modified_gmt":"2026-04-06T17:20:50","slug":"viet-nam-sap-nang-hang-thi-truong-dong-tien-ty-do-cho-doi-dinh-hinh-thi-truong-chung","status":"publish","type":"post","link":"https:\/\/taichinhphowall.com\/index.php\/2026\/04\/07\/viet-nam-sap-nang-hang-thi-truong-dong-tien-ty-do-cho-doi-dinh-hinh-thi-truong-chung\/","title":{"rendered":"Vi\u1ec7t Nam S\u1eafp N\u00e2ng H\u1ea1ng Th\u1ecb Tr\u01b0\u1eddng: D\u00f2ng Ti\u1ec1n T\u1ef7 \u0110\u00f4 Ch\u1edd \u0110\u1ee3i \u0110\u1ecbnh H\u00ecnh Th\u1ecb Tr\u01b0\u1eddng Chung"},"content":{"rendered":"
\n

Sau nhi\u1ec1u n\u0103m n\u1ed7 l\u1ef1c c\u1ea3i c\u00e1ch v\u00e0 ho\u00e0n thi\u1ec7n khung ph\u00e1p l\u00fd, th\u1ecb tr\u01b0\u1eddng ch\u1ee9ng kho\u00e1n Vi\u1ec7t Nam \u0111ang \u0111\u1ee9ng tr\u01b0\u1edbc c\u01a1 h\u1ed9i l\u1ecbch s\u1eed: \u0111\u01b0\u1ee3c FTSE Russell n\u00e2ng h\u1ea1ng l\u00ean th\u1ecb tr\u01b0\u1eddng m\u1edbi n\u1ed5i th\u1ee9 c\u1ea5p (Secondary Emerging Market). K\u1ebft qu\u1ea3 r\u00e0 so\u00e1t d\u1ef1 ki\u1ebfn c\u00f4ng b\u1ed1 v\u00e0o r\u1ea1ng s\u00e1ng ng\u00e0y 8\/4 (gi\u1edd Vi\u1ec7t Nam) kh\u00f4ng ch\u1ec9 l\u00e0 m\u1ed9t c\u1ed9t m\u1ed1c quan tr\u1ecdng m\u00e0 c\u00f2n m\u1edf ra c\u00e1nh c\u1eeda cho d\u00f2ng v\u1ed1n th\u1ee5 \u0111\u1ed9ng h\u00e0ng t\u1ef7 USD, h\u1ee9a h\u1eb9n s\u1ebd \u0111\u1ecbnh h\u00ecnh l\u1ea1i c\u1ea5u tr\u00fac v\u00e0 s\u1ee9c h\u1ea5p d\u1eabn c\u1ee7a th\u1ecb tr\u01b0\u1eddng chung<\/a> trong trung h\u1ea1n.<\/p>\n

\"tin<\/p>\n

C\u01a1 s\u1edf v\u1eefng ch\u1eafc cho k\u1ef3 v\u1ecdng n\u00e2ng h\u1ea1ng<\/b><\/p>\n

\u201cB\u00e0i ki\u1ec3m tra gi\u1eefa k\u1ef3\u201d c\u1ee7a FTSE Russell t\u1eadp trung v\u00e0o m\u1ee9c \u0111\u1ed9 m\u1edf c\u1eeda c\u1ee7a th\u1ecb tr\u01b0\u1eddng, \u0111\u1eb7c bi\u1ec7t l\u00e0 vai tr\u00f2 c\u1ee7a c\u00e1c c\u00f4ng ty ch\u1ee9ng kho\u00e1n to\u00e0n c\u1ea7u (global brokers). Y\u1ebfu t\u1ed1 n\u00e0y l\u00e0 ch\u00eca kh\u00f3a \u0111\u1ec3 \u0111\u1ea3m b\u1ea3o ho\u1ea1t \u0111\u1ed9ng m\u00f4 ph\u1ecfng ch\u1ec9 s\u1ed1 v\u00e0 \u0111\u00e1p \u1ee9ng nhu c\u1ea7u c\u1ee7a c\u1ed9ng \u0111\u1ed3ng \u0111\u1ea7u t\u01b0 qu\u1ed1c t\u1ebf.<\/p>\n

