{"id":2843,"date":"2026-04-07T00:26:07","date_gmt":"2026-04-06T17:26:07","guid":{"rendered":"https:\/\/taichinhphowall.com\/index.php\/2026\/04\/07\/vn-index-thang-4-cho-gio-dong-giua-rui-ro-dia-chinh-tri-va-co-hoi-tich-luy-dai-han\/"},"modified":"2026-04-07T00:26:07","modified_gmt":"2026-04-06T17:26:07","slug":"vn-index-thang-4-cho-gio-dong-giua-rui-ro-dia-chinh-tri-va-co-hoi-tich-luy-dai-han","status":"publish","type":"post","link":"https:\/\/taichinhphowall.com\/index.php\/2026\/04\/07\/vn-index-thang-4-cho-gio-dong-giua-rui-ro-dia-chinh-tri-va-co-hoi-tich-luy-dai-han\/","title":{"rendered":"VN-Index Th\u00e1ng 4: ‘Ch\u1edd Gi\u00f3 \u0110\u00f4ng’ Gi\u1eefa R\u1ee7i Ro \u0110\u1ecba Ch\u00ednh Tr\u1ecb V\u00e0 C\u01a1 H\u1ed9i T\u00edch L\u0169y D\u00e0i H\u1ea1n"},"content":{"rendered":"
\n

C\u00f4ng ty CP Ch\u1ee9ng kho\u00e1n R\u1ed3ng Vi\u1ec7t (VDSC), m\u1ed9t trong nh\u1eefng \u0111\u1ecbnh ch\u1ebf t\u00e0i ch\u00ednh c\u00f3 uy t\u00edn t\u1ea1i TP.HCM, v\u1eeba c\u00f4ng b\u1ed1 b\u00e1o c\u00e1o chi\u1ebfn l\u01b0\u1ee3c th\u00e1ng 4 v\u1edbi t\u1ef1a \u0111\u1ec1 “Ch\u1edd gi\u00f3 \u0111\u00f4ng”, v\u1ebd n\u00ean m\u1ed9t b\u1ee9c tranh \u0111a chi\u1ec1u v\u1ec1 th\u1ecb tr\u01b0\u1eddng ch\u1ee9ng kho\u00e1n (TTCK) Vi\u1ec7t Nam trong b\u1ed1i c\u1ea3nh c\u00e1c y\u1ebfu t\u1ed1 v\u0129 m\u00f4 v\u00e0 \u0111\u1ecba ch\u00ednh tr\u1ecb ti\u1ebfp t\u1ee5c \u0111an xen. B\u00e1o c\u00e1o nh\u1ea5n m\u1ea1nh giai \u0111o\u1ea1n th\u00e1ng 4 s\u1ebd l\u00e0 s\u1ef1 gi\u1eb1ng co gi\u1eefa nh\u1eefng r\u1ee7i ro \u0111\u00e3 ph\u1ea3n \u00e1nh v\u00e0o gi\u00e1 v\u00e0 c\u00e1c c\u01a1 h\u1ed9i t\u00edch l\u0169y d\u00e0i h\u1ea1n ti\u1ec1m n\u0103ng, \u0111\u1eb7t nh\u00e0 \u0111\u1ea7u t\u01b0 v\u00e0o th\u1ebf v\u1eeba th\u1eadn tr\u1ecdng, v\u1eeba ch\u1ee7 \u0111\u1ed9ng t\u00ecm ki\u1ebfm c\u00e1c \u0111i\u1ec3m v\u00e0o h\u1ea5p d\u1eabn.<\/p>\n

