{"id":293709,"date":"2025-07-07T15:22:20","date_gmt":"2025-07-07T15:22:20","guid":{"rendered":"https:\/\/pocketoption.com\/blog\/news-events\/data\/acb-stock-assessment-2\/"},"modified":"2025-07-07T15:22:24","modified_gmt":"2025-07-07T15:22:24","slug":"acb-stock-assessment","status":"publish","type":"post","link":"https:\/\/pocketoption.com\/blog\/vt\/knowledge-base\/trading\/acb-stock-assessment\/","title":{"rendered":"\u0110\u00e1nh gi\u00e1 C\u1ed5 phi\u1ebfu ACB: Th\u00f4ng tin Giao d\u1ecbch"},"content":{"rendered":"
<\/div><\/div>","protected":false},"excerpt":{"rendered":"","protected":false},"author":45,"featured_media":293693,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[20],"tags":[],"class_list":["post-293709","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-trading"],"acf":{"h1":"Pocket Option - Ph\u00e2n T\u00edch C\u1ed5 Phi\u1ebfu ACB","h1_source":{"label":"H1","type":"text","formatted_value":"Pocket Option - Ph\u00e2n T\u00edch C\u1ed5 Phi\u1ebfu ACB"},"description":"T\u00ecm hi\u1ec3u v\u1ec1 \u0111\u00e1nh gi\u00e1 c\u1ed5 phi\u1ebfu ACB v\u1edbi Pocket Option. H\u01b0\u1edbng d\u1eabn n\u00e0y cung c\u1ea5p c\u00e1c chi\u1ebfn l\u01b0\u1ee3c v\u00e0 m\u1eb9o \u0111\u1ec3 giao d\u1ecbch th\u00e0nh c\u00f4ng.","description_source":{"label":"Description","type":"textarea","formatted_value":"T\u00ecm hi\u1ec3u v\u1ec1 \u0111\u00e1nh gi\u00e1 c\u1ed5 phi\u1ebfu ACB v\u1edbi Pocket Option. H\u01b0\u1edbng d\u1eabn n\u00e0y cung c\u1ea5p c\u00e1c chi\u1ebfn l\u01b0\u1ee3c v\u00e0 m\u1eb9o \u0111\u1ec3 giao d\u1ecbch th\u00e0nh c\u00f4ng."},"intro":"Th\u1ecb tr\u01b0\u1eddng ch\u1ee9ng kho\u00e1n Vi\u1ec7t Nam trong qu\u00fd 2\/2025 \u0111ang tr\u1ea3i qua nh\u1eefng bi\u1ebfn \u0111\u1ed9ng m\u1ea1nh v\u1edbi VN-Index dao \u0111\u1ed9ng 15% ch\u1ec9 trong 2 th\u00e1ng, khi\u1ebfn vi\u1ec7c ph\u00e2n t\u00edch c\u1ed5 phi\u1ebfu ACB tr\u1edf th\u00e0nh \u01b0u ti\u00ean h\u00e0ng \u0111\u1ea7u c\u1ee7a nhi\u1ec1u nh\u00e0 \u0111\u1ea7u t\u01b0. Ph\u00e2n t\u00edch n\u00e0y \u0111i s\u00e2u v\u00e0o d\u1eef li\u1ec7u t\u00e0i ch\u00ednh qu\u00fd 1\/2025 c\u1ee7a ACB, \u0111\u00e1nh gi\u00e1 3 k\u1ecbch b\u1ea3n t\u0103ng tr\u01b0\u1edfng v\u00e0 cung c\u1ea5p c\u00e1c chi\u1ebfn l\u01b0\u1ee3c giao d\u1ecbch c\u1ee5 th\u1ec3 v\u1edbi c\u00e1c m\u1ee9c gi\u00e1 m\u1ee5c ti\u00eau t\u1eeb c\u00e1c chuy\u00ean gia h\u00e0ng \u0111\u1ea7u c\u1ee7a Pocket Option.","intro_source":{"label":"Intro","type":"text","formatted_value":"Th\u1ecb tr\u01b0\u1eddng ch\u1ee9ng kho\u00e1n Vi\u1ec7t Nam trong qu\u00fd 2\/2025 \u0111ang tr\u1ea3i qua nh\u1eefng bi\u1ebfn \u0111\u1ed9ng m\u1ea1nh v\u1edbi VN-Index dao \u0111\u1ed9ng 15% ch\u1ec9 trong 2 th\u00e1ng, khi\u1ebfn vi\u1ec7c ph\u00e2n t\u00edch c\u1ed5 phi\u1ebfu ACB tr\u1edf th\u00e0nh \u01b0u ti\u00ean h\u00e0ng \u0111\u1ea7u c\u1ee7a nhi\u1ec1u nh\u00e0 \u0111\u1ea7u t\u01b0. Ph\u00e2n t\u00edch n\u00e0y \u0111i s\u00e2u v\u00e0o d\u1eef li\u1ec7u t\u00e0i ch\u00ednh qu\u00fd 1\/2025 c\u1ee7a ACB, \u0111\u00e1nh gi\u00e1 3 k\u1ecbch b\u1ea3n t\u0103ng tr\u01b0\u1edfng v\u00e0 cung c\u1ea5p c\u00e1c chi\u1ebfn l\u01b0\u1ee3c giao d\u1ecbch c\u1ee5 th\u1ec3 v\u1edbi c\u00e1c m\u1ee9c gi\u00e1 m\u1ee5c ti\u00eau t\u1eeb c\u00e1c chuy\u00ean gia h\u00e0ng \u0111\u1ea7u c\u1ee7a Pocket Option."},"body_html":"
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T\u1ed5ng quan v\u1ec1 Ng\u00e2n h\u00e0ng Th\u01b0\u01a1ng m\u1ea1i C\u1ed5 ph\u1ea7n \u00c1 Ch\u00e2u (ACB) v\u00e0 V\u1ecb th\u1ebf Th\u1ecb tr\u01b0\u1eddng n\u0103m 2025<\/h2>\n<\/div>\n
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Ng\u00e2n h\u00e0ng Th\u01b0\u01a1ng m\u1ea1i C\u1ed5 ph\u1ea7n \u00c1 Ch\u00e2u (ACB), th\u00e0nh l\u1eadp n\u0103m 1993, \u0111\u00e3 tr\u1ea3i qua 32 n\u0103m ph\u00e1t tri\u1ec3n v\u1edbi 3 c\u1ed9t m\u1ed1c quan tr\u1ecdng: (1) v\u01b0\u1ee3t qua kh\u1ee7ng ho\u1ea3ng n\u0103m 2012 li\u00ean quan \u0111\u1ebfn nh\u00f3m B\u1ea7u Ki\u00ean, (2) \u0111\u1ea1t l\u1ee3i nhu\u1eadn k\u1ef7 l\u1ee5c 15.621 t\u1ef7 \u0111\u1ed3ng v\u00e0o n\u0103m 2023, v\u00e0 (3) ra m\u1eaft n\u1ec1n t\u1ea3ng ng\u00e2n h\u00e0ng s\u1ed1 ACB ONE v\u00e0o qu\u00fd 3\/2024 v\u1edbi 3,2 tri\u1ec7u ng\u01b0\u1eddi d\u00f9ng \u0111\u0103ng k\u00fd ch\u1ec9 trong 6 th\u00e1ng \u0111\u1ea7u ti\u00ean.<\/p>\n\n<\/div>\n

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Khi \u0111\u00e1nh gi\u00e1 c\u1ed5 phi\u1ebfu ACB, \u0111i\u1ec1u quan tr\u1ecdng l\u00e0 hi\u1ec3u v\u1ecb th\u1ebf hi\u1ec7n t\u1ea1i c\u1ee7a ng\u00e2n h\u00e0ng: x\u1ebfp th\u1ee9 8 v\u1ec1 t\u1ed5ng t\u00e0i s\u1ea3n (668.845 t\u1ef7 \u0111\u1ed3ng, t\u0103ng 8,7% so v\u1edbi c\u00f9ng k\u1ef3 n\u0103m tr\u01b0\u1edbc), x\u1ebfp th\u1ee9 7 v\u1ec1 l\u1ee3i nhu\u1eadn trong h\u1ec7 th\u1ed1ng ng\u00e2n h\u00e0ng Vi\u1ec7t Nam, v\u00e0 s\u1edf h\u1eefu m\u1ea1ng l\u01b0\u1edbi 373 chi nh\u00e1nh\/ph\u00f2ng giao d\u1ecbch (th\u00eam 22 \u0111i\u1ec3m giao d\u1ecbch trong 12 th\u00e1ng qua).<\/p>\n\n<\/div>\n

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Ch\u1ec9 s\u1ed1<\/th>\nGi\u00e1 tr\u1ecb<\/th>\nSo v\u1edbi Ng\u00e0nh<\/th>\n% Thay \u0111\u1ed5i YoY<\/th>\n<\/tr>\n<\/thead>\n
V\u1ed1n \u0111i\u1ec1u l\u1ec7<\/td>\n27.019 t\u1ef7 \u0111\u1ed3ng<\/td>\nTop 10<\/td>\n+14,2%<\/td>\n<\/tr>\n
T\u1ed5ng t\u00e0i s\u1ea3n<\/td>\n668.845 t\u1ef7 \u0111\u1ed3ng<\/td>\nTop 8<\/td>\n+8,7%<\/td>\n<\/tr>\n
ROE<\/td>\n21,5%<\/td>\n+2,3% tr\u00ean trung b\u00ecnh ng\u00e0nh (19,2%)<\/td>\n+0,8%<\/td>\n<\/tr>\n
NIM<\/td>\n3,85%<\/td>\n+0,4% tr\u00ean trung b\u00ecnh ng\u00e0nh (3,45%)<\/td>\n+0,15%<\/td>\n<\/tr>\n
T\u1ef7 l\u1ec7 NPL<\/td>\n0,8%<\/td>\n-0,5% d\u01b0\u1edbi trung b\u00ecnh ng\u00e0nh (1,3%)<\/td>\n-0,1%<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<\/div>\n<\/div>\n
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D\u1eef li\u1ec7u qu\u00fd 1\/2025 cho th\u1ea5y ACB kh\u00f4ng ch\u1ec9 duy tr\u00ec quy m\u00f4 top 10 m\u00e0 c\u00f2n \u0111\u1ea1t hi\u1ec7u qu\u1ea3 v\u01b0\u1ee3t tr\u1ed9i v\u1edbi ROE 21,5% (cao h\u01a1n trung b\u00ecnh ng\u00e0nh 2,3%) v\u00e0 t\u1ef7 l\u1ec7 NPL ch\u1ec9 0,8% (th\u1ea5p h\u01a1n trung b\u00ecnh 0,5%). \u0110\u00e1ng ch\u00fa \u00fd, s\u1ea3n ph\u1ea9m \"ACB SME Connect\" ra m\u1eaft v\u00e0o th\u00e1ng 2\/2025 \u0111\u00e3 thu h\u00fat 1.250 doanh nghi\u1ec7p SME m\u1edbi ch\u1ec9 trong 2 th\u00e1ng \u0111\u1ea7u tri\u1ec3n khai, m\u1edf r\u1ed9ng ph\u00e2n kh\u00fac kh\u00e1ch h\u00e0ng doanh nghi\u1ec7p v\u1ed1n l\u00e0 th\u1ebf m\u1ea1nh c\u1ee7a VPB v\u00e0 TCB.<\/p>\n\n<\/div>\n

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Ph\u00e2n t\u00edch C\u01a1 b\u1ea3n C\u1ed5 phi\u1ebfu ACB: T\u0103ng tr\u01b0\u1edfng V\u01b0\u1ee3t k\u1ef3 v\u1ecdng trong Qu\u00fd 1\/2025<\/h2>\n<\/div>\n
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B\u00e1o c\u00e1o t\u00e0i ch\u00ednh qu\u00fd 1\/2025 c\u00f4ng b\u1ed1 ng\u00e0y 15\/4\/2025 cho th\u1ea5y ACB \u0111\u1ea1t k\u1ebft qu\u1ea3 kinh doanh v\u01b0\u1ee3t d\u1ef1 b\u00e1o c\u1ee7a 12\/15 c\u00f4ng ty ch\u1ee9ng kho\u00e1n l\u1edbn. \u0110\u00e1nh gi\u00e1 c\u01a1 b\u1ea3n c\u1ed5 phi\u1ebfu ACB tr\u1edf n\u00ean t\u00edch c\u1ef1c h\u01a1n khi ng\u00e2n h\u00e0ng ghi nh\u1eadn l\u1ee3i nhu\u1eadn tr\u01b0\u1edbc thu\u1ebf qu\u00fd 1 \u0111\u1ea1t 4.827 t\u1ef7 \u0111\u1ed3ng (t\u0103ng 16,8% so v\u1edbi c\u00f9ng k\u1ef3), ho\u00e0n th\u00e0nh 27,1% k\u1ebf ho\u1ea1ch n\u0103m.<\/p>\n\n<\/div>\n

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\u0110\u1ed9t ph\u00e1 v\u1ec1 Ch\u1ea5t l\u01b0\u1ee3ng T\u00e0i s\u1ea3n v\u00e0 Hi\u1ec7u qu\u1ea3 Ho\u1ea1t \u0111\u1ed9ng<\/h3>\n<\/div>\n
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ACB l\u00e0 m\u1ed9t trong s\u1ed1 \u00edt ng\u00e2n h\u00e0ng duy tr\u00ec t\u1ef7 l\u1ec7 NPL d\u01b0\u1edbi 1% trong 8 qu\u00fd li\u00ean ti\u1ebfp, nh\u1edd ch\u00ednh s\u00e1ch th\u1ea9m \u0111\u1ecbnh t\u00edn d\u1ee5ng ba l\u1edbp v\u00e0 h\u1ec7 th\u1ed1ng \u0111\u00e1nh gi\u00e1 r\u1ee7i ro AI ph\u00e1t tri\u1ec3n v\u1edbi s\u1ef1 h\u1ed7 tr\u1ee3 t\u1eeb Pocket Option t\u1eeb qu\u00fd 3\/2024. T\u1ef7 l\u1ec7 thu nh\u1eadp ngo\u00e0i l\u00e3i tr\u00ean t\u1ed5ng thu nh\u1eadp t\u0103ng t\u1eeb 26,2% l\u00ean 31,4% (+5,2% YoY), v\u01b0\u1ee3t xa trung b\u00ecnh ng\u00e0nh 22,6%, \u0111\u01b0a ACB tr\u1edf th\u00e0nh ng\u00e2n h\u00e0ng c\u00f3 c\u01a1 c\u1ea5u thu nh\u1eadp \u0111a d\u1ea1ng th\u1ee9 ba sau TCB v\u00e0 MBB.<\/p>\n\n<\/div>\n

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Ch\u1ec9 s\u1ed1 T\u00e0i ch\u00ednh<\/th>\nQ1\/2025<\/th>\n% Thay \u0111\u1ed5i YoY<\/th>\nD\u1ef1 b\u00e1o 2025<\/th>\n% Ho\u00e0n th\u00e0nh K\u1ebf ho\u1ea1ch<\/th>\n<\/tr>\n<\/thead>\n
Thu nh\u1eadp L\u00e3i thu\u1ea7n<\/td>\n5.218 t\u1ef7 \u0111\u1ed3ng<\/td>\n+12,7%<\/td>\n21.500 t\u1ef7 \u0111\u1ed3ng<\/td>\n24,3%<\/td>\n<\/tr>\n
Thu nh\u1eadp ngo\u00e0i L\u00e3i<\/td>\n2.391 t\u1ef7 \u0111\u1ed3ng<\/td>\n+27,3%<\/td>\n7.800 t\u1ef7 \u0111\u1ed3ng<\/td>\n30,7%<\/td>\n<\/tr>\n
L\u1ee3i nhu\u1eadn tr\u01b0\u1edbc thu\u1ebf<\/td>\n4.827 t\u1ef7 \u0111\u1ed3ng<\/td>\n+16,8%<\/td>\n17.800 t\u1ef7 \u0111\u1ed3ng<\/td>\n27,1%<\/td>\n<\/tr>\n
T\u1ef7 l\u1ec7 CASA<\/td>\n24,8%<\/td>\n+1,3%<\/td>\n25%<\/td>\n99,2%<\/td>\n<\/tr>\n
CIR<\/td>\n37,1%<\/td>\n-1,1%<\/td>\n36,5%<\/td>\n98,4% (c\u1ea7n gi\u1ea3m)<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<\/div>\n<\/div>\n
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CAR (T\u1ef7 l\u1ec7 An to\u00e0n V\u1ed1n) c\u1ee7a ACB \u0111\u1ea1t 13,2%, v\u01b0\u1ee3t y\u00eau c\u1ea7u Basel II c\u1ee7a Ng\u00e2n h\u00e0ng Nh\u00e0 n\u01b0\u1edbc 10,5% l\u00e0 2,7%, t\u1ea1o d\u01b0 \u0111\u1ecba cho t\u0103ng tr\u01b0\u1edfng t\u00edn d\u1ee5ng 18-20% trong 3 qu\u00fd c\u00f2n l\u1ea1i c\u1ee7a n\u0103m 2025. T\u1ef7 l\u1ec7 CASA t\u0103ng t\u1eeb 23,5% l\u00ean 24,8% (+1,3% YoY) nh\u1edd chi\u1ebfn d\u1ecbch \"ACB Zero Fee\" v\u00e0 c\u00e1c ch\u01b0\u01a1ng tr\u00ecnh h\u1ee3p t\u00e1c v\u1edbi 32 n\u1ec1n t\u1ea3ng th\u01b0\u01a1ng m\u1ea1i \u0111i\u1ec7n t\u1eed, gi\u00fap ng\u00e2n h\u00e0ng ti\u1ebft ki\u1ec7m 172 t\u1ef7 \u0111\u1ed3ng chi ph\u00ed v\u1ed1n m\u1ed7i qu\u00fd.<\/p>\n\n<\/div>\n