Vietcap, m\u1ed9t trong nh\u1eefng t\u1ed5 ch\u1ee9c ph\u00e2n t\u00edch h\u00e0ng \u0111\u1ea7u Vi\u1ec7t Nam, t\u1ecf ra c\u1ef1c k\u1ef3 t\u1ef1 tin v\u1edbi nh\u1eadn \u0111\u1ecbnh \u201cx\u00e1c su\u1ea5t Vi\u1ec7t Nam kh\u00f4ng v\u01b0\u1ee3t qua k\u1ef3 r\u00e0 so\u00e1t n\u00e0y l\u00e0 0%\u201d trong b\u00e1o c\u00e1o h\u1ed3i \u0111\u1ea7u th\u00e1ng 3. C\u01a1 s\u1edf cho ni\u1ec1m tin n\u00e0y \u0111\u1ebfn t\u1eeb \u0111\u1ed9ng th\u00e1i quy\u1ebft li\u1ec7t c\u1ee7a B\u1ed9 T\u00e0i ch\u00ednh Vi\u1ec7t Nam. C\u1ee5 th\u1ec3, Th\u00f4ng t\u01b0 s\u1ed1 08\/2026, c\u00f3 hi\u1ec7u l\u1ef1c t\u1eeb ng\u00e0y 3\/2\/2026, \u0111\u00e3 th\u00e1o g\u1ee1 th\u00e0nh c\u00f4ng c\u00e1c r\u00e0o c\u1ea3n k\u1ef9 thu\u1eadt cu\u1ed1i c\u00f9ng. Thay \u0111\u1ed5i n\u00e0y gi\u00fap gi\u1ea3m \u0111\u00e1ng k\u1ec3 th\u1ee7 t\u1ee5c h\u00e0nh ch\u00ednh cho c\u00e1c nh\u00e0 \u0111\u1ea7u t\u01b0 t\u1ed5 ch\u1ee9c n\u01b0\u1edbc ngo\u00e0i, cho ph\u00e9p h\u1ecd \u0111\u1eb7t l\u1ec7nh v\u1edbi c\u00f4ng ty ch\u1ee9ng kho\u00e1n trong n\u01b0\u1edbc th\u00f4ng qua global broker m\u00e0 kh\u00f4ng c\u1ea7n m\u1edf t\u00e0i kho\u1ea3n giao d\u1ecbch tr\u1ef1c ti\u1ebfp, lo\u1ea1i b\u1ecf y\u00eau c\u1ea7u \u0111\u0103ng k\u00fd h\u1ed3 s\u01a1 ph\u1ee9c t\u1ea1p tr\u01b0\u1edbc \u0111\u00e2y.<\/p>\n

H\u01a1n n\u1eefa, Vietcap c\u0169ng nh\u1ea5n m\u1ea1nh n\u0103ng l\u1ef1c cung \u1ee9ng NPF (Netting & Payment Facility) c\u1ee7a th\u1ecb tr\u01b0\u1eddng. V\u1edbi m\u1ee9c tr\u1ea7n NPF \u0111\u01b0\u1ee3c x\u00e1c \u0111\u1ecbnh b\u1eb1ng 2 l\u1ea7n v\u1ed1n ch\u1ee7 s\u1edf h\u1eefu tr\u1eeb \u0111i d\u01b0 n\u1ee3 cho vay k\u00fd qu\u1ef9, t\u1ed5ng n\u0103ng l\u1ef1c NPF t\u1ed1i \u0111a c\u1ee7a 5 c\u00f4ng ty ch\u1ee9ng kho\u00e1n trong n\u01b0\u1edbc l\u1edbn nh\u1ea5t hi\u1ec7n \u0111\u1ea1t g\u1ea7n 5 t\u1ef7 USD<\/b>. Con s\u1ed1 n\u00e0y v\u01b0\u1ee3t xa nhu c\u1ea7u \u01b0\u1edbc t\u00ednh c\u1ee7a c\u00e1c qu\u1ef9 m\u00f4 ph\u1ecfng ch\u1ec9 s\u1ed1, v\u1ed1n ch\u1ec9 c\u1ea7n mua kho\u1ea3ng 1,5 t\u1ef7 USD<\/b> c\u1ed5 phi\u1ebfu Vi\u1ec7t Nam.<\/p>\n

