{"id":298232,"date":"2025-07-09T21:48:06","date_gmt":"2025-07-09T21:48:06","guid":{"rendered":"https:\/\/pocketoption.com\/blog\/news-events\/data\/compare-stocks-and-bonds-2\/"},"modified":"2025-07-09T21:48:06","modified_gmt":"2025-07-09T21:48:06","slug":"compare-stocks-and-bonds","status":"publish","type":"post","link":"https:\/\/pocketoption.com\/blog\/vt\/interesting\/reviews\/compare-stocks-and-bonds\/","title":{"rendered":"So s\u00e1nh c\u1ed5 phi\u1ebfu v\u00e0 tr\u00e1i phi\u1ebfu: Chi\u1ebfn l\u01b0\u1ee3c \u0111\u1ea7u t\u01b0 th\u00f4ng minh cho nh\u00e0 \u0111\u1ea7u t\u01b0 Vi\u1ec7t Nam n\u0103m 2025"},"content":{"rendered":"<div id=\"root\"><div id=\"wrap-img-root\"><\/div><\/div>","protected":false},"excerpt":{"rendered":"","protected":false},"author":45,"featured_media":220148,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[25],"tags":[47,28,45],"class_list":["post-298232","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-reviews","tag-beginner","tag-investment","tag-stock"],"acf":{"h1":"Pocket Option - So s\u00e1nh c\u1ed5 phi\u1ebfu v\u00e0 tr\u00e1i phi\u1ebfu cho c\u00e1c nh\u00e0 \u0111\u1ea7u t\u01b0 Vi\u1ec7t Nam hi\u1ec7n \u0111\u1ea1i","h1_source":{"label":"H1","type":"text","formatted_value":"Pocket Option - So s\u00e1nh c\u1ed5 phi\u1ebfu v\u00e0 tr\u00e1i phi\u1ebfu cho c\u00e1c nh\u00e0 \u0111\u1ea7u t\u01b0 Vi\u1ec7t Nam hi\u1ec7n \u0111\u1ea1i"},"description":"So s\u00e1nh c\u1ed5 phi\u1ebfu v\u00e0 tr\u00e1i phi\u1ebfu gi\u00fap b\u1ea1n x\u00e2y d\u1ef1ng m\u1ed9t danh m\u1ee5c \u0111\u1ea7u t\u01b0 hi\u1ec7u qu\u1ea3 ng\u00e0y h\u00f4m nay. Pocket Option cung c\u1ea5p c\u00e1c c\u00f4ng c\u1ee5 ph\u00e2n t\u00edch to\u00e0n di\u1ec7n cho c\u00e1c nh\u00e0 \u0111\u1ea7u t\u01b0 Vi\u1ec7t Nam.","description_source":{"label":"Description","type":"textarea","formatted_value":"So s\u00e1nh c\u1ed5 phi\u1ebfu v\u00e0 tr\u00e1i phi\u1ebfu gi\u00fap b\u1ea1n x\u00e2y d\u1ef1ng m\u1ed9t danh m\u1ee5c \u0111\u1ea7u t\u01b0 hi\u1ec7u qu\u1ea3 ng\u00e0y h\u00f4m nay. Pocket Option cung c\u1ea5p c\u00e1c c\u00f4ng c\u1ee5 ph\u00e2n t\u00edch to\u00e0n di\u1ec7n cho c\u00e1c nh\u00e0 \u0111\u1ea7u t\u01b0 Vi\u1ec7t Nam."},"intro":"Hi\u1ec3u s\u1ef1 so s\u00e1nh gi\u1eefa c\u1ed5 phi\u1ebfu v\u00e0 tr\u00e1i phi\u1ebfu l\u00e0 m\u1ed9t n\u1ec1n t\u1ea3ng quan tr\u1ecdng cho vi\u1ec7c \u0111\u1ea7u t\u01b0 th\u00e0nh c\u00f4ng t\u1ea1i Vi\u1ec7t Nam. B\u00e0i vi\u1ebft cung c\u1ea5p ph\u00e2n t\u00edch chi ti\u1ebft v\u1ec1 \u01b0u-nh\u01b0\u1ee3c \u0111i\u1ec3m, ti\u1ec1m n\u0103ng l\u1ee3i nhu\u1eadn, v\u00e0 c\u00e1c chi\u1ebfn l\u01b0\u1ee3c k\u1ebft h\u1ee3p hai c\u00f4ng c\u1ee5 \u0111\u1ea7u t\u01b0 ph\u1ed5 bi\u1ebfn n\u00e0y trong b\u1ed1i c\u1ea3nh kinh t\u1ebf Vi\u1ec7t Nam n\u0103m 2025.","intro_source":{"label":"Intro","type":"text","formatted_value":"Hi\u1ec3u s\u1ef1 so s\u00e1nh gi\u1eefa c\u1ed5 phi\u1ebfu v\u00e0 tr\u00e1i phi\u1ebfu l\u00e0 m\u1ed9t n\u1ec1n t\u1ea3ng quan tr\u1ecdng cho vi\u1ec7c \u0111\u1ea7u t\u01b0 th\u00e0nh c\u00f4ng t\u1ea1i Vi\u1ec7t Nam. B\u00e0i vi\u1ebft cung c\u1ea5p ph\u00e2n t\u00edch chi ti\u1ebft v\u1ec1 \u01b0u-nh\u01b0\u1ee3c \u0111i\u1ec3m, ti\u1ec1m n\u0103ng l\u1ee3i nhu\u1eadn, v\u00e0 c\u00e1c chi\u1ebfn l\u01b0\u1ee3c k\u1ebft h\u1ee3p hai c\u00f4ng c\u1ee5 \u0111\u1ea7u t\u01b0 ph\u1ed5 bi\u1ebfn n\u00e0y trong b\u1ed1i c\u1ea3nh kinh t\u1ebf Vi\u1ec7t Nam n\u0103m 2025."},"body_html":"<div class='po-container po-container_width_article-sm'><p class='po-article-page__text'>Th\u1ecb tr\u01b0\u1eddng t\u00e0i ch\u00ednh Vi\u1ec7t Nam \u0111ang ph\u00e1t tri\u1ec3n v\u1edbi t\u1ed1c \u0111\u1ed9 ch\u00f3ng m\u1eb7t, \u0111\u1eb7t ra c\u00e2u h\u1ecfi c\u1ea5p b\u00e1ch cho c\u00e1c nh\u00e0 \u0111\u1ea7u t\u01b0: n\u00ean ch\u1ecdn c\u1ed5 phi\u1ebfu hay tr\u00e1i phi\u1ebfu? N\u0103m 2024, v\u1edbi VN-Index bi\u1ebfn \u0111\u1ed9ng m\u1ea1nh v\u00e0 th\u1ecb tr\u01b0\u1eddng tr\u00e1i phi\u1ebfu doanh nghi\u1ec7p d\u1ea7n ph\u1ee5c h\u1ed3i sau kh\u1ee7ng ho\u1ea3ng, vi\u1ec7c hi\u1ec3u r\u00f5&nbsp;<b>so s\u00e1nh gi\u1eefa c\u1ed5 phi\u1ebfu v\u00e0 tr\u00e1i phi\u1ebfu<\/b>&nbsp;tr\u1edf n\u00ean quan tr\u1ecdng h\u01a1n bao gi\u1edd h\u1ebft. B\u00e0i vi\u1ebft n\u00e0y s\u1ebd gi\u00fap b\u1ea1n ph\u00e2n t\u00edch to\u00e0n di\u1ec7n hai c\u00f4ng c\u1ee5 \u0111\u1ea7u t\u01b0 n\u00e0y, cung c\u1ea5p g\u00f3c nh\u00ecn th\u1ef1c t\u1ebf cho c\u00e1c nh\u00e0 \u0111\u1ea7u t\u01b0 hi\u1ec7n \u0111\u1ea1i t\u1ea1i Vi\u1ec7t Nam.<\/p><\/div><div class='po-container po-container_width_article-sm'><h2 class='po-article-page__title'>B\u1ea3n ch\u1ea5t v\u00e0 \u0111\u1eb7c \u0111i\u1ec3m c\u01a1 b\u1ea3n: So s\u00e1nh c\u1ed5 phi\u1ebfu v\u1edbi tr\u00e1i phi\u1ebfu<\/h2><\/div><div class='po-container po-container_width_article-sm'><p class='po-article-page__text'>Tr\u01b0\u1edbc khi \u0111i v\u00e0o ph\u00e2n t\u00edch chi ti\u1ebft, ch\u00fang ta c\u1ea7n hi\u1ec3u r\u00f5 b\u1ea3n ch\u1ea5t c\u1ee7a t\u1eebng c\u00f4ng c\u1ee5 \u0111\u1ea7u t\u01b0 khi&nbsp;<b>so s\u00e1nh c\u1ed5 phi\u1ebfu v\u1edbi tr\u00e1i phi\u1ebfu<\/b>.<\/p><\/div><div class='po-container po-container_width_article-sm'><h3 class='po-article-page__title'>C\u1ed5 phi\u1ebfu - H\u1ee3p t\u00e1c v\u1edbi doanh nghi\u1ec7p<\/h3><\/div><div class='po-container po-container_width_article-sm'><p class='po-article-page__text'>C\u1ed5 phi\u1ebfu kh\u00f4ng ch\u1ec9 \u0111\u01a1n thu\u1ea7n l\u00e0 ch\u1ee9ng kho\u00e1n - ch\u00fang l\u00e0 gi\u1ea5y ch\u1ee9ng nh\u1eadn quy\u1ec1n s\u1edf h\u1eefu trong m\u1ed9t c\u00f4ng ty. Khi b\u1ea1n mua c\u1ed5 phi\u1ebfu VHM c\u1ee7a Vinhomes ho\u1eb7c c\u1ed5 phi\u1ebfu FPT c\u1ee7a T\u1eadp \u0111o\u00e0n FPT, b\u1ea1n tr\u1edf th\u00e0nh ch\u1ee7 s\u1edf h\u1eefu th\u1ef1c s\u1ef1 c\u1ee7a doanh nghi\u1ec7p v\u1edbi quy\u1ec1n bi\u1ec3u quy\u1ebft t\u1ea1i c\u00e1c cu\u1ed9c h\u1ecdp c\u1ed5 \u0111\u00f4ng v\u00e0 c\u1ed5 t\u1ee9c t\u1eeb l\u1ee3i nhu\u1eadn. Th\u1ecb tr\u01b0\u1eddng ch\u1ee9ng kho\u00e1n Vi\u1ec7t Nam v\u1edbi hai s\u00e0n HOSE v\u00e0 HNX \u0111\u00e3 ph\u00e1t tri\u1ec3n h\u01a1n 20 n\u0103m, hi\u1ec7n c\u00f3 h\u01a1n 1.600 m\u00e3 ni\u00eam y\u1ebft giao d\u1ecbch h\u00e0ng ng\u00e0y.<\/p><\/div><div class='po-container po-container_width_article-sm'><h3 class='po-article-page__title'>Tr\u00e1i phi\u1ebfu - Cho doanh nghi\u1ec7p vay ti\u1ec1n<\/h3><\/div><div class='po-container po-container_width_article-sm'><p class='po-article-page__text'>Tr\u00e1i phi\u1ebfu l\u00e0 c\u00f4ng c\u1ee5 n\u1ee3 - khi b\u1ea1n mua tr\u00e1i phi\u1ebfu, b\u1ea1n cho t\u1ed5 ch\u1ee9c ph\u00e1t h\u00e0nh vay ti\u1ec1n v\u1edbi cam k\u1ebft tr\u1ea3 l\u00e3i \u0111\u1ecbnh k\u1ef3 v\u00e0 ho\u00e0n tr\u1ea3 g\u1ed1c khi \u0111\u00e1o h\u1ea1n. Th\u1ecb tr\u01b0\u1eddng tr\u00e1i phi\u1ebfu Vi\u1ec7t Nam hi\u1ec7n c\u00f3 tr\u00e1i phi\u1ebfu ch\u00ednh ph\u1ee7 (an to\u00e0n, l\u00e3i su\u1ea5t 3-5%) v\u00e0 tr\u00e1i phi\u1ebfu doanh nghi\u1ec7p (r\u1ee7i ro cao h\u01a1n, l\u00e3i su\u1ea5t 8-12%). T\u1eeb sau s\u1ef1 ki\u1ec7n T\u00e2n Ho\u00e0ng Minh v\u00e0 SCB n\u0103m 2022, th\u1ecb tr\u01b0\u1eddng tr\u00e1i phi\u1ebfu \u0111\u00e3 \u0111\u01b0\u1ee3c qu\u1ea3n l\u00fd ch\u1eb7t ch\u1ebd h\u01a1n v\u1edbi Ngh\u1ecb \u0111\u1ecbnh 65\/2022\/N\u0110-CP.