\"tin<\/p>\n

**Th\u00e1ng 3 Bi\u1ebfn \u0110\u1ed9ng, D\u00f2ng Ti\u1ec1n V\u1eabn C\u1ed1 Th\u1ee7**<\/p>\n

Th\u00e1ng 3 v\u1eeba qua, VN-Index \u0111\u00e3 ghi nh\u1eadn m\u1ee9c gi\u1ea3m \u0111\u00e1ng k\u1ec3 **10,9%** so v\u1edbi th\u00e1ng tr\u01b0\u1edbc, ch\u1ee7 y\u1ebfu do t\u00e1c \u0111\u1ed9ng t\u1eeb c\u0103ng th\u1eb3ng \u0111\u1ecba ch\u00ednh tr\u1ecb \u1edf Trung \u0110\u00f4ng v\u00e0 lo ng\u1ea1i leo thang xung \u0111\u1ed9t \u1ea3nh h\u01b0\u1edfng \u0111\u1ebfn an ninh n\u0103ng l\u01b0\u1ee3ng to\u00e0n c\u1ea7u. Tuy nhi\u00ean, \u0111i\u1ec1u \u0111\u00e1ng ch\u00fa \u00fd l\u00e0 thanh kho\u1ea3n th\u1ecb tr\u01b0\u1eddng v\u1eabn duy tr\u00ec \u1edf m\u1ee9c cao \u1ea5n t\u01b0\u1ee3ng, b\u00ecnh qu\u00e2n **27.193 t\u1ec9 \u0111\u1ed3ng\/phi\u00ean**. Con s\u1ed1 n\u00e0y cho th\u1ea5y, d\u00f9 ch\u1ec9 s\u1ed1 chung s\u1ee5t gi\u1ea3m, d\u00f2ng ti\u1ec1n ch\u01b0a th\u1ef1c s\u1ef1 r\u00fat kh\u1ecfi th\u1ecb tr\u01b0\u1eddng m\u00e0 \u0111ang c\u00f3 s\u1ef1 lu\u00e2n chuy\u1ec3n, ch\u1ecdn l\u1ecdc c\u00e1c nh\u00f3m ng\u00e0nh v\u00e0 c\u1ed5 phi\u1ebfu c\u1ee5 th\u1ec3 \u0111\u1ec3 t\u00ecm ki\u1ebfm c\u01a1 h\u1ed9i. \u0110\u00e2y l\u00e0 t\u00edn hi\u1ec7u quan tr\u1ecdng, ng\u1ee5 \u00fd r\u1eb1ng ni\u1ec1m tin c\u1ee7a nh\u00e0 \u0111\u1ea7u t\u01b0 v\u00e0o tri\u1ec3n v\u1ecdng d\u00e0i h\u1ea1n c\u1ee7a th\u1ecb tr\u01b0\u1eddng v\u1eabn c\u00f2n, m\u1eb7c d\u00f9 ph\u1ea3i \u0111\u1ed1i m\u1eb7t v\u1edbi nh\u1eefng bi\u1ebfn \u0111\u1ed9ng ng\u1eafn h\u1ea1n.<\/p>\n

**K\u1ecbch B\u1ea3n “Ch\u1edd Gi\u00f3 \u0110\u00f4ng”: Gi\u1eb1ng Co Gi\u1eefa R\u1ee7i Ro v\u00e0 K\u1ef3 V\u1ecdng**<\/p>\n

Theo VDSC, sau m\u1ed9t th\u00e1ng 3 \u0111\u1ea7y bi\u1ebfn \u0111\u1ed9ng v\u1edbi nhi\u1ec1u nh\u1ecbp \u0111i\u1ec1u ch\u1ec9nh s\u00e2u, TTCK Vi\u1ec7t Nam b\u01b0\u1edbc sang th\u00e1ng 4 trong tr\u1ea1ng th\u00e1i th\u1eadn tr\u1ecdng nh\u01b0ng d\u1ea7n h\u00e9 l\u1ed9 c\u01a1 h\u1ed9i t\u00edch l\u0169y d\u00e0i h\u1ea1n. C\u00e1c y\u1ebfu t\u1ed1 r\u1ee7i ro nh\u01b0 c\u0103ng th\u1eb3ng \u0111\u1ecba ch\u00ednh tr\u1ecb v\u00e0 \u00e1p l\u1ef1c l\u00e3i su\u1ea5t \u0111\u00e3 ph\u1ea7n n\u00e0o ph\u1ea3n \u00e1nh v\u00e0o gi\u00e1 c\u1ed5 phi\u1ebfu, t\u1ea1o ra m\u1ed9t v\u00f9ng \u0111\u1ecbnh gi\u00e1 h\u1ea5p d\u1eabn h\u01a1n. Nh\u00e0 \u0111\u1ea7u t\u01b0 \u0111ang b\u1eaft \u0111\u1ea7u k\u1ef3 v\u1ecdng v\u00e0o kh\u1ea3 n\u0103ng ph\u1ee5c h\u1ed3i d\u1ef1a tr\u00ean n\u1ec1n t\u1ea3ng v\u0129 m\u00f4 t\u01b0\u01a1ng \u0111\u1ed1i \u1ed5n \u0111\u1ecbnh c\u1ee7a Vi\u1ec7t Nam.<\/p>\n