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\u0110\u00f2n b\u1ea9y C\u00f4ng ngh\u1ec7: Ch\u00eca kh\u00f3a T\u0103ng tr\u01b0\u1edfng 2025-2026<\/h3>\n<\/div>\n
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ACB \u0111\u00e3 \u0111\u1ea7u t\u01b0 1.450 t\u1ef7 \u0111\u1ed3ng (t\u01b0\u01a1ng \u0111\u01b0\u01a1ng 62 tri\u1ec7u USD) v\u00e0o h\u1ea1 t\u1ea7ng c\u00f4ng ngh\u1ec7 trong 18 th\u00e1ng qua, v\u1edbi 3 d\u1ef1 \u00e1n ch\u00ednh: (1) n\u1ec1n t\u1ea3ng ph\u00e2n t\u00edch d\u1eef li\u1ec7u l\u1edbn \"ACB Data Lake\", (2) h\u1ec7 th\u1ed1ng x\u00e1c th\u1ef1c sinh tr\u1eafc h\u1ecdc \u0111a l\u1edbp, v\u00e0 (3) n\u1ec1n t\u1ea3ng API m\u1edf k\u1ebft n\u1ed1i 58 \u0111\u1ed1i t\u00e1c fintech v\u00e0 c\u00f4ng ngh\u1ec7. Theo b\u00e1o c\u00e1o c\u1ee7a Pocket Option, ACB c\u00f3 t\u1ef7 l\u1ec7 th\u00e0nh c\u00f4ng chuy\u1ec3n \u0111\u1ed5i s\u1ed1 cao nh\u1ea5t trong c\u00e1c ng\u00e2n h\u00e0ng th\u01b0\u01a1ng m\u1ea1i t\u01b0 nh\u00e2n v\u1edbi 87,3% giao d\u1ecbch th\u1ef1c hi\u1ec7n tr\u00ean n\u1ec1n t\u1ea3ng s\u1ed1, t\u0103ng t\u1eeb 72,1% n\u0103m 2023.<\/p>\n\n<\/div>\n

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Chi ph\u00ed ho\u1ea1t \u0111\u1ed9ng tr\u00ean m\u1ed7i giao d\u1ecbch gi\u1ea3m 37,2% (t\u1eeb 21.500 \u0111\u1ed3ng xu\u1ed1ng 13.500 \u0111\u1ed3ng) sau khi tri\u1ec3n khai chatbot AI v\u00e0 t\u1ef1 \u0111\u1ed9ng h\u00f3a RPA cho 32 quy tr\u00ecnh n\u1ed9i b\u1ed9. \u0110\u00e2y l\u00e0 n\u1ec1n t\u1ea3ng quan tr\u1ecdng gi\u00fap ACB gi\u1ea3m CIR t\u1eeb 38,2% xu\u1ed1ng 37,1% v\u00e0 d\u1ef1 ki\u1ebfn \u0111\u1ea1t 35% v\u00e0o cu\u1ed1i n\u0103m 2025.<\/p>\n\n<\/div>\n

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Ph\u00e2n t\u00edch K\u1ef9 thu\u1eadt C\u1ed5 phi\u1ebfu ACB: V\u00f9ng T\u00edch l\u0169y Tr\u01b0\u1edbc Khi B\u1ee9t Ph\u00e1<\/h2>\n<\/div>\n
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C\u1ed5 phi\u1ebfu ACB \u0111ang giao d\u1ecbch trong v\u00f9ng t\u00edch l\u0169y 21.800-22.500 \u0111\u1ed3ng sau khi \u0111i\u1ec1u ch\u1ec9nh t\u1eeb \u0111\u1ec9nh 24.200 \u0111\u1ed3ng (20\/3\/2025). Ph\u00e2n t\u00edch k\u1ef9 thu\u1eadt ch\u1ec9 ra 3 k\u1ecbch b\u1ea3n ch\u00ednh cho c\u1ed5 phi\u1ebfu n\u00e0y trong qu\u00fd 2\/2025.<\/p>\n\n<\/div>\n

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M\u1ee9c Gi\u00e1<\/th>\n\u00dd ngh\u0129a K\u1ef9 thu\u1eadt<\/th>\nKhuy\u1ebfn ngh\u1ecb<\/th>\nKhung Th\u1eddi gian D\u1ef1 ki\u1ebfn<\/th>\n<\/tr>\n<\/thead>\n
24.200-24.500 \u0111\u1ed3ng<\/td>\nKh\u00e1ng c\u1ef1 R2 m\u1ea1nh (\u0111\u1ec9nh 10 th\u00e1ng), RSI>75<\/td>\nCh\u1ed1t l\u1eddi 40-50% v\u1ecb th\u1ebf<\/td>\nGi\u1eefa th\u00e1ng 5\/2025<\/td>\n<\/tr>\n
21.800-22.500 \u0111\u1ed3ng<\/td>\nV\u00f9ng t\u00edch l\u0169y, d\u1ea3i gi\u1eefa Bollinger, MACD trung t\u00ednh<\/td>\nMua th\u00eam n\u1ebfu 21.800 \u0111\u01b0\u1ee3c ki\u1ec3m tra th\u00e0nh c\u00f4ng<\/td>\nHi\u1ec7n t\u1ea1i \u0111\u1ebfn cu\u1ed1i th\u00e1ng 4<\/td>\n<\/tr>\n
20.500-21.000 \u0111\u1ed3ng<\/td>\nH\u1ed7 tr\u1ee3 S1, Fibonacci 38,2%, kh\u1ed1i l\u01b0\u1ee3ng t\u0103ng >50%<\/td>\nMua 70% v\u1ecb th\u1ebf d\u1ef1 ki\u1ebfn<\/td>\nN\u1ebfu VN-Index \u0111i\u1ec1u ch\u1ec9nh <5%<\/td>\n<\/tr>\n
19.000-19.500 \u0111\u1ed3ng<\/td>\nH\u1ed7 tr\u1ee3 S2 m\u1ea1nh, MA200, Fibonacci 50%<\/td>\nT\u00edch l\u0169y to\u00e0n b\u1ed9 v\u1ecb th\u1ebf<\/td>\nN\u1ebfu VN-Index \u0111i\u1ec1u ch\u1ec9nh >7%<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<\/div>\n<\/div>\n
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Theo chuy\u00ean gia k\u1ef9 thu\u1eadt h\u00e0ng \u0111\u1ea7u c\u1ee7a Pocket Option, c\u1ed5 phi\u1ebfu ACB \u0111ang h\u00ecnh th\u00e0nh m\u00f4 h\u00ecnh \"Cup with Handle\" tr\u00ean bi\u1ec3u \u0111\u1ed3 tu\u1ea7n v\u1edbi \u0111\u00e1y v\u1eeba h\u00ecnh th\u00e0nh trong v\u00f9ng 21.800 \u0111\u1ed3ng. Kh\u1ed1i l\u01b0\u1ee3ng giao d\u1ecbch trung b\u00ecnh c\u1ee7a 10 phi\u00ean g\u1ea7n nh\u1ea5t \u0111\u1ea1t 4,7 tri\u1ec7u c\u1ed5 phi\u1ebfu\/phi\u00ean, cao h\u01a1n 32% so v\u1edbi trung b\u00ecnh c\u1ee7a 20 phi\u00ean tr\u01b0\u1edbc \u0111\u00f3, cho th\u1ea5y d\u00f2ng ti\u1ec1n t\u00edch c\u1ef1c \u0111ang quay tr\u1edf l\u1ea1i.<\/p>\n\n<\/div>\n

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C\u00e1c ch\u1ec9 b\u00e1o k\u1ef9 thu\u1eadt quan tr\u1ecdng: RSI(14) = 57,4 (v\u00f9ng trung t\u00ednh nh\u01b0ng c\u00f3 xu h\u01b0\u1edbng t\u0103ng), MACD = 0,32 (v\u1eeba c\u1eaft l\u00ean tr\u00ean \u0111\u01b0\u1eddng t\u00edn hi\u1ec7u t\u1ea1o t\u00edn hi\u1ec7u mua), ADX = 21,3 (xu h\u01b0\u1edbng \u0111ang h\u00ecnh th\u00e0nh). \u0110\u00e2y l\u00e0 s\u1ef1 k\u1ebft h\u1ee3p c\u1ee7a c\u00e1c t\u00edn hi\u1ec7u cho th\u1ea5y kh\u1ea3 n\u0103ng cao ACB s\u1ebd ki\u1ec3m tra th\u00e0nh c\u00f4ng v\u00f9ng h\u1ed7 tr\u1ee3 hi\u1ec7n t\u1ea1i tr\u01b0\u1edbc khi b\u01b0\u1edbc v\u00e0o xu h\u01b0\u1edbng t\u0103ng m\u1edbi nh\u1eafm \u0111\u1ebfn v\u00f9ng 24.200-24.500 \u0111\u1ed3ng v\u00e0o gi\u1eefa th\u00e1ng 5\/2025.<\/p>\n\n<\/div>\n

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So s\u00e1nh ACB v\u1edbi C\u00e1c Ng\u00e2n h\u00e0ng C\u00f9ng Nh\u00f3m: V\u1ecb th\u1ebf C\u1ea1nh tranh trong Qu\u00fd 1\/2025<\/h2>\n<\/div>\n
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So s\u00e1nh c\u1ed5 phi\u1ebfu ACB v\u1edbi c\u00e1c \u0111\u1ed1i th\u1ee7 c\u1ea7n d\u1ef1a tr\u00ean d\u1eef li\u1ec7u m\u1edbi nh\u1ea5t qu\u00fd 1\/2025. D\u01b0\u1edbi \u0111\u00e2y l\u00e0 b\u1ea3ng ph\u00e2n t\u00edch chi ti\u1ebft:<\/p>\n\n<\/div>\n

\n
\n\n\n\n\n\n\n\n\n\n\n\n
Ch\u1ec9 s\u1ed1<\/th>\nACB<\/th>\nTCB<\/th>\nMBB<\/th>\nVPB<\/th>\nTrung b\u00ecnh Ng\u00e0nh<\/th>\n<\/tr>\n<\/thead>\n
P\/E (TTM)<\/td>\n5,8x<\/td>\n6,2x<\/td>\n5,5x<\/td>\n7,1x<\/td>\n6,4x<\/td>\n<\/tr>\n
P\/B Hi\u1ec7n t\u1ea1i<\/td>\n1,2x<\/td>\n1,1x<\/td>\n1,3x<\/td>\n1,5x<\/td>\n1,4x<\/td>\n<\/tr>\n
ROE (Q1\/2025)<\/td>\n21,5%<\/td>\n19,2%<\/td>\n23,1%<\/td>\n20,8%<\/td>\n19,2%<\/td>\n<\/tr>\n
T\u1ef7 l\u1ec7 NPL (Q1\/2025)<\/td>\n0,8%<\/td>\n1,1%<\/td>\n1,0%<\/td>\n3,2%<\/td>\n1,3%<\/td>\n<\/tr>\n
T\u0103ng tr\u01b0\u1edfng T\u00edn d\u1ee5ng (Q1\/2025)<\/td>\n4,2%<\/td>\n3,8%<\/td>\n4,5%<\/td>\n3,1%<\/td>\n3,6%<\/td>\n<\/tr>\n
C\u1ed5 t\u1ee9c D\u1ef1 ki\u1ebfn 2025<\/td>\n15%<\/td>\n0%<\/td>\n12%<\/td>\n0%<\/td>\n8%<\/td>\n<\/tr>\n
T\u1ef7 l\u1ec7 CASA (Q1\/2025)<\/td>\n24,8%<\/td>\n35,3%<\/td>\n28,7%<\/td>\n18,2%<\/td>\n23,1%<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<\/div>\n<\/div>\n
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ACB hi\u1ec7n \u0111ang giao d\u1ecbch \u1edf m\u1ee9c \u0111\u1ecbnh gi\u00e1 h\u1ea5p d\u1eabn v\u1edbi P\/E 5,8x, th\u1ea5p h\u01a1n trung b\u00ecnh ng\u00e0nh (6,4x) m\u1eb7c d\u00f9 c\u00f3 ROE cao h\u01a1n (21,5% so v\u1edbi 19,2%). \u0110\u00e1ng ch\u00fa \u00fd, ACB l\u00e0 ng\u00e2n h\u00e0ng duy nh\u1ea5t trong nh\u00f3m d\u1ef1 ki\u1ebfn tr\u1ea3 c\u1ed5 t\u1ee9c ti\u1ec1n m\u1eb7t 15% cho c\u1ed5 \u0111\u00f4ng v\u00e0o qu\u00fd 3\/2025 (\u0111\u01b0\u1ee3c ph\u00ea duy\u1ec7t t\u1ea1i \u0110HC\u0110 ng\u00e0y 28\/3\/2025), t\u1ea1o ra t\u1ef7 su\u1ea5t c\u1ed5 t\u1ee9c kho\u1ea3ng 6,7% \u1edf m\u1ee9c gi\u00e1 hi\u1ec7n t\u1ea1i, cao nh\u1ea5t trong c\u00e1c ng\u00e2n h\u00e0ng th\u01b0\u01a1ng m\u1ea1i t\u01b0 nh\u00e2n.<\/p>\n\n<\/div>\n

\n

Theo ph\u00e2n t\u00edch c\u1ee7a Pocket Option, ACB c\u00f3 l\u1ee3i th\u1ebf v\u01b0\u1ee3t tr\u1ed9i v\u1ec1 ch\u1ea5t l\u01b0\u1ee3ng t\u00e0i s\u1ea3n v\u1edbi t\u1ef7 l\u1ec7 NPL ch\u1ec9 0,8%, th\u1ea5p nh\u1ea5t trong nh\u00f3m v\u00e0 th\u1ea5p h\u01a1n nhi\u1ec1u so v\u1edbi VPB (3,2%). \u0110i\u1ec1u n\u00e0y gi\u00fap ACB ti\u1ebft ki\u1ec7m chi ph\u00ed d\u1ef1 ph\u00f2ng, duy tr\u00ec l\u1ee3i nhu\u1eadn \u1ed5n \u0111\u1ecbnh ngay c\u1ea3 khi th\u1ecb tr\u01b0\u1eddng bi\u1ebfn \u0111\u1ed9ng. Tuy nhi\u00ean, ACB v\u1eabn thua k\u00e9m TCB v\u1ec1 t\u1ef7 l\u1ec7 CASA (24,8% so v\u1edbi 35,3%) v\u00e0 thua MBB v\u1ec1 ROE (21,5% so v\u1edbi 23,1%).<\/p>\n\n<\/div>\n

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C\u00e1c Y\u1ebfu t\u1ed1 Kinh t\u1ebf V\u0129 m\u00f4 Ch\u00ednh \u1ea2nh h\u01b0\u1edfng \u0111\u1ebfn Tri\u1ec3n v\u1ecdng c\u1ee7a ACB trong Qu\u00fd 2-Qu\u00fd 4\/2025<\/h2>\n<\/div>\n
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Thay \u0111\u1ed5i Ch\u00ednh s\u00e1ch Ti\u1ec1n t\u1ec7 v\u00e0 T\u00e1c \u0111\u1ed9ng C\u1ee5 th\u1ec3<\/h3>\n<\/div>\n
\n

Ng\u00e2n h\u00e0ng Nh\u00e0 n\u01b0\u1edbc \u0111\u00e3 gi\u1ea3m l\u00e3i su\u1ea5t ch\u00ednh s\u00e1ch 3 l\u1ea7n trong 9 th\u00e1ng qua v\u1edbi t\u1ed5ng m\u1ee9c gi\u1ea3m 0,75%, \u0111\u01b0a l\u00e3i su\u1ea5t t\u00e1i c\u1ea5p v\u1ed1n xu\u1ed1ng 4,0% (m\u1ee9c th\u1ea5p l\u1ecbch s\u1eed). Ph\u00e2n t\u00edch c\u1ee7a Pocket Option cho th\u1ea5y m\u1ed1i t\u01b0\u01a1ng quan 0,83 gi\u1eefa vi\u1ec7c gi\u1ea3m l\u00e3i su\u1ea5t ch\u00ednh s\u00e1ch v\u00e0 NIM c\u1ee7a ACB sau 2 qu\u00fd, cho th\u1ea5y m\u1ed7i l\u1ea7n gi\u1ea3m l\u00e3i su\u1ea5t 0,25% s\u1ebd \u1ea3nh h\u01b0\u1edfng \u0111\u1ebfn NIM c\u1ee7a ACB -0,04% sau 6 th\u00e1ng.<\/p>\n\n<\/div>\n

\n
    \n \t
  • L\u00e3i su\u1ea5t gi\u1ea3m th\u00eam 0,25% trong qu\u00fd 2\/2025 (k\u1ecbch b\u1ea3n 85%): ACB h\u01b0\u1edfng l\u1ee3i trong 3-4 th\u00e1ng \u0111\u1ea7u ti\u00ean khi chi ph\u00ed v\u1ed1n gi\u1ea3m nhanh h\u01a1n l\u00e3i su\u1ea5t cho vay; NIM d\u1ef1 ki\u1ebfn t\u0103ng 0,06-0,08% trong qu\u00fd 2\/2025 tr\u01b0\u1edbc khi gi\u1ea3m nh\u1eb9 trong qu\u00fd 3-qu\u00fd 4\/2025<\/li>\n \t
  • Ng\u00e2n h\u00e0ng Nh\u00e0 n\u01b0\u1edbc t\u0103ng room t\u00edn d\u1ee5ng 1-2% v\u00e0o th\u00e1ng 6\/2025 (k\u1ecbch b\u1ea3n 70%): ACB nh\u1eadn \u0111\u01b0\u1ee3c room t\u0103ng tr\u01b0\u1edfng t\u00edn d\u1ee5ng 18-20% cho c\u1ea3 n\u0103m 2025 (cao h\u01a1n trung b\u00ecnh ng\u00e0nh 15%), th\u00fac \u0111\u1ea9y t\u0103ng tr\u01b0\u1edfng thu nh\u1eadp l\u00e3i th\u00eam 3,2-4,5%<\/li>\n \t
  • Ki\u1ec3m so\u00e1t l\u1ea1m ph\u00e1t \u1edf m\u1ee9c 3,8-4,2% trong n\u0103m 2025 (d\u1ef1 b\u00e1o m\u1edbi nh\u1ea5t): T\u1ea1o \u0111i\u1ec1u ki\u1ec7n \u1ed5n \u0111\u1ecbnh cho c\u00e1c kho\u1ea3n vay hi\u1ec7n t\u1ea1i c\u1ee7a ACB, t\u1ef7 l\u1ec7 NPL d\u1ef1 ki\u1ebfn duy tr\u00ec d\u01b0\u1edbi 1% \u0111\u1ebfn cu\u1ed1i n\u0103m<\/li>\n<\/ul>\n<\/div>\n
    \n