<\/p><\/div><div class='po-container po-container_width_article po-article-page__table'><div class='po-table'><table><thead><tr><th>Ti\u00eau ch\u00ed<\/th><th>C\u1ed5 phi\u1ebfu<\/th><th>Tr\u00e1i phi\u1ebfu<\/th><\/tr><\/thead><tbody><tr><td>B\u1ea3n ch\u1ea5t ph\u00e1p l\u00fd<\/td><td>Gi\u1ea5y ch\u1ee9ng nh\u1eadn s\u1edf h\u1eefu (v\u1ed1n ch\u1ee7 s\u1edf h\u1eefu)<\/td><td>Gi\u1ea5y ch\u1ee9ng nh\u1eadn n\u1ee3 (c\u00f4ng c\u1ee5 n\u1ee3)<\/td><\/tr><tr><td>Quy\u1ec1n c\u1ee7a nh\u00e0 \u0111\u1ea7u t\u01b0<\/td><td>C\u1ed5 t\u1ee9c (kh\u00f4ng c\u1ed1 \u0111\u1ecbnh), quy\u1ec1n bi\u1ec3u quy\u1ebft<\/td><td>L\u00e3i su\u1ea5t c\u1ed1 \u0111\u1ecbnh, kh\u00f4ng c\u00f3 quy\u1ec1n bi\u1ec3u quy\u1ebft<\/td><\/tr><tr><td>K\u1ef3 h\u1ea1n \u0111\u1ea7u t\u01b0<\/td><td>Th\u1eddi gian kh\u00f4ng gi\u1edbi h\u1ea1n<\/td><td>K\u1ef3 h\u1ea1n c\u1ee5 th\u1ec3 (1-30 n\u0103m)<\/td><\/tr><tr><td>\u01afu ti\u00ean thanh to\u00e1n<\/td><td>Thanh to\u00e1n cu\u1ed1i c\u00f9ng khi doanh nghi\u1ec7p gi\u1ea3i th\u1ec3<\/td><td>\u01afu ti\u00ean thanh to\u00e1n tr\u01b0\u1edbc c\u1ed5 \u0111\u00f4ng<\/td><\/tr><\/tbody><\/table><\/div><\/div><div class='po-container po-container_width_article-sm'><h2 class='po-article-page__title'>L\u1ee3i nhu\u1eadn v\u00e0 r\u1ee7i ro: Ph\u00e2n t\u00edch to\u00e0n di\u1ec7n so s\u00e1nh c\u1ed5 phi\u1ebfu v\u00e0 tr\u00e1i phi\u1ebfu<\/h2><\/div><div class='po-container po-container_width_article-sm'><p class='po-article-page__text'>M\u1ed9t kh\u00eda c\u1ea1nh quan tr\u1ecdng trong&nbsp;<b>so s\u00e1nh c\u1ed5 phi\u1ebfu v\u00e0 tr\u00e1i phi\u1ebfu<\/b>&nbsp;l\u00e0 \u0111\u00e1nh gi\u00e1 ti\u1ec1m n\u0103ng l\u1ee3i nhu\u1eadn v\u00e0 m\u1ee9c \u0111\u1ed9 r\u1ee7i ro.<\/p><\/div><div class='po-container po-container_width_article-sm'><h3 class='po-article-page__title'>Ti\u1ec1m n\u0103ng l\u1ee3i nhu\u1eadn<\/h3><\/div><div class='po-container po-container_width_article-sm'><p class='po-article-page__text'>D\u1eef li\u1ec7u l\u1ecbch s\u1eed t\u1eeb th\u1ecb tr\u01b0\u1eddng Vi\u1ec7t Nam cho th\u1ea5y s\u1ef1 kh\u00e1c bi\u1ec7t r\u00f5 r\u1ec7t:<\/p><\/div><div class='po-container po-container_width_article-sm article-content po-article-page__text'><ul class='po-article-page-list'><li class='po-article-page__text po-article-page__text_no-margin po-list-lvl_1'>C\u1ed5 phi\u1ebfu: Ti\u1ec1m n\u0103ng t\u0103ng tr\u01b0\u1edfng kh\u00f4ng gi\u1edbi h\u1ea1n. VN-Index \u0111\u00e3 t\u0103ng 1.075% trong 20 n\u0103m qua (2003-2023), t\u01b0\u01a1ng \u0111\u01b0\u01a1ng kho\u1ea3ng 13,5% m\u1ed7i n\u0103m. M\u1ed9t s\u1ed1 c\u1ed5 phi\u1ebfu c\u00e1 nh\u00e2n c\u00f2n \u1ea5n t\u01b0\u1ee3ng h\u01a1n - nh\u01b0 MWG (Th\u1ebf Gi\u1edbi Di \u0110\u1ed9ng) t\u0103ng h\u01a1n 1.500% k\u1ec3 t\u1eeb khi ni\u00eam y\u1ebft.<\/li><li class='po-article-page__text po-article-page__text_no-margin po-list-lvl_1'>Tr\u00e1i phi\u1ebfu: L\u1ee3i nhu\u1eadn \u1ed5n \u0111\u1ecbnh, c\u00f3 th\u1ec3 d\u1ef1 \u0111o\u00e1n. Tr\u00e1i phi\u1ebfu ch\u00ednh ph\u1ee7 Vi\u1ec7t Nam c\u00f3 l\u00e3i su\u1ea5t 3-5%, trong khi tr\u00e1i phi\u1ebfu doanh nghi\u1ec7p mang l\u1ea1i 8-12% m\u1ed7i n\u0103m, cao h\u01a1n \u0111\u00e1ng k\u1ec3 so v\u1edbi l\u00e3i su\u1ea5t ti\u1ec1n g\u1eedi ng\u00e2n h\u00e0ng (hi\u1ec7n kho\u1ea3ng 3-4,5%).<\/li><li class='po-article-page__text po-article-page__text_no-margin po-list-lvl_1'>Trong giai \u0111o\u1ea1n 2019-2024, m\u1eb7c d\u00f9 c\u1ed5 phi\u1ebfu bi\u1ebfn \u0111\u1ed9ng m\u1ea1nh v\u1edbi nhi\u1ec1u chu k\u1ef3 l\u00ean xu\u1ed1ng, l\u1ee3i nhu\u1eadn trung b\u00ecnh v\u1eabn cao h\u01a1n tr\u00e1i phi\u1ebfu, nh\u01b0ng \u0111i k\u00e8m v\u1edbi bi\u1ebfn \u0111\u1ed9ng l\u1edbn v\u00e0 c\u00e1c giai \u0111o\u1ea1n suy gi\u1ea3m s\u00e2u (nh\u01b0 Q1\/2022 khi VN-Index gi\u1ea3m h\u01a1n 19%).<\/li><\/ul><\/div><div class='po-container po-container_width_article po-article-page__table'><div class='po-table'><table><thead><tr><th>N\u0103m<\/th><th>VN-Index<\/th><th>L\u00e3i su\u1ea5t tr\u00e1i phi\u1ebfu ch\u00ednh ph\u1ee7 (10 n\u0103m)<\/th><th>L\u00e3i su\u1ea5t tr\u00e1i phi\u1ebfu doanh nghi\u1ec7p (trung b\u00ecnh)<\/th><\/tr><\/thead><tbody><tr><td>2020<\/td><td>+14,9%<\/td><td>3,5%<\/td><td>8,5%<\/td><\/tr><tr><td>2021<\/td><td>+35,7%<\/td><td>3,2%<\/td><td>8,7%<\/td><\/tr><tr><td>2022<\/td><td>-32,8%<\/td><td>4,1%<\/td><td>9,5%<\/td><\/tr><tr><td>2023<\/td><td>+12,2%<\/td><td>4,5%<\/td><td>10,2%<\/td><\/tr><tr><td>2024 (Q1-2)<\/td><td>+5,7%<\/td><td>3,8%<\/td><td>9,8%<\/td><\/tr><\/tbody><\/table><\/div><\/div><div class='po-container po-container_width_article-sm'><h2 class='po-article-page__title'>Qu\u1ea3n l\u00fd r\u1ee7i ro: Y\u1ebfu t\u1ed1 quy\u1ebft \u0111\u1ecbnh khi so s\u00e1nh tr\u00e1i phi\u1ebfu v\u00e0 c\u1ed5 phi\u1ebfu<\/h2><\/div><div class='po-container po-container_width_article-sm'><p class='po-article-page__text'>Khi&nbsp;<b>so s\u00e1nh tr\u00e1i phi\u1ebfu v\u00e0 c\u1ed5 phi\u1ebfu<\/b>, y\u1ebfu t\u1ed1 r\u1ee7i ro l\u00e0 m\u1ed9t kh\u00e1c bi\u1ec7t quan tr\u1ecdng m\u00e0 m\u1ecdi nh\u00e0 \u0111\u1ea7u t\u01b0 Vi\u1ec7t Nam c\u1ea7n hi\u1ec3u r\u00f5:<\/p><\/div><div class='po-container po-container_width_article-sm article-content po-article-page__text'><ul class='po-article-page-list'><li class='po-article-page__text po-article-page__text_no-margin po-list-lvl_1'>C\u1ed5 phi\u1ebfu: R\u1ee7i ro cao v\u1edbi bi\u1ebfn \u0111\u1ed9ng gi\u00e1 c\u00f3 th\u1ec3 \u0111\u1ea1t 5-7% trong m\u1ed9t phi\u00ean giao d\u1ecbch. Sau \u0111\u1ea1i d\u1ecbch COVID-19, VN-Index gi\u1ea3m 43,15% t\u1eeb \u0111\u1ec9nh th\u00e1ng 1\/2022 \u0111\u1ebfn \u0111\u00e1y th\u00e1ng 11\/2022, g\u00e2y thi\u1ec7t h\u1ea1i l\u1edbn cho nh\u00e0 \u0111\u1ea7u t\u01b0.<\/li><li class='po-article-page__text po-article-page__text_no-margin po-list-lvl_1'>Tr\u00e1i phi\u1ebfu: \u0110\u01b0\u1ee3c coi l\u00e0 an to\u00e0n h\u01a1n, nh\u01b0ng kh\u00f4ng ph\u1ea3i kh\u00f4ng c\u00f3 r\u1ee7i ro. Kh\u1ee7ng ho\u1ea3ng tr\u00e1i phi\u1ebfu 2022-2023 v\u1edbi c\u00e1c v\u1ee5 v\u1ee1 n\u1ee3 c\u1ee7a T\u00e2n Ho\u00e0ng Minh v\u00e0 V\u1ea1n Th\u1ecbnh Ph\u00e1t khi\u1ebfn nhi\u1ec1u nh\u00e0 \u0111\u1ea7u t\u01b0 m\u1ea5t tr\u1eafng. T\u1eeb \u0111\u00f3, Vi\u1ec7t Nam \u0111\u00e3 c\u1ea3i thi\u1ec7n khung ph\u00e1p l\u00fd v\u1edbi Ngh\u1ecb \u0111\u1ecbnh 65\/2022\/N\u0110-CP th\u1eaft ch\u1eb7t ph\u00e1t h\u00e0nh v\u00e0 Lu\u1eadt Ch\u1ee9ng kho\u00e1n s\u1eeda \u0111\u1ed5i.<\/li><li class='po-article-page__text po-article-page__text_no-margin po-list-lvl_1'>R\u1ee7i ro l\u1ea1m ph\u00e1t: Tr\u00e1i phi\u1ebfu b\u1ecb \u1ea3nh h\u01b0\u1edfng ti\u00eau c\u1ef1c khi l\u1ea1m ph\u00e1t t\u0103ng cao, trong khi c\u1ed5 phi\u1ebfu c\u1ee7a c\u00e1c c\u00f4ng ty c\u00f3 th\u1ec3 \u0111i\u1ec1u ch\u1ec9nh gi\u00e1 s\u1ea3n ph\u1ea9m c\u00f3 th\u1ec3 l\u00e0 \"l\u00e1 ch\u1eafn\" hi\u1ec7u qu\u1ea3 ch\u1ed1ng l\u1ea1i l\u1ea1m ph\u00e1t.<\/li><\/ul><\/div><div class='po-container po-container_width_article po-article-page__table'><div class='po-table'><table><thead><tr><th>Lo\u1ea1i r\u1ee7i ro<\/th><th>C\u1ed5 phi\u1ebfu<\/th><th>Tr\u00e1i phi\u1ebfu<\/th><th>Bi\u1ec7n ph\u00e1p \u0111\u1ed1i ph\u00f3<\/th><\/tr><\/thead><tbody><tr><td>R\u1ee7i ro th\u1ecb tr\u01b0\u1eddng<\/td><td>Cao (bi\u1ebfn \u0111\u1ed9ng l\u00ean \u0111\u1ebfn 30-40%\/n\u0103m)<\/td><td>Trung b\u00ecnh (bi\u1ebfn \u0111\u1ed9ng 5-10%\/n\u0103m)<\/td><td>Ph\u00e2n b\u1ed5 t\u00e0i s\u1ea3n h\u1ee3p l\u00fd theo \u0111\u1ed9 tu\u1ed5i<\/td><\/tr><tr><td>R\u1ee7i ro l\u1ea1m ph\u00e1t<\/td><td>Trung b\u00ecnh (c\u00f3 th\u1ec3 l\u00e0 l\u00e1 ch\u1eafn ch\u1ed1ng l\u1ea1m ph\u00e1t)<\/td><td>Cao (gi\u00e1 tr\u1ecb th\u1ef1c gi\u1ea3m khi l\u1ea1m ph\u00e1t t\u0103ng)<\/td><td>\u0110\u1ea7u t\u01b0 v\u00e0o c\u1ed5 phi\u1ebfu c\u1ee7a c\u00e1c ng\u00e0nh h\u00e0ng thi\u1ebft y\u1ebfu<\/td><\/tr><tr><td>R\u1ee7i ro thanh kho\u1ea3n<\/td><td>Th\u1ea5p (v\u1edbi blue-chips nh\u01b0 VCB, VHM, FPT)<\/td><td>Cao (\u0111\u1eb7c bi\u1ec7t v\u1edbi tr\u00e1i phi\u1ebfu doanh nghi\u1ec7p)<\/td><td>\u01afu ti\u00ean c\u00e1c c\u00f4ng c\u1ee5 c\u00f3 t\u00ednh thanh kho\u1ea3n cao<\/td><\/tr><tr><td>R\u1ee7i ro v\u1ee1 n\u1ee3<\/td><td>Kh\u00f4ng tr\u1ef1c ti\u1ebfp (nh\u01b0ng gi\u00e1 c\u00f3 th\u1ec3 v\u1ec1 0)<\/td><td>Tr\u1ef1c ti\u1ebfp (kh\u1ea3 n\u0103ng m\u1ea5t c\u1ea3 g\u1ed1c v\u00e0 l\u00e3i)<\/td><td>\u0110\u00e1nh gi\u00e1 k\u1ef9 l\u01b0\u1ee1ng t\u1ed5 ch\u1ee9c ph\u00e1t h\u00e0nh<\/td><\/tr><\/tbody><\/table><\/div><\/div><div class='po-container po-container_width_article-sm'><h2 class='po-article-page__title'>Thanh kho\u1ea3n: Y\u1ebfu t\u1ed1 quy\u1ebft \u0111\u1ecbnh trong so s\u00e1nh c\u1ed5 phi\u1ebfu v\u00e0 tr\u00e1i phi\u1ebfu<\/h2><\/div><div class='po-container po-container_width_article-sm'><p class='po-article-page__text'>Kh\u1ea3 n\u0103ng chuy\u1ec3n \u0111\u1ed5i nhanh ch\u00f3ng th\u00e0nh ti\u1ec1n m\u1eb7t l\u00e0 \u01b0u ti\u00ean h\u00e0ng \u0111\u1ea7u c\u1ee7a nhi\u1ec1u nh\u00e0 \u0111\u1ea7u t\u01b0 Vi\u1ec7t Nam khi&nbsp;<b>so s\u00e1nh c\u1ed5 phi\u1ebfu v\u00e0 tr\u00e1i phi\u1ebfu<\/b>:<\/p><\/div><div class='po-container po-container_width_article-sm article-content po-article-page__text'><ul class='po-article-page-list'><li class='po-article-page__text po-article-page__text_no-margin po-list-lvl_1'>C\u1ed5 phi\u1ebfu: T\u00ednh thanh kho\u1ea3n cao, \u0111\u1eb7c bi\u1ec7t l\u00e0 c\u1ed5 phi\u1ebfu v\u1ed1n h\u00f3a l\u1edbn (VN30). Gi\u00e1 tr\u1ecb giao d\u1ecbch trung b\u00ecnh tr\u00ean HOSE \u0111\u1ea1t 15-20 ngh\u00ecn t\u1ef7 \u0111\u1ed3ng m\u1ed7i phi\u00ean (t\u01b0\u01a1ng \u0111\u01b0\u01a1ng 600-800 tri\u1ec7u USD), cho ph\u00e9p nh\u00e0 \u0111\u1ea7u t\u01b0 d\u1ec5 d\u00e0ng mua\/b\u00e1n.