Trong b\u00e1o c\u00e1o “Ch\u1edd gi\u00f3 \u0111\u00f4ng”, VDSC d\u1ef1 b\u00e1o VN-Index trong ng\u1eafn v\u00e0 trung h\u1ea1n s\u1ebd dao \u0111\u1ed9ng trong v\u00f9ng **1.584 \u2013 2.042 \u0111i\u1ec3m**. M\u1ee9c \u0111\u1ecbnh gi\u00e1 m\u1ee5c ti\u00eau (Adjusted P\/E) \u0111\u01b0\u1ee3c \u0111\u01b0a ra kho\u1ea3ng **12,5x \u2013 16,0x**, t\u01b0\u01a1ng \u1ee9ng v\u1edbi m\u1ee9c bi\u1ebfn \u0111\u1ed9ng t\u1eeb **-5,4% \u0111\u1ebfn +21,9%** so v\u1edbi cu\u1ed1i th\u00e1ng 3. \u0110i\u1ec1u n\u00e0y cho th\u1ea5y th\u1ecb tr\u01b0\u1eddng ch\u01b0a s\u1eb5n s\u00e0ng cho m\u1ed9t nh\u1ecbp t\u0103ng t\u1ed1c m\u1ea1nh m\u1ebd, nh\u01b0ng v\u1eabn c\u00f2n d\u01b0 \u0111\u1ecba \u0111\u00e1ng k\u1ec3 \u0111\u1ec3 ph\u1ee5c h\u1ed3i n\u1ebfu xu\u1ea5t hi\u1ec7n c\u00e1c y\u1ebfu t\u1ed1 h\u1ed7 tr\u1ee3 \u0111\u1ee7 m\u1ea1nh. V\u1edbi nh\u1eefng di\u1ec5n bi\u1ebfn ph\u1ee9c t\u1ea1p, nh\u00e0 \u0111\u1ea7u t\u01b0 c\u1ea7n c\u00f3 c\u00e1i nh\u00ecn \u0111a chi\u1ec1u v\u1ec1 k\u1ecbch b\u1ea3n cho th\u1ecb tr\u01b0\u1eddng chung<\/a> trong ng\u1eafn h\u1ea1n.<\/p>\n

