{"id":3136,"date":"2026-04-22T01:28:00","date_gmt":"2026-04-21T18:28:00","guid":{"rendered":"https:\/\/taichinhphowall.com\/index.php\/2026\/04\/22\/an-so-dang-sau-du-no-margin-khong-lo-phep-mau-hay-rui-ro-tiem-an-cua-shadow-banking\/"},"modified":"2026-04-22T01:28:00","modified_gmt":"2026-04-21T18:28:00","slug":"an-so-dang-sau-du-no-margin-khong-lo-phep-mau-hay-rui-ro-tiem-an-cua-shadow-banking","status":"publish","type":"post","link":"https:\/\/taichinhphowall.com\/index.php\/2026\/04\/22\/an-so-dang-sau-du-no-margin-khong-lo-phep-mau-hay-rui-ro-tiem-an-cua-shadow-banking\/","title":{"rendered":"\u1ea8n S\u1ed1 \u0110\u1eb1ng Sau D\u01b0 N\u1ee3 Margin Kh\u1ed5ng L\u1ed3: Ph\u00e9p M\u00e0u Hay R\u1ee7i Ro Ti\u1ec1m \u1ea8n C\u1ee7a Shadow Banking?"},"content":{"rendered":"
\n

M\u00f9a b\u00e1o c\u00e1o t\u00e0i ch\u00ednh qu\u00fd 1 v\u1eeba kh\u00e9p l\u1ea1i, v\u00e0 gi\u1edbi qu\u1ea3n l\u00fd qu\u1ef9 ch\u00fang t\u00f4i kh\u00f4ng kh\u1ecfi ch\u00fa \u00fd \u0111\u1ebfn m\u1ed9t hi\u1ec7n t\u01b0\u1ee3ng th\u00fa v\u1ecb trong b\u1ee9c tranh ho\u1ea1t \u0111\u1ed9ng c\u1ee7a c\u00e1c c\u00f4ng ty ch\u1ee9ng kho\u00e1n (CTCK) ni\u00eam y\u1ebft. \u0110\u00f3 l\u00e0 s\u1ef1 ch\u00eanh l\u1ec7ch r\u00f5 r\u1ec7t, \u0111\u00f4i khi \u0111\u1ebfn m\u1ee9c kh\u00f3 hi\u1ec3u, gi\u1eefa quy m\u00f4 ho\u1ea1t \u0111\u1ed9ng cho vay k\u00fd qu\u1ef9 (margin) v\u00e0 th\u1ecb ph\u1ea7n giao d\u1ecbch m\u00f4i gi\u1edbi c\u1ee7a c\u00e1c t\u1ed5 ch\u1ee9c n\u00e0y. \u0110\u00e2y kh\u00f4ng ch\u1ec9 l\u00e0 m\u1ed9t con s\u1ed1 kh\u00f4 khan, m\u00e0 c\u00f2n l\u00e0 t\u00edn hi\u1ec7u ph\u1ea3n \u00e1nh c\u1ea5u tr\u00fac d\u00f2ng ti\u1ec1n ng\u1ea7m v\u00e0 r\u1ee7i ro ti\u1ec1m t\u00e0ng trong h\u1ec7 th\u1ed1ng t\u00e0i ch\u00ednh.<\/p>\n