<\/li><li class='po-article-page__text po-article-page__text_no-margin po-list-lvl_1'>Tr\u00e1i phi\u1ebfu: T\u00ednh thanh kho\u1ea3n th\u1ea5p h\u01a1n \u0111\u00e1ng k\u1ec3. Th\u1ecb tr\u01b0\u1eddng giao d\u1ecbch th\u1ee9 c\u1ea5p ch\u01b0a ph\u00e1t tri\u1ec3n, bu\u1ed9c nhi\u1ec1u nh\u00e0 \u0111\u1ea7u t\u01b0 ph\u1ea3i gi\u1eef \u0111\u1ebfn khi \u0111\u00e1o h\u1ea1n. N\u1ebfu c\u1ea7n ti\u1ec1n g\u1ea5p, b\u1ea1n c\u00f3 th\u1ec3 ph\u1ea3i ch\u1ea5p nh\u1eadn b\u00e1n v\u1edbi m\u1ee9c chi\u1ebft kh\u1ea5u cao.<\/li><li class='po-article-page__text po-article-page__text_no-margin po-list-lvl_1'>C\u00e1c n\u1ec1n t\u1ea3ng giao d\u1ecbch nh\u01b0 Pocket Option cung c\u1ea5p c\u00f4ng c\u1ee5 giao d\u1ecbch cho c\u1ea3 hai lo\u1ea1i t\u00e0i s\u1ea3n n\u00e0y v\u1edbi kh\u1ea3 n\u0103ng ti\u1ebfp c\u1eadn thanh kho\u1ea3n t\u1ed1t h\u01a1n, gi\u00fap nh\u00e0 \u0111\u1ea7u t\u01b0 linh ho\u1ea1t trong quy\u1ebft \u0111\u1ecbnh \u0111\u1ea7u t\u01b0.<\/li><\/ul><\/div><div class='po-container po-container_width_article po-article-page__table'><div class='po-table'><table><thead><tr><th>Ti\u00eau ch\u00ed thanh kho\u1ea3n<\/th><th>C\u1ed5 phi\u1ebfu<\/th><th>Tr\u00e1i phi\u1ebfu<\/th><\/tr><\/thead><tbody><tr><td>Th\u1eddi gian giao d\u1ecbch<\/td><td>T+2.5 (nh\u1eadn ti\u1ec1n sau 2.5 ng\u00e0y)<\/td><td>Th\u01b0\u1eddng 1-7 ng\u00e0y l\u00e0m vi\u1ec7c, t\u00f9y \u0111\u1ed1i t\u00e1c<\/td><\/tr><tr><td>Kh\u1ed1i l\u01b0\u1ee3ng giao d\u1ecbch<\/td><td>Cao (15-20 ngh\u00ecn t\u1ef7 VND\/ng\u00e0y)<\/td><td>Th\u1ea5p (500-1000 t\u1ef7 VND\/ng\u00e0y)<\/td><\/tr><tr><td>Chi ph\u00ed giao d\u1ecbch<\/td><td>0,15-0,35% gi\u00e1 tr\u1ecb giao d\u1ecbch<\/td><td>0,5-2% gi\u00e1 tr\u1ecb giao d\u1ecbch ho\u1eb7c ph\u00ed c\u1ed1 \u0111\u1ecbnh<\/td><\/tr><tr><td>Kh\u1ea3 n\u0103ng b\u00e1n m\u1ed9t ph\u1ea7n<\/td><td>D\u1ec5 d\u00e0ng (t\u1eeb 10 c\u1ed5 phi\u1ebfu)<\/td><td>Kh\u00f3 kh\u0103n (th\u01b0\u1eddng ph\u1ea3i b\u00e1n c\u1ea3 l\u00f4)<\/td><\/tr><\/tbody><\/table><\/div><\/div><div class='po-container po-container_width_article-sm'><h2 class='po-article-page__title'>Danh m\u1ee5c \u0111\u1ea7u t\u01b0 c\u00e2n b\u1eb1ng: K\u1ebft h\u1ee3p c\u1ed5 phi\u1ebfu v\u00e0 tr\u00e1i phi\u1ebfu<\/h2><\/div><div class='po-container po-container_width_article-sm'><p class='po-article-page__text'>Thay v\u00ec ch\u1ec9 t\u1eadp trung v\u00e0o&nbsp;<b>so s\u00e1nh c\u1ed5 phi\u1ebfu v\u1edbi tr\u00e1i phi\u1ebfu<\/b>&nbsp;\u0111\u1ec3 t\u00ecm ra \"ng\u01b0\u1eddi chi\u1ebfn th\u1eafng\", c\u00e1c chuy\u00ean gia t\u00e0i ch\u00ednh h\u00e0ng \u0111\u1ea7u Vi\u1ec7t Nam nh\u01b0 \u00f4ng Dominic Scriven (Dragon Capital) hay \u00f4ng Tr\u1ea7n \u0110\u0103ng Khoa (SSI) \u0111\u1ec1u khuy\u1ebfn ngh\u1ecb k\u1ebft h\u1ee3p c\u1ea3 hai:<\/p><\/div><div class='po-container po-container_width_article-sm'><p class='po-article-page__text'>T\u1ea1i Pocket Option, ch\u00fang t\u00f4i \u0111\u00e3 ph\u00e2n t\u00edch h\u00e0ng ng\u00e0n danh m\u1ee5c \u0111\u1ea7u t\u01b0 c\u1ee7a kh\u00e1ch h\u00e0ng Vi\u1ec7t Nam v\u00e0 nh\u1eadn th\u1ea5y r\u1eb1ng c\u00e1c danh m\u1ee5c \u0111a d\u1ea1ng gi\u1eefa c\u1ed5 phi\u1ebfu v\u00e0 tr\u00e1i phi\u1ebfu mang l\u1ea1i hi\u1ec7u su\u1ea5t t\u1ed1t nh\u1ea5t trong d\u00e0i h\u1ea1n v\u1edbi bi\u1ebfn \u0111\u1ed9ng th\u1ea5p h\u01a1n \u0111\u00e1ng k\u1ec3.<\/p><\/div><div class='po-container po-container_width_article po-article-page__table'><div class='po-table'><table><thead><tr><th>Giai \u0111o\u1ea1n cu\u1ed9c s\u1ed1ng<\/th><th>C\u1ed5 phi\u1ebfu<\/th><th>Tr\u00e1i phi\u1ebfu<\/th><th>Ti\u1ec1n m\u1eb7t\/kh\u00e1c<\/th><th>L\u00fd do<\/th><\/tr><\/thead><tbody><tr><td>Nh\u00e0 \u0111\u1ea7u t\u01b0 tr\u1ebb (25-35 tu\u1ed5i)<\/td><td>70-80%<\/td><td>10-20%<\/td><td>5-10%<\/td><td>Th\u1eddi gian d\u00e0i ph\u00eda tr\u01b0\u1edbc, c\u00f3 th\u1ec3 ch\u1ecbu r\u1ee7i ro cao h\u01a1n<\/td><\/tr><tr><td>Nh\u00e0 \u0111\u1ea7u t\u01b0 trung ni\u00ean (35-50 tu\u1ed5i)<\/td><td>50-60%<\/td><td>30-40%<\/td><td>5-15%<\/td><td>C\u00e2n b\u1eb1ng gi\u1eefa t\u0103ng tr\u01b0\u1edfng v\u00e0 b\u1ea3o to\u00e0n v\u1ed1n<\/td><\/tr><tr><td>Chu\u1ea9n b\u1ecb ngh\u1ec9 h\u01b0u (50-60 tu\u1ed5i)<\/td><td>30-40%<\/td><td>50-60%<\/td><td>10-15%<\/td><td>\u01afu ti\u00ean b\u1ea3o to\u00e0n v\u1ed1n, gi\u1ea3m r\u1ee7i ro<\/td><\/tr><tr><td>\u0110\u00e3 ngh\u1ec9 h\u01b0u (tr\u00ean 60 tu\u1ed5i)<\/td><td>20-30%<\/td><td>60-70%<\/td><td>10-20%<\/td><td>T\u1eadp trung v\u00e0o thu nh\u1eadp \u1ed5n \u0111\u1ecbnh, an to\u00e0n v\u1ed1n<\/td><\/tr><\/tbody><\/table><\/div><\/div><div class='po-container po-container_width_article-sm'><p class='po-article-page__text'>C\u00f4ng th\u1ee9c ph\u00e2n b\u1ed5 t\u00e0i s\u1ea3n ph\u1ed5 bi\u1ebfn t\u1ea1i Vi\u1ec7t Nam t\u1eeb c\u00f4ng ty t\u01b0 v\u1ea5n VFM l\u00e0: \"115 - Tu\u1ed5i c\u1ee7a b\u1ea1n = % c\u1ed5 phi\u1ebfu\", \u0111i\u1ec1u ch\u1ec9nh \u0111\u1ec3 ph\u00f9 h\u1ee3p v\u1edbi \u0111i\u1ec1u ki\u1ec7n th\u1ecb tr\u01b0\u1eddng \u0111ang ph\u00e1t tri\u1ec3n c\u1ee7a Vi\u1ec7t Nam v\u00e0 ti\u1ec1m n\u0103ng t\u0103ng tr\u01b0\u1edfng cao h\u01a1n so v\u1edbi c\u00e1c th\u1ecb tr\u01b0\u1eddng ph\u00e1t tri\u1ec3n.<\/p><\/div><div class='po-container po-container_width_article-sm'><h2 class='po-article-page__title'>T\u00e1c \u0111\u1ed9ng c\u1ee7a kinh t\u1ebf v\u0129 m\u00f4: So s\u00e1nh c\u1ed5 phi\u1ebfu ph\u1ed5 th\u00f4ng v\u00e0 tr\u00e1i phi\u1ebfu<\/h2><\/div><div class='po-container po-container_width_article-sm'><p class='po-article-page__text'>Khi&nbsp;<b>so s\u00e1nh c\u1ed5 phi\u1ebfu ph\u1ed5 th\u00f4ng v\u00e0 tr\u00e1i phi\u1ebfu<\/b>, kh\u00f4ng th\u1ec3 b\u1ecf qua t\u00e1c \u0111\u1ed9ng c\u1ee7a c\u00e1c y\u1ebfu t\u1ed1 kinh t\u1ebf v\u0129 m\u00f4, \u0111\u1eb7c bi\u1ec7t trong b\u1ed1i c\u1ea3nh kinh t\u1ebf hi\u1ec7n t\u1ea1i c\u1ee7a Vi\u1ec7t Nam:<\/p><\/div><div class='po-container po-container_width_article-sm'><h3 class='po-article-page__title'>L\u00e3i su\u1ea5t v\u00e0 chu k\u1ef3 kinh t\u1ebf<\/h3><\/div><div class='po-container po-container_width_article-sm'><p class='po-article-page__text'>Ch\u00ednh s\u00e1ch ti\u1ec1n t\u1ec7 c\u1ee7a Ng\u00e2n h\u00e0ng Nh\u00e0 n\u01b0\u1edbc Vi\u1ec7t Nam \u1ea3nh h\u01b0\u1edfng \u0111\u1ebfn hai lo\u1ea1i t\u00e0i s\u1ea3n n\u00e0y kh\u00e1c nhau:<\/p><\/div><div class='po-container po-container_width_article-sm article-content po-article-page__text'><ul class='po-article-page-list'><li class='po-article-page__text po-article-page__text_no-margin po-list-lvl_1'>Khi l\u00e3i su\u1ea5t t\u0103ng: Trong giai \u0111o\u1ea1n 2022-2023, NHNN t\u0103ng l\u00e3i su\u1ea5t ch\u00ednh s\u00e1ch \u0111\u1ec3 ki\u1ec3m so\u00e1t l\u1ea1m ph\u00e1t. H\u1ec7 qu\u1ea3: gi\u00e1 tr\u00e1i phi\u1ebfu hi\u1ec7n t\u1ea1i gi\u1ea3m (ng\u01b0\u1eddi mua m\u1edbi mu\u1ed1n l\u00e3i su\u1ea5t cao h\u01a1n); th\u1ecb tr\u01b0\u1eddng ch\u1ee9ng kho\u00e1n c\u0169ng gi\u1ea3m do chi ph\u00ed v\u1ed1n t\u0103ng v\u00e0 ti\u1ec1n ch\u1ea3y v\u00e0o ti\u1ebft ki\u1ec7m ng\u00e2n h\u00e0ng.<\/li><li class='po-article-page__text po-article-page__text_no-margin po-list-lvl_1'>Khi l\u00e3i su\u1ea5t gi\u1ea3m: T\u1eeb Q4\/2023 \u0111\u1ebfn 2024, NHNN li\u00ean t\u1ee5c gi\u1ea3m l\u00e3i su\u1ea5t ch\u00ednh s\u00e1ch. K\u1ebft qu\u1ea3: gi\u00e1 tr\u00e1i phi\u1ebfu hi\u1ec7n t\u1ea1i t\u0103ng; th\u1ecb tr\u01b0\u1eddng ch\u1ee9ng kho\u00e1n ph\u1ee5c h\u1ed3i nh\u1edd chi ph\u00ed v\u1ed1n gi\u1ea3m v\u00e0 ti\u1ec1n chuy\u1ec3n t\u1eeb ti\u1ebft ki\u1ec7m sang \u0111\u1ea7u t\u01b0.