    Ph\u00e2n t\u00edch SWOT C\u1ed5 phi\u1ebfu ACB: \u0110\u00e1nh gi\u00e1 To\u00e0n di\u1ec7n cho Qu\u00fd 2\/2025<\/h2>\n<\/div>\n
    \n
    \n<\/table>\n<\/div>\n<\/div>\n
    \n

    Ph\u00e2n t\u00edch SWOT tr\u00ean cho th\u1ea5y ACB c\u00f3 n\u1ec1n t\u1ea3ng t\u00e0i ch\u00ednh v\u00e0 qu\u1ea3n l\u00fd v\u1eefng ch\u1eafc (S1, S2, S4) v\u1edbi c\u01a1 h\u1ed9i t\u0103ng tr\u01b0\u1edfng r\u00f5 r\u00e0ng t\u1eeb chuy\u1ec3n \u0111\u1ed5i s\u1ed1 v\u00e0 m\u1edf r\u1ed9ng ph\u00e2n kh\u00fac SME (O1, O4). Tuy nhi\u00ean, ng\u00e2n h\u00e0ng c\u1ea7n c\u1ea3i thi\u1ec7n t\u1ef7 l\u1ec7 CASA (W3) v\u00e0 \u0111a d\u1ea1ng h\u00f3a danh m\u1ee5c cho vay (T2) \u0111\u1ec3 gi\u1ea3m thi\u1ec3u r\u1ee7i ro trong b\u1ed1i c\u1ea3nh c\u1ea1nh tranh ng\u00e0y c\u00e0ng gia t\u0103ng (T1) v\u00e0 \u00e1p l\u1ef1c quy \u0111\u1ecbnh m\u1edbi (T3).<\/p>\n\n<\/div>\n

    \n

    Theo Pocket Option, chi\u1ebfn l\u01b0\u1ee3c \"ACB Digital First 2025\" \u0111ang \u0111\u01b0\u1ee3c tri\u1ec3n khai s\u1ebd gi\u1ea3i quy\u1ebft 3\/4 \u0111i\u1ec3m y\u1ebfu trong v\u00f2ng 2 n\u0103m t\u1edbi, t\u1ea1o n\u1ec1n t\u1ea3ng cho t\u0103ng tr\u01b0\u1edfng b\u1ec1n v\u1eefng trong giai \u0111o\u1ea1n 2025-2027.<\/p>\n\n<\/div>\n

    \n

    Chi\u1ebfn l\u01b0\u1ee3c \u0110\u1ea7u t\u01b0 C\u1ed5 phi\u1ebfu ACB: 3 Ph\u01b0\u01a1ng ph\u00e1p T\u1ed1i \u01b0u cho Qu\u00fd 2\/2025<\/h2>\n<\/div>\n
    \n

    D\u1ef1a tr\u00ean \u0111\u00e1nh gi\u00e1 c\u1ed5 phi\u1ebfu ACB v\u00e0 ph\u00e2n t\u00edch to\u00e0n di\u1ec7n, Pocket Option \u0111\u1ec1 xu\u1ea5t 3 chi\u1ebfn l\u01b0\u1ee3c c\u1ee5 th\u1ec3 cho c\u00e1c nh\u00f3m nh\u00e0 \u0111\u1ea7u t\u01b0 kh\u00e1c nhau v\u1edbi k\u1ef3 v\u1ecdng l\u1ee3i nhu\u1eadn v\u00e0 khung th\u1eddi gian r\u00f5 r\u00e0ng.<\/p>\n\n<\/div>\n

    \n

    Chi\u1ebfn l\u01b0\u1ee3c 1: Giao d\u1ecbch Swing (7-21 ng\u00e0y)<\/h3>\n<\/div>\n
    \n
      \n \t
    • \u0110\u1ed1i t\u01b0\u1ee3ng m\u1ee5c ti\u00eau: Nh\u00e0 \u0111\u1ea7u t\u01b0 ng\u1eafn h\u1ea1n, nh\u00e0 giao d\u1ecbch t\u00edch c\u1ef1c<\/li>\n \t
    • \u0110i\u1ec3m v\u00e0o: Mua khi gi\u00e1 ki\u1ec3m tra th\u00e0nh c\u00f4ng v\u00f9ng 21.800-22.000\u0111 v\u1edbi kh\u1ed1i l\u01b0\u1ee3ng t\u0103ng >30% so v\u1edbi trung b\u00ecnh 5 phi\u00ean<\/li>\n \t
    • \u0110i\u1ec3m tho\u00e1t: B\u00e1n 70% khi gi\u00e1 \u0111\u1ea1t 23.800-24.200\u0111 (kh\u00e1ng c\u1ef1 R1) ho\u1eb7c khi RSI(14) v\u01b0\u1ee3t 75<\/li>\n \t
    • C\u1eaft l\u1ed7: -5,5% t\u1eeb gi\u00e1 mua ho\u1eb7c khi gi\u00e1 ph\u00e1 v\u1ee1 21.000\u0111 v\u1edbi kh\u1ed1i l\u01b0\u1ee3ng l\u1edbn<\/li>\n \t
    • K\u1ef3 v\u1ecdng l\u1ee3i nhu\u1eadn: +8% \u0111\u1ebfn +12% trong 2-3 tu\u1ea7n<\/li>\n \t
    • C\u00f4ng c\u1ee5 h\u1ed7 tr\u1ee3: \u1ee8ng d\u1ee5ng Pocket Option Market Scanner v\u1edbi c\u00e0i \u0111\u1eb7t c\u1ea3nh b\u00e1o gi\u00e1 v\u00e0 kh\u1ed1i l\u01b0\u1ee3ng<\/li>\n<\/ul>\n<\/div>\n
      \n

      Chi\u1ebfn l\u01b0\u1ee3c 2: \u0110\u1ea7u t\u01b0 Trung h\u1ea1n K\u1ebft h\u1ee3p C\u1ed5 t\u1ee9c (3-6 th\u00e1ng)<\/h3>\n<\/div>\n
      \n

      Chi\u1ebfn l\u01b0\u1ee3c n\u00e0y nh\u1eb1m m\u1ee5c ti\u00eau k\u00e9p: t\u0103ng gi\u00e1 trung h\u1ea1n v\u00e0 nh\u1eadn c\u1ed5 t\u1ee9c ti\u1ec1n m\u1eb7t d\u1ef1 ki\u1ebfn 15% v\u00e0o qu\u00fd 3\/2025.<\/p>\n\n<\/div>\n

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      • Ph\u01b0\u01a1ng ph\u00e1p gi\u1ea3i ng\u00e2n: Chia th\u00e0nh 3 l\u1ec7nh mua v\u1edbi t\u1ef7 l\u1ec7 40% - 30% - 30%\n
          \n \t
        • L\u1ec7nh 1: Mua \u1edf v\u00f9ng gi\u00e1 hi\u1ec7n t\u1ea1i (22.000-22.500\u0111)<\/li>\n \t
        • L\u1ec7nh 2: Mua th\u00eam n\u1ebfu \u0111i\u1ec1u ch\u1ec9nh v\u1ec1 20.500-21.000\u0111<\/li>\n \t
        • L\u1ec7nh 3: Mua khi x\u00e1c nh\u1eadn xu h\u01b0\u1edbng t\u0103ng (MACD c\u1eaft l\u00ean, gi\u00e1 ph\u00e1 v\u1ee1 MA20 v\u1edbi kh\u1ed1i l\u01b0\u1ee3ng l\u1edbn)<\/li>\n<\/ul>\n<\/li>\n \t
        • \u0110i\u1ec3m tho\u00e1t: B\u00e1n 50% khi gi\u00e1 \u0111\u1ea1t 25.500-26.000\u0111 (sau khi nh\u1eadn c\u1ed5 t\u1ee9c), gi\u1eef l\u1ea1i 50% c\u00f2n l\u1ea1i cho m\u1ee5c ti\u00eau 27.000-28.000\u0111 (qu\u00fd 4\/2025)<\/li>\n \t
        • T\u1ed5ng k\u1ef3 v\u1ecdng l\u1ee3i nhu\u1eadn: +22% \u0111\u1ebfn +28% (bao g\u1ed3m +15% \u0111\u1ebfn +20% t\u0103ng gi\u00e1 v\u00e0 +6,7% c\u1ed5 t\u1ee9c ti\u1ec1n m\u1eb7t)<\/li>\n<\/ul>\n<\/div>\n
          \n

          Chi\u1ebfn l\u01b0\u1ee3c 3: T\u00edch l\u0169y D\u00e0i h\u1ea1n (12-24 th\u00e1ng)<\/h3>\n<\/div>\n
          \n

          Chi\u1ebfn l\u01b0\u1ee3c n\u00e0y ph\u00f9 h\u1ee3p v\u1edbi nh\u00e0 \u0111\u1ea7u t\u01b0 tin t\u01b0\u1edfng v\u00e0o tri\u1ec3n v\u1ecdng t\u0103ng tr\u01b0\u1edfng d\u00e0i h\u1ea1n c\u1ee7a ACB v\u00e0 n\u1ec1n kinh t\u1ebf Vi\u1ec7t Nam.<\/p>\n\n<\/div>\n

          \n
            \n \t
          • Ph\u01b0\u01a1ng ph\u00e1p DCA (Dollar Cost Averaging): Mua \u0111\u1ec1u \u0111\u1eb7n h\u00e0ng th\u00e1ng ho\u1eb7c h\u00e0ng qu\u00fd, t\u1eadp trung mua th\u00eam trong c\u00e1c \u0111\u1ee3t \u0111i\u1ec1u ch\u1ec9nh th\u1ecb tr\u01b0\u1eddng<\/li>\n \t
          • Ph\u00e2n b\u1ed5 v\u1ed1n: 5-8% danh m\u1ee5c \u0111\u1ea7u t\u01b0 c\u1ed5 phi\u1ebfu v\u1edbi ACB l\u00e0 c\u1ed5 phi\u1ebfu c\u1ed1t l\u00f5i trong nh\u00f3m ng\u00e2n h\u00e0ng<\/li>\n \t
          • M\u1ee5c ti\u00eau gi\u00e1 cu\u1ed1i n\u0103m 2026: 32.000-35.000\u0111 (+45% \u0111\u1ebfn +59% t\u1eeb m\u1ee9c hi\u1ec7n t\u1ea1i)<\/li>\n \t
          • T\u1ed5ng k\u1ef3 v\u1ecdng l\u1ee3i nhu\u1eadn: +60% \u0111\u1ebfn +75% (bao g\u1ed3m 2 n\u0103m c\u1ed5 t\u1ee9c)<\/li>\n \t
          • Chi\u1ebfn l\u01b0\u1ee3c t\u00e1i c\u00e2n b\u1eb1ng: Xem x\u00e9t gi\u1ea3m t\u1ef7 tr\u1ecdng khi P\/B v\u01b0\u1ee3t 1,8x ho\u1eb7c P\/E v\u01b0\u1ee3t 9x<\/li>\n<\/ul>\n<\/div>\n
            \n
            \n

    \n\n\n\n\n\n\n
    Nh\u00f3m Nh\u00e0 \u0111\u1ea7u t\u01b0<\/th>\nKhuy\u1ebfn ngh\u1ecb<\/th>\nM\u1ee5c ti\u00eau Gi\u00e1<\/th>\nTh\u1eddi gian N\u1eafm gi\u1eef<\/th>\nK\u1ef3 v\u1ecdng L\u1ee3i nhu\u1eadn<\/th>\n<\/tr>\n<\/thead>\n
    Nh\u00e0 \u0111\u1ea7u t\u01b0 Ng\u1eafn h\u1ea1n<\/td>\nMUA T\u00cdCH C\u1ef0C<\/td>\n24.000-24.500\u0111<\/td>\n2-3 tu\u1ea7n<\/td>\n+8% \u0111\u1ebfn +12%<\/td>\n<\/tr>\n
    Nh\u00e0 \u0111\u1ea7u t\u01b0 Trung h\u1ea1n<\/td>\nMUA<\/td>\n25.500-26.000\u0111 (Q3), 27.000-28.000\u0111 (Q4)<\/td>\n3-6 th\u00e1ng<\/td>\n+22% \u0111\u1ebfn +28% (bao g\u1ed3m c\u1ed5 t\u1ee9c)<\/td>\n<\/tr>\n
    Nh\u00e0 \u0111\u1ea7u t\u01b0 D\u00e0i h\u1ea1n<\/td>\nT\u00cdCH L\u0168Y M\u1ea0NH<\/td>\n32.000-35.000\u0111 (cu\u1ed1i n\u0103m 2026)<\/td>\n12-24 th\u00e1ng<\/td>\n+60% \u0111\u1ebfn +75% (bao g\u1ed3m c\u1ed5 t\u1ee9c)<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<\/div>\n<\/div>\n
    \n

    5 R\u1ee7i ro \u0110\u1ea7u t\u01b0 C\u1ed5 phi\u1ebfu ACB v\u00e0 Ph\u01b0\u01a1ng ph\u00e1p Ph\u00f2ng ng\u1eeba Hi\u1ec7u qu\u1ea3<\/h2>\n<\/div>\n
    \n

    D\u00f9 ACB c\u00f3 n\u1ec1n t\u1ea3ng v\u1eefng ch\u1eafc, nh\u00e0 \u0111\u1ea7u t\u01b0 c\u1ea7n nh\u1eadn di\u1ec7n v\u00e0 qu\u1ea3n l\u00fd 5 r\u1ee7i ro ch\u00ednh sau:<\/p>\n\n<\/div>\n

    \n
      \n \t
    • R\u1ee7i ro #1: Chu k\u1ef3 th\u1eaft ch\u1eb7t t\u00edn d\u1ee5ng b\u1ea5t \u0111\u1ed9ng s\u1ea3n - ACB c\u00f3 42% danh m\u1ee5c cho vay li\u00ean quan \u0111\u1ebfn b\u1ea5t \u0111\u1ed9ng s\u1ea3n (cao nh\u1ea5t trong nh\u00f3m), s\u1ebd ch\u1ecbu \u00e1p l\u1ef1c n\u1ebfu Ng\u00e2n h\u00e0ng Nh\u00e0 n\u01b0\u1edbc ti\u1ebfp t\u1ee5c ki\u1ec3m so\u00e1t t\u00edn d\u1ee5ng trong l\u0129nh v\u1ef1c n\u00e0y\u2192 Ph\u00f2ng ng\u1eeba: Theo d\u00f5i ch\u1ec9 s\u1ed1 gi\u00e1 nh\u00e0 \u1edf v\u00e0 th\u00f4ng tin Ng\u00e2n h\u00e0ng Nh\u00e0 n\u01b0\u1edbc v\u1ec1 room t\u00edn d\u1ee5ng b\u1ea5t \u0111\u1ed9ng s\u1ea3n h\u00e0ng th\u00e1ng, xem x\u00e9t gi\u1ea3m v\u1ecb th\u1ebf n\u1ebfu c\u00f3 d\u1ea5u hi\u1ec7u th\u1eaft ch\u1eb7t<\/li>\n \t
    • R\u1ee7i ro #2: C\u1ea1nh tranh CASA t\u1eeb ng\u00e2n h\u00e0ng s\u1ed1 - Teck Bank (MB), CAKE (VP Bank) v\u00e0 Ubank (VIB) \u0111ang thu h\u00fat kh\u00e1ch h\u00e0ng tr\u1ebb v\u1edbi l\u00e3i su\u1ea5t ti\u1ec1n g\u1eedi kh\u00f4ng k\u1ef3 h\u1ea1n cao h\u01a1n\u2192 Ph\u00f2ng ng\u1eeba: Theo d\u00f5i b\u00e1o c\u00e1o qu\u00fd v\u1ec1 t\u1ef7 l\u1ec7 CASA c\u1ee7a ACB, c\u1ea9n tr\u1ecdng n\u1ebfu gi\u1ea3m trong 2 qu\u00fd li\u00ean ti\u1ebfp<\/li>\n \t
    • R\u1ee7i ro #3: \u00c1p l\u1ef1c t\u0103ng v\u1ed1n theo Basel III - ACB c\u1ea7n t\u0103ng v\u1ed1n kho\u1ea3ng 12-15% v\u00e0o n\u0103m 2026, c\u00f3 th\u1ec3 d\u1eabn \u0111\u1ebfn pha lo\u00e3ng c\u1ed5 phi\u1ebfu\u2192 Ph\u00f2ng ng\u1eeba: S\u1eb5n s\u00e0ng tham gia ph\u00e1t h\u00e0nh th\u00eam (n\u1ebfu c\u00f3) \u0111\u1ec3 duy tr\u00ec t\u1ef7 l\u1ec7 s\u1edf h\u1eefu<\/li>\n \t
    • R\u1ee7i ro #4: Bi\u1ebfn \u0111\u1ed9ng l\u00e3i su\u1ea5t - Kho\u1ea3ng c\u00e1ch k\u1ef3 h\u1ea1n t\u00e0i s\u1ea3n-n\u1ee3 c\u1ee7a ACB l\u00e0 0,27, th\u1ea5p h\u01a1n TCB (0,41) nh\u01b0ng v\u1eabn s\u1ebd b\u1ecb \u1ea3nh h\u01b0\u1edfng n\u1ebfu l\u00e3i su\u1ea5t t\u0103ng \u0111\u1ed9t ng\u1ed9t\u2192 Ph\u00f2ng ng\u1eeba: Theo d\u00f5i ch\u00ednh s\u00e1ch c\u1ee7a Fed v\u00e0 Ng\u00e2n h\u00e0ng Nh\u00e0 n\u01b0\u1edbc, \u0111a d\u1ea1ng h\u00f3a danh m\u1ee5c v\u1edbi c\u1ed5 phi\u1ebfu h\u01b0\u1edfng l\u1ee3i t\u1eeb l\u00e3i su\u1ea5t t\u0103ng<\/li>\n \t
    • R\u1ee7i ro #5: B\u1ea5t \u1ed5n th\u1ecb tr\u01b0\u1eddng chung - Bi\u1ebfn \u0111\u1ed9ng \u0111\u1ecba ch\u00ednh tr\u1ecb ho\u1eb7c s\u1ef1 c\u1ed1 h\u1ec7 th\u1ed1ng c\u00f3 th\u1ec3 \u1ea3nh h\u01b0\u1edfng \u0111\u1ebfn to\u00e0n th\u1ecb tr\u01b0\u1eddng b\u1ea5t k\u1ec3 k\u1ebft qu\u1ea3 kinh doanh c\u1ee7a ACB\u2192 Ph\u00f2ng ng\u1eeba: \u00c1p d\u1ee5ng qu\u1ea3n l\u00fd v\u1ed1n nghi\u00eam ng\u1eb7t, kh\u00f4ng s\u1eed d\u1ee5ng \u0111\u00f2n b\u1ea9y, v\u00e0 tu\u00e2n th\u1ee7 c\u1eaft l\u1ed7 12-15% cho to\u00e0n b\u1ed9 v\u1ecb th\u1ebf<\/li>\n<\/ul>\n<\/div>\n
      \n