**\u0110i\u1ec3m S\u00e1ng V\u0129 M\u00f4 v\u00e0 G\u00f3c Nh\u00ecn Ng\u00e0nh**<\/p>\n

\u1ede g\u00f3c \u0111\u1ed9 v\u0129 m\u00f4, m\u1ed9t s\u1ed1 t\u00edn hi\u1ec7u t\u00edch c\u1ef1c \u0111ang h\u1ed7 tr\u1ee3 th\u1ecb tr\u01b0\u1eddng. H\u1ed9i ngh\u1ecb l\u1ea7n th\u1ee9 hai Ban Ch\u1ea5p h\u00e0nh Trung \u01b0\u01a1ng \u0110\u1ea3ng kh\u00f3a XIV \u0111\u00e3 \u0111\u1eb7t m\u1ee5c ti\u00eau t\u0103ng tr\u01b0\u1edfng GDP b\u00ecnh qu\u00e2n giai \u0111o\u1ea1n 2026-2030 \u0111\u1ea1t t\u1eeb **10%** tr\u1edf l\u00ean, th\u1ec3 hi\u1ec7n quy\u1ebft t\u00e2m v\u00e0 t\u1ea7m nh\u00ecn d\u00e0i h\u1ea1n c\u1ee7a Ch\u00ednh ph\u1ee7. Ng\u00e2n h\u00e0ng Nh\u00e0 n\u01b0\u1edbc c\u0169ng k\u1ecbp th\u1eddi ban h\u00e0nh C\u00f4ng v\u0103n 2342 nh\u1eb1m \u1ed5n \u0111\u1ecbnh m\u1eb7t b\u1eb1ng l\u00e3i su\u1ea5t v\u00e0 t\u0103ng t\u00ednh minh b\u1ea1ch cho th\u1ecb tr\u01b0\u1eddng ti\u1ec1n t\u1ec7. Ngo\u00e0i ra, ch\u1ec9 s\u1ed1 PMI th\u00e1ng 3 \u0111\u1ea1t **54,3 \u0111i\u1ec3m**, ph\u1ea3n \u00e1nh s\u1ef1 c\u1ea3i thi\u1ec7n \u0111\u00e1ng k\u1ec3 c\u1ee7a ho\u1ea1t \u0111\u1ed9ng s\u1ea3n xu\u1ea5t v\u00e0 \u0111\u01a1n h\u00e0ng m\u1edbi, l\u00e0 \u0111\u1ed9ng l\u1ef1c quan tr\u1ecdng cho t\u0103ng tr\u01b0\u1edfng kinh t\u1ebf.<\/p>\n

VDSC nh\u1eadn \u0111\u1ecbnh th\u00e1ng 4 l\u00e0 giai \u0111o\u1ea1n then ch\u1ed1t khi c\u00e1c y\u1ebfu t\u1ed1 \u0111\u1ecba ch\u00ednh tr\u1ecb d\u1ea7n ti\u1ec7m c\u1eadn ng\u01b0\u1ee1ng \u0111i\u1ec1u ch\u1ec9nh. Th\u1ecb tr\u01b0\u1eddng \u0111\u01b0\u1ee3c cho l\u00e0 \u0111\u00e3 ph\u1ea3n \u00e1nh ph\u1ea7n l\u1edbn c\u00e1c k\u1ecbch b\u1ea3n ti\u00eau c\u1ef1c, t\u1ea1o \u0111i\u1ec1u ki\u1ec7n cho s\u1ef1 \u1ed5n \u0111\u1ecbnh v\u00e0 ph\u1ee5c h\u1ed3i trong t\u01b0\u01a1ng lai g\u1ea7n.<\/p>\n

V\u1ec1 nh\u00f3m ng\u00e0nh, b\u00e1o c\u00e1o c\u1ee7a VDSC g\u1ee3i m\u1edf c\u00e1c l\u0129nh v\u1ef1c \u0111\u00e1ng ch\u00fa \u00fd bao g\u1ed3m ng\u00e2n h\u00e0ng, b\u00e1n l\u1ebb – ti\u00eau d\u00f9ng, b\u1ea5t \u0111\u1ed9ng s\u1ea3n v\u00e0 v\u1eadn t\u1ea3i d\u1ea7u kh\u00ed. \u0110\u00e2y l\u00e0 nh\u1eefng ng\u00e0nh c\u00f3 th\u1ec3 h\u01b0\u1edfng l\u1ee3i t\u1eeb s\u1ef1 ph\u1ee5c h\u1ed3i c\u1ee7a kinh t\u1ebf v\u0129 m\u00f4 v\u00e0 d\u00f2ng ti\u1ec1n quay tr\u1edf l\u1ea1i.<\/p>\n

**Khuy\u1ebfn Ngh\u1ecb \u0110\u1ea7u T\u01b0: Th\u1eadn Tr\u1ecdng Ng\u1eafn H\u1ea1n, T\u00edch L\u0169y D\u00e0i H\u1ea1n**<\/p>\n