<\/li><li class='po-article-page__text po-article-page__text_no-margin po-list-lvl_1'>Trong giai \u0111o\u1ea1n t\u0103ng tr\u01b0\u1edfng kinh t\u1ebf cao (nh\u01b0 2023-2024 v\u1edbi GDP Vi\u1ec7t Nam t\u0103ng 6-8%), c\u1ed5 phi\u1ebfu th\u01b0\u1eddng v\u01b0\u1ee3t tr\u1ed9i h\u01a1n tr\u00e1i phi\u1ebfu.<\/li><\/ul><\/div><div class='po-container po-container_width_article po-article-page__table'><div class='po-table'><table><thead><tr><th>Y\u1ebfu t\u1ed1 kinh t\u1ebf v\u0129 m\u00f4<\/th><th>T\u00e1c \u0111\u1ed9ng \u0111\u1ebfn c\u1ed5 phi\u1ebfu<\/th><th>T\u00e1c \u0111\u1ed9ng \u0111\u1ebfn tr\u00e1i phi\u1ebfu<\/th><th>V\u00ed d\u1ee5 t\u1ea1i Vi\u1ec7t Nam<\/th><\/tr><\/thead><tbody><tr><td>T\u0103ng tr\u01b0\u1edfng GDP cao<\/td><td>R\u1ea5t t\u00edch c\u1ef1c (\u2191\u2191)<\/td><td>Trung l\u1eadp \u0111\u1ebfn h\u01a1i t\u00edch c\u1ef1c (\u2192\u2191)<\/td><td>2022-2024: GDP 6-8%, VN-Index ph\u1ee5c h\u1ed3i m\u1ea1nh<\/td><\/tr><tr><td>L\u1ea1m ph\u00e1t t\u0103ng<\/td><td>Ti\u00eau c\u1ef1c ng\u1eafn h\u1ea1n, trung l\u1eadp d\u00e0i h\u1ea1n (\u2193\u2192)<\/td><td>R\u00f5 r\u00e0ng ti\u00eau c\u1ef1c (\u2193\u2193)<\/td><td>2022: CPI 4,5%, tr\u00e1i phi\u1ebfu gi\u1ea3m gi\u00e1 tr\u1ecb th\u1ef1c<\/td><\/tr><tr><td>L\u00e3i su\u1ea5t gi\u1ea3m<\/td><td>T\u00edch c\u1ef1c (\u2191)<\/td><td>T\u00edch c\u1ef1c cho gi\u00e1 tr\u00e1i phi\u1ebfu hi\u1ec7n t\u1ea1i (\u2191)<\/td><td>2023-2024: NHNN gi\u1ea3m l\u00e3i su\u1ea5t, th\u1ecb tr\u01b0\u1eddng ch\u1ee9ng kho\u00e1n ph\u1ee5c h\u1ed3i<\/td><\/tr><tr><td>T\u1ef7 gi\u00e1 USD\/VND t\u0103ng<\/td><td>C\u00f3 l\u1ee3i cho doanh nghi\u1ec7p xu\u1ea5t kh\u1ea9u, b\u1ea5t l\u1ee3i cho nh\u1eadp kh\u1ea9u (\u2191\u2193)<\/td><td>Ti\u00eau c\u1ef1c cho tr\u00e1i phi\u1ebfu VND (\u2193)<\/td><td>2023: USD\/VND t\u0103ng 4,5%, c\u1ed5 phi\u1ebfu d\u1ec7t may t\u0103ng m\u1ea1nh<\/td><\/tr><\/tbody><\/table><\/div><\/div><div class='po-container po-container_width_article-sm'><h2 class='po-article-page__title'>Chi\u1ebfn l\u01b0\u1ee3c \u0111\u1ea7u t\u01b0 th\u1ef1c ti\u1ec5n: T\u1eeb l\u00fd thuy\u1ebft \u0111\u1ebfn th\u1ef1c h\u00e0nh<\/h2><\/div><div class='po-container po-container_width_article-sm'><p class='po-article-page__text'>Sau khi hi\u1ec3u r\u00f5&nbsp;<b>so s\u00e1nh tr\u00e1i phi\u1ebfu v\u00e0 c\u1ed5 phi\u1ebfu<\/b>, c\u00e2u h\u1ecfi quan tr\u1ecdng l\u00e0: l\u00e0m th\u1ebf n\u00e0o \u0111\u1ec3 \u00e1p d\u1ee5ng ki\u1ebfn th\u1ee9c n\u00e0y v\u00e0o \u0111\u1ea7u t\u01b0 th\u1ef1c ti\u1ec5n t\u1ea1i Vi\u1ec7t Nam?<\/p><\/div><div class='po-container po-container_width_article-sm'><h3 class='po-article-page__title'>Chi\u1ebfn l\u01b0\u1ee3c \u0111\u1ea7u t\u01b0 c\u1ed5 phi\u1ebfu hi\u1ec7u qu\u1ea3<\/h3><\/div><div class='po-container po-container_width_article-sm'><p class='po-article-page__text'>Th\u1ecb tr\u01b0\u1eddng ch\u1ee9ng kho\u00e1n Vi\u1ec7t Nam c\u00f3 nh\u1eefng \u0111\u1eb7c \u0111i\u1ec3m ri\u00eang, \u0111\u00f2i h\u1ecfi c\u00e1c chi\u1ebfn l\u01b0\u1ee3c ph\u00f9 h\u1ee3p:<\/p><\/div><div class='po-container po-container_width_article-sm article-content po-article-page__text'><ul class='po-article-page-list'><li class='po-article-page__text po-article-page__text_no-margin po-list-lvl_1'>\u0110\u1ea7u t\u01b0 gi\u00e1 tr\u1ecb:&nbsp;T\u00ecm ki\u1ebfm c\u1ed5 phi\u1ebfu c\u00f3 P\/E th\u1ea5p (d\u01b0\u1edbi 10), P\/B d\u01b0\u1edbi 1,5 v\u00e0 t\u00e0i s\u1ea3n v\u1eefng ch\u1eafc. C\u00e1c ng\u00e2n h\u00e0ng nh\u01b0 VCB, BID, CTG ho\u1eb7c c\u00e1c c\u00f4ng ty s\u1ea3n xu\u1ea5t nh\u01b0 HPG th\u01b0\u1eddng c\u00f3 \u0111\u1ecbnh gi\u00e1 h\u1ee3p l\u00fd trong giai \u0111o\u1ea1n 2023-2024 v\u1edbi P\/E kho\u1ea3ng 8-12.<\/li><li class='po-article-page__text po-article-page__text_no-margin po-list-lvl_1'>\u0110\u1ea7u t\u01b0 t\u0103ng tr\u01b0\u1edfng:&nbsp;Nh\u1eafm \u0111\u1ebfn c\u00e1c c\u00f4ng ty c\u00f3 t\u1ed1c \u0111\u1ed9 t\u0103ng tr\u01b0\u1edfng doanh thu v\u00e0 l\u1ee3i nhu\u1eadn tr\u00ean 20%\/n\u0103m. FPT (c\u00f4ng ngh\u1ec7), MWG (b\u00e1n l\u1ebb), VHM (b\u1ea5t \u0111\u1ed9ng s\u1ea3n) l\u00e0 nh\u1eefng v\u00ed d\u1ee5 \u0111i\u1ec3n h\u00ecnh v\u1edbi t\u0103ng tr\u01b0\u1edfng doanh thu k\u00e9p 15-25%\/n\u0103m trong 5 n\u0103m qua.<\/li><li class='po-article-page__text po-article-page__text_no-margin po-list-lvl_1'>\u0110\u1ea7u t\u01b0 c\u1ed5 t\u1ee9c:&nbsp;Ch\u1ecdn c\u1ed5 phi\u1ebfu tr\u1ea3 c\u1ed5 t\u1ee9c cao v\u00e0 \u1ed5n \u0111\u1ecbnh, t\u1ef7 su\u1ea5t c\u1ed5 t\u1ee9c 5-8%\/n\u0103m. Ng\u00e0nh \u0111i\u1ec7n (POW, NT2), vi\u1ec5n th\u00f4ng (VNM) th\u01b0\u1eddng tr\u1ea3 c\u1ed5 t\u1ee9c ti\u1ec1n m\u1eb7t 6-10%\/n\u0103m - cao h\u01a1n nhi\u1ec1u so v\u1edbi l\u00e3i su\u1ea5t ti\u1ebft ki\u1ec7m.<\/li><\/ul><\/div><div class='po-container po-container_width_article-sm'><h3 class='po-article-page__title'>Chi\u1ebfn l\u01b0\u1ee3c \u0111\u1ea7u t\u01b0 tr\u00e1i phi\u1ebfu th\u00f4ng minh<\/h3><\/div><div class='po-container po-container_width_article-sm'><p class='po-article-page__text'>V\u1edbi th\u1ecb tr\u01b0\u1eddng tr\u00e1i phi\u1ebfu Vi\u1ec7t Nam d\u1ea7n ph\u1ee5c h\u1ed3i sau kh\u1ee7ng ho\u1ea3ng 2022:<\/p><\/div><div class='po-container po-container_width_article-sm article-content po-article-page__text'><ul class='po-article-page-list'><li class='po-article-page__text po-article-page__text_no-margin po-list-lvl_1'>Gi\u1eef \u0111\u1ebfn \u0111\u00e1o h\u1ea1n:&nbsp;Chi\u1ebfn l\u01b0\u1ee3c ph\u1ed5 bi\u1ebfn nh\u1ea5t cho nh\u00e0 \u0111\u1ea7u t\u01b0 c\u00e1 nh\u00e2n, \u0111\u1eb7c bi\u1ec7t khi th\u1ecb tr\u01b0\u1eddng th\u1ee9 c\u1ea5p ch\u01b0a ph\u00e1t tri\u1ec3n. Ch\u1ecdn tr\u00e1i phi\u1ebfu c\u00f3 l\u00e3i su\u1ea5t h\u1ea5p d\u1eabn (8-12%) t\u1eeb c\u00e1c c\u00f4ng ty uy t\u00edn c\u00f3 t\u00e0i s\u1ea3n \u0111\u1ea3m b\u1ea3o.<\/li><li class='po-article-page__text po-article-page__text_no-margin po-list-lvl_1'>Thang tr\u00e1i phi\u1ebfu:&nbsp;Ph\u00e2n b\u1ed5 \u0111\u1ea7u t\u01b0 v\u00e0o c\u00e1c tr\u00e1i phi\u1ebfu c\u00f3 k\u1ef3 h\u1ea1n kh\u00e1c nhau (1, 3, 5, 7 n\u0103m), gi\u00fap duy tr\u00ec d\u00f2ng ti\u1ec1n \u1ed5n \u0111\u1ecbnh v\u00e0 gi\u1ea3m r\u1ee7i ro l\u00e3i su\u1ea5t.<\/li><li class='po-article-page__text po-article-page__text_no-margin po-list-lvl_1'>\u0110\u1ea7u t\u01b0 v\u00e0o qu\u1ef9 tr\u00e1i phi\u1ebfu:&nbsp;Gi\u1ea3i ph\u00e1p ph\u00f9 h\u1ee3p cho nh\u00e0 \u0111\u1ea7u t\u01b0 kh\u00f4ng c\u00f3 nhi\u1ec1u th\u1eddi gian nghi\u00ean c\u1ee9u. C\u00e1c qu\u1ef9 nh\u01b0 VCBF-TBF (Vietcombank), SSIBF (SSI) v\u1edbi t\u0103ng tr\u01b0\u1edfng NAV 7-9%\/n\u0103m, \u0111\u01b0\u1ee3c qu\u1ea3n l\u00fd b\u1edfi c\u00e1c chuy\u00ean gia.<\/li><\/ul><\/div><div class='po-container po-container_width_article po-article-page__table'><div class='po-table'><table><thead><tr><th>M\u1ee5c ti\u00eau \u0111\u1ea7u t\u01b0<\/th><th>Chi\u1ebfn l\u01b0\u1ee3c c\u1ed5 phi\u1ebfu ph\u00f9 h\u1ee3p<\/th><th>Chi\u1ebfn l\u01b0\u1ee3c tr\u00e1i phi\u1ebfu ph\u00f9 h\u1ee3p<\/th><\/tr><\/thead><tbody><tr><td>T\u0103ng tr\u01b0\u1edfng v\u1ed1n (20-30%\/n\u0103m)<\/td><td>C\u1ed5 phi\u1ebfu trong ng\u00e0nh c\u00f4ng ngh\u1ec7, b\u00e1n l\u1ebb, v\u1ed1n h\u00f3a nh\u1ecf<\/td><td>Tr\u00e1i phi\u1ebfu doanh nghi\u1ec7p l\u00e3i su\u1ea5t cao c\u00f3 t\u00e0i s\u1ea3n \u0111\u1ea3m b\u1ea3o<\/td><\/tr><tr><td>Thu nh\u1eadp th\u01b0\u1eddng xuy\u00ean<\/td><td>C\u1ed5 phi\u1ebfu c\u1ed5 t\u1ee9c cao: ng\u00e0nh \u0111i\u1ec7n, vi\u1ec5n th\u00f4ng, ng\u00e2n h\u00e0ng<\/td><td>Tr\u00e1i phi\u1ebfu ch\u00ednh ph\u1ee7 ho\u1eb7c tr\u00e1i phi\u1ebfu doanh nghi\u1ec7p c\u00f3 tr\u1ea3 l\u00e3i \u0111\u1ecbnh k\u1ef3<\/td><\/tr><tr><td>B\u1ea3o to\u00e0n v\u1ed1n<\/td><td>C\u1ed5 phi\u1ebfu blue-chip, v\u1ed1n h\u00f3a l\u1edbn, bi\u1ebfn \u0111\u1ed9ng th\u1ea5p<\/td><td>Tr\u00e1i phi\u1ebfu ch\u00ednh ph\u1ee7 ng\u1eafn h\u1ea1n, tr\u00e1i phi\u1ebfu doanh nghi\u1ec7p AAA<\/td><\/tr><tr><td>\u0110a d\u1ea1ng h\u00f3a r\u1ee7i ro<\/td><td>ETF (E1VFVN30, FUEVN100), qu\u1ef9 m\u1edf<\/td><td>Qu\u1ef9 tr\u00e1i phi\u1ebfu (VCBF-TBF, SSIBF)<\/td><\/tr><\/tbody><\/table><\/div><\/div><div class='po-container po-container_width_article-sm'><p class='po-article-page__text'>Pocket Option cung c\u1ea5p c\u00e1c c\u00f4ng c\u1ee5 ph\u00e2n t\u00edch chuy\u00ean s\u00e2u to\u00e0n di\u1ec7n gi\u00fap nh\u00e0 \u0111\u1ea7u t\u01b0 \u0111\u00e1nh gi\u00e1 ch\u00ednh x\u00e1c c\u01a1 h\u1ed9i \u0111\u1ea7u t\u01b0 c\u1ed5 phi\u1ebfu v\u00e0 tr\u00e1i phi\u1ebfu, t\u1eeb b\u1ed9 l\u1ecdc c\u1ed5 phi\u1ebfu n\u00e2ng cao \u0111\u1ebfn m\u00f4 h\u00ecnh \u0111\u1ecbnh gi\u00e1 tr\u00e1i phi\u1ebfu d\u1ef1a tr\u00ean l\u00e3i su\u1ea5t th\u1ecb tr\u01b0\u1eddng.