\"Ph\u00e2n<\/p>\n

Th\u1ef1c t\u1ebf cho th\u1ea5y m\u1ed9t ngh\u1ecbch l\u00fd l\u00e0, trong khi m\u1ed9t s\u1ed1 CTCK nh\u01b0 ACBS hay Mirae Asset s\u1edf h\u1eefu quy m\u00f4 d\u01b0 n\u1ee3 cho vay h\u00e0ng \u0111\u1ea7u th\u1ecb tr\u01b0\u1eddng, th\u1ecb ph\u1ea7n giao d\u1ecbch m\u00f4i gi\u1edbi c\u1ee7a h\u1ecd l\u1ea1i kh\u00e1 khi\u00eam t\u1ed1n, th\u1eadm ch\u00ed n\u1eb1m ngo\u00e0i Top 10. \u0110i\u1ec3n h\u00ecnh h\u01a1n c\u1ea3 l\u00e0 tr\u01b0\u1eddng h\u1ee3p c\u1ee7a VPBankS. V\u1edbi d\u01b0 n\u1ee3 cho vay l\u00ean t\u1edbi h\u01a1n 36.000 t\u1ef7 \u0111\u1ed3ng t\u00ednh \u0111\u1ebfn cu\u1ed1i qu\u00fd 1, x\u1ebfp th\u1ee9 3 to\u00e0n ng\u00e0nh, song th\u1ecb ph\u1ea7n giao d\u1ecbch tr\u00ean HoSE c\u1ee7a VPBankS ch\u1ec9 v\u1ecfn v\u1eb9n 2,94%, \u0111\u1ee9ng th\u1ee9 9. \u0110\u1ed1i l\u1eadp ho\u00e0n to\u00e0n, VPS \u2013 \u0111\u01a1n v\u1ecb d\u1eabn \u0111\u1ea7u th\u1ecb ph\u1ea7n m\u00f4i gi\u1edbi v\u1edbi con s\u1ed1 v\u01b0\u1ee3t tr\u1ed9i 15,32% \u2013 l\u1ea1i ch\u1ec9 ghi nh\u1eadn d\u01b0 n\u1ee3 cho vay kho\u1ea3ng 30.000 t\u1ef7 \u0111\u1ed3ng, th\u1ea5p h\u01a1n \u0111\u00e1ng k\u1ec3. Ngay c\u1ea3 TCBS, v\u1edbi d\u01b0 n\u1ee3 cho vay l\u1edbn nh\u1ea5t ng\u00e0nh, g\u1ea7n 45.000 t\u1ef7 \u0111\u1ed3ng, b\u1ecf xa c\u00e1c \u0111\u1ed1i th\u1ee7 ph\u00eda sau, nh\u01b0ng th\u1ecb ph\u1ea7n m\u00f4i gi\u1edbi c\u1ee7a h\u1ecd l\u1ea1i ch\u1ec9 \u1edf m\u1ee9c 8,85%, nh\u1ec9nh h\u01a1n \u0111\u00f4i ch\u00fat so v\u1edbi Vietcap (7,35%) \u2013 m\u1ed9t CTCK m\u00e0 d\u01b0 n\u1ee3 cho vay ch\u1ec9 ch\u01b0a \u0111\u1ebfn 17.000 t\u1ef7 \u0111\u1ed3ng, t\u1ee9c l\u00e0 t\u01b0\u01a1ng \u0111\u01b0\u01a1ng 1\/3 c\u1ee7a TCBS. Nh\u1eefng con s\u1ed1 n\u00e0y r\u00f5 r\u00e0ng kh\u00f4ng \u0111i \u0111\u00f4i v\u1edbi nhau theo quy lu\u1eadt th\u00f4ng th\u01b0\u1eddng c\u1ee7a ho\u1ea1t \u0111\u1ed9ng m\u00f4i gi\u1edbi truy\u1ec1n th\u1ed1ng.<\/p>\n