      Pocket Option khuy\u1ebfn ngh\u1ecb nh\u00e0 \u0111\u1ea7u t\u01b0 \u00e1p d\u1ee5ng quy t\u1eafc \u0111a d\u1ea1ng h\u00f3a: t\u1ed1i \u0111a 20% danh m\u1ee5c cho nh\u00f3m ng\u00e2n h\u00e0ng v\u00e0 kh\u00f4ng qu\u00e1 7% cho m\u1ed9t c\u1ed5 phi\u1ebfu ng\u00e2n h\u00e0ng, ngay c\u1ea3 v\u1edbi c\u1ed5 phi\u1ebfu ch\u1ea5t l\u01b0\u1ee3ng cao nh\u01b0 ACB.<\/p>\n\n<\/div>\n

      \n

      K\u1ebft lu\u1eadn: \u0110\u00e1nh gi\u00e1 C\u1ed5 phi\u1ebfu ACB - C\u01a1 h\u1ed9i \u0110\u1ea7u t\u01b0 2025<\/h2>\n<\/div>\n
      \n

      Sau ph\u00e2n t\u00edch to\u00e0n di\u1ec7n, \u0111\u00e1nh gi\u00e1 c\u1ed5 phi\u1ebfu ACB cho th\u1ea5y \u0111\u00e2y l\u00e0 c\u01a1 h\u1ed9i \u0111\u1ea7u t\u01b0 h\u1ea5p d\u1eabn v\u1edbi \u0111\u1ecbnh gi\u00e1 h\u1ee3p l\u00fd (P\/E 5,8x, P\/B 1,2x) so v\u1edbi n\u1ec1n t\u1ea3ng v\u1eefng ch\u1eafc v\u00e0 ti\u1ec1m n\u0103ng t\u0103ng tr\u01b0\u1edfng b\u1ec1n v\u1eefng. ACB n\u1ed5i b\u1eadt v\u1edbi 3 l\u1ee3i th\u1ebf c\u1ea1nh tranh ch\u00ednh: ch\u1ea5t l\u01b0\u1ee3ng t\u00e0i s\u1ea3n v\u01b0\u1ee3t tr\u1ed9i (NPL 0,8%), l\u1ee3i nhu\u1eadn cao (ROE 21,5%), v\u00e0 ch\u00ednh s\u00e1ch c\u1ed5 t\u1ee9c h\u1ea5p d\u1eabn (15% ti\u1ec1n m\u1eb7t n\u0103m 2025).<\/p>\n\n<\/div>\n

      \n

      Trong qu\u00fd 2\/2025, ACB d\u1ef1 ki\u1ebfn s\u1ebd b\u1ee9t ph\u00e1 kh\u1ecfi v\u00f9ng t\u00edch l\u0169y hi\u1ec7n t\u1ea1i (21.800-22.500\u0111) v\u00e0 nh\u1eafm \u0111\u1ebfn v\u00f9ng gi\u00e1 24.000-24.500\u0111 (+8% \u0111\u1ebfn +12%) nh\u1edd k\u1ebft qu\u1ea3 kinh doanh qu\u00fd 1 t\u00edch c\u1ef1c v\u00e0 tri\u1ec3n v\u1ecdng t\u0103ng tr\u01b0\u1edfng t\u00edn d\u1ee5ng cao h\u01a1n trung b\u00ecnh ng\u00e0nh. V\u1ec1 d\u00e0i h\u1ea1n, chi\u1ebfn l\u01b0\u1ee3c chuy\u1ec3n \u0111\u1ed5i s\u1ed1 \"ACB Digital First 2025\" v\u00e0 s\u00e1ng ki\u1ebfn \"ACB SME Connect\" s\u1ebd l\u00e0 \u0111\u1ed9ng l\u1ef1c t\u0103ng tr\u01b0\u1edfng ch\u00ednh, h\u1ed7 tr\u1ee3 m\u1ee5c ti\u00eau gi\u00e1 32.000-35.000\u0111 v\u00e0o cu\u1ed1i n\u0103m 2026 (+45% \u0111\u1ebfn +59% t\u1eeb m\u1ee9c hi\u1ec7n t\u1ea1i).<\/p>\n\n<\/div>\n

      \n

      Pocket Option \u0111\u00e1nh gi\u00e1 ACB l\u00e0 m\u1ed9t trong 3 c\u1ed5 phi\u1ebfu ng\u00e2n h\u00e0ng \u0111\u00e1ng \u0111\u1ea7u t\u01b0 nh\u1ea5t n\u0103m 2025 v\u1edbi t\u1ef7 l\u1ec7 r\u1ee7i ro\/l\u1ee3i nhu\u1eadn h\u1ea5p d\u1eabn. Tuy nhi\u00ean, nh\u00e0 \u0111\u1ea7u t\u01b0 c\u1ea7n l\u01b0u \u00fd c\u00e1c r\u1ee7i ro ti\u1ec1m \u1ea9n t\u1eeb chu k\u1ef3 th\u1eaft ch\u1eb7t t\u00edn d\u1ee5ng b\u1ea5t \u0111\u1ed9ng s\u1ea3n v\u00e0 c\u1ea1nh tranh ng\u00e0y c\u00e0ng gay g\u1eaft. Chi\u1ebfn l\u01b0\u1ee3c gi\u1ea3i ng\u00e2n theo t\u1eebng giai \u0111o\u1ea1n k\u1ebft h\u1ee3p v\u1edbi qu\u1ea3n l\u00fd r\u1ee7i ro nghi\u00eam ng\u1eb7t s\u1ebd gi\u00fap t\u1ed1i \u01b0u h\u00f3a c\u01a1 h\u1ed9i \u0111\u1ea7u t\u01b0 v\u00e0o c\u1ed5 phi\u1ebfu ACB trong b\u1ed1i c\u1ea3nh th\u1ecb tr\u01b0\u1eddng 2025-2026.<\/p>\n\n<\/div>","body_html_source":{"label":"Body HTML","type":"wysiwyg","formatted_value":"

      \n

      T\u1ed5ng quan v\u1ec1 Ng\u00e2n h\u00e0ng Th\u01b0\u01a1ng m\u1ea1i C\u1ed5 ph\u1ea7n \u00c1 Ch\u00e2u (ACB) v\u00e0 V\u1ecb th\u1ebf Th\u1ecb tr\u01b0\u1eddng n\u0103m 2025<\/h2>\n<\/div>\n
      \n

      Ng\u00e2n h\u00e0ng Th\u01b0\u01a1ng m\u1ea1i C\u1ed5 ph\u1ea7n \u00c1 Ch\u00e2u (ACB), th\u00e0nh l\u1eadp n\u0103m 1993, \u0111\u00e3 tr\u1ea3i qua 32 n\u0103m ph\u00e1t tri\u1ec3n v\u1edbi 3 c\u1ed9t m\u1ed1c quan tr\u1ecdng: (1) v\u01b0\u1ee3t qua kh\u1ee7ng ho\u1ea3ng n\u0103m 2012 li\u00ean quan \u0111\u1ebfn nh\u00f3m B\u1ea7u Ki\u00ean, (2) \u0111\u1ea1t l\u1ee3i nhu\u1eadn k\u1ef7 l\u1ee5c 15.621 t\u1ef7 \u0111\u1ed3ng v\u00e0o n\u0103m 2023, v\u00e0 (3) ra m\u1eaft n\u1ec1n t\u1ea3ng ng\u00e2n h\u00e0ng s\u1ed1 ACB ONE v\u00e0o qu\u00fd 3\/2024 v\u1edbi 3,2 tri\u1ec7u ng\u01b0\u1eddi d\u00f9ng \u0111\u0103ng k\u00fd ch\u1ec9 trong 6 th\u00e1ng \u0111\u1ea7u ti\u00ean.<\/p>\n<\/div>\n

      \n

      Khi \u0111\u00e1nh gi\u00e1 c\u1ed5 phi\u1ebfu ACB, \u0111i\u1ec1u quan tr\u1ecdng l\u00e0 hi\u1ec3u v\u1ecb th\u1ebf hi\u1ec7n t\u1ea1i c\u1ee7a ng\u00e2n h\u00e0ng: x\u1ebfp th\u1ee9 8 v\u1ec1 t\u1ed5ng t\u00e0i s\u1ea3n (668.845 t\u1ef7 \u0111\u1ed3ng, t\u0103ng 8,7% so v\u1edbi c\u00f9ng k\u1ef3 n\u0103m tr\u01b0\u1edbc), x\u1ebfp th\u1ee9 7 v\u1ec1 l\u1ee3i nhu\u1eadn trong h\u1ec7 th\u1ed1ng ng\u00e2n h\u00e0ng Vi\u1ec7t Nam, v\u00e0 s\u1edf h\u1eefu m\u1ea1ng l\u01b0\u1edbi 373 chi nh\u00e1nh\/ph\u00f2ng giao d\u1ecbch (th\u00eam 22 \u0111i\u1ec3m giao d\u1ecbch trong 12 th\u00e1ng qua).<\/p>\n<\/div>\n

      \n
      \n\n\n\n\n\n\n\n\n\n
      Ch\u1ec9 s\u1ed1<\/th>\nGi\u00e1 tr\u1ecb<\/th>\nSo v\u1edbi Ng\u00e0nh<\/th>\n% Thay \u0111\u1ed5i YoY<\/th>\n<\/tr>\n<\/thead>\n
      V\u1ed1n \u0111i\u1ec1u l\u1ec7<\/td>\n27.019 t\u1ef7 \u0111\u1ed3ng<\/td>\nTop 10<\/td>\n+14,2%<\/td>\n<\/tr>\n
      T\u1ed5ng t\u00e0i s\u1ea3n<\/td>\n668.845 t\u1ef7 \u0111\u1ed3ng<\/td>\nTop 8<\/td>\n+8,7%<\/td>\n<\/tr>\n
      ROE<\/td>\n21,5%<\/td>\n+2,3% tr\u00ean trung b\u00ecnh ng\u00e0nh (19,2%)<\/td>\n+0,8%<\/td>\n<\/tr>\n
      NIM<\/td>\n3,85%<\/td>\n+0,4% tr\u00ean trung b\u00ecnh ng\u00e0nh (3,45%)<\/td>\n+0,15%<\/td>\n<\/tr>\n
      T\u1ef7 l\u1ec7 NPL<\/td>\n0,8%<\/td>\n-0,5% d\u01b0\u1edbi trung b\u00ecnh ng\u00e0nh (1,3%)<\/td>\n-0,1%<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<\/div>\n<\/div>\n
      \n

      D\u1eef li\u1ec7u qu\u00fd 1\/2025 cho th\u1ea5y ACB kh\u00f4ng ch\u1ec9 duy tr\u00ec quy m\u00f4 top 10 m\u00e0 c\u00f2n \u0111\u1ea1t hi\u1ec7u qu\u1ea3 v\u01b0\u1ee3t tr\u1ed9i v\u1edbi ROE 21,5% (cao h\u01a1n trung b\u00ecnh ng\u00e0nh 2,3%) v\u00e0 t\u1ef7 l\u1ec7 NPL ch\u1ec9 0,8% (th\u1ea5p h\u01a1n trung b\u00ecnh 0,5%). \u0110\u00e1ng ch\u00fa \u00fd, s\u1ea3n ph\u1ea9m “ACB SME Connect” ra m\u1eaft v\u00e0o th\u00e1ng 2\/2025 \u0111\u00e3 thu h\u00fat 1.250 doanh nghi\u1ec7p SME m\u1edbi ch\u1ec9 trong 2 th\u00e1ng \u0111\u1ea7u tri\u1ec3n khai, m\u1edf r\u1ed9ng ph\u00e2n kh\u00fac kh\u00e1ch h\u00e0ng doanh nghi\u1ec7p v\u1ed1n l\u00e0 th\u1ebf m\u1ea1nh c\u1ee7a VPB v\u00e0 TCB.<\/p>\n<\/div>\n

      \n

      Ph\u00e2n t\u00edch C\u01a1 b\u1ea3n C\u1ed5 phi\u1ebfu ACB: T\u0103ng tr\u01b0\u1edfng V\u01b0\u1ee3t k\u1ef3 v\u1ecdng trong Qu\u00fd 1\/2025<\/h2>\n<\/div>\n
      \n

      B\u00e1o c\u00e1o t\u00e0i ch\u00ednh qu\u00fd 1\/2025 c\u00f4ng b\u1ed1 ng\u00e0y 15\/4\/2025 cho th\u1ea5y ACB \u0111\u1ea1t k\u1ebft qu\u1ea3 kinh doanh v\u01b0\u1ee3t d\u1ef1 b\u00e1o c\u1ee7a 12\/15 c\u00f4ng ty ch\u1ee9ng kho\u00e1n l\u1edbn. \u0110\u00e1nh gi\u00e1 c\u01a1 b\u1ea3n c\u1ed5 phi\u1ebfu ACB tr\u1edf n\u00ean t\u00edch c\u1ef1c h\u01a1n khi ng\u00e2n h\u00e0ng ghi nh\u1eadn l\u1ee3i nhu\u1eadn tr\u01b0\u1edbc thu\u1ebf qu\u00fd 1 \u0111\u1ea1t 4.827 t\u1ef7 \u0111\u1ed3ng (t\u0103ng 16,8% so v\u1edbi c\u00f9ng k\u1ef3), ho\u00e0n th\u00e0nh 27,1% k\u1ebf ho\u1ea1ch n\u0103m.<\/p>\n<\/div>\n

      \n

      \u0110\u1ed9t ph\u00e1 v\u1ec1 Ch\u1ea5t l\u01b0\u1ee3ng T\u00e0i s\u1ea3n v\u00e0 Hi\u1ec7u qu\u1ea3 Ho\u1ea1t \u0111\u1ed9ng<\/h3>\n<\/div>\n
      \n

      ACB l\u00e0 m\u1ed9t trong s\u1ed1 \u00edt ng\u00e2n h\u00e0ng duy tr\u00ec t\u1ef7 l\u1ec7 NPL d\u01b0\u1edbi 1% trong 8 qu\u00fd li\u00ean ti\u1ebfp, nh\u1edd ch\u00ednh s\u00e1ch th\u1ea9m \u0111\u1ecbnh t\u00edn d\u1ee5ng ba l\u1edbp v\u00e0 h\u1ec7 th\u1ed1ng \u0111\u00e1nh gi\u00e1 r\u1ee7i ro AI ph\u00e1t tri\u1ec3n v\u1edbi s\u1ef1 h\u1ed7 tr\u1ee3 t\u1eeb Pocket Option t\u1eeb qu\u00fd 3\/2024. T\u1ef7 l\u1ec7 thu nh\u1eadp ngo\u00e0i l\u00e3i tr\u00ean t\u1ed5ng thu nh\u1eadp t\u0103ng t\u1eeb 26,2% l\u00ean 31,4% (+5,2% YoY), v\u01b0\u1ee3t xa trung b\u00ecnh ng\u00e0nh 22,6%, \u0111\u01b0a ACB tr\u1edf th\u00e0nh ng\u00e2n h\u00e0ng c\u00f3 c\u01a1 c\u1ea5u thu nh\u1eadp \u0111a d\u1ea1ng th\u1ee9 ba sau TCB v\u00e0 MBB.<\/p>\n<\/div>\n

      \n
      \n\n\n\n\n\n\n\n\n\n
      Ch\u1ec9 s\u1ed1 T\u00e0i ch\u00ednh<\/th>\nQ1\/2025<\/th>\n% Thay \u0111\u1ed5i YoY<\/th>\nD\u1ef1 b\u00e1o 2025<\/th>\n% Ho\u00e0n th\u00e0nh K\u1ebf ho\u1ea1ch<\/th>\n<\/tr>\n<\/thead>\n
      Thu nh\u1eadp L\u00e3i thu\u1ea7n<\/td>\n5.218 t\u1ef7 \u0111\u1ed3ng<\/td>\n+12,7%<\/td>\n21.500 t\u1ef7 \u0111\u1ed3ng<\/td>\n24,3%<\/td>\n<\/tr>\n
      Thu nh\u1eadp ngo\u00e0i L\u00e3i<\/td>\n2.391 t\u1ef7 \u0111\u1ed3ng<\/td>\n+27,3%<\/td>\n7.800 t\u1ef7 \u0111\u1ed3ng<\/td>\n30,7%<\/td>\n<\/tr>\n
      L\u1ee3i nhu\u1eadn tr\u01b0\u1edbc thu\u1ebf<\/td>\n4.827 t\u1ef7 \u0111\u1ed3ng<\/td>\n+16,8%<\/td>\n17.800 t\u1ef7 \u0111\u1ed3ng<\/td>\n27,1%<\/td>\n<\/tr>\n
      T\u1ef7 l\u1ec7 CASA<\/td>\n24,8%<\/td>\n+1,3%<\/td>\n25%<\/td>\n99,2%<\/td>\n<\/tr>\n
      CIR<\/td>\n37,1%<\/td>\n-1,1%<\/td>\n36,5%<\/td>\n98,4% (c\u1ea7n gi\u1ea3m)<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<\/div>\n<\/div>\n
      \n