D\u00f2ng v\u1ed1n t\u1ef7 \u0111\u00f4 v\u00e0 k\u1ecbch b\u1ea3n gi\u1ea3i ng\u00e2n<\/b><\/p>\n

\u0110\u1ed3ng quan \u0111i\u1ec3m, SSI Research, m\u1ed9t t\u1ed5 ch\u1ee9c ph\u00e2n t\u00edch uy t\u00edn kh\u00e1c c\u1ee7a Vi\u1ec7t Nam, c\u0169ng kh\u1eb3ng \u0111\u1ecbnh Vi\u1ec7t Nam \u0111ang \u0111i \u0111\u00fang h\u01b0\u1edbng \u0111\u1ec3 \u0111\u01b0\u1ee3c FTSE n\u00e2ng h\u1ea1ng v\u00e0o n\u0103m 2026. \u01af\u1edbc t\u00ednh d\u00f2ng v\u1ed1n th\u1ee5 \u0111\u1ed9ng t\u1eeb c\u00e1c qu\u1ef9 ETF to\u00e0n c\u1ea7u s\u1ebd \u0111\u1ea1t kho\u1ea3ng 1,67 t\u1ef7 USD<\/b>. N\u1ebfu \u0111\u01b0\u1ee3c th\u00f4ng qua trong \u0111\u1ee3t r\u00e0 so\u00e1t n\u00e0y, th\u1ecb tr\u01b0\u1eddng c\u00f3 th\u1ec3 b\u1eaft \u0111\u1ea7u thu h\u00fat d\u00f2ng v\u1ed1n n\u00e0y t\u1eeb th\u00e1ng 9\/2026.<\/p>\n

Theo t\u00ednh to\u00e1n c\u1ee7a SSI Research, d\u00f2ng v\u1ed1n 1,67 t\u1ef7 USD<\/b> n\u00e0y nhi\u1ec1u kh\u1ea3 n\u0103ng s\u1ebd kh\u00f4ng \u0111\u01b0\u1ee3c gi\u1ea3i ng\u00e2n m\u1ed9t l\u1ea7n. Thay v\u00e0o \u0111\u00f3, n\u00f3 s\u1ebd \u0111\u01b0\u1ee3c ph\u00e2n b\u1ed5 theo 3-5 \u0111\u1ee3t<\/b>, t\u01b0\u01a1ng t\u1ef1 nh\u01b0 kinh nghi\u1ec7m n\u00e2ng h\u1ea1ng c\u1ee7a Saudi Arabia v\u00e0o n\u0103m 2019. C\u00e1c \u0111\u1ee3t gi\u1ea3i ng\u00e2n d\u1ef1 ki\u1ebfn di\u1ec5n ra theo chu k\u1ef3 h\u00e0ng qu\u00fd nh\u1eb1m h\u1ea1n ch\u1ebf bi\u1ebfn \u0111\u1ed9ng v\u00e0 gi\u1ea3m thi\u1ec3u x\u00e1o tr\u1ed9n cho th\u1ecb tr\u01b0\u1eddng.<\/p>\n

T\u00e1c \u0111\u1ed9ng \u0111\u1ecbnh h\u00ecnh th\u1ecb tr\u01b0\u1eddng chung<\/b><\/p>\n

Nghi\u00ean c\u1ee9u so s\u00e1nh t\u1ef7 su\u1ea5t sinh l\u1eddi c\u1ee7a c\u00e1c th\u1ecb tr\u01b0\u1eddng t\u1eebng \u0111\u01b0\u1ee3c FTSE n\u00e2ng h\u1ea1ng t\u1eeb c\u1eadn bi\u00ean (Frontier Market) l\u00ean m\u1edbi n\u1ed5i (Emerging Market) cho th\u1ea5y, c\u00e1c th\u1ecb tr\u01b0\u1eddng n\u00e0y th\u01b0\u1eddng ghi nh\u1eadn m\u1ee9c sinh l\u1eddi v\u01b0\u1ee3t tr\u1ed9i trong trung h\u1ea1n. \u0110i\u1ec1u n\u00e0y c\u1ee7ng c\u1ed1 k\u1ef3 v\u1ecdng t\u00edch c\u1ef1c \u0111\u1ed1i v\u1edbi Vi\u1ec7t Nam, kh\u00f4ng ch\u1ec9 v\u1ec1 m\u1eb7t \u0111\u1ecbnh l\u01b0\u1ee3ng m\u00e0 c\u00f2n v\u1ec1 ch\u1ea5t l\u01b0\u1ee3ng th\u1ecb tr\u01b0\u1eddng.<\/p>\n