C\u00e2u chuy\u1ec7n th\u1ef1c s\u1ef1 n\u1eb1m \u1edf \u0111\u00e2u?<\/h2>\n

Khi nh\u00ecn s\u00e2u v\u00e0o b\u1ea3n ch\u1ea5t c\u1ee7a v\u1ea5n \u0111\u1ec1, s\u1ef1 b\u1ea5t t\u01b0\u01a1ng x\u1ee9ng gi\u1eefa d\u01b0 n\u1ee3 cho vay v\u00e0 th\u1ecb ph\u1ea7n m\u00f4i gi\u1edbi \u0111ang ph\u1ea3n \u00e1nh m\u1ed9t th\u1ef1c tr\u1ea1ng quan tr\u1ecdng: m\u1ed9t l\u01b0\u1ee3ng l\u1edbn d\u01b0 n\u1ee3 k\u00fd qu\u1ef9 kh\u00f4ng ho\u00e0n to\u00e0n ph\u1ee5c v\u1ee5 m\u1ee5c \u0111\u00edch giao d\u1ecbch c\u1ee7a nh\u00e0 \u0111\u1ea7u t\u01b0 c\u00e1 nh\u00e2n tr\u00ean th\u1ecb tr\u01b0\u1eddng. Hay n\u00f3i c\u00e1ch kh\u00e1c, ngu\u1ed3n v\u1ed1n \u0111\u00f2n b\u1ea9y n\u00e0y kh\u00f4ng ch\u1ec9 \u0111\u01a1n thu\u1ea7n l\u00e0 c\u00f4ng c\u1ee5 \u0111\u1ec3 nh\u00e0 \u0111\u1ea7u t\u01b0 c\u00e1 nh\u00e2n mua b\u00e1n c\u1ed5 phi\u1ebfu, m\u00e0 m\u1ed9t ph\u1ea7n kh\u00f4ng nh\u1ecf \u0111ang \u0111\u01b0\u1ee3c ph\u00e2n b\u1ed5 cho c\u00e1c t\u1ed5 ch\u1ee9c, l\u00e3nh \u0111\u1ea1o doanh nghi\u1ec7p, ho\u1eb7c c\u00e1c c\u1ed5 \u0111\u00f4ng l\u1edbn s\u1eed d\u1ee5ng v\u00e0o nh\u1eefng m\u1ee5c \u0111\u00edch kh\u00e1c n\u1eb1m ngo\u00e0i ho\u1ea1t \u0111\u1ed9ng giao d\u1ecbch th\u00f4ng th\u01b0\u1eddng tr\u00ean s\u00e0n.<\/p>\n

\u0110\u00e1ng ch\u00fa \u00fd, hi\u1ec7n t\u01b0\u1ee3ng n\u00e0y th\u01b0\u1eddng t\u1eadp trung \u1edf c\u00e1c CTCK c\u00f3 ng\u00e2n h\u00e0ng h\u1eadu thu\u1eabn. \u0110\u00e2y kh\u00f4ng ph\u1ea3i l\u00e0 s\u1ef1 tr\u00f9ng h\u1ee3p ng\u1eabu nhi\u00ean, m\u00e0 l\u00e0 minh ch\u1ee9ng r\u00f5 r\u00e0ng cho xu h\u01b0\u1edbng \u201cng\u00e2n h\u00e0ng h\u00f3a\u201d hay c\u00f2n g\u1ecdi l\u00e0 \u201cshadow banking\u201d \u0111ang di\u1ec5n ra m\u1ea1nh m\u1ebd trong nh\u00f3m c\u00e1c CTCK n\u00e0y. Trong b\u1ed1i c\u1ea3nh ch\u00ednh s\u00e1ch t\u00edn d\u1ee5ng \u0111\u01b0\u1ee3c th\u1eaft ch\u1eb7t m\u1ed9t c\u00e1ch c\u00f3 ch\u1ecdn l\u1ecdc, \u0111\u1eb7c bi\u1ec7t v\u1edbi m\u1ed9t s\u1ed1 l\u0129nh v\u1ef1c nh\u1ea5t \u0111\u1ecbnh, c\u00e1c k\u00eanh cho vay truy\u1ec1n th\u1ed1ng c\u1ee7a ng\u00e2n h\u00e0ng g\u1eb7p h\u1ea1n ch\u1ebf. Khi \u0111\u00f3, k\u00eanh cho vay qua CTCK tr\u1edf th\u00e0nh m\u1ed9t gi\u1ea3i ph\u00e1p h\u1eefu hi\u1ec7u, cung c\u1ea5p ngu\u1ed3n v\u1ed1n c\u1ea5p thi\u1ebft cho c\u00e1c doanh nghi\u1ec7p ho\u1eb7c ch\u1ee7 doanh nghi\u1ec7p v\u1edbi th\u1ee7 t\u1ee5c linh ho\u1ea1t h\u01a1n v\u00e0 m\u1ee9c \u0111\u1ed9 ki\u1ec3m so\u00e1t, th\u1ea9m \u0111\u1ecbnh c\u00f3 ph\u1ea7n l\u1ecfng l\u1ebbo h\u01a1n so v\u1edbi c\u00e1c kho\u1ea3n vay ng\u00e2n h\u00e0ng truy\u1ec1n th\u1ed1ng.<\/p>\n