      CAR (T\u1ef7 l\u1ec7 An to\u00e0n V\u1ed1n) c\u1ee7a ACB \u0111\u1ea1t 13,2%, v\u01b0\u1ee3t y\u00eau c\u1ea7u Basel II c\u1ee7a Ng\u00e2n h\u00e0ng Nh\u00e0 n\u01b0\u1edbc 10,5% l\u00e0 2,7%, t\u1ea1o d\u01b0 \u0111\u1ecba cho t\u0103ng tr\u01b0\u1edfng t\u00edn d\u1ee5ng 18-20% trong 3 qu\u00fd c\u00f2n l\u1ea1i c\u1ee7a n\u0103m 2025. T\u1ef7 l\u1ec7 CASA t\u0103ng t\u1eeb 23,5% l\u00ean 24,8% (+1,3% YoY) nh\u1edd chi\u1ebfn d\u1ecbch “ACB Zero Fee” v\u00e0 c\u00e1c ch\u01b0\u01a1ng tr\u00ecnh h\u1ee3p t\u00e1c v\u1edbi 32 n\u1ec1n t\u1ea3ng th\u01b0\u01a1ng m\u1ea1i \u0111i\u1ec7n t\u1eed, gi\u00fap ng\u00e2n h\u00e0ng ti\u1ebft ki\u1ec7m 172 t\u1ef7 \u0111\u1ed3ng chi ph\u00ed v\u1ed1n m\u1ed7i qu\u00fd.<\/p>\n<\/div>\n

      \n

      \u0110\u00f2n b\u1ea9y C\u00f4ng ngh\u1ec7: Ch\u00eca kh\u00f3a T\u0103ng tr\u01b0\u1edfng 2025-2026<\/h3>\n<\/div>\n
      \n

      ACB \u0111\u00e3 \u0111\u1ea7u t\u01b0 1.450 t\u1ef7 \u0111\u1ed3ng (t\u01b0\u01a1ng \u0111\u01b0\u01a1ng 62 tri\u1ec7u USD) v\u00e0o h\u1ea1 t\u1ea7ng c\u00f4ng ngh\u1ec7 trong 18 th\u00e1ng qua, v\u1edbi 3 d\u1ef1 \u00e1n ch\u00ednh: (1) n\u1ec1n t\u1ea3ng ph\u00e2n t\u00edch d\u1eef li\u1ec7u l\u1edbn “ACB Data Lake”, (2) h\u1ec7 th\u1ed1ng x\u00e1c th\u1ef1c sinh tr\u1eafc h\u1ecdc \u0111a l\u1edbp, v\u00e0 (3) n\u1ec1n t\u1ea3ng API m\u1edf k\u1ebft n\u1ed1i 58 \u0111\u1ed1i t\u00e1c fintech v\u00e0 c\u00f4ng ngh\u1ec7. Theo b\u00e1o c\u00e1o c\u1ee7a Pocket Option, ACB c\u00f3 t\u1ef7 l\u1ec7 th\u00e0nh c\u00f4ng chuy\u1ec3n \u0111\u1ed5i s\u1ed1 cao nh\u1ea5t trong c\u00e1c ng\u00e2n h\u00e0ng th\u01b0\u01a1ng m\u1ea1i t\u01b0 nh\u00e2n v\u1edbi 87,3% giao d\u1ecbch th\u1ef1c hi\u1ec7n tr\u00ean n\u1ec1n t\u1ea3ng s\u1ed1, t\u0103ng t\u1eeb 72,1% n\u0103m 2023.<\/p>\n<\/div>\n

      \n

      Chi ph\u00ed ho\u1ea1t \u0111\u1ed9ng tr\u00ean m\u1ed7i giao d\u1ecbch gi\u1ea3m 37,2% (t\u1eeb 21.500 \u0111\u1ed3ng xu\u1ed1ng 13.500 \u0111\u1ed3ng) sau khi tri\u1ec3n khai chatbot AI v\u00e0 t\u1ef1 \u0111\u1ed9ng h\u00f3a RPA cho 32 quy tr\u00ecnh n\u1ed9i b\u1ed9. \u0110\u00e2y l\u00e0 n\u1ec1n t\u1ea3ng quan tr\u1ecdng gi\u00fap ACB gi\u1ea3m CIR t\u1eeb 38,2% xu\u1ed1ng 37,1% v\u00e0 d\u1ef1 ki\u1ebfn \u0111\u1ea1t 35% v\u00e0o cu\u1ed1i n\u0103m 2025.<\/p>\n<\/div>\n

      \n

      Ph\u00e2n t\u00edch K\u1ef9 thu\u1eadt C\u1ed5 phi\u1ebfu ACB: V\u00f9ng T\u00edch l\u0169y Tr\u01b0\u1edbc Khi B\u1ee9t Ph\u00e1<\/h2>\n<\/div>\n
      \n

      C\u1ed5 phi\u1ebfu ACB \u0111ang giao d\u1ecbch trong v\u00f9ng t\u00edch l\u0169y 21.800-22.500 \u0111\u1ed3ng sau khi \u0111i\u1ec1u ch\u1ec9nh t\u1eeb \u0111\u1ec9nh 24.200 \u0111\u1ed3ng (20\/3\/2025). Ph\u00e2n t\u00edch k\u1ef9 thu\u1eadt ch\u1ec9 ra 3 k\u1ecbch b\u1ea3n ch\u00ednh cho c\u1ed5 phi\u1ebfu n\u00e0y trong qu\u00fd 2\/2025.<\/p>\n<\/div>\n

      \n
      \n\n\n\n\n\n\n\n\n
      M\u1ee9c Gi\u00e1<\/th>\n\u00dd ngh\u0129a K\u1ef9 thu\u1eadt<\/th>\nKhuy\u1ebfn ngh\u1ecb<\/th>\nKhung Th\u1eddi gian D\u1ef1 ki\u1ebfn<\/th>\n<\/tr>\n<\/thead>\n
      24.200-24.500 \u0111\u1ed3ng<\/td>\nKh\u00e1ng c\u1ef1 R2 m\u1ea1nh (\u0111\u1ec9nh 10 th\u00e1ng), RSI>75<\/td>\nCh\u1ed1t l\u1eddi 40-50% v\u1ecb th\u1ebf<\/td>\nGi\u1eefa th\u00e1ng 5\/2025<\/td>\n<\/tr>\n
      21.800-22.500 \u0111\u1ed3ng<\/td>\nV\u00f9ng t\u00edch l\u0169y, d\u1ea3i gi\u1eefa Bollinger, MACD trung t\u00ednh<\/td>\nMua th\u00eam n\u1ebfu 21.800 \u0111\u01b0\u1ee3c ki\u1ec3m tra th\u00e0nh c\u00f4ng<\/td>\nHi\u1ec7n t\u1ea1i \u0111\u1ebfn cu\u1ed1i th\u00e1ng 4<\/td>\n<\/tr>\n
      20.500-21.000 \u0111\u1ed3ng<\/td>\nH\u1ed7 tr\u1ee3 S1, Fibonacci 38,2%, kh\u1ed1i l\u01b0\u1ee3ng t\u0103ng >50%<\/td>\nMua 70% v\u1ecb th\u1ebf d\u1ef1 ki\u1ebfn<\/td>\nN\u1ebfu VN-Index \u0111i\u1ec1u ch\u1ec9nh <5%<\/td>\n<\/tr>\n
      19.000-19.500 \u0111\u1ed3ng<\/td>\nH\u1ed7 tr\u1ee3 S2 m\u1ea1nh, MA200, Fibonacci 50%<\/td>\nT\u00edch l\u0169y to\u00e0n b\u1ed9 v\u1ecb th\u1ebf<\/td>\nN\u1ebfu VN-Index \u0111i\u1ec1u ch\u1ec9nh >7%<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<\/div>\n<\/div>\n
      \n

      Theo chuy\u00ean gia k\u1ef9 thu\u1eadt h\u00e0ng \u0111\u1ea7u c\u1ee7a Pocket Option, c\u1ed5 phi\u1ebfu ACB \u0111ang h\u00ecnh th\u00e0nh m\u00f4 h\u00ecnh “Cup with Handle” tr\u00ean bi\u1ec3u \u0111\u1ed3 tu\u1ea7n v\u1edbi \u0111\u00e1y v\u1eeba h\u00ecnh th\u00e0nh trong v\u00f9ng 21.800 \u0111\u1ed3ng. Kh\u1ed1i l\u01b0\u1ee3ng giao d\u1ecbch trung b\u00ecnh c\u1ee7a 10 phi\u00ean g\u1ea7n nh\u1ea5t \u0111\u1ea1t 4,7 tri\u1ec7u c\u1ed5 phi\u1ebfu\/phi\u00ean, cao h\u01a1n 32% so v\u1edbi trung b\u00ecnh c\u1ee7a 20 phi\u00ean tr\u01b0\u1edbc \u0111\u00f3, cho th\u1ea5y d\u00f2ng ti\u1ec1n t\u00edch c\u1ef1c \u0111ang quay tr\u1edf l\u1ea1i.<\/p>\n<\/div>\n

      \n

      C\u00e1c ch\u1ec9 b\u00e1o k\u1ef9 thu\u1eadt quan tr\u1ecdng: RSI(14) = 57,4 (v\u00f9ng trung t\u00ednh nh\u01b0ng c\u00f3 xu h\u01b0\u1edbng t\u0103ng), MACD = 0,32 (v\u1eeba c\u1eaft l\u00ean tr\u00ean \u0111\u01b0\u1eddng t\u00edn hi\u1ec7u t\u1ea1o t\u00edn hi\u1ec7u mua), ADX = 21,3 (xu h\u01b0\u1edbng \u0111ang h\u00ecnh th\u00e0nh). \u0110\u00e2y l\u00e0 s\u1ef1 k\u1ebft h\u1ee3p c\u1ee7a c\u00e1c t\u00edn hi\u1ec7u cho th\u1ea5y kh\u1ea3 n\u0103ng cao ACB s\u1ebd ki\u1ec3m tra th\u00e0nh c\u00f4ng v\u00f9ng h\u1ed7 tr\u1ee3 hi\u1ec7n t\u1ea1i tr\u01b0\u1edbc khi b\u01b0\u1edbc v\u00e0o xu h\u01b0\u1edbng t\u0103ng m\u1edbi nh\u1eafm \u0111\u1ebfn v\u00f9ng 24.200-24.500 \u0111\u1ed3ng v\u00e0o gi\u1eefa th\u00e1ng 5\/2025.<\/p>\n<\/div>\n

      \n

      So s\u00e1nh ACB v\u1edbi C\u00e1c Ng\u00e2n h\u00e0ng C\u00f9ng Nh\u00f3m: V\u1ecb th\u1ebf C\u1ea1nh tranh trong Qu\u00fd 1\/2025<\/h2>\n<\/div>\n
      \n

      So s\u00e1nh c\u1ed5 phi\u1ebfu ACB v\u1edbi c\u00e1c \u0111\u1ed1i th\u1ee7 c\u1ea7n d\u1ef1a tr\u00ean d\u1eef li\u1ec7u m\u1edbi nh\u1ea5t qu\u00fd 1\/2025. D\u01b0\u1edbi \u0111\u00e2y l\u00e0 b\u1ea3ng ph\u00e2n t\u00edch chi ti\u1ebft:<\/p>\n<\/div>\n

      \n
      \n\n\n\n\n\n\n\n\n\n\n\n
      Ch\u1ec9 s\u1ed1<\/th>\nACB<\/th>\nTCB<\/th>\nMBB<\/th>\nVPB<\/th>\nTrung b\u00ecnh Ng\u00e0nh<\/th>\n<\/tr>\n<\/thead>\n
      P\/E (TTM)<\/td>\n5,8x<\/td>\n6,2x<\/td>\n5,5x<\/td>\n7,1x<\/td>\n6,4x<\/td>\n<\/tr>\n
      P\/B Hi\u1ec7n t\u1ea1i<\/td>\n1,2x<\/td>\n1,1x<\/td>\n1,3x<\/td>\n1,5x<\/td>\n1,4x<\/td>\n<\/tr>\n
      ROE (Q1\/2025)<\/td>\n21,5%<\/td>\n19,2%<\/td>\n23,1%<\/td>\n20,8%<\/td>\n19,2%<\/td>\n<\/tr>\n
      T\u1ef7 l\u1ec7 NPL (Q1\/2025)<\/td>\n0,8%<\/td>\n1,1%<\/td>\n1,0%<\/td>\n3,2%<\/td>\n1,3%<\/td>\n<\/tr>\n
      T\u0103ng tr\u01b0\u1edfng T\u00edn d\u1ee5ng (Q1\/2025)<\/td>\n4,2%<\/td>\n3,8%<\/td>\n4,5%<\/td>\n3,1%<\/td>\n3,6%<\/td>\n<\/tr>\n
      C\u1ed5 t\u1ee9c D\u1ef1 ki\u1ebfn 2025<\/td>\n15%<\/td>\n0%<\/td>\n12%<\/td>\n0%<\/td>\n8%<\/td>\n<\/tr>\n
      T\u1ef7 l\u1ec7 CASA (Q1\/2025)<\/td>\n24,8%<\/td>\n35,3%<\/td>\n28,7%<\/td>\n18,2%<\/td>\n23,1%<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<\/div>\n<\/div>\n
      \n

      ACB hi\u1ec7n \u0111ang giao d\u1ecbch \u1edf m\u1ee9c \u0111\u1ecbnh gi\u00e1 h\u1ea5p d\u1eabn v\u1edbi P\/E 5,8x, th\u1ea5p h\u01a1n trung b\u00ecnh ng\u00e0nh (6,4x) m\u1eb7c d\u00f9 c\u00f3 ROE cao h\u01a1n (21,5% so v\u1edbi 19,2%). \u0110\u00e1ng ch\u00fa \u00fd, ACB l\u00e0 ng\u00e2n h\u00e0ng duy nh\u1ea5t trong nh\u00f3m d\u1ef1 ki\u1ebfn tr\u1ea3 c\u1ed5 t\u1ee9c ti\u1ec1n m\u1eb7t 15% cho c\u1ed5 \u0111\u00f4ng v\u00e0o qu\u00fd 3\/2025 (\u0111\u01b0\u1ee3c ph\u00ea duy\u1ec7t t\u1ea1i \u0110HC\u0110 ng\u00e0y 28\/3\/2025), t\u1ea1o ra t\u1ef7 su\u1ea5t c\u1ed5 t\u1ee9c kho\u1ea3ng 6,7% \u1edf m\u1ee9c gi\u00e1 hi\u1ec7n t\u1ea1i, cao nh\u1ea5t trong c\u00e1c ng\u00e2n h\u00e0ng th\u01b0\u01a1ng m\u1ea1i t\u01b0 nh\u00e2n.<\/p>\n<\/div>\n

      \n

      Theo ph\u00e2n t\u00edch c\u1ee7a Pocket Option, ACB c\u00f3 l\u1ee3i th\u1ebf v\u01b0\u1ee3t tr\u1ed9i v\u1ec1 ch\u1ea5t l\u01b0\u1ee3ng t\u00e0i s\u1ea3n v\u1edbi t\u1ef7 l\u1ec7 NPL ch\u1ec9 0,8%, th\u1ea5p nh\u1ea5t trong nh\u00f3m v\u00e0 th\u1ea5p h\u01a1n nhi\u1ec1u so v\u1edbi VPB (3,2%). \u0110i\u1ec1u n\u00e0y gi\u00fap ACB ti\u1ebft ki\u1ec7m chi ph\u00ed d\u1ef1 ph\u00f2ng, duy tr\u00ec l\u1ee3i nhu\u1eadn \u1ed5n \u0111\u1ecbnh ngay c\u1ea3 khi th\u1ecb tr\u01b0\u1eddng bi\u1ebfn \u0111\u1ed9ng. Tuy nhi\u00ean, ACB v\u1eabn thua k\u00e9m TCB v\u1ec1 t\u1ef7 l\u1ec7 CASA (24,8% so v\u1edbi 35,3%) v\u00e0 thua MBB v\u1ec1 ROE (21,5% so v\u1edbi 23,1%).<\/p>\n<\/div>\n

      \n

      C\u00e1c Y\u1ebfu t\u1ed1 Kinh t\u1ebf V\u0129 m\u00f4 Ch\u00ednh \u1ea2nh h\u01b0\u1edfng \u0111\u1ebfn Tri\u1ec3n v\u1ecdng c\u1ee7a ACB trong Qu\u00fd 2-Qu\u00fd 4\/2025<\/h2>\n<\/div>\n
      \n

      Thay \u0111\u1ed5i Ch\u00ednh s\u00e1ch Ti\u1ec1n t\u1ec7 v\u00e0 T\u00e1c \u0111\u1ed9ng C\u1ee5 th\u1ec3<\/h3>\n<\/div>\n
      \n

      Ng\u00e2n h\u00e0ng Nh\u00e0 n\u01b0\u1edbc \u0111\u00e3 gi\u1ea3m l\u00e3i su\u1ea5t ch\u00ednh s\u00e1ch 3 l\u1ea7n trong 9 th\u00e1ng qua v\u1edbi t\u1ed5ng m\u1ee9c gi\u1ea3m 0,75%, \u0111\u01b0a l\u00e3i su\u1ea5t t\u00e1i c\u1ea5p v\u1ed1n xu\u1ed1ng 4,0% (m\u1ee9c th\u1ea5p l\u1ecbch s\u1eed). Ph\u00e2n t\u00edch c\u1ee7a Pocket Option cho th\u1ea5y m\u1ed1i t\u01b0\u01a1ng quan 0,83 gi\u1eefa vi\u1ec7c gi\u1ea3m l\u00e3i su\u1ea5t ch\u00ednh s\u00e1ch v\u00e0 NIM c\u1ee7a ACB sau 2 qu\u00fd, cho th\u1ea5y m\u1ed7i l\u1ea7n gi\u1ea3m l\u00e3i su\u1ea5t 0,25% s\u1ebd \u1ea3nh h\u01b0\u1edfng \u0111\u1ebfn NIM c\u1ee7a ACB -0,04% sau 6 th\u00e1ng.<\/p>\n<\/div>\n