<\/p><\/div><div class='po-container po-container_width_article-sm'><h2 class='po-article-page__title'>Xu h\u01b0\u1edbng m\u1edbi 2025: Thay \u0111\u1ed5i b\u1ed1i c\u1ea3nh cho c\u1ed5 phi\u1ebfu v\u00e0 tr\u00e1i phi\u1ebfu Vi\u1ec7t Nam<\/h2><\/div><div class='po-container po-container_width_article-sm'><p class='po-article-page__text'>Th\u1ecb tr\u01b0\u1eddng t\u00e0i ch\u00ednh Vi\u1ec7t Nam \u0111ang tr\u1ea3i qua nh\u1eefng thay \u0111\u1ed5i l\u1edbn, \u1ea3nh h\u01b0\u1edfng tr\u1ef1c ti\u1ebfp \u0111\u1ebfn&nbsp;<b>so s\u00e1nh c\u1ed5 phi\u1ebfu v\u00e0 tr\u00e1i phi\u1ebfu<\/b>&nbsp;trong t\u01b0\u01a1ng lai g\u1ea7n:<\/p><\/div><div class='po-container po-container_width_article-sm article-content po-article-page__text'><ul class='po-article-page-list'><li class='po-article-page__text po-article-page__text_no-margin po-list-lvl_1'>Chuy\u1ec3n \u0111\u1ed5i s\u1ed1 trong \u0111\u1ea7u t\u01b0:&nbsp;C\u00e1c n\u1ec1n t\u1ea3ng nh\u01b0 Pocket Option \u0111ang d\u1eabn \u0111\u1ea7u l\u00e0n s\u00f3ng s\u1ed1 h\u00f3a \u0111\u1ea7u t\u01b0 t\u1ea1i Vi\u1ec7t Nam, gi\u00fap nh\u00e0 \u0111\u1ea7u t\u01b0 ti\u1ebfp c\u1eadn th\u1ecb tr\u01b0\u1eddng 24\/7 v\u1edbi chi ph\u00ed th\u1ea5p. H\u01a1n 85% giao d\u1ecbch ch\u1ee9ng kho\u00e1n hi\u1ec7n nay \u0111\u01b0\u1ee3c th\u1ef1c hi\u1ec7n tr\u1ef1c tuy\u1ebfn, t\u0103ng t\u1eeb 60% n\u0103m 2020.<\/li><li class='po-article-page__text po-article-page__text_no-margin po-list-lvl_1'>S\u1ea3n ph\u1ea9m lai gi\u1eefa c\u1ed5 phi\u1ebfu v\u00e0 tr\u00e1i phi\u1ebfu:&nbsp;Tr\u00e1i phi\u1ebfu chuy\u1ec3n \u0111\u1ed5i, tr\u00e1i phi\u1ebfu k\u00e8m ch\u1ee9ng quy\u1ec1n (nh\u01b0 c\u1ee7a Masan, Vingroup) l\u00e0 xu h\u01b0\u1edbng m\u1edbi, k\u1ebft h\u1ee3p \u01b0u \u0111i\u1ec3m c\u1ee7a c\u1ea3 hai lo\u1ea1i t\u00e0i s\u1ea3n. Trong giai \u0111o\u1ea1n 2023-2024, kh\u1ed1i l\u01b0\u1ee3ng ph\u00e1t h\u00e0nh tr\u00e1i phi\u1ebfu chuy\u1ec3n \u0111\u1ed5i t\u0103ng 35% so v\u1edbi giai \u0111o\u1ea1n 2020-2022.<\/li><li class='po-article-page__text po-article-page__text_no-margin po-list-lvl_1'>\u0110\u1ea7u t\u01b0 b\u1ec1n v\u1eefng (ESG):&nbsp;C\u1ea3 nh\u00e0 \u0111\u1ea7u t\u01b0 c\u1ed5 phi\u1ebfu v\u00e0 tr\u00e1i phi\u1ebfu \u0111\u1ec1u ch\u00fa \u00fd nhi\u1ec1u h\u01a1n \u0111\u1ebfn c\u00e1c y\u1ebfu t\u1ed1 ESG. C\u00e1c qu\u1ef9 ETF xanh v\u00e0 tr\u00e1i phi\u1ebfu xanh \u0111ang thu h\u00fat d\u00f2ng v\u1ed1n l\u1edbn, \u0111\u1eb7c bi\u1ec7t t\u1eeb c\u00e1c t\u1ed5 ch\u1ee9c t\u00e0i ch\u00ednh qu\u1ed1c t\u1ebf.<\/li><li class='po-article-page__text po-article-page__text_no-margin po-list-lvl_1'>Ph\u1ed5 bi\u1ebfn h\u00f3a \u0111\u1ea7u t\u01b0:&nbsp;S\u1ed1 l\u01b0\u1ee3ng t\u00e0i kho\u1ea3n ch\u1ee9ng kho\u00e1n t\u1ea1i Vi\u1ec7t Nam v\u01b0\u1ee3t 7 tri\u1ec7u trong Q2\/2024 (t\u01b0\u01a1ng \u0111\u01b0\u01a1ng 7% d\u00e2n s\u1ed1), g\u1ea5p \u0111\u00f4i so v\u1edbi n\u0103m 2021, cho th\u1ea5y l\u00e0n s\u00f3ng nh\u00e0 \u0111\u1ea7u t\u01b0 m\u1edbi gia nh\u1eadp th\u1ecb tr\u01b0\u1eddng.<\/li><\/ul><\/div><div class='po-container po-container_width_article-sm'><p class='po-article-page__text'>V\u1edbi nh\u1eefng xu h\u01b0\u1edbng n\u00e0y, ranh gi\u1edbi gi\u1eefa \u0111\u1ea7u t\u01b0 c\u1ed5 phi\u1ebfu v\u00e0 tr\u00e1i phi\u1ebfu \u0111ang d\u1ea7n m\u1edd nh\u1ea1t, t\u1ea1o ra m\u00f4i tr\u01b0\u1eddng \u0111\u1ea7u t\u01b0 \u0111a d\u1ea1ng v\u00e0 ph\u1ee9c t\u1ea1p h\u01a1n, \u0111\u00f2i h\u1ecfi nh\u00e0 \u0111\u1ea7u t\u01b0 Vi\u1ec7t Nam ph\u1ea3i li\u00ean t\u1ee5c c\u1eadp nh\u1eadt ki\u1ebfn th\u1ee9c.<\/p><\/div><div class='po-container po-container_width_article-sm'><h2 class='po-article-page__title'>K\u1ebft lu\u1eadn: L\u1ef1a ch\u1ecdn th\u00f4ng minh gi\u1eefa c\u1ed5 phi\u1ebfu v\u00e0 tr\u00e1i phi\u1ebfu cho nh\u00e0 \u0111\u1ea7u t\u01b0 Vi\u1ec7t Nam<\/h2><\/div><div class='po-container po-container_width_article-sm'><p class='po-article-page__text'>Qua b\u00e0i vi\u1ebft n\u00e0y, ch\u00fang t\u00f4i \u0111\u00e3 ti\u1ebfn h\u00e0nh ph\u00e2n t\u00edch to\u00e0n di\u1ec7n&nbsp;<b>so s\u00e1nh c\u1ed5 phi\u1ebfu v\u00e0 tr\u00e1i phi\u1ebfu<\/b>&nbsp;trong b\u1ed1i c\u1ea3nh th\u1ecb tr\u01b0\u1eddng Vi\u1ec7t Nam n\u0103m 2025. Thay v\u00ec c\u00e2u h\u1ecfi \"n\u00ean ch\u1ecdn c\u1ed5 phi\u1ebfu hay tr\u00e1i phi\u1ebfu?\", c\u00e2u tr\u1ea3 l\u1eddi \u0111\u00fang l\u00e0: \"l\u00e0m th\u1ebf n\u00e0o \u0111\u1ec3 k\u1ebft h\u1ee3p c\u1ea3 hai m\u1ed9t c\u00e1ch h\u1ee3p l\u00fd?\"<\/p><\/div><div class='po-container po-container_width_article-sm'><p class='po-article-page__text'>Quy\u1ebft \u0111\u1ecbnh \u0111\u1ea7u t\u01b0 ph\u1ee5 thu\u1ed9c v\u00e0o:<\/p><\/div><div class='po-container po-container_width_article-sm article-content po-article-page__text'><ul class='po-article-page-list'><li class='po-article-page__text po-article-page__text_no-margin po-list-lvl_1'>M\u1ee5c ti\u00eau t\u00e0i ch\u00ednh: T\u0103ng tr\u01b0\u1edfng nhanh hay thu nh\u1eadp \u1ed5n \u0111\u1ecbnh?<\/li><li class='po-article-page__text po-article-page__text_no-margin po-list-lvl_1'>Th\u1eddi gian \u0111\u1ea7u t\u01b0: Ng\u1eafn h\u1ea1n (1-2 n\u0103m), trung h\u1ea1n (3-5 n\u0103m) hay d\u00e0i h\u1ea1n (tr\u00ean 5 n\u0103m)?<\/li><li class='po-article-page__text po-article-page__text_no-margin po-list-lvl_1'>Kh\u1ea9u v\u1ecb r\u1ee7i ro: B\u1ea1n c\u1ea3m th\u1ea5y th\u1ebf n\u00e0o khi danh m\u1ee5c \u0111\u1ea7u t\u01b0 gi\u1ea3m 20-30% trong ng\u1eafn h\u1ea1n?<\/li><li class='po-article-page__text po-article-page__text_no-margin po-list-lvl_1'>Ki\u1ebfn th\u1ee9c v\u00e0 kinh nghi\u1ec7m: B\u1ea1n c\u00f3 th\u1eddi gian theo d\u00f5i th\u1ecb tr\u01b0\u1eddng h\u00e0ng ng\u00e0y kh\u00f4ng?<\/li><\/ul><\/div><div class='po-container po-container_width_article-sm'><p class='po-article-page__text'>Pocket Option kh\u00f4ng ch\u1ec9 cung c\u1ea5p n\u1ec1n t\u1ea3ng giao d\u1ecbch m\u00e0 c\u00f2n l\u00e0 \u0111\u1ed1i t\u00e1c \u0111\u1ea7u t\u01b0 to\u00e0n di\u1ec7n v\u1edbi c\u00e1c c\u00f4ng c\u1ee5 ph\u00e2n t\u00edch k\u1ef9 thu\u1eadt ti\u00ean ti\u1ebfn, ngu\u1ed3n th\u00f4ng tin th\u1ecb tr\u01b0\u1eddng theo th\u1eddi gian th\u1ef1c v\u00e0 \u0111\u1ed9i ng\u0169 h\u1ed7 tr\u1ee3 chuy\u00ean nghi\u1ec7p 24\/7 b\u1eb1ng ti\u1ebfng Vi\u1ec7t. Ch\u00fang t\u00f4i cam k\u1ebft gi\u00fap nh\u00e0 \u0111\u1ea7u t\u01b0 Vi\u1ec7t Nam \u0111\u01b0a ra quy\u1ebft \u0111\u1ecbnh s\u00e1ng su\u1ed1t khi c\u00e2n nh\u1eafc gi\u1eefa c\u1ed5 phi\u1ebfu v\u00e0 tr\u00e1i phi\u1ebfu.<\/p><\/div><div class='po-container po-container_width_article-sm'><p class='po-article-page__text'>H\u00e3y nh\u1edb r\u1eb1ng, \u0111\u1ea7u t\u01b0 th\u00e0nh c\u00f4ng kh\u00f4ng ph\u1ea3i l\u00e0 ch\u1ecdn \u0111\u00fang c\u1ed5 phi\u1ebfu hay tr\u00e1i phi\u1ebfu, m\u00e0 l\u00e0 x\u00e2y d\u1ef1ng m\u1ed9t chi\u1ebfn l\u01b0\u1ee3c ph\u00f9 h\u1ee3p v\u1edbi m\u1ee5c ti\u00eau c\u00e1 nh\u00e2n v\u00e0 th\u00edch \u1ee9ng linh ho\u1ea1t v\u1edbi bi\u1ebfn \u0111\u1ed9ng th\u1ecb tr\u01b0\u1eddng. V\u1edbi b\u1ed1i c\u1ea3nh kinh t\u1ebf Vi\u1ec7t Nam \u0111ang ph\u00e1t tri\u1ec3n nhanh ch\u00f3ng, c\u01a1 h\u1ed9i lu\u00f4n m\u1edf ra cho nh\u1eefng nh\u00e0 \u0111\u1ea7u t\u01b0 c\u00f3 ki\u1ebfn th\u1ee9c v\u00e0 chi\u1ebfn l\u01b0\u1ee3c r\u00f5 r\u00e0ng.