L\u1ee3i \u00edch v\u00e0 “c\u01a1n gi\u00f3 ng\u01b0\u1ee3c” c\u1ee7a Shadow Banking<\/h2>\n

Ho\u1ea1t \u0111\u1ed9ng n\u00e0y, v\u1ec1 m\u1eb7t n\u00e0o \u0111\u00f3, mang l\u1ea1i l\u1ee3i \u00edch cho c\u1ea3 ba b\u00ean. Ng\u00e2n h\u00e0ng m\u1eb9 c\u00f3 th\u00eam \u0111\u1ea7u ra cho d\u00f2ng v\u1ed1n, g\u00f3p ph\u1ea7n gi\u1ea3i quy\u1ebft b\u00e0i to\u00e1n t\u0103ng tr\u01b0\u1edfng t\u00edn d\u1ee5ng. CTCK con thu v\u1ec1 kho\u1ea3n l\u00e3i l\u1edbn t\u1eeb d\u01b0 n\u1ee3 cho vay, gi\u00fap c\u1ea3i thi\u1ec7n hi\u1ec7u qu\u1ea3 kinh doanh. V\u00e0 quan tr\u1ecdng nh\u1ea5t, c\u00e1c doanh nghi\u1ec7p ho\u1eb7c ch\u1ee7 doanh nghi\u1ec7p \u0111\u01b0\u1ee3c ti\u1ebfp c\u1eadn ngu\u1ed3n v\u1ed1n m\u1ed9t c\u00e1ch d\u1ec5 d\u00e0ng v\u00e0 nhanh ch\u00f3ng h\u01a1n, ph\u1ee5c v\u1ee5 nhu c\u1ea7u kinh doanh ho\u1eb7c \u0111\u1ea7u t\u01b0. \u0110\u00e2y l\u00e0 m\u1ed9t c\u01a1 ch\u1ebf t\u1ef1 nhi\u00ean khi d\u00f2ng ti\u1ec1n lu\u00f4n t\u00ecm \u0111\u01b0\u1eddng \u0111\u1ec3 t\u1ed1i \u01b0u h\u00f3a hi\u1ec7u qu\u1ea3 v\u00e0 v\u01b0\u1ee3t qua c\u00e1c r\u00e0o c\u1ea3n.<\/p>\n

Tuy nhi\u00ean, v\u1edbi t\u01b0 c\u00e1ch l\u00e0 m\u1ed9t nh\u00e0 qu\u1ea3n l\u00fd qu\u1ef9, ch\u00fang t\u00f4i ph\u1ea3i lu\u00f4n \u0111\u1eb7t y\u1ebfu t\u1ed1 r\u1ee7i ro l\u00ean h\u00e0ng \u0111\u1ea7u. Ho\u1ea1t \u0111\u1ed9ng “shadow banking” n\u00e0y ti\u1ec1m \u1ea9n nh\u1eefng “c\u01a1n gi\u00f3 ng\u01b0\u1ee3c” \u0111\u00e1ng k\u1ec3. Ngu\u1ed3n tr\u1ea3 n\u1ee3 c\u1ee7a c\u00e1c kho\u1ea3n vay n\u00e0y th\u01b0\u1eddng g\u1eafn li\u1ec1n v\u1edbi hi\u1ec7u qu\u1ea3 kinh doanh c\u1ee7a doanh nghi\u1ec7p ho\u1eb7c t\u00e0i s\u1ea3n c\u00e1 nh\u00e2n c\u1ee7a ch\u1ee7 doanh nghi\u1ec7p. N\u1ebfu c\u00e1c ngu\u1ed3n n\u00e0y g\u1eb7p v\u1ea5n \u0111\u1ec1, ho\u1eb7c th\u1ecb tr\u01b0\u1eddng ch\u1ee9ng kho\u00e1n kh\u00f4ng thu\u1eadn l\u1ee3i d\u1eabn \u0111\u1ebfn vi\u1ec7c b\u00e1n gi\u1ea3i ch\u1ea5p c\u1ed5 phi\u1ebfu l\u00e0m t\u00e0i s\u1ea3n \u0111\u1ea3m b\u1ea3o, t\u00e1c \u0111\u1ed9ng lan t\u1ecfa s\u1ebd l\u1edbn h\u01a1n nhi\u1ec1u so v\u1edbi vi\u1ec7c ch\u1ec9 l\u00e0 m\u1ed9t v\u00e0i nh\u00e0 \u0111\u1ea7u t\u01b0 c\u00e1 nh\u00e2n b\u1ecb l\u1ed7. R\u1ee7i ro t\u1eadp trung, r\u1ee7i ro h\u1ec7 th\u1ed1ng t\u1eeb c\u00e1c kho\u1ea3n vay l\u1edbn, kh\u00f4ng minh b\u1ea1ch v\u1ec1 m\u1ee5c \u0111\u00edch s\u1eed d\u1ee5ng cu\u1ed1i c\u00f9ng, c\u00f3 th\u1ec3 g\u00e2y ra nh\u1eefng c\u00fa s\u1ed1c \u0111\u00e1ng k\u1ec3 cho th\u1ecb tr\u01b0\u1eddng n\u1ebfu kh\u00f4ng \u0111\u01b0\u1ee3c qu\u1ea3n l\u00fd ch\u1eb7t ch\u1ebd.<\/p>\n