Trong ng\u1eafn h\u1ea1n, VDSC khuy\u1ebfn ngh\u1ecb nh\u00e0 \u0111\u1ea7u t\u01b0 \u01b0u ti\u00ean b\u1ea3o to\u00e0n v\u1ed1n, h\u1ea1n ch\u1ebf mua \u0111u\u1ed5i theo c\u00e1c nh\u00f3m h\u01b0\u1edfng l\u1ee3i nh\u1ea5t th\u1eddi t\u1eeb bi\u1ebfn \u0111\u1ed9ng gi\u00e1 n\u0103ng l\u01b0\u1ee3ng. Chi\u1ebfn l\u01b0\u1ee3c n\u00e0y gi\u00fap nh\u00e0 \u0111\u1ea7u t\u01b0 gi\u1ea3m thi\u1ec3u r\u1ee7i ro trong b\u1ed1i c\u1ea3nh th\u1ecb tr\u01b0\u1eddng c\u00f2n nhi\u1ec1u y\u1ebfu t\u1ed1 b\u1ea5t \u0111\u1ecbnh.<\/p>\n

Tuy nhi\u00ean, v\u1ec1 d\u00e0i h\u1ea1n, c\u00e1c nh\u1ecbp \u0111i\u1ec1u ch\u1ec9nh hi\u1ec7n t\u1ea1i \u0111\u01b0\u1ee3c xem l\u00e0 c\u01a1 h\u1ed9i v\u00e0ng \u0111\u1ec3 t\u00edch l\u0169y c\u1ed5 phi\u1ebfu c\u1ee7a c\u00e1c doanh nghi\u1ec7p \u0111\u1ea7u ng\u00e0nh, c\u00f3 n\u1ec1n t\u1ea3ng t\u00e0i ch\u00ednh v\u1eefng ch\u1eafc v\u00e0 ti\u1ec1m n\u0103ng t\u0103ng tr\u01b0\u1edfng b\u1ec1n v\u1eefng, khi \u0111\u1ecbnh gi\u00e1 \u0111\u00e3 tr\u1edf n\u00ean h\u1ea5p d\u1eabn h\u01a1n. \u0110\u00e2y l\u00e0 th\u1eddi \u0111i\u1ec3m \u0111\u1ec3 nh\u00e0 \u0111\u1ea7u t\u01b0 c\u00f3 t\u1ea7m nh\u00ecn xa chu\u1ea9n b\u1ecb cho m\u1ed9t chu k\u1ef3 t\u0103ng tr\u01b0\u1edfng m\u1edbi.<\/p>\n

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

C\u00f4ng ty CP Ch\u1ee9ng kho\u00e1n R\u1ed3ng Vi\u1ec7t (VDSC), m\u1ed9t trong nh\u1eefng \u0111\u1ecbnh ch\u1ebf t\u00e0i ch\u00ednh c\u00f3 uy t\u00edn t\u1ea1i TP.HCM, v\u1eeba c\u00f4ng b\u1ed1 b\u00e1o c\u00e1o chi\u1ebfn l\u01b0\u1ee3c th\u00e1ng 4 v\u1edbi t\u1ef1a \u0111\u1ec1 “Ch\u1edd gi\u00f3 \u0111\u00f4ng”, v\u1ebd n\u00ean m\u1ed9t b\u1ee9c tranh \u0111a chi\u1ec1u v\u1ec1 th\u1ecb tr\u01b0\u1eddng ch\u1ee9ng kho\u00e1n (TTCK) Vi\u1ec7t Nam trong b\u1ed1i c\u1ea3nh c\u00e1c y\u1ebfu […]<\/p>\n","protected":false},"author":1,"featured_media":2839,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[43],"tags":[],"class_list":["post-2843","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\/2843","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=2843"}],"version-history":[{"count":0,"href":"https:\/\/taichinhphowall.com\/index.php\/wp-json\/wp\/v2\/posts\/2843\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/taichinhphowall.com\/index.php\/wp-json\/wp\/v2\/media\/2839"}],"wp:attachment":[{"href":"https:\/\/taichinhphowall.com\/index.php\/wp-json\/wp\/v2\/media?parent=2843"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/taichinhphowall.com\/index.php\/wp-json\/wp\/v2\/categories?post=2843"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/taichinhphowall.com\/index.php\/wp-json\/wp\/v2\/tags?post=2843"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}