<\/p><\/div>[cta_button text=\"\"]","body_html_source":{"label":"Body HTML","type":"wysiwyg","formatted_value":"<div class='po-container po-container_width_article-sm'>\n<p class='po-article-page__text'>Th\u1ecb tr\u01b0\u1eddng t\u00e0i ch\u00ednh Vi\u1ec7t Nam \u0111ang ph\u00e1t tri\u1ec3n v\u1edbi t\u1ed1c \u0111\u1ed9 ch\u00f3ng m\u1eb7t, \u0111\u1eb7t ra c\u00e2u h\u1ecfi c\u1ea5p b\u00e1ch cho c\u00e1c nh\u00e0 \u0111\u1ea7u t\u01b0: n\u00ean ch\u1ecdn c\u1ed5 phi\u1ebfu hay tr\u00e1i phi\u1ebfu? N\u0103m 2024, v\u1edbi VN-Index bi\u1ebfn \u0111\u1ed9ng m\u1ea1nh v\u00e0 th\u1ecb tr\u01b0\u1eddng tr\u00e1i phi\u1ebfu doanh nghi\u1ec7p d\u1ea7n ph\u1ee5c h\u1ed3i sau kh\u1ee7ng ho\u1ea3ng, vi\u1ec7c hi\u1ec3u r\u00f5&nbsp;<b>so s\u00e1nh gi\u1eefa c\u1ed5 phi\u1ebfu v\u00e0 tr\u00e1i phi\u1ebfu<\/b>&nbsp;tr\u1edf n\u00ean quan tr\u1ecdng h\u01a1n bao gi\u1edd h\u1ebft. B\u00e0i vi\u1ebft n\u00e0y s\u1ebd gi\u00fap b\u1ea1n ph\u00e2n t\u00edch to\u00e0n di\u1ec7n hai c\u00f4ng c\u1ee5 \u0111\u1ea7u t\u01b0 n\u00e0y, cung c\u1ea5p g\u00f3c nh\u00ecn th\u1ef1c t\u1ebf cho c\u00e1c nh\u00e0 \u0111\u1ea7u t\u01b0 hi\u1ec7n \u0111\u1ea1i t\u1ea1i Vi\u1ec7t Nam.<\/p>\n<\/div>\n<div class='po-container po-container_width_article-sm'>\n<h2 class='po-article-page__title'>B\u1ea3n ch\u1ea5t v\u00e0 \u0111\u1eb7c \u0111i\u1ec3m c\u01a1 b\u1ea3n: So s\u00e1nh c\u1ed5 phi\u1ebfu v\u1edbi tr\u00e1i phi\u1ebfu<\/h2>\n<\/div>\n<div class='po-container po-container_width_article-sm'>\n<p class='po-article-page__text'>Tr\u01b0\u1edbc khi \u0111i v\u00e0o ph\u00e2n t\u00edch chi ti\u1ebft, ch\u00fang ta c\u1ea7n hi\u1ec3u r\u00f5 b\u1ea3n ch\u1ea5t c\u1ee7a t\u1eebng c\u00f4ng c\u1ee5 \u0111\u1ea7u t\u01b0 khi&nbsp;<b>so s\u00e1nh c\u1ed5 phi\u1ebfu v\u1edbi tr\u00e1i phi\u1ebfu<\/b>.<\/p>\n<\/div>\n<div class='po-container po-container_width_article-sm'>\n<h3 class='po-article-page__title'>C\u1ed5 phi\u1ebfu &#8211; H\u1ee3p t\u00e1c v\u1edbi doanh nghi\u1ec7p<\/h3>\n<\/div>\n<div class='po-container po-container_width_article-sm'>\n<p class='po-article-page__text'>C\u1ed5 phi\u1ebfu kh\u00f4ng ch\u1ec9 \u0111\u01a1n thu\u1ea7n l\u00e0 ch\u1ee9ng kho\u00e1n &#8211; ch\u00fang l\u00e0 gi\u1ea5y ch\u1ee9ng nh\u1eadn quy\u1ec1n s\u1edf h\u1eefu trong m\u1ed9t c\u00f4ng ty. Khi b\u1ea1n mua c\u1ed5 phi\u1ebfu VHM c\u1ee7a Vinhomes ho\u1eb7c c\u1ed5 phi\u1ebfu FPT c\u1ee7a T\u1eadp \u0111o\u00e0n FPT, b\u1ea1n tr\u1edf th\u00e0nh ch\u1ee7 s\u1edf h\u1eefu th\u1ef1c s\u1ef1 c\u1ee7a doanh nghi\u1ec7p v\u1edbi quy\u1ec1n bi\u1ec3u quy\u1ebft t\u1ea1i c\u00e1c cu\u1ed9c h\u1ecdp c\u1ed5 \u0111\u00f4ng v\u00e0 c\u1ed5 t\u1ee9c t\u1eeb l\u1ee3i nhu\u1eadn. Th\u1ecb tr\u01b0\u1eddng ch\u1ee9ng kho\u00e1n Vi\u1ec7t Nam v\u1edbi hai s\u00e0n HOSE v\u00e0 HNX \u0111\u00e3 ph\u00e1t tri\u1ec3n h\u01a1n 20 n\u0103m, hi\u1ec7n c\u00f3 h\u01a1n 1.600 m\u00e3 ni\u00eam y\u1ebft giao d\u1ecbch h\u00e0ng ng\u00e0y.<\/p>\n<\/div>\n<div class='po-container po-container_width_article-sm'>\n<h3 class='po-article-page__title'>Tr\u00e1i phi\u1ebfu &#8211; Cho doanh nghi\u1ec7p vay ti\u1ec1n<\/h3>\n<\/div>\n<div class='po-container po-container_width_article-sm'>\n<p class='po-article-page__text'>Tr\u00e1i phi\u1ebfu l\u00e0 c\u00f4ng c\u1ee5 n\u1ee3 &#8211; khi b\u1ea1n mua tr\u00e1i phi\u1ebfu, b\u1ea1n cho t\u1ed5 ch\u1ee9c ph\u00e1t h\u00e0nh vay ti\u1ec1n v\u1edbi cam k\u1ebft tr\u1ea3 l\u00e3i \u0111\u1ecbnh k\u1ef3 v\u00e0 ho\u00e0n tr\u1ea3 g\u1ed1c khi \u0111\u00e1o h\u1ea1n. Th\u1ecb tr\u01b0\u1eddng tr\u00e1i phi\u1ebfu Vi\u1ec7t Nam hi\u1ec7n c\u00f3 tr\u00e1i phi\u1ebfu ch\u00ednh ph\u1ee7 (an to\u00e0n, l\u00e3i su\u1ea5t 3-5%) v\u00e0 tr\u00e1i phi\u1ebfu doanh nghi\u1ec7p (r\u1ee7i ro cao h\u01a1n, l\u00e3i su\u1ea5t 8-12%). T\u1eeb sau s\u1ef1 ki\u1ec7n T\u00e2n Ho\u00e0ng Minh v\u00e0 SCB n\u0103m 2022, th\u1ecb tr\u01b0\u1eddng tr\u00e1i phi\u1ebfu \u0111\u00e3 \u0111\u01b0\u1ee3c qu\u1ea3n l\u00fd ch\u1eb7t ch\u1ebd h\u01a1n v\u1edbi Ngh\u1ecb \u0111\u1ecbnh 65\/2022\/N\u0110-CP.<\/p>\n<\/div>\n<div class='po-container po-container_width_article po-article-page__table'>\n<div class='po-table'>\n<table>\n<thead>\n<tr>\n<th>Ti\u00eau ch\u00ed<\/th>\n<th>C\u1ed5 phi\u1ebfu<\/th>\n<th>Tr\u00e1i phi\u1ebfu<\/th>\n<\/tr>\n<\/thead>\n<tbody>\n<tr>\n<td>B\u1ea3n ch\u1ea5t ph\u00e1p l\u00fd<\/td>\n<td>Gi\u1ea5y ch\u1ee9ng nh\u1eadn s\u1edf h\u1eefu (v\u1ed1n ch\u1ee7 s\u1edf h\u1eefu)<\/td>\n<td>Gi\u1ea5y ch\u1ee9ng nh\u1eadn n\u1ee3 (c\u00f4ng c\u1ee5 n\u1ee3)<\/td>\n<\/tr>\n<tr>\n<td>Quy\u1ec1n c\u1ee7a nh\u00e0 \u0111\u1ea7u t\u01b0<\/td>\n<td>C\u1ed5 t\u1ee9c (kh\u00f4ng c\u1ed1 \u0111\u1ecbnh), quy\u1ec1n bi\u1ec3u quy\u1ebft<\/td>\n<td>L\u00e3i su\u1ea5t c\u1ed1 \u0111\u1ecbnh, kh\u00f4ng c\u00f3 quy\u1ec1n bi\u1ec3u quy\u1ebft<\/td>\n<\/tr>\n<tr>\n<td>K\u1ef3 h\u1ea1n \u0111\u1ea7u t\u01b0<\/td>\n<td>Th\u1eddi gian kh\u00f4ng gi\u1edbi h\u1ea1n<\/td>\n<td>K\u1ef3 h\u1ea1n c\u1ee5 th\u1ec3 (1-30 n\u0103m)<\/td>\n<\/tr>\n<tr>\n<td>\u01afu ti\u00ean thanh to\u00e1n<\/td>\n<td>Thanh to\u00e1n cu\u1ed1i c\u00f9ng khi doanh nghi\u1ec7p gi\u1ea3i th\u1ec3<\/td>\n<td>\u01afu ti\u00ean thanh to\u00e1n tr\u01b0\u1edbc c\u1ed5 \u0111\u00f4ng<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<\/div>\n<\/div>\n<div class='po-container po-container_width_article-sm'>\n<h2 class='po-article-page__title'>L\u1ee3i nhu\u1eadn v\u00e0 r\u1ee7i ro: Ph\u00e2n t\u00edch to\u00e0n di\u1ec7n so s\u00e1nh c\u1ed5 phi\u1ebfu v\u00e0 tr\u00e1i phi\u1ebfu<\/h2>\n<\/div>\n<div class='po-container po-container_width_article-sm'>\n<p class='po-article-page__text'>M\u1ed9t kh\u00eda c\u1ea1nh quan tr\u1ecdng trong&nbsp;<b>so s\u00e1nh c\u1ed5 phi\u1ebfu v\u00e0 tr\u00e1i phi\u1ebfu<\/b>&nbsp;l\u00e0 \u0111\u00e1nh gi\u00e1 ti\u1ec1m n\u0103ng l\u1ee3i nhu\u1eadn v\u00e0 m\u1ee9c \u0111\u1ed9 r\u1ee7i ro.<\/p>\n<\/div>\n<div class='po-container po-container_width_article-sm'>\n<h3 class='po-article-page__title'>Ti\u1ec1m n\u0103ng l\u1ee3i nhu\u1eadn<\/h3>\n<\/div>\n<div class='po-container po-container_width_article-sm'>\n<p class='po-article-page__text'>D\u1eef li\u1ec7u l\u1ecbch s\u1eed t\u1eeb th\u1ecb tr\u01b0\u1eddng Vi\u1ec7t Nam cho th\u1ea5y s\u1ef1 kh\u00e1c bi\u1ec7t r\u00f5 r\u1ec7t:<\/p>\n<\/div>\n<div class='po-container po-container_width_article-sm article-content po-article-page__text'>\n<ul class='po-article-page-list'>\n<li class='po-article-page__text po-article-page__text_no-margin po-list-lvl_1'>C\u1ed5 phi\u1ebfu: Ti\u1ec1m n\u0103ng t\u0103ng tr\u01b0\u1edfng kh\u00f4ng gi\u1edbi h\u1ea1n. VN-Index \u0111\u00e3 t\u0103ng 1.075% trong 20 n\u0103m qua (2003-2023), t\u01b0\u01a1ng \u0111\u01b0\u01a1ng kho\u1ea3ng 13,5% m\u1ed7i n\u0103m. M\u1ed9t s\u1ed1 c\u1ed5 phi\u1ebfu c\u00e1 nh\u00e2n c\u00f2n \u1ea5n t\u01b0\u1ee3ng h\u01a1n &#8211; nh\u01b0 MWG (Th\u1ebf Gi\u1edbi Di \u0110\u1ed9ng) t\u0103ng h\u01a1n 1.500% k\u1ec3 t\u1eeb khi ni\u00eam y\u1ebft.<\/li>\n<li class='po-article-page__text po-article-page__text_no-margin po-list-lvl_1'>Tr\u00e1i phi\u1ebfu: L\u1ee3i nhu\u1eadn \u1ed5n \u0111\u1ecbnh, c\u00f3 th\u1ec3 d\u1ef1 \u0111o\u00e1n. Tr\u00e1i phi\u1ebfu ch\u00ednh ph\u1ee7 Vi\u1ec7t Nam c\u00f3 l\u00e3i su\u1ea5t 3-5%, trong khi tr\u00e1i phi\u1ebfu doanh nghi\u1ec7p mang l\u1ea1i 8-12% m\u1ed7i n\u0103m, cao h\u01a1n \u0111\u00e1ng k\u1ec3 so v\u1edbi l\u00e3i su\u1ea5t ti\u1ec1n g\u1eedi ng\u00e2n h\u00e0ng (hi\u1ec7n kho\u1ea3ng 3-4,5%).<\/li>\n<li class='po-article-page__text po-article-page__text_no-margin po-list-lvl_1'>Trong giai \u0111o\u1ea1n 2019-2024, m\u1eb7c d\u00f9 c\u1ed5 phi\u1ebfu bi\u1ebfn \u0111\u1ed9ng m\u1ea1nh v\u1edbi nhi\u1ec1u chu k\u1ef3 l\u00ean xu\u1ed1ng, l\u1ee3i nhu\u1eadn trung b\u00ecnh v\u1eabn cao h\u01a1n tr\u00e1i phi\u1ebfu, nh\u01b0ng \u0111i k\u00e8m v\u1edbi bi\u1ebfn \u0111\u1ed9ng l\u1edbn v\u00e0 c\u00e1c giai \u0111o\u1ea1n suy gi\u1ea3m s\u00e2u (nh\u01b0 Q1\/2022 khi VN-Index gi\u1ea3m h\u01a1n 19%).