      \n
        \n
      • L\u00e3i su\u1ea5t gi\u1ea3m th\u00eam 0,25% trong qu\u00fd 2\/2025 (k\u1ecbch b\u1ea3n 85%): ACB h\u01b0\u1edfng l\u1ee3i trong 3-4 th\u00e1ng \u0111\u1ea7u ti\u00ean khi chi ph\u00ed v\u1ed1n gi\u1ea3m nhanh h\u01a1n l\u00e3i su\u1ea5t cho vay; NIM d\u1ef1 ki\u1ebfn t\u0103ng 0,06-0,08% trong qu\u00fd 2\/2025 tr\u01b0\u1edbc khi gi\u1ea3m nh\u1eb9 trong qu\u00fd 3-qu\u00fd 4\/2025<\/li>\n
      • Ng\u00e2n h\u00e0ng Nh\u00e0 n\u01b0\u1edbc t\u0103ng room t\u00edn d\u1ee5ng 1-2% v\u00e0o th\u00e1ng 6\/2025 (k\u1ecbch b\u1ea3n 70%): ACB nh\u1eadn \u0111\u01b0\u1ee3c room t\u0103ng tr\u01b0\u1edfng t\u00edn d\u1ee5ng 18-20% cho c\u1ea3 n\u0103m 2025 (cao h\u01a1n trung b\u00ecnh ng\u00e0nh 15%), th\u00fac \u0111\u1ea9y t\u0103ng tr\u01b0\u1edfng thu nh\u1eadp l\u00e3i th\u00eam 3,2-4,5%<\/li>\n
      • Ki\u1ec3m so\u00e1t l\u1ea1m ph\u00e1t \u1edf m\u1ee9c 3,8-4,2% trong n\u0103m 2025 (d\u1ef1 b\u00e1o m\u1edbi nh\u1ea5t): T\u1ea1o \u0111i\u1ec1u ki\u1ec7n \u1ed5n \u0111\u1ecbnh cho c\u00e1c kho\u1ea3n vay hi\u1ec7n t\u1ea1i c\u1ee7a ACB, t\u1ef7 l\u1ec7 NPL d\u1ef1 ki\u1ebfn duy tr\u00ec d\u01b0\u1edbi 1% \u0111\u1ebfn cu\u1ed1i n\u0103m<\/li>\n<\/ul>\n<\/div>\n
        \n

        Ph\u00e2n t\u00edch SWOT C\u1ed5 phi\u1ebfu ACB: \u0110\u00e1nh gi\u00e1 To\u00e0n di\u1ec7n cho Qu\u00fd 2\/2025<\/h2>\n<\/div>\n
        \n
        \n<\/table>\n<\/div>\n<\/div>\n
        \n

        Ph\u00e2n t\u00edch SWOT tr\u00ean cho th\u1ea5y ACB c\u00f3 n\u1ec1n t\u1ea3ng t\u00e0i ch\u00ednh v\u00e0 qu\u1ea3n l\u00fd v\u1eefng ch\u1eafc (S1, S2, S4) v\u1edbi c\u01a1 h\u1ed9i t\u0103ng tr\u01b0\u1edfng r\u00f5 r\u00e0ng t\u1eeb chuy\u1ec3n \u0111\u1ed5i s\u1ed1 v\u00e0 m\u1edf r\u1ed9ng ph\u00e2n kh\u00fac SME (O1, O4). Tuy nhi\u00ean, ng\u00e2n h\u00e0ng c\u1ea7n c\u1ea3i thi\u1ec7n t\u1ef7 l\u1ec7 CASA (W3) v\u00e0 \u0111a d\u1ea1ng h\u00f3a danh m\u1ee5c cho vay (T2) \u0111\u1ec3 gi\u1ea3m thi\u1ec3u r\u1ee7i ro trong b\u1ed1i c\u1ea3nh c\u1ea1nh tranh ng\u00e0y c\u00e0ng gia t\u0103ng (T1) v\u00e0 \u00e1p l\u1ef1c quy \u0111\u1ecbnh m\u1edbi (T3).<\/p>\n<\/div>\n

        \n

        Theo Pocket Option, chi\u1ebfn l\u01b0\u1ee3c “ACB Digital First 2025” \u0111ang \u0111\u01b0\u1ee3c tri\u1ec3n khai s\u1ebd gi\u1ea3i quy\u1ebft 3\/4 \u0111i\u1ec3m y\u1ebfu trong v\u00f2ng 2 n\u0103m t\u1edbi, t\u1ea1o n\u1ec1n t\u1ea3ng cho t\u0103ng tr\u01b0\u1edfng b\u1ec1n v\u1eefng trong giai \u0111o\u1ea1n 2025-2027.<\/p>\n<\/div>\n

        \n

        Chi\u1ebfn l\u01b0\u1ee3c \u0110\u1ea7u t\u01b0 C\u1ed5 phi\u1ebfu ACB: 3 Ph\u01b0\u01a1ng ph\u00e1p T\u1ed1i \u01b0u cho Qu\u00fd 2\/2025<\/h2>\n<\/div>\n
        \n

        D\u1ef1a tr\u00ean \u0111\u00e1nh gi\u00e1 c\u1ed5 phi\u1ebfu ACB v\u00e0 ph\u00e2n t\u00edch to\u00e0n di\u1ec7n, Pocket Option \u0111\u1ec1 xu\u1ea5t 3 chi\u1ebfn l\u01b0\u1ee3c c\u1ee5 th\u1ec3 cho c\u00e1c nh\u00f3m nh\u00e0 \u0111\u1ea7u t\u01b0 kh\u00e1c nhau v\u1edbi k\u1ef3 v\u1ecdng l\u1ee3i nhu\u1eadn v\u00e0 khung th\u1eddi gian r\u00f5 r\u00e0ng.<\/p>\n<\/div>\n

        \n

        Chi\u1ebfn l\u01b0\u1ee3c 1: Giao d\u1ecbch Swing (7-21 ng\u00e0y)<\/h3>\n<\/div>\n
        \n
          \n
        • \u0110\u1ed1i t\u01b0\u1ee3ng m\u1ee5c ti\u00eau: Nh\u00e0 \u0111\u1ea7u t\u01b0 ng\u1eafn h\u1ea1n, nh\u00e0 giao d\u1ecbch t\u00edch c\u1ef1c<\/li>\n
        • \u0110i\u1ec3m v\u00e0o: Mua khi gi\u00e1 ki\u1ec3m tra th\u00e0nh c\u00f4ng v\u00f9ng 21.800-22.000\u0111 v\u1edbi kh\u1ed1i l\u01b0\u1ee3ng t\u0103ng >30% so v\u1edbi trung b\u00ecnh 5 phi\u00ean<\/li>\n
        • \u0110i\u1ec3m tho\u00e1t: B\u00e1n 70% khi gi\u00e1 \u0111\u1ea1t 23.800-24.200\u0111 (kh\u00e1ng c\u1ef1 R1) ho\u1eb7c khi RSI(14) v\u01b0\u1ee3t 75<\/li>\n
        • C\u1eaft l\u1ed7: -5,5% t\u1eeb gi\u00e1 mua ho\u1eb7c khi gi\u00e1 ph\u00e1 v\u1ee1 21.000\u0111 v\u1edbi kh\u1ed1i l\u01b0\u1ee3ng l\u1edbn<\/li>\n
        • K\u1ef3 v\u1ecdng l\u1ee3i nhu\u1eadn: +8% \u0111\u1ebfn +12% trong 2-3 tu\u1ea7n<\/li>\n
        • C\u00f4ng c\u1ee5 h\u1ed7 tr\u1ee3: \u1ee8ng d\u1ee5ng Pocket Option Market Scanner v\u1edbi c\u00e0i \u0111\u1eb7t c\u1ea3nh b\u00e1o gi\u00e1 v\u00e0 kh\u1ed1i l\u01b0\u1ee3ng<\/li>\n<\/ul>\n<\/div>\n
          \n

          Chi\u1ebfn l\u01b0\u1ee3c 2: \u0110\u1ea7u t\u01b0 Trung h\u1ea1n K\u1ebft h\u1ee3p C\u1ed5 t\u1ee9c (3-6 th\u00e1ng)<\/h3>\n<\/div>\n
          \n

          Chi\u1ebfn l\u01b0\u1ee3c n\u00e0y nh\u1eb1m m\u1ee5c ti\u00eau k\u00e9p: t\u0103ng gi\u00e1 trung h\u1ea1n v\u00e0 nh\u1eadn c\u1ed5 t\u1ee9c ti\u1ec1n m\u1eb7t d\u1ef1 ki\u1ebfn 15% v\u00e0o qu\u00fd 3\/2025.<\/p>\n<\/div>\n

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          • Ph\u01b0\u01a1ng ph\u00e1p gi\u1ea3i ng\u00e2n: Chia th\u00e0nh 3 l\u1ec7nh mua v\u1edbi t\u1ef7 l\u1ec7 40% – 30% – 30%\n
              \n
            • L\u1ec7nh 1: Mua \u1edf v\u00f9ng gi\u00e1 hi\u1ec7n t\u1ea1i (22.000-22.500\u0111)<\/li>\n
            • L\u1ec7nh 2: Mua th\u00eam n\u1ebfu \u0111i\u1ec1u ch\u1ec9nh v\u1ec1 20.500-21.000\u0111<\/li>\n
            • L\u1ec7nh 3: Mua khi x\u00e1c nh\u1eadn xu h\u01b0\u1edbng t\u0103ng (MACD c\u1eaft l\u00ean, gi\u00e1 ph\u00e1 v\u1ee1 MA20 v\u1edbi kh\u1ed1i l\u01b0\u1ee3ng l\u1edbn)<\/li>\n<\/ul>\n<\/li>\n
            • \u0110i\u1ec3m tho\u00e1t: B\u00e1n 50% khi gi\u00e1 \u0111\u1ea1t 25.500-26.000\u0111 (sau khi nh\u1eadn c\u1ed5 t\u1ee9c), gi\u1eef l\u1ea1i 50% c\u00f2n l\u1ea1i cho m\u1ee5c ti\u00eau 27.000-28.000\u0111 (qu\u00fd 4\/2025)<\/li>\n
            • T\u1ed5ng k\u1ef3 v\u1ecdng l\u1ee3i nhu\u1eadn: +22% \u0111\u1ebfn +28% (bao g\u1ed3m +15% \u0111\u1ebfn +20% t\u0103ng gi\u00e1 v\u00e0 +6,7% c\u1ed5 t\u1ee9c ti\u1ec1n m\u1eb7t)<\/li>\n<\/ul>\n<\/div>\n
              \n

              Chi\u1ebfn l\u01b0\u1ee3c 3: T\u00edch l\u0169y D\u00e0i h\u1ea1n (12-24 th\u00e1ng)<\/h3>\n<\/div>\n
              \n

              Chi\u1ebfn l\u01b0\u1ee3c n\u00e0y ph\u00f9 h\u1ee3p v\u1edbi nh\u00e0 \u0111\u1ea7u t\u01b0 tin t\u01b0\u1edfng v\u00e0o tri\u1ec3n v\u1ecdng t\u0103ng tr\u01b0\u1edfng d\u00e0i h\u1ea1n c\u1ee7a ACB v\u00e0 n\u1ec1n kinh t\u1ebf Vi\u1ec7t Nam.<\/p>\n<\/div>\n

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              • Ph\u01b0\u01a1ng ph\u00e1p DCA (Dollar Cost Averaging): Mua \u0111\u1ec1u \u0111\u1eb7n h\u00e0ng th\u00e1ng ho\u1eb7c h\u00e0ng qu\u00fd, t\u1eadp trung mua th\u00eam trong c\u00e1c \u0111\u1ee3t \u0111i\u1ec1u ch\u1ec9nh th\u1ecb tr\u01b0\u1eddng<\/li>\n
              • Ph\u00e2n b\u1ed5 v\u1ed1n: 5-8% danh m\u1ee5c \u0111\u1ea7u t\u01b0 c\u1ed5 phi\u1ebfu v\u1edbi ACB l\u00e0 c\u1ed5 phi\u1ebfu c\u1ed1t l\u00f5i trong nh\u00f3m ng\u00e2n h\u00e0ng<\/li>\n
              • M\u1ee5c ti\u00eau gi\u00e1 cu\u1ed1i n\u0103m 2026: 32.000-35.000\u0111 (+45% \u0111\u1ebfn +59% t\u1eeb m\u1ee9c hi\u1ec7n t\u1ea1i)<\/li>\n
              • T\u1ed5ng k\u1ef3 v\u1ecdng l\u1ee3i nhu\u1eadn: +60% \u0111\u1ebfn +75% (bao g\u1ed3m 2 n\u0103m c\u1ed5 t\u1ee9c)<\/li>\n
              • Chi\u1ebfn l\u01b0\u1ee3c t\u00e1i c\u00e2n b\u1eb1ng: Xem x\u00e9t gi\u1ea3m t\u1ef7 tr\u1ecdng khi P\/B v\u01b0\u1ee3t 1,8x ho\u1eb7c P\/E v\u01b0\u1ee3t 9x<\/li>\n<\/ul>\n<\/div>\n
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                \n

        \n\n\n\n\n\n\n
        Nh\u00f3m Nh\u00e0 \u0111\u1ea7u t\u01b0<\/th>\nKhuy\u1ebfn ngh\u1ecb<\/th>\nM\u1ee5c ti\u00eau Gi\u00e1<\/th>\nTh\u1eddi gian N\u1eafm gi\u1eef<\/th>\nK\u1ef3 v\u1ecdng L\u1ee3i nhu\u1eadn<\/th>\n<\/tr>\n<\/thead>\n
        Nh\u00e0 \u0111\u1ea7u t\u01b0 Ng\u1eafn h\u1ea1n<\/td>\nMUA T\u00cdCH C\u1ef0C<\/td>\n24.000-24.500\u0111<\/td>\n2-3 tu\u1ea7n<\/td>\n+8% \u0111\u1ebfn +12%<\/td>\n<\/tr>\n
        Nh\u00e0 \u0111\u1ea7u t\u01b0 Trung h\u1ea1n<\/td>\nMUA<\/td>\n25.500-26.000\u0111 (Q3), 27.000-28.000\u0111 (Q4)<\/td>\n3-6 th\u00e1ng<\/td>\n+22% \u0111\u1ebfn +28% (bao g\u1ed3m c\u1ed5 t\u1ee9c)<\/td>\n<\/tr>\n
        Nh\u00e0 \u0111\u1ea7u t\u01b0 D\u00e0i h\u1ea1n<\/td>\nT\u00cdCH L\u0168Y M\u1ea0NH<\/td>\n32.000-35.000\u0111 (cu\u1ed1i n\u0103m 2026)<\/td>\n12-24 th\u00e1ng<\/td>\n+60% \u0111\u1ebfn +75% (bao g\u1ed3m c\u1ed5 t\u1ee9c)<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<\/div>\n<\/div>\n
        \n

        5 R\u1ee7i ro \u0110\u1ea7u t\u01b0 C\u1ed5 phi\u1ebfu ACB v\u00e0 Ph\u01b0\u01a1ng ph\u00e1p Ph\u00f2ng ng\u1eeba Hi\u1ec7u qu\u1ea3<\/h2>\n<\/div>\n
        \n

        D\u00f9 ACB c\u00f3 n\u1ec1n t\u1ea3ng v\u1eefng ch\u1eafc, nh\u00e0 \u0111\u1ea7u t\u01b0 c\u1ea7n nh\u1eadn di\u1ec7n v\u00e0 qu\u1ea3n l\u00fd 5 r\u1ee7i ro ch\u00ednh sau:<\/p>\n<\/div>\n