Nh\u00ecn chung, “shadow banking” l\u00e0 m\u1ed9t xu h\u01b0\u1edbng \u0111ang th\u1ecbnh h\u00e0nh v\u00e0 ph\u00e1t tri\u1ec3n m\u1ea1nh m\u1ebd trong nh\u00f3m c\u00e1c CTCK, \u0111\u1eb7c bi\u1ec7t l\u00e0 nh\u1eefng \u0111\u01a1n v\u1ecb c\u00f3 m\u1ed1i li\u00ean h\u1ec7 m\u1eadt thi\u1ebft v\u1edbi ng\u00e2n h\u00e0ng. \u0110i\u1ec1u n\u00e0y mang l\u1ea1i c\u01a1 h\u1ed9i gia t\u0103ng l\u1ee3i nhu\u1eadn \u0111\u00e1ng k\u1ec3 nh\u01b0ng \u0111\u1ed3ng th\u1eddi c\u0169ng \u0111\u00f2i h\u1ecfi m\u1ed9t kh\u1ea3 n\u0103ng qu\u1ea3n tr\u1ecb r\u1ee7i ro \u1edf m\u1ee9c cao nh\u1ea5t. Vi\u1ec7c ng\u00e0y c\u00e0ng nhi\u1ec1u ng\u00e2n h\u00e0ng mu\u1ed1n th\u00e2u t\u00f3m ho\u1eb7c gia t\u0103ng s\u1edf h\u1eefu t\u1ea1i c\u00e1c CTCK, v\u00e0 nh\u00f3m n\u00e0y \u0111\u1ec1u ghi nh\u1eadn quy m\u00f4 ho\u1ea1t \u0111\u1ed9ng cho vay m\u1edf r\u1ed9ng m\u1ea1nh m\u1ebd, \u0111\u00e3 ch\u1ee9ng minh \u0111i\u1ec1u \u0111\u00f3. Theo th\u1ed1ng k\u00ea, t\u00ednh \u0111\u1ebfn cu\u1ed1i qu\u00fd 1 v\u1eeba qua, to\u00e0n th\u1ecb tr\u01b0\u1eddng ghi nh\u1eadn 15 CTCK c\u00f3 d\u01b0 n\u1ee3 cho vay tr\u00ean 10.000 t\u1ef7 \u0111\u1ed3ng, v\u00e0 \u0111\u00e1ng ch\u00fa \u00fd l\u00e0 h\u01a1n m\u1ed9t n\u1eeda trong s\u1ed1 \u0111\u00f3 c\u00f3 ng\u00e2n h\u00e0ng \u0111\u1ee9ng sau.<\/p>\n