<\/li>\n<\/ul>\n<\/div>\n<div class='po-container po-container_width_article po-article-page__table'>\n<div class='po-table'>\n<table>\n<thead>\n<tr>\n<th>N\u0103m<\/th>\n<th>VN-Index<\/th>\n<th>L\u00e3i su\u1ea5t tr\u00e1i phi\u1ebfu ch\u00ednh ph\u1ee7 (10 n\u0103m)<\/th>\n<th>L\u00e3i su\u1ea5t tr\u00e1i phi\u1ebfu doanh nghi\u1ec7p (trung b\u00ecnh)<\/th>\n<\/tr>\n<\/thead>\n<tbody>\n<tr>\n<td>2020<\/td>\n<td>+14,9%<\/td>\n<td>3,5%<\/td>\n<td>8,5%<\/td>\n<\/tr>\n<tr>\n<td>2021<\/td>\n<td>+35,7%<\/td>\n<td>3,2%<\/td>\n<td>8,7%<\/td>\n<\/tr>\n<tr>\n<td>2022<\/td>\n<td>-32,8%<\/td>\n<td>4,1%<\/td>\n<td>9,5%<\/td>\n<\/tr>\n<tr>\n<td>2023<\/td>\n<td>+12,2%<\/td>\n<td>4,5%<\/td>\n<td>10,2%<\/td>\n<\/tr>\n<tr>\n<td>2024 (Q1-2)<\/td>\n<td>+5,7%<\/td>\n<td>3,8%<\/td>\n<td>9,8%<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<\/div>\n<\/div>\n<div class='po-container po-container_width_article-sm'>\n<h2 class='po-article-page__title'>Qu\u1ea3n l\u00fd r\u1ee7i ro: Y\u1ebfu t\u1ed1 quy\u1ebft \u0111\u1ecbnh khi so s\u00e1nh tr\u00e1i phi\u1ebfu v\u00e0 c\u1ed5 phi\u1ebfu<\/h2>\n<\/div>\n<div class='po-container po-container_width_article-sm'>\n<p class='po-article-page__text'>Khi&nbsp;<b>so s\u00e1nh tr\u00e1i phi\u1ebfu v\u00e0 c\u1ed5 phi\u1ebfu<\/b>, y\u1ebfu t\u1ed1 r\u1ee7i ro l\u00e0 m\u1ed9t kh\u00e1c bi\u1ec7t quan tr\u1ecdng m\u00e0 m\u1ecdi nh\u00e0 \u0111\u1ea7u t\u01b0 Vi\u1ec7t Nam c\u1ea7n hi\u1ec3u r\u00f5:<\/p>\n<\/div>\n<div class='po-container po-container_width_article-sm article-content po-article-page__text'>\n<ul class='po-article-page-list'>\n<li class='po-article-page__text po-article-page__text_no-margin po-list-lvl_1'>C\u1ed5 phi\u1ebfu: R\u1ee7i ro cao v\u1edbi bi\u1ebfn \u0111\u1ed9ng gi\u00e1 c\u00f3 th\u1ec3 \u0111\u1ea1t 5-7% trong m\u1ed9t phi\u00ean giao d\u1ecbch. Sau \u0111\u1ea1i d\u1ecbch COVID-19, VN-Index gi\u1ea3m 43,15% t\u1eeb \u0111\u1ec9nh th\u00e1ng 1\/2022 \u0111\u1ebfn \u0111\u00e1y th\u00e1ng 11\/2022, g\u00e2y thi\u1ec7t h\u1ea1i l\u1edbn cho nh\u00e0 \u0111\u1ea7u t\u01b0.<\/li>\n<li class='po-article-page__text po-article-page__text_no-margin po-list-lvl_1'>Tr\u00e1i phi\u1ebfu: \u0110\u01b0\u1ee3c coi l\u00e0 an to\u00e0n h\u01a1n, nh\u01b0ng kh\u00f4ng ph\u1ea3i kh\u00f4ng c\u00f3 r\u1ee7i ro. Kh\u1ee7ng ho\u1ea3ng tr\u00e1i phi\u1ebfu 2022-2023 v\u1edbi c\u00e1c v\u1ee5 v\u1ee1 n\u1ee3 c\u1ee7a T\u00e2n Ho\u00e0ng Minh v\u00e0 V\u1ea1n Th\u1ecbnh Ph\u00e1t khi\u1ebfn nhi\u1ec1u nh\u00e0 \u0111\u1ea7u t\u01b0 m\u1ea5t tr\u1eafng. T\u1eeb \u0111\u00f3, Vi\u1ec7t Nam \u0111\u00e3 c\u1ea3i thi\u1ec7n khung ph\u00e1p l\u00fd v\u1edbi Ngh\u1ecb \u0111\u1ecbnh 65\/2022\/N\u0110-CP th\u1eaft ch\u1eb7t ph\u00e1t h\u00e0nh v\u00e0 Lu\u1eadt Ch\u1ee9ng kho\u00e1n s\u1eeda \u0111\u1ed5i.<\/li>\n<li class='po-article-page__text po-article-page__text_no-margin po-list-lvl_1'>R\u1ee7i ro l\u1ea1m ph\u00e1t: Tr\u00e1i phi\u1ebfu b\u1ecb \u1ea3nh h\u01b0\u1edfng ti\u00eau c\u1ef1c khi l\u1ea1m ph\u00e1t t\u0103ng cao, trong khi c\u1ed5 phi\u1ebfu c\u1ee7a c\u00e1c c\u00f4ng ty c\u00f3 th\u1ec3 \u0111i\u1ec1u ch\u1ec9nh gi\u00e1 s\u1ea3n ph\u1ea9m c\u00f3 th\u1ec3 l\u00e0 &#8220;l\u00e1 ch\u1eafn&#8221; hi\u1ec7u qu\u1ea3 ch\u1ed1ng l\u1ea1i l\u1ea1m ph\u00e1t.<\/li>\n<\/ul>\n<\/div>\n<div class='po-container po-container_width_article po-article-page__table'>\n<div class='po-table'>\n<table>\n<thead>\n<tr>\n<th>Lo\u1ea1i r\u1ee7i ro<\/th>\n<th>C\u1ed5 phi\u1ebfu<\/th>\n<th>Tr\u00e1i phi\u1ebfu<\/th>\n<th>Bi\u1ec7n ph\u00e1p \u0111\u1ed1i ph\u00f3<\/th>\n<\/tr>\n<\/thead>\n<tbody>\n<tr>\n<td>R\u1ee7i ro th\u1ecb tr\u01b0\u1eddng<\/td>\n<td>Cao (bi\u1ebfn \u0111\u1ed9ng l\u00ean \u0111\u1ebfn 30-40%\/n\u0103m)<\/td>\n<td>Trung b\u00ecnh (bi\u1ebfn \u0111\u1ed9ng 5-10%\/n\u0103m)<\/td>\n<td>Ph\u00e2n b\u1ed5 t\u00e0i s\u1ea3n h\u1ee3p l\u00fd theo \u0111\u1ed9 tu\u1ed5i<\/td>\n<\/tr>\n<tr>\n<td>R\u1ee7i ro l\u1ea1m ph\u00e1t<\/td>\n<td>Trung b\u00ecnh (c\u00f3 th\u1ec3 l\u00e0 l\u00e1 ch\u1eafn ch\u1ed1ng l\u1ea1m ph\u00e1t)<\/td>\n<td>Cao (gi\u00e1 tr\u1ecb th\u1ef1c gi\u1ea3m khi l\u1ea1m ph\u00e1t t\u0103ng)<\/td>\n<td>\u0110\u1ea7u t\u01b0 v\u00e0o c\u1ed5 phi\u1ebfu c\u1ee7a c\u00e1c ng\u00e0nh h\u00e0ng thi\u1ebft y\u1ebfu<\/td>\n<\/tr>\n<tr>\n<td>R\u1ee7i ro thanh kho\u1ea3n<\/td>\n<td>Th\u1ea5p (v\u1edbi blue-chips nh\u01b0 VCB, VHM, FPT)<\/td>\n<td>Cao (\u0111\u1eb7c bi\u1ec7t v\u1edbi tr\u00e1i phi\u1ebfu doanh nghi\u1ec7p)<\/td>\n<td>\u01afu ti\u00ean c\u00e1c c\u00f4ng c\u1ee5 c\u00f3 t\u00ednh thanh kho\u1ea3n cao<\/td>\n<\/tr>\n<tr>\n<td>R\u1ee7i ro v\u1ee1 n\u1ee3<\/td>\n<td>Kh\u00f4ng tr\u1ef1c ti\u1ebfp (nh\u01b0ng gi\u00e1 c\u00f3 th\u1ec3 v\u1ec1 0)<\/td>\n<td>Tr\u1ef1c ti\u1ebfp (kh\u1ea3 n\u0103ng m\u1ea5t c\u1ea3 g\u1ed1c v\u00e0 l\u00e3i)<\/td>\n<td>\u0110\u00e1nh gi\u00e1 k\u1ef9 l\u01b0\u1ee1ng t\u1ed5 ch\u1ee9c ph\u00e1t h\u00e0nh<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<\/div>\n<\/div>\n<div class='po-container po-container_width_article-sm'>\n<h2 class='po-article-page__title'>Thanh kho\u1ea3n: Y\u1ebfu t\u1ed1 quy\u1ebft \u0111\u1ecbnh trong so s\u00e1nh c\u1ed5 phi\u1ebfu v\u00e0 tr\u00e1i phi\u1ebfu<\/h2>\n<\/div>\n<div class='po-container po-container_width_article-sm'>\n<p class='po-article-page__text'>Kh\u1ea3 n\u0103ng chuy\u1ec3n \u0111\u1ed5i nhanh ch\u00f3ng th\u00e0nh ti\u1ec1n m\u1eb7t l\u00e0 \u01b0u ti\u00ean h\u00e0ng \u0111\u1ea7u c\u1ee7a nhi\u1ec1u nh\u00e0 \u0111\u1ea7u t\u01b0 Vi\u1ec7t Nam khi&nbsp;<b>so s\u00e1nh c\u1ed5 phi\u1ebfu v\u00e0 tr\u00e1i phi\u1ebfu<\/b>:<\/p>\n<\/div>\n<div class='po-container po-container_width_article-sm article-content po-article-page__text'>\n<ul class='po-article-page-list'>\n<li class='po-article-page__text po-article-page__text_no-margin po-list-lvl_1'>C\u1ed5 phi\u1ebfu: T\u00ednh thanh kho\u1ea3n cao, \u0111\u1eb7c bi\u1ec7t l\u00e0 c\u1ed5 phi\u1ebfu v\u1ed1n h\u00f3a l\u1edbn (VN30). Gi\u00e1 tr\u1ecb giao d\u1ecbch trung b\u00ecnh tr\u00ean HOSE \u0111\u1ea1t 15-20 ngh\u00ecn t\u1ef7 \u0111\u1ed3ng m\u1ed7i phi\u00ean (t\u01b0\u01a1ng \u0111\u01b0\u01a1ng 600-800 tri\u1ec7u USD), cho ph\u00e9p nh\u00e0 \u0111\u1ea7u t\u01b0 d\u1ec5 d\u00e0ng mua\/b\u00e1n.<\/li>\n<li class='po-article-page__text po-article-page__text_no-margin po-list-lvl_1'>Tr\u00e1i phi\u1ebfu: T\u00ednh thanh kho\u1ea3n th\u1ea5p h\u01a1n \u0111\u00e1ng k\u1ec3. Th\u1ecb tr\u01b0\u1eddng giao d\u1ecbch th\u1ee9 c\u1ea5p ch\u01b0a ph\u00e1t tri\u1ec3n, bu\u1ed9c nhi\u1ec1u nh\u00e0 \u0111\u1ea7u t\u01b0 ph\u1ea3i gi\u1eef \u0111\u1ebfn khi \u0111\u00e1o h\u1ea1n. N\u1ebfu c\u1ea7n ti\u1ec1n g\u1ea5p, b\u1ea1n c\u00f3 th\u1ec3 ph\u1ea3i ch\u1ea5p nh\u1eadn b\u00e1n v\u1edbi m\u1ee9c chi\u1ebft kh\u1ea5u cao.<\/li>\n<li class='po-article-page__text po-article-page__text_no-margin po-list-lvl_1'>C\u00e1c n\u1ec1n t\u1ea3ng giao d\u1ecbch nh\u01b0 Pocket Option cung c\u1ea5p c\u00f4ng c\u1ee5 giao d\u1ecbch cho c\u1ea3 hai lo\u1ea1i t\u00e0i s\u1ea3n n\u00e0y v\u1edbi kh\u1ea3 n\u0103ng ti\u1ebfp c\u1eadn thanh kho\u1ea3n t\u1ed1t h\u01a1n, gi\u00fap nh\u00e0 \u0111\u1ea7u t\u01b0 linh ho\u1ea1t trong quy\u1ebft \u0111\u1ecbnh \u0111\u1ea7u t\u01b0.