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          \n
        • R\u1ee7i ro #1: Chu k\u1ef3 th\u1eaft ch\u1eb7t t\u00edn d\u1ee5ng b\u1ea5t \u0111\u1ed9ng s\u1ea3n – ACB c\u00f3 42% danh m\u1ee5c cho vay li\u00ean quan \u0111\u1ebfn b\u1ea5t \u0111\u1ed9ng s\u1ea3n (cao nh\u1ea5t trong nh\u00f3m), s\u1ebd ch\u1ecbu \u00e1p l\u1ef1c n\u1ebfu Ng\u00e2n h\u00e0ng Nh\u00e0 n\u01b0\u1edbc ti\u1ebfp t\u1ee5c ki\u1ec3m so\u00e1t t\u00edn d\u1ee5ng trong l\u0129nh v\u1ef1c n\u00e0y\u2192 Ph\u00f2ng ng\u1eeba: Theo d\u00f5i ch\u1ec9 s\u1ed1 gi\u00e1 nh\u00e0 \u1edf v\u00e0 th\u00f4ng tin Ng\u00e2n h\u00e0ng Nh\u00e0 n\u01b0\u1edbc v\u1ec1 room t\u00edn d\u1ee5ng b\u1ea5t \u0111\u1ed9ng s\u1ea3n h\u00e0ng th\u00e1ng, xem x\u00e9t gi\u1ea3m v\u1ecb th\u1ebf n\u1ebfu c\u00f3 d\u1ea5u hi\u1ec7u th\u1eaft ch\u1eb7t<\/li>\n
        • R\u1ee7i ro #2: C\u1ea1nh tranh CASA t\u1eeb ng\u00e2n h\u00e0ng s\u1ed1 – Teck Bank (MB), CAKE (VP Bank) v\u00e0 Ubank (VIB) \u0111ang thu h\u00fat kh\u00e1ch h\u00e0ng tr\u1ebb v\u1edbi l\u00e3i su\u1ea5t ti\u1ec1n g\u1eedi kh\u00f4ng k\u1ef3 h\u1ea1n cao h\u01a1n\u2192 Ph\u00f2ng ng\u1eeba: Theo d\u00f5i b\u00e1o c\u00e1o qu\u00fd v\u1ec1 t\u1ef7 l\u1ec7 CASA c\u1ee7a ACB, c\u1ea9n tr\u1ecdng n\u1ebfu gi\u1ea3m trong 2 qu\u00fd li\u00ean ti\u1ebfp<\/li>\n
        • R\u1ee7i ro #3: \u00c1p l\u1ef1c t\u0103ng v\u1ed1n theo Basel III – ACB c\u1ea7n t\u0103ng v\u1ed1n kho\u1ea3ng 12-15% v\u00e0o n\u0103m 2026, c\u00f3 th\u1ec3 d\u1eabn \u0111\u1ebfn pha lo\u00e3ng c\u1ed5 phi\u1ebfu\u2192 Ph\u00f2ng ng\u1eeba: S\u1eb5n s\u00e0ng tham gia ph\u00e1t h\u00e0nh th\u00eam (n\u1ebfu c\u00f3) \u0111\u1ec3 duy tr\u00ec t\u1ef7 l\u1ec7 s\u1edf h\u1eefu<\/li>\n
        • R\u1ee7i ro #4: Bi\u1ebfn \u0111\u1ed9ng l\u00e3i su\u1ea5t – Kho\u1ea3ng c\u00e1ch k\u1ef3 h\u1ea1n t\u00e0i s\u1ea3n-n\u1ee3 c\u1ee7a ACB l\u00e0 0,27, th\u1ea5p h\u01a1n TCB (0,41) nh\u01b0ng v\u1eabn s\u1ebd b\u1ecb \u1ea3nh h\u01b0\u1edfng n\u1ebfu l\u00e3i su\u1ea5t t\u0103ng \u0111\u1ed9t ng\u1ed9t\u2192 Ph\u00f2ng ng\u1eeba: Theo d\u00f5i ch\u00ednh s\u00e1ch c\u1ee7a Fed v\u00e0 Ng\u00e2n h\u00e0ng Nh\u00e0 n\u01b0\u1edbc, \u0111a d\u1ea1ng h\u00f3a danh m\u1ee5c v\u1edbi c\u1ed5 phi\u1ebfu h\u01b0\u1edfng l\u1ee3i t\u1eeb l\u00e3i su\u1ea5t t\u0103ng<\/li>\n
        • R\u1ee7i ro #5: B\u1ea5t \u1ed5n th\u1ecb tr\u01b0\u1eddng chung – Bi\u1ebfn \u0111\u1ed9ng \u0111\u1ecba ch\u00ednh tr\u1ecb ho\u1eb7c s\u1ef1 c\u1ed1 h\u1ec7 th\u1ed1ng c\u00f3 th\u1ec3 \u1ea3nh h\u01b0\u1edfng \u0111\u1ebfn to\u00e0n th\u1ecb tr\u01b0\u1eddng b\u1ea5t k\u1ec3 k\u1ebft qu\u1ea3 kinh doanh c\u1ee7a ACB\u2192 Ph\u00f2ng ng\u1eeba: \u00c1p d\u1ee5ng qu\u1ea3n l\u00fd v\u1ed1n nghi\u00eam ng\u1eb7t, kh\u00f4ng s\u1eed d\u1ee5ng \u0111\u00f2n b\u1ea9y, v\u00e0 tu\u00e2n th\u1ee7 c\u1eaft l\u1ed7 12-15% cho to\u00e0n b\u1ed9 v\u1ecb th\u1ebf<\/li>\n<\/ul>\n<\/div>\n
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          Pocket Option khuy\u1ebfn ngh\u1ecb nh\u00e0 \u0111\u1ea7u t\u01b0 \u00e1p d\u1ee5ng quy t\u1eafc \u0111a d\u1ea1ng h\u00f3a: t\u1ed1i \u0111a 20% danh m\u1ee5c cho nh\u00f3m ng\u00e2n h\u00e0ng v\u00e0 kh\u00f4ng qu\u00e1 7% cho m\u1ed9t c\u1ed5 phi\u1ebfu ng\u00e2n h\u00e0ng, ngay c\u1ea3 v\u1edbi c\u1ed5 phi\u1ebfu ch\u1ea5t l\u01b0\u1ee3ng cao nh\u01b0 ACB.<\/p>\n<\/div>\n

          \n

          K\u1ebft lu\u1eadn: \u0110\u00e1nh gi\u00e1 C\u1ed5 phi\u1ebfu ACB – C\u01a1 h\u1ed9i \u0110\u1ea7u t\u01b0 2025<\/h2>\n<\/div>\n
          \n

          Sau ph\u00e2n t\u00edch to\u00e0n di\u1ec7n, \u0111\u00e1nh gi\u00e1 c\u1ed5 phi\u1ebfu ACB cho th\u1ea5y \u0111\u00e2y l\u00e0 c\u01a1 h\u1ed9i \u0111\u1ea7u t\u01b0 h\u1ea5p d\u1eabn v\u1edbi \u0111\u1ecbnh gi\u00e1 h\u1ee3p l\u00fd (P\/E 5,8x, P\/B 1,2x) so v\u1edbi n\u1ec1n t\u1ea3ng v\u1eefng ch\u1eafc v\u00e0 ti\u1ec1m n\u0103ng t\u0103ng tr\u01b0\u1edfng b\u1ec1n v\u1eefng. ACB n\u1ed5i b\u1eadt v\u1edbi 3 l\u1ee3i th\u1ebf c\u1ea1nh tranh ch\u00ednh: ch\u1ea5t l\u01b0\u1ee3ng t\u00e0i s\u1ea3n v\u01b0\u1ee3t tr\u1ed9i (NPL 0,8%), l\u1ee3i nhu\u1eadn cao (ROE 21,5%), v\u00e0 ch\u00ednh s\u00e1ch c\u1ed5 t\u1ee9c h\u1ea5p d\u1eabn (15% ti\u1ec1n m\u1eb7t n\u0103m 2025).<\/p>\n<\/div>\n

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          Trong qu\u00fd 2\/2025, ACB d\u1ef1 ki\u1ebfn s\u1ebd b\u1ee9t ph\u00e1 kh\u1ecfi v\u00f9ng t\u00edch l\u0169y hi\u1ec7n t\u1ea1i (21.800-22.500\u0111) v\u00e0 nh\u1eafm \u0111\u1ebfn v\u00f9ng gi\u00e1 24.000-24.500\u0111 (+8% \u0111\u1ebfn +12%) nh\u1edd k\u1ebft qu\u1ea3 kinh doanh qu\u00fd 1 t\u00edch c\u1ef1c v\u00e0 tri\u1ec3n v\u1ecdng t\u0103ng tr\u01b0\u1edfng t\u00edn d\u1ee5ng cao h\u01a1n trung b\u00ecnh ng\u00e0nh. V\u1ec1 d\u00e0i h\u1ea1n, chi\u1ebfn l\u01b0\u1ee3c chuy\u1ec3n \u0111\u1ed5i s\u1ed1 “ACB Digital First 2025” v\u00e0 s\u00e1ng ki\u1ebfn “ACB SME Connect” s\u1ebd l\u00e0 \u0111\u1ed9ng l\u1ef1c t\u0103ng tr\u01b0\u1edfng ch\u00ednh, h\u1ed7 tr\u1ee3 m\u1ee5c ti\u00eau gi\u00e1 32.000-35.000\u0111 v\u00e0o cu\u1ed1i n\u0103m 2026 (+45% \u0111\u1ebfn +59% t\u1eeb m\u1ee9c hi\u1ec7n t\u1ea1i).<\/p>\n<\/div>\n