Vi\u1ec7c n\u00e2ng h\u1ea1ng kh\u00f4ng ch\u1ec9 mang l\u1ea1i d\u00f2ng ti\u1ec1n tr\u1ef1c ti\u1ebfp m\u00e0 c\u00f2n n\u00e2ng cao v\u1ecb th\u1ebf, thu h\u00fat s\u1ef1 ch\u00fa \u00fd c\u1ee7a c\u00e1c nh\u00e0 \u0111\u1ea7u t\u01b0 t\u1ed5 ch\u1ee9c l\u1edbn h\u01a1n, khuy\u1ebfn kh\u00edch c\u00e1c ti\u00eau chu\u1ea9n qu\u1ea3n tr\u1ecb doanh nghi\u1ec7p t\u1ed1t h\u01a1n v\u00e0 t\u0103ng t\u00ednh thanh kho\u1ea3n cho th\u1ecb tr\u01b0\u1eddng. \u0110\u00e2y l\u00e0 m\u1ed9t b\u01b0\u1edbc ti\u1ebfn chi\u1ebfn l\u01b0\u1ee3c, h\u1ee9a h\u1eb9n m\u1edf ra m\u1ed9t k\u1ef7 nguy\u00ean m\u1edbi cho s\u1ef1 ph\u00e1t tri\u1ec3n c\u1ee7a th\u1ecb tr\u01b0\u1eddng ch\u1ee9ng kho\u00e1n Vi\u1ec7t Nam, t\u1ea1o \u0111\u1ed9ng l\u1ef1c m\u1ea1nh m\u1ebd cho n\u1ec1n kinh t\u1ebf v\u00e0 \u0111\u1ecbnh v\u1ecb qu\u1ed1c gia tr\u00ean b\u1ea3n \u0111\u1ed3 t\u00e0i ch\u00ednh to\u00e0n c\u1ea7u.<\/p>\n

Bi\u00ean t\u1eadp: Ph\u1ed1 Wall (Theo ngu\u1ed3n g\u1ed1c)<\/i>\n<\/div>\n","protected":false},"excerpt":{"rendered":"

Sau nhi\u1ec1u n\u0103m n\u1ed7 l\u1ef1c c\u1ea3i c\u00e1ch v\u00e0 ho\u00e0n thi\u1ec7n khung ph\u00e1p l\u00fd, th\u1ecb tr\u01b0\u1eddng ch\u1ee9ng kho\u00e1n Vi\u1ec7t Nam \u0111ang \u0111\u1ee9ng tr\u01b0\u1edbc c\u01a1 h\u1ed9i l\u1ecbch s\u1eed: \u0111\u01b0\u1ee3c FTSE Russell n\u00e2ng h\u1ea1ng l\u00ean th\u1ecb tr\u01b0\u1eddng m\u1edbi n\u1ed5i th\u1ee9 c\u1ea5p (Secondary Emerging Market). K\u1ebft qu\u1ea3 r\u00e0 so\u00e1t d\u1ef1 ki\u1ebfn c\u00f4ng b\u1ed1 v\u00e0o r\u1ea1ng s\u00e1ng ng\u00e0y 8\/4 (gi\u1edd […]<\/p>\n","protected":false},"author":1,"featured_media":2816,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[43],"tags":[],"class_list":["post-2819","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-thi-truong-chung-khoan"],"_links":{"self":[{"href":"https:\/\/taichinhphowall.com\/index.php\/wp-json\/wp\/v2\/posts\/2819","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=2819"}],"version-history":[{"count":0,"href":"https:\/\/taichinhphowall.com\/index.php\/wp-json\/wp\/v2\/posts\/2819\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/taichinhphowall.com\/index.php\/wp-json\/wp\/v2\/media\/2816"}],"wp:attachment":[{"href":"https:\/\/taichinhphowall.com\/index.php\/wp-json\/wp\/v2\/media?parent=2819"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/taichinhphowall.com\/index.php\/wp-json\/wp\/v2\/categories?post=2819"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/taichinhphowall.com\/index.php\/wp-json\/wp\/v2\/tags?post=2819"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}