Con s\u1ed1 t\u1ed5ng d\u01b0 n\u1ee3 cho vay (bao g\u1ed3m margin v\u00e0 \u1ee9ng tr\u01b0\u1edbc ti\u1ec1n b\u00e1n) t\u1ea1i c\u00e1c CTCK \u01b0\u1edbc t\u00ednh v\u00e0o kho\u1ea3ng 415.000 t\u1ef7 \u0111\u1ed3ng v\u00e0o cu\u1ed1i qu\u00fd 1\/2026, t\u0103ng kho\u1ea3ng 9.000 t\u1ef7 so v\u1edbi cu\u1ed1i n\u0103m 2025. Trong \u0111\u00f3, d\u01b0 n\u1ee3 cho vay k\u00fd qu\u1ef9 (margin) \u01b0\u1edbc t\u00ednh kho\u1ea3ng 405.000 t\u1ef7 \u0111\u1ed3ng, t\u0103ng 13.000 t\u1ef7 ch\u1ec9 sau qu\u00fd \u0111\u1ea7u n\u0103m v\u00e0 c\u0169ng l\u00e0 con s\u1ed1 cao nh\u1ea5t trong l\u1ecbch s\u1eed ch\u1ee9ng kho\u00e1n Vi\u1ec7t Nam. M\u1ee9c t\u0103ng tr\u01b0\u1edfng n\u00e0y, c\u00f9ng v\u1edbi c\u1ea5u tr\u00fac d\u00f2ng ti\u1ec1n ng\u1ea7m \u0111ang \u0111\u01b0\u1ee3c \u0111\u1ecbnh h\u00ecnh, \u0111\u00f2i h\u1ecfi m\u1ed9t s\u1ef1 theo d\u00f5i s\u00e1t sao t\u1eeb c\u00e1c nh\u00e0 \u0111\u1ea7u t\u01b0 v\u00e0 c\u01a1 quan qu\u1ea3n l\u00fd, \u0111\u1ec3 \u0111\u1ea3m b\u1ea3o r\u1eb1ng “ph\u00e9p m\u00e0u” l\u1ee3i nhu\u1eadn kh\u00f4ng che l\u1ea5p \u0111i nh\u1eefng r\u1ee7i ro ti\u1ec1m \u1ea9n c\u00f3 th\u1ec3 g\u00e2y b\u1ea5t \u1ed5n cho th\u1ecb tr\u01b0\u1eddng trong t\u01b0\u01a1ng lai.<\/p>\n<\/div>\n","protected":false},"excerpt":{"rendered":"

M\u00f9a b\u00e1o c\u00e1o t\u00e0i ch\u00ednh qu\u00fd 1 v\u1eeba kh\u00e9p l\u1ea1i, v\u00e0 gi\u1edbi qu\u1ea3n l\u00fd qu\u1ef9 ch\u00fang t\u00f4i kh\u00f4ng kh\u1ecfi ch\u00fa \u00fd \u0111\u1ebfn m\u1ed9t hi\u1ec7n t\u01b0\u1ee3ng th\u00fa v\u1ecb trong b\u1ee9c tranh ho\u1ea1t \u0111\u1ed9ng c\u1ee7a c\u00e1c c\u00f4ng ty ch\u1ee9ng kho\u00e1n (CTCK) ni\u00eam y\u1ebft. \u0110\u00f3 l\u00e0 s\u1ef1 ch\u00eanh l\u1ec7ch r\u00f5 r\u1ec7t, \u0111\u00f4i khi \u0111\u1ebfn m\u1ee9c kh\u00f3 hi\u1ec3u, gi\u1eefa […]<\/p>\n","protected":false},"author":1,"featured_media":3135,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[44],"tags":[],"class_list":["post-3136","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\/3136","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=3136"}],"version-history":[{"count":0,"href":"https:\/\/taichinhphowall.com\/index.php\/wp-json\/wp\/v2\/posts\/3136\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/taichinhphowall.com\/index.php\/wp-json\/wp\/v2\/media\/3135"}],"wp:attachment":[{"href":"https:\/\/taichinhphowall.com\/index.php\/wp-json\/wp\/v2\/media?parent=3136"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/taichinhphowall.com\/index.php\/wp-json\/wp\/v2\/categories?post=3136"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/taichinhphowall.com\/index.php\/wp-json\/wp\/v2\/tags?post=3136"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}