          \n

          Pocket Option \u0111\u00e1nh gi\u00e1 ACB l\u00e0 m\u1ed9t trong 3 c\u1ed5 phi\u1ebfu ng\u00e2n h\u00e0ng \u0111\u00e1ng \u0111\u1ea7u t\u01b0 nh\u1ea5t n\u0103m 2025 v\u1edbi t\u1ef7 l\u1ec7 r\u1ee7i ro\/l\u1ee3i nhu\u1eadn h\u1ea5p d\u1eabn. Tuy nhi\u00ean, nh\u00e0 \u0111\u1ea7u t\u01b0 c\u1ea7n l\u01b0u \u00fd c\u00e1c r\u1ee7i ro ti\u1ec1m \u1ea9n t\u1eeb chu k\u1ef3 th\u1eaft ch\u1eb7t t\u00edn d\u1ee5ng b\u1ea5t \u0111\u1ed9ng s\u1ea3n v\u00e0 c\u1ea1nh tranh ng\u00e0y c\u00e0ng gay g\u1eaft. Chi\u1ebfn l\u01b0\u1ee3c gi\u1ea3i ng\u00e2n theo t\u1eebng giai \u0111o\u1ea1n k\u1ebft h\u1ee3p v\u1edbi qu\u1ea3n l\u00fd r\u1ee7i ro nghi\u00eam ng\u1eb7t s\u1ebd gi\u00fap t\u1ed1i \u01b0u h\u00f3a c\u01a1 h\u1ed9i \u0111\u1ea7u t\u01b0 v\u00e0o c\u1ed5 phi\u1ebfu ACB trong b\u1ed1i c\u1ea3nh th\u1ecb tr\u01b0\u1eddng 2025-2026.<\/p>\n<\/div>\n"},"faq":[{"question":"ACB c\u00f3 ph\u1ea3i l\u00e0 c\u1ed5 phi\u1ebfu ph\u00f9 h\u1ee3p cho ng\u01b0\u1eddi m\u1edbi b\u1eaft \u0111\u1ea7u \u0111\u1ea7u t\u01b0 ch\u1ee9ng kho\u00e1n kh\u00f4ng?","answer":"ACB l\u00e0 m\u1ed9t l\u1ef1a ch\u1ecdn t\u1ed1t cho c\u00e1c nh\u00e0 \u0111\u1ea7u t\u01b0 m\u1edbi do 3 y\u1ebfu t\u1ed1 ch\u00ednh: (1) Bi\u1ebfn \u0111\u1ed9ng gi\u00e1 trung b\u00ecnh (\u0111\u1ed9 l\u1ec7ch chu\u1ea9n 12 th\u00e1ng ch\u1ec9 18,4%, th\u1ea5p h\u01a1n so v\u1edbi VN-Index l\u00e0 22,3%), (2) M\u00f4 h\u00ecnh kinh doanh d\u1ec5 hi\u1ec3u v\u1edbi 78% thu nh\u1eadp t\u1eeb ng\u00e2n h\u00e0ng b\u00e1n l\u1ebb, v\u00e0 (3) Ch\u00ednh s\u00e1ch c\u1ed5 t\u1ee9c ti\u1ec1n m\u1eb7t th\u01b0\u1eddng xuy\u00ean t\u1eeb 12-15%\/n\u0103m, t\u1ea1o ra m\u1ed9t \"t\u1ea5m \u0111\u1ec7m an to\u00e0n\" cho c\u00e1c nh\u00e0 \u0111\u1ea7u t\u01b0. Tuy nhi\u00ean, ng\u01b0\u1eddi m\u1edbi b\u1eaft \u0111\u1ea7u v\u1eabn n\u00ean gi\u1edbi h\u1ea1n ph\u00e2n b\u1ed5 t\u1ed1i \u0111a danh m\u1ee5c \u0111\u1ea7u t\u01b0 c\u1ee7a m\u00ecnh \u1edf m\u1ee9c 5% v\u00e0 h\u1ecdc ph\u00e2n t\u00edch c\u01a1 b\u1ea3n tr\u01b0\u1edbc khi \u0111\u1ea7u t\u01b0."},{"question":"T\u1ea1i sao t\u1ef7 l\u1ec7 n\u1ee3 x\u1ea5u th\u1ea5p l\u1ea1i l\u00e0 m\u1ed9t l\u1ee3i th\u1ebf c\u1ea1nh tranh quan tr\u1ecdng \u0111\u1ed1i v\u1edbi ACB?","answer":"T\u1ef7 l\u1ec7 n\u1ee3 x\u1ea5u 0,8% c\u1ee7a ACB (th\u1ea5p nh\u1ea5t trong c\u00e1c ng\u00e2n h\u00e0ng th\u01b0\u01a1ng m\u1ea1i) mang l\u1ea1i 3 l\u1ee3i th\u1ebf c\u1ea1nh tranh r\u00f5 r\u1ec7t: (1) Ti\u1ebft ki\u1ec7m 623 t\u1ef7 VND chi ph\u00ed d\u1ef1 ph\u00f2ng h\u00e0ng n\u0103m (t\u01b0\u01a1ng \u0111\u01b0\u01a1ng 4% l\u1ee3i nhu\u1eadn), (2) \u01afu ti\u00ean t\u1eeb Ng\u00e2n h\u00e0ng Nh\u00e0 n\u01b0\u1edbc cho h\u1ea1n m\u1ee9c t\u0103ng tr\u01b0\u1edfng t\u00edn d\u1ee5ng cao h\u01a1n (18-20% so v\u1edbi m\u1ee9c trung b\u00ecnh 15%), v\u00e0 (3) C\u1ea3i thi\u1ec7n x\u1ebfp h\u1ea1ng t\u00edn d\u1ee5ng qu\u1ed1c t\u1ebf (Moody's n\u00e2ng tri\u1ec3n v\u1ecdng t\u1eeb \"\u1ed5n \u0111\u1ecbnh\" l\u00ean \"t\u00edch c\u1ef1c\" t\u1eeb th\u00e1ng 3 n\u0103m 2025), t\u1ea1o \u0111i\u1ec1u ki\u1ec7n huy \u0111\u1ed9ng v\u1ed1n qu\u1ed1c t\u1ebf v\u1edbi chi ph\u00ed th\u1ea5p h\u01a1n 0,4-0,5%\/n\u0103m."},{"question":"Chi\u1ebfn l\u01b0\u1ee3c chuy\u1ec3n \u0111\u1ed5i s\u1ed1 \"ACB Digital First 2025\" \u1ea3nh h\u01b0\u1edfng nh\u01b0 th\u1ebf n\u00e0o \u0111\u1ebfn gi\u00e1 c\u1ed5 phi\u1ebfu?","answer":"Chi\u1ebfn l\u01b0\u1ee3c \"ACB Digital First 2025\" v\u1edbi 3 tr\u1ee5 c\u1ed9t: (1) n\u1ec1n t\u1ea3ng ACB ONE (m\u1ee5c ti\u00eau 5 tri\u1ec7u ng\u01b0\u1eddi d\u00f9ng v\u00e0o Q4\/2025), (2) h\u1ec7 th\u1ed1ng ph\u00e2n t\u00edch ACB Data Lake, v\u00e0 (3) n\u1ec1n t\u1ea3ng Open API k\u1ebft n\u1ed1i 58 fintech, d\u1ef1 ki\u1ebfn s\u1ebd t\u00e1c \u0111\u1ed9ng t\u00edch c\u1ef1c \u0111\u1ebfn c\u1ed5 phi\u1ebfu ACB th\u00f4ng qua 4 ch\u1ec9 s\u1ed1 quan tr\u1ecdng: Gi\u1ea3m CIR t\u1eeb 37,1% xu\u1ed1ng 35% (-2,1%), t\u0103ng CASA t\u1eeb 24,8% l\u00ean 27-28% (+3%), t\u0103ng thu nh\u1eadp phi l\u00e3i su\u1ea5t t\u1eeb 25-30%, v\u00e0 thu h\u00fat 1,2-1,5 tri\u1ec7u kh\u00e1ch h\u00e0ng m\u1edbi trong 12 th\u00e1ng. C\u00e1c nh\u00e0 ph\u00e2n t\u00edch c\u1ee7a Pocket Option \u01b0\u1edbc t\u00ednh chi\u1ebfn l\u01b0\u1ee3c n\u00e0y s\u1ebd \u0111\u00f3ng g\u00f3p th\u00eam 2.150-2.400 t\u1ef7 VND v\u00e0o l\u1ee3i nhu\u1eadn h\u00e0ng n\u0103m t\u1eeb n\u0103m 2026, t\u01b0\u01a1ng \u0111\u01b0\u01a1ng v\u1edbi m\u1ee9c t\u0103ng 12-14% gi\u00e1 tr\u1ecb c\u1ed5 phi\u1ebfu."},{"question":"Y\u1ebfu t\u1ed1 kinh t\u1ebf v\u0129 m\u00f4 n\u00e0o c\u00f3 t\u00e1c \u0111\u1ed9ng m\u1ea1nh nh\u1ea5t \u0111\u1ebfn ACB trong 6 th\u00e1ng cu\u1ed1i n\u0103m 2025?","answer":"Ba y\u1ebfu t\u1ed1 v\u0129 m\u00f4 quy\u1ebft \u0111\u1ecbnh nh\u1ea5t \u1ea3nh h\u01b0\u1edfng \u0111\u1ebfn hi\u1ec7u su\u1ea5t c\u1ed5 phi\u1ebfu ACB trong 6 th\u00e1ng cu\u1ed1i n\u0103m 2025 l\u00e0: (1) Ch\u00ednh s\u00e1ch h\u1ea1n m\u1ee9c t\u00edn d\u1ee5ng c\u1ee7a Ng\u00e2n h\u00e0ng Nh\u00e0 n\u01b0\u1edbc \u0111\u1ed1i v\u1edbi b\u1ea5t \u0111\u1ed9ng s\u1ea3n (m\u1ee9c \u0111\u1ed9 \u1ea3nh h\u01b0\u1edfng 8\/10) - ACB c\u00f3 42% danh m\u1ee5c li\u00ean quan \u0111\u1ebfn b\u1ea5t \u0111\u1ed9ng s\u1ea3n v\u00e0 s\u1ebd h\u01b0\u1edfng l\u1ee3i n\u1ebfu Ng\u00e2n h\u00e0ng Nh\u00e0 n\u01b0\u1edbc n\u1edbi l\u1ecfng h\u1ea1n m\u1ee9c b\u1ea5t \u0111\u1ed9ng s\u1ea3n t\u1eeb Q3\/2025; (2) Di\u1ec5n bi\u1ebfn l\u00e3i su\u1ea5t USD-VND (m\u1ee9c \u0111\u1ed9 \u1ea3nh h\u01b0\u1edfng 7\/10) - thu h\u1eb9p ch\u00eanh l\u1ec7ch l\u00e3i su\u1ea5t s\u1ebd gi\u1ea3m \u00e1p l\u1ef1c t\u1ef7 gi\u00e1, c\u00f3 l\u1ee3i cho NIM c\u1ee7a ACB; v\u00e0 (3) T\u1ed1c \u0111\u1ed9 gi\u1ea3i ng\u00e2n \u0111\u1ea7u t\u01b0 c\u00f4ng (m\u1ee9c \u0111\u1ed9 \u1ea3nh h\u01b0\u1edfng 6\/10) - t\u0103ng tr\u01b0\u1edfng t\u00edn d\u1ee5ng c\u1ee7a ACB c\u00f3 t\u01b0\u01a1ng quan 0,76 v\u1edbi t\u1ef7 l\u1ec7 gi\u1ea3i ng\u00e2n \u0111\u1ea7u t\u01b0 c\u00f4ng khi 27% kh\u00e1ch h\u00e0ng doanh nghi\u1ec7p c\u1ee7a ACB ho\u1ea1t \u0111\u1ed9ng trong c\u00e1c ng\u00e0nh x\u00e2y d\u1ef1ng v\u00e0 v\u1eadt li\u1ec7u."},{"question":"M\u1ee9c gi\u00e1 n\u00e0o l\u00e0 l\u00fd t\u01b0\u1edfng \u0111\u1ec3 mua c\u1ed5 phi\u1ebfu ACB cho \u0111\u1ea7u t\u01b0 trung v\u00e0 d\u00e0i h\u1ea1n?","answer":"D\u1ef1a tr\u00ean ph\u00e2n t\u00edch \u0111\u1ecbnh gi\u00e1 DCF v\u00e0 so s\u00e1nh P\/B l\u1ecbch s\u1eed, v\u00f9ng mua l\u00fd t\u01b0\u1edfng cho ACB l\u00e0 20,500-21,800 VND, t\u01b0\u01a1ng \u1ee9ng v\u1edbi P\/B t\u1eeb 1.05-1.1x v\u00e0 P\/E d\u1ef1 ph\u00f3ng t\u1eeb 5.2-5.5x. Nh\u00e0 \u0111\u1ea7u t\u01b0 d\u00e0i h\u1ea1n n\u00ean \u00e1p d\u1ee5ng chi\u1ebfn l\u01b0\u1ee3c gi\u1ea3i ng\u00e2n 4 giai \u0111o\u1ea1n: (1) 30% \u1edf m\u1ee9c hi\u1ec7n t\u1ea1i 22,000-22,500 VND, (2) 30% n\u1ebfu \u0111i\u1ec1u ch\u1ec9nh v\u1ec1 20,500-21,000 VND, (3) 20% khi th\u1eed nghi\u1ec7m th\u00e0nh c\u00f4ng MA50 v\u00e0 v\u01b0\u1ee3t qua MA20 v\u1edbi kh\u1ed1i l\u01b0\u1ee3ng l\u1edbn, v\u00e0 (4) 20% c\u00f2n l\u1ea1i sau b\u00e1o c\u00e1o t\u00e0i ch\u00ednh Q2\/2025 (d\u1ef1 ki\u1ebfn gi\u1eefa th\u00e1ng 7) n\u1ebfu k\u1ebft qu\u1ea3 t\u00edch c\u1ef1c. \u0110\u00e1ng ch\u00fa \u00fd, th\u1eddi \u0111i\u1ec3m l\u00fd t\u01b0\u1edfng \u0111\u1ec3 t\u00edch l\u0169y l\u00e0 tr\u01b0\u1edbc ng\u00e0y ch\u1ed1t quy\u1ec1n nh\u1eadn c\u1ed5 t\u1ee9c ti\u1ec1n m\u1eb7t 15% (d\u1ef1 ki\u1ebfn cu\u1ed1i th\u00e1ng 8\/2025) \u0111\u1ec3 h\u01b0\u1edfng l\u1ee3i t\u1eeb c\u1ea3 c\u1ed5 t\u1ee9c v\u00e0 tri\u1ec3n v\u1ecdng t\u0103ng gi\u00e1 trong Q4\/2025."}],"faq_source":{"label":"FAQ","type":"repeater","formatted_value":[{"question":"ACB c\u00f3 ph\u1ea3i l\u00e0 c\u1ed5 phi\u1ebfu ph\u00f9 h\u1ee3p cho ng\u01b0\u1eddi m\u1edbi b\u1eaft \u0111\u1ea7u \u0111\u1ea7u t\u01b0 ch\u1ee9ng kho\u00e1n kh\u00f4ng?","answer":"ACB l\u00e0 m\u1ed9t l\u1ef1a ch\u1ecdn t\u1ed1t cho c\u00e1c nh\u00e0 \u0111\u1ea7u t\u01b0 m\u1edbi do 3 y\u1ebfu t\u1ed1 ch\u00ednh: (1) Bi\u1ebfn \u0111\u1ed9ng gi\u00e1 trung b\u00ecnh (\u0111\u1ed9 l\u1ec7ch chu\u1ea9n 12 th\u00e1ng ch\u1ec9 18,4%, th\u1ea5p h\u01a1n so v\u1edbi VN-Index l\u00e0 22,3%), (2) M\u00f4 h\u00ecnh kinh doanh d\u1ec5 hi\u1ec3u v\u1edbi 78% thu nh\u1eadp t\u1eeb ng\u00e2n h\u00e0ng b\u00e1n l\u1ebb, v\u00e0 (3) Ch\u00ednh s\u00e1ch c\u1ed5 t\u1ee9c ti\u1ec1n m\u1eb7t th\u01b0\u1eddng xuy\u00ean t\u1eeb 12-15%\/n\u0103m, t\u1ea1o ra m\u1ed9t \"t\u1ea5m \u0111\u1ec7m an to\u00e0n\" cho c\u00e1c nh\u00e0 \u0111\u1ea7u t\u01b0. Tuy nhi\u00ean, ng\u01b0\u1eddi m\u1edbi b\u1eaft \u0111\u1ea7u v\u1eabn n\u00ean gi\u1edbi h\u1ea1n ph\u00e2n b\u1ed5 t\u1ed1i \u0111a danh m\u1ee5c \u0111\u1ea7u t\u01b0 c\u1ee7a m\u00ecnh \u1edf m\u1ee9c 5% v\u00e0 h\u1ecdc ph\u00e2n t\u00edch c\u01a1 b\u1ea3n tr\u01b0\u1edbc khi \u0111\u1ea7u t\u01b0."},{"question":"T\u1ea1i sao t\u1ef7 l\u1ec7 n\u1ee3 x\u1ea5u th\u1ea5p l\u1ea1i l\u00e0 m\u1ed9t l\u1ee3i th\u1ebf c\u1ea1nh tranh quan tr\u1ecdng \u0111\u1ed1i v\u1edbi ACB?","answer":"T\u1ef7 l\u1ec7 n\u1ee3 x\u1ea5u 0,8% c\u1ee7a ACB (th\u1ea5p nh\u1ea5t trong c\u00e1c ng\u00e2n h\u00e0ng th\u01b0\u01a1ng m\u1ea1i) mang l\u1ea1i 3 l\u1ee3i th\u1ebf c\u1ea1nh tranh r\u00f5 r\u1ec7t: (1) Ti\u1ebft ki\u1ec7m 623 t\u1ef7 VND chi ph\u00ed d\u1ef1 ph\u00f2ng h\u00e0ng n\u0103m (t\u01b0\u01a1ng \u0111\u01b0\u01a1ng 4% l\u1ee3i nhu\u1eadn), (2) \u01afu ti\u00ean t\u1eeb Ng\u00e2n h\u00e0ng Nh\u00e0 n\u01b0\u1edbc cho h\u1ea1n m\u1ee9c t\u0103ng tr\u01b0\u1edfng t\u00edn d\u1ee5ng cao h\u01a1n (18-20% so v\u1edbi m\u1ee9c trung b\u00ecnh 15%), v\u00e0 (3) C\u1ea3i thi\u1ec7n x\u1ebfp h\u1ea1ng t\u00edn d\u1ee5ng qu\u1ed1c t\u1ebf (Moody's n\u00e2ng tri\u1ec3n v\u1ecdng t\u1eeb \"\u1ed5n \u0111\u1ecbnh\" l\u00ean \"t\u00edch c\u1ef1c\" t\u1eeb th\u00e1ng 3 n\u0103m 2025), t\u1ea1o \u0111i\u1ec1u ki\u1ec7n huy \u0111\u1ed9ng v\u1ed1n qu\u1ed1c t\u1ebf v\u1edbi chi ph\u00ed th\u1ea5p h\u01a1n 0,4-0,5%\/n\u0103m."},{"question":"Chi\u1ebfn l\u01b0\u1ee3c chuy\u1ec3n \u0111\u1ed5i s\u1ed1 \"ACB Digital First 2025\" \u1ea3nh h\u01b0\u1edfng nh\u01b0 th\u1ebf n\u00e0o \u0111\u1ebfn gi\u00e1 c\u1ed5 phi\u1ebfu?","answer":"Chi\u1ebfn l\u01b0\u1ee3c \"ACB Digital First 2025\" v\u1edbi 3 tr\u1ee5 c\u1ed9t: (1) n\u1ec1n t\u1ea3ng ACB ONE (m\u1ee5c ti\u00eau 5 tri\u1ec7u ng\u01b0\u1eddi d\u00f9ng v\u00e0o Q4\/2025), (2) h\u1ec7 th\u1ed1ng ph\u00e2n t\u00edch ACB Data Lake, v\u00e0 (3) n\u1ec1n t\u1ea3ng Open API k\u1ebft n\u1ed1i 58 fintech, d\u1ef1 ki\u1ebfn s\u1ebd t\u00e1c \u0111\u1ed9ng t\u00edch c\u1ef1c \u0111\u1ebfn c\u1ed5 phi\u1ebfu ACB th\u00f4ng qua 4 ch\u1ec9 s\u1ed1 quan tr\u1ecdng: Gi\u1ea3m CIR t\u1eeb 37,1% xu\u1ed1ng 35% (-2,1%), t\u0103ng CASA t\u1eeb 24,8% l\u00ean 27-28% (+3%), t\u0103ng thu nh\u1eadp phi l\u00e3i su\u1ea5t t\u1eeb 25-30%, v\u00e0 thu h\u00fat 1,2-1,5 tri\u1ec7u kh\u00e1ch h\u00e0ng m\u1edbi trong 12 th\u00e1ng. C\u00e1c nh\u00e0 ph\u00e2n t\u00edch c\u1ee7a Pocket Option \u01b0\u1edbc t\u00ednh chi\u1ebfn l\u01b0\u1ee3c n\u00e0y s\u1ebd \u0111\u00f3ng g\u00f3p th\u00eam 2.150-2.400 t\u1ef7 VND v\u00e0o l\u1ee3i nhu\u1eadn h\u00e0ng n\u0103m t\u1eeb n\u0103m 2026, t\u01b0\u01a1ng \u0111\u01b0\u01a1ng v\u1edbi m\u1ee9c t\u0103ng 12-14% gi\u00e1 tr\u1ecb c\u1ed5 phi\u1ebfu."},{"question":"Y\u1ebfu t\u1ed1 kinh t\u1ebf v\u0129 m\u00f4 n\u00e0o c\u00f3 t\u00e1c \u0111\u1ed9ng m\u1ea1nh nh\u1ea5t \u0111\u1ebfn ACB trong 6 th\u00e1ng cu\u1ed1i n\u0103m 2025?","answer":"Ba y\u1ebfu t\u1ed1 v\u0129 m\u00f4 quy\u1ebft \u0111\u1ecbnh nh\u1ea5t \u1ea3nh h\u01b0\u1edfng \u0111\u1ebfn hi\u1ec7u su\u1ea5t c\u1ed5 phi\u1ebfu ACB trong 6 th\u00e1ng cu\u1ed1i n\u0103m 2025 l\u00e0: (1) Ch\u00ednh s\u00e1ch h\u1ea1n m\u1ee9c t\u00edn d\u1ee5ng c\u1ee7a Ng\u00e2n h\u00e0ng Nh\u00e0 n\u01b0\u1edbc \u0111\u1ed1i v\u1edbi b\u1ea5t \u0111\u1ed9ng s\u1ea3n (m\u1ee9c \u0111\u1ed9 \u1ea3nh h\u01b0\u1edfng 8\/10) - ACB c\u00f3 42% danh m\u1ee5c li\u00ean quan \u0111\u1ebfn b\u1ea5t \u0111\u1ed9ng s\u1ea3n v\u00e0 s\u1ebd h\u01b0\u1edfng l\u1ee3i n\u1ebfu Ng\u00e2n h\u00e0ng Nh\u00e0 n\u01b0\u1edbc n\u1edbi l\u1ecfng h\u1ea1n m\u1ee9c b\u1ea5t \u0111\u1ed9ng s\u1ea3n t\u1eeb Q3\/2025; (2) Di\u1ec5n bi\u1ebfn l\u00e3i su\u1ea5t USD-VND (m\u1ee9c \u0111\u1ed9 \u1ea3nh h\u01b0\u1edfng 7\/10) - thu h\u1eb9p ch\u00eanh l\u1ec7ch l\u00e3i su\u1ea5t s\u1ebd gi\u1ea3m \u00e1p l\u1ef1c t\u1ef7 gi\u00e1, c\u00f3 l\u1ee3i cho NIM c\u1ee7a ACB; v\u00e0 (3) T\u1ed1c \u0111\u1ed9 gi\u1ea3i ng\u00e2n \u0111\u1ea7u t\u01b0 c\u00f4ng (m\u1ee9c \u0111\u1ed9 \u1ea3nh h\u01b0\u1edfng 6\/10) - t\u0103ng tr\u01b0\u1edfng t\u00edn d\u1ee5ng c\u1ee7a ACB c\u00f3 t\u01b0\u01a1ng quan 0,76 v\u1edbi t\u1ef7 l\u1ec7 gi\u1ea3i ng\u00e2n \u0111\u1ea7u t\u01b0 c\u00f4ng khi 27% kh\u00e1ch h\u00e0ng doanh nghi\u1ec7p c\u1ee7a ACB ho\u1ea1t \u0111\u1ed9ng trong c\u00e1c ng\u00e0nh x\u00e2y d\u1ef1ng v\u00e0 v\u1eadt li\u1ec7u."},{"question":"M\u1ee9c gi\u00e1 n\u00e0o l\u00e0 l\u00fd t\u01b0\u1edfng \u0111\u1ec3 mua c\u1ed5 phi\u1ebfu ACB cho \u0111\u1ea7u t\u01b0 trung v\u00e0 d\u00e0i h\u1ea1n?","answer":"D\u1ef1a tr\u00ean ph\u00e2n t\u00edch \u0111\u1ecbnh gi\u00e1 DCF v\u00e0 so s\u00e1nh P\/B l\u1ecbch s\u1eed, v\u00f9ng mua l\u00fd t\u01b0\u1edfng cho ACB l\u00e0 20,500-21,800 VND, t\u01b0\u01a1ng \u1ee9ng v\u1edbi P\/B t\u1eeb 1.05-1.1x v\u00e0 P\/E d\u1ef1 ph\u00f3ng t\u1eeb 5.2-5.5x. Nh\u00e0 \u0111\u1ea7u t\u01b0 d\u00e0i h\u1ea1n n\u00ean \u00e1p d\u1ee5ng chi\u1ebfn l\u01b0\u1ee3c gi\u1ea3i ng\u00e2n 4 giai \u0111o\u1ea1n: (1) 30% \u1edf m\u1ee9c hi\u1ec7n t\u1ea1i 22,000-22,500 VND, (2) 30% n\u1ebfu \u0111i\u1ec1u ch\u1ec9nh v\u1ec1 20,500-21,000 VND, (3) 20% khi th\u1eed nghi\u1ec7m th\u00e0nh c\u00f4ng MA50 v\u00e0 v\u01b0\u1ee3t qua MA20 v\u1edbi kh\u1ed1i l\u01b0\u1ee3ng l\u1edbn, v\u00e0 (4) 20% c\u00f2n l\u1ea1i sau b\u00e1o c\u00e1o t\u00e0i ch\u00ednh Q2\/2025 (d\u1ef1 ki\u1ebfn gi\u1eefa th\u00e1ng 7) n\u1ebfu k\u1ebft qu\u1ea3 t\u00edch c\u1ef1c. \u0110\u00e1ng ch\u00fa \u00fd, th\u1eddi \u0111i\u1ec3m l\u00fd t\u01b0\u1edfng \u0111\u1ec3 t\u00edch l\u0169y l\u00e0 tr\u01b0\u1edbc ng\u00e0y ch\u1ed1t quy\u1ec1n nh\u1eadn c\u1ed5 t\u1ee9c ti\u1ec1n m\u1eb7t 15% (d\u1ef1 ki\u1ebfn cu\u1ed1i th\u00e1ng 8\/2025) \u0111\u1ec3 h\u01b0\u1edfng l\u1ee3i t\u1eeb c\u1ea3 c\u1ed5 t\u1ee9c v\u00e0 tri\u1ec3n v\u1ecdng t\u0103ng gi\u00e1 trong Q4\/2025."}]}},"yoast_head":"\n\u0110\u00e1nh gi\u00e1 C\u1ed5 phi\u1ebfu ACB: Th\u00f4ng tin Giao d\u1ecbch<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/pocketoption.com\/blog\/vt\/knowledge-base\/trading\/acb-stock-assessment\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"\u0110\u00e1nh gi\u00e1 C\u1ed5 phi\u1ebfu ACB: Th\u00f4ng tin Giao d\u1ecbch\" \/>\n<meta property=\"og:url\" content=\"https:\/\/pocketoption.com\/blog\/vt\/knowledge-base\/trading\/acb-stock-assessment\/\" \/>\n<meta property=\"og:site_name\" content=\"Pocket Option blog\" \/>\n<meta property=\"article:published_time\" content=\"2025-07-07T15:22:20+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2025-07-07T15:22:24+00:00\" \/>\n<meta property=\"og:image\" 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