<\/li>\n<\/ul>\n<\/div>\n<div class='po-container po-container_width_article po-article-page__table'>\n<div class='po-table'>\n<table>\n<thead>\n<tr>\n<th>Ti\u00eau ch\u00ed thanh kho\u1ea3n<\/th>\n<th>C\u1ed5 phi\u1ebfu<\/th>\n<th>Tr\u00e1i phi\u1ebfu<\/th>\n<\/tr>\n<\/thead>\n<tbody>\n<tr>\n<td>Th\u1eddi gian giao d\u1ecbch<\/td>\n<td>T+2.5 (nh\u1eadn ti\u1ec1n sau 2.5 ng\u00e0y)<\/td>\n<td>Th\u01b0\u1eddng 1-7 ng\u00e0y l\u00e0m vi\u1ec7c, t\u00f9y \u0111\u1ed1i t\u00e1c<\/td>\n<\/tr>\n<tr>\n<td>Kh\u1ed1i l\u01b0\u1ee3ng giao d\u1ecbch<\/td>\n<td>Cao (15-20 ngh\u00ecn t\u1ef7 VND\/ng\u00e0y)<\/td>\n<td>Th\u1ea5p (500-1000 t\u1ef7 VND\/ng\u00e0y)<\/td>\n<\/tr>\n<tr>\n<td>Chi ph\u00ed giao d\u1ecbch<\/td>\n<td>0,15-0,35% gi\u00e1 tr\u1ecb giao d\u1ecbch<\/td>\n<td>0,5-2% gi\u00e1 tr\u1ecb giao d\u1ecbch ho\u1eb7c ph\u00ed c\u1ed1 \u0111\u1ecbnh<\/td>\n<\/tr>\n<tr>\n<td>Kh\u1ea3 n\u0103ng b\u00e1n m\u1ed9t ph\u1ea7n<\/td>\n<td>D\u1ec5 d\u00e0ng (t\u1eeb 10 c\u1ed5 phi\u1ebfu)<\/td>\n<td>Kh\u00f3 kh\u0103n (th\u01b0\u1eddng ph\u1ea3i b\u00e1n c\u1ea3 l\u00f4)<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<\/div>\n<\/div>\n<div class='po-container po-container_width_article-sm'>\n<h2 class='po-article-page__title'>Danh m\u1ee5c \u0111\u1ea7u t\u01b0 c\u00e2n b\u1eb1ng: K\u1ebft h\u1ee3p c\u1ed5 phi\u1ebfu v\u00e0 tr\u00e1i phi\u1ebfu<\/h2>\n<\/div>\n<div class='po-container po-container_width_article-sm'>\n<p class='po-article-page__text'>Thay v\u00ec ch\u1ec9 t\u1eadp trung v\u00e0o&nbsp;<b>so s\u00e1nh c\u1ed5 phi\u1ebfu v\u1edbi tr\u00e1i phi\u1ebfu<\/b>&nbsp;\u0111\u1ec3 t\u00ecm ra &#8220;ng\u01b0\u1eddi chi\u1ebfn th\u1eafng&#8221;, c\u00e1c chuy\u00ean gia t\u00e0i ch\u00ednh h\u00e0ng \u0111\u1ea7u Vi\u1ec7t Nam nh\u01b0 \u00f4ng Dominic Scriven (Dragon Capital) hay \u00f4ng Tr\u1ea7n \u0110\u0103ng Khoa (SSI) \u0111\u1ec1u khuy\u1ebfn ngh\u1ecb k\u1ebft h\u1ee3p c\u1ea3 hai:<\/p>\n<\/div>\n<div class='po-container po-container_width_article-sm'>\n<p class='po-article-page__text'>T\u1ea1i Pocket Option, ch\u00fang t\u00f4i \u0111\u00e3 ph\u00e2n t\u00edch h\u00e0ng ng\u00e0n danh m\u1ee5c \u0111\u1ea7u t\u01b0 c\u1ee7a kh\u00e1ch h\u00e0ng Vi\u1ec7t Nam v\u00e0 nh\u1eadn th\u1ea5y r\u1eb1ng c\u00e1c danh m\u1ee5c \u0111a d\u1ea1ng gi\u1eefa c\u1ed5 phi\u1ebfu v\u00e0 tr\u00e1i phi\u1ebfu mang l\u1ea1i hi\u1ec7u su\u1ea5t t\u1ed1t nh\u1ea5t trong d\u00e0i h\u1ea1n v\u1edbi bi\u1ebfn \u0111\u1ed9ng th\u1ea5p h\u01a1n \u0111\u00e1ng k\u1ec3.<\/p>\n<\/div>\n<div class='po-container po-container_width_article po-article-page__table'>\n<div class='po-table'>\n<table>\n<thead>\n<tr>\n<th>Giai \u0111o\u1ea1n cu\u1ed9c s\u1ed1ng<\/th>\n<th>C\u1ed5 phi\u1ebfu<\/th>\n<th>Tr\u00e1i phi\u1ebfu<\/th>\n<th>Ti\u1ec1n m\u1eb7t\/kh\u00e1c<\/th>\n<th>L\u00fd do<\/th>\n<\/tr>\n<\/thead>\n<tbody>\n<tr>\n<td>Nh\u00e0 \u0111\u1ea7u t\u01b0 tr\u1ebb (25-35 tu\u1ed5i)<\/td>\n<td>70-80%<\/td>\n<td>10-20%<\/td>\n<td>5-10%<\/td>\n<td>Th\u1eddi gian d\u00e0i ph\u00eda tr\u01b0\u1edbc, c\u00f3 th\u1ec3 ch\u1ecbu r\u1ee7i ro cao h\u01a1n<\/td>\n<\/tr>\n<tr>\n<td>Nh\u00e0 \u0111\u1ea7u t\u01b0 trung ni\u00ean (35-50 tu\u1ed5i)<\/td>\n<td>50-60%<\/td>\n<td>30-40%<\/td>\n<td>5-15%<\/td>\n<td>C\u00e2n b\u1eb1ng gi\u1eefa t\u0103ng tr\u01b0\u1edfng v\u00e0 b\u1ea3o to\u00e0n v\u1ed1n<\/td>\n<\/tr>\n<tr>\n<td>Chu\u1ea9n b\u1ecb ngh\u1ec9 h\u01b0u (50-60 tu\u1ed5i)<\/td>\n<td>30-40%<\/td>\n<td>50-60%<\/td>\n<td>10-15%<\/td>\n<td>\u01afu ti\u00ean b\u1ea3o to\u00e0n v\u1ed1n, gi\u1ea3m r\u1ee7i ro<\/td>\n<\/tr>\n<tr>\n<td>\u0110\u00e3 ngh\u1ec9 h\u01b0u (tr\u00ean 60 tu\u1ed5i)<\/td>\n<td>20-30%<\/td>\n<td>60-70%<\/td>\n<td>10-20%<\/td>\n<td>T\u1eadp trung v\u00e0o thu nh\u1eadp \u1ed5n \u0111\u1ecbnh, an to\u00e0n v\u1ed1n<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<\/div>\n<\/div>\n<div class='po-container po-container_width_article-sm'>\n<p class='po-article-page__text'>C\u00f4ng th\u1ee9c ph\u00e2n b\u1ed5 t\u00e0i s\u1ea3n ph\u1ed5 bi\u1ebfn t\u1ea1i Vi\u1ec7t Nam t\u1eeb c\u00f4ng ty t\u01b0 v\u1ea5n VFM l\u00e0: &#8220;115 &#8211; Tu\u1ed5i c\u1ee7a b\u1ea1n = % c\u1ed5 phi\u1ebfu&#8221;, \u0111i\u1ec1u ch\u1ec9nh \u0111\u1ec3 ph\u00f9 h\u1ee3p v\u1edbi \u0111i\u1ec1u ki\u1ec7n th\u1ecb tr\u01b0\u1eddng \u0111ang ph\u00e1t tri\u1ec3n c\u1ee7a Vi\u1ec7t Nam v\u00e0 ti\u1ec1m n\u0103ng t\u0103ng tr\u01b0\u1edfng cao h\u01a1n so v\u1edbi c\u00e1c th\u1ecb tr\u01b0\u1eddng ph\u00e1t tri\u1ec3n.<\/p>\n<\/div>\n<div class='po-container po-container_width_article-sm'>\n<h2 class='po-article-page__title'>T\u00e1c \u0111\u1ed9ng c\u1ee7a kinh t\u1ebf v\u0129 m\u00f4: So s\u00e1nh c\u1ed5 phi\u1ebfu ph\u1ed5 th\u00f4ng v\u00e0 tr\u00e1i phi\u1ebfu<\/h2>\n<\/div>\n<div class='po-container po-container_width_article-sm'>\n<p class='po-article-page__text'>Khi&nbsp;<b>so s\u00e1nh c\u1ed5 phi\u1ebfu ph\u1ed5 th\u00f4ng v\u00e0 tr\u00e1i phi\u1ebfu<\/b>, kh\u00f4ng th\u1ec3 b\u1ecf qua t\u00e1c \u0111\u1ed9ng c\u1ee7a c\u00e1c y\u1ebfu t\u1ed1 kinh t\u1ebf v\u0129 m\u00f4, \u0111\u1eb7c bi\u1ec7t trong b\u1ed1i c\u1ea3nh kinh t\u1ebf hi\u1ec7n t\u1ea1i c\u1ee7a Vi\u1ec7t Nam:<\/p>\n<\/div>\n<div class='po-container po-container_width_article-sm'>\n<h3 class='po-article-page__title'>L\u00e3i su\u1ea5t v\u00e0 chu k\u1ef3 kinh t\u1ebf<\/h3>\n<\/div>\n<div class='po-container po-container_width_article-sm'>\n<p class='po-article-page__text'>Ch\u00ednh s\u00e1ch ti\u1ec1n t\u1ec7 c\u1ee7a Ng\u00e2n h\u00e0ng Nh\u00e0 n\u01b0\u1edbc Vi\u1ec7t Nam \u1ea3nh h\u01b0\u1edfng \u0111\u1ebfn hai lo\u1ea1i t\u00e0i s\u1ea3n n\u00e0y kh\u00e1c nhau:<\/p>\n<\/div>\n<div class='po-container po-container_width_article-sm article-content po-article-page__text'>\n<ul class='po-article-page-list'>\n<li class='po-article-page__text po-article-page__text_no-margin po-list-lvl_1'>Khi l\u00e3i su\u1ea5t t\u0103ng: Trong giai \u0111o\u1ea1n 2022-2023, NHNN t\u0103ng l\u00e3i su\u1ea5t ch\u00ednh s\u00e1ch \u0111\u1ec3 ki\u1ec3m so\u00e1t l\u1ea1m ph\u00e1t. H\u1ec7 qu\u1ea3: gi\u00e1 tr\u00e1i phi\u1ebfu hi\u1ec7n t\u1ea1i gi\u1ea3m (ng\u01b0\u1eddi mua m\u1edbi mu\u1ed1n l\u00e3i su\u1ea5t cao h\u01a1n); th\u1ecb tr\u01b0\u1eddng ch\u1ee9ng kho\u00e1n c\u0169ng gi\u1ea3m do chi ph\u00ed v\u1ed1n t\u0103ng v\u00e0 ti\u1ec1n ch\u1ea3y v\u00e0o ti\u1ebft ki\u1ec7m ng\u00e2n h\u00e0ng.<\/li>\n<li class='po-article-page__text po-article-page__text_no-margin po-list-lvl_1'>Khi l\u00e3i su\u1ea5t gi\u1ea3m: T\u1eeb Q4\/2023 \u0111\u1ebfn 2024, NHNN li\u00ean t\u1ee5c gi\u1ea3m l\u00e3i su\u1ea5t ch\u00ednh s\u00e1ch. K\u1ebft qu\u1ea3: gi\u00e1 tr\u00e1i phi\u1ebfu hi\u1ec7n t\u1ea1i t\u0103ng; th\u1ecb tr\u01b0\u1eddng ch\u1ee9ng kho\u00e1n ph\u1ee5c h\u1ed3i nh\u1edd chi ph\u00ed v\u1ed1n gi\u1ea3m v\u00e0 ti\u1ec1n chuy\u1ec3n t\u1eeb ti\u1ebft ki\u1ec7m sang \u0111\u1ea7u t\u01b0.<\/li>\n<li class='po-article-page__text po-article-page__text_no-margin po-list-lvl_1'>Trong giai \u0111o\u1ea1n t\u0103ng tr\u01b0\u1edfng kinh t\u1ebf cao (nh\u01b0 2023-2024 v\u1edbi GDP Vi\u1ec7t Nam t\u0103ng 6-8%), c\u1ed5 phi\u1ebfu th\u01b0\u1eddng v\u01b0\u1ee3t tr\u1ed9i h\u01a1n tr\u00e1i phi\u1ebfu.<\/li>\n<\/ul>\n<\/div>\n<div class='po-container po-container_width_article po-article-page__table'>\n<div class='po-table'>\n<table>\n<thead>\n<tr>\n<th>Y\u1ebfu t\u1ed1 kinh t\u1ebf v\u0129 m\u00f4<\/th>\n<th>T\u00e1c \u0111\u1ed9ng \u0111\u1ebfn c\u1ed5 phi\u1ebfu<\/th>\n<th>T\u00e1c \u0111\u1ed9ng \u0111\u1ebfn tr\u00e1i phi\u1ebfu<\/th>\n<th>V\u00ed d\u1ee5 t\u1ea1i Vi\u1ec7t Nam<\/th>\n<\/tr>\n<\/thead>\n<tbody>\n<tr>\n<td>T\u0103ng tr\u01b0\u1edfng GDP cao<\/td>\n<td>R\u1ea5t t\u00edch c\u1ef1c (\u2191\u2191)<\/td>\n<td>Trung l\u1eadp \u0111\u1ebfn h\u01a1i t\u00edch c\u1ef1c (\u2192\u2191)<\/td>\n<td>2022-2024: GDP 6-8%, VN-Index ph\u1ee5c h\u1ed3i m\u1ea1nh<\/td>\n<\/tr>\n<tr>\n<td>L\u1ea1m ph\u00e1t t\u0103ng<\/td>\n<td>Ti\u00eau c\u1ef1c ng\u1eafn h\u1ea1n, trung l\u1eadp d\u00e0i h\u1ea1n (\u2193\u2192)<\/td>\n<td>R\u00f5 r\u00e0ng ti\u00eau c\u1ef1c (\u2193\u2193)<\/td>\n<td>2022: CPI 4,5%, tr\u00e1i phi\u1ebfu gi\u1ea3m gi\u00e1 tr\u1ecb th\u1ef1c<\/td>\n<\/tr>\n<tr>\n<td>L\u00e3i su\u1ea5t gi\u1ea3m<\/td>\n<td>T\u00edch c\u1ef1c (\u2191)<\/td>\n<td>T\u00edch c\u1ef1c cho gi\u00e1 tr\u00e1i phi\u1ebfu hi\u1ec7n t\u1ea1i (\u2191)<\/td>\n<td>2023-2024: NHNN gi\u1ea3m l\u00e3i su\u1ea5t, th\u1ecb tr\u01b0\u1eddng ch\u1ee9ng kho\u00e1n ph\u1ee5c h\u1ed3i<\/td>\n<\/tr>\n<tr>\n<td>T\u1ef7 gi\u00e1 USD\/VND t\u0103ng<\/td>\n<td>C\u00f3 l\u1ee3i cho doanh nghi\u1ec7p xu\u1ea5t kh\u1ea9u, b\u1ea5t l\u1ee3i cho nh\u1eadp kh\u1ea9u (\u2191\u2193)<\/td>\n<td>Ti\u00eau c\u1ef1c cho tr\u00e1i phi\u1ebfu VND (\u2193)<\/td>\n<td>2023: USD\/VND t\u0103ng 4,5%, c\u1ed5 phi\u1ebfu d\u1ec7t may t\u0103ng m\u1ea1nh<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<\/div>\n<\/div>\n<div class='po-container po-container_width_article-sm'>\n<h2 class='po-article-page__title'>Chi\u1ebfn l\u01b0\u1ee3c \u0111\u1ea7u t\u01b0 th\u1ef1c ti\u1ec5n: T\u1eeb l\u00fd thuy\u1ebft \u0111\u1ebfn th\u1ef1c h\u00e0nh<\/h2>\n<\/div>\n<div class='po-container po-container_width_article-sm'>\n<p class='po-article-page__text'>Sau khi hi\u1ec3u r\u00f5&nbsp;<b>so s\u00e1nh tr\u00e1i phi\u1ebfu v\u00e0 c\u1ed5 phi\u1ebfu<\/b>, c\u00e2u h\u1ecfi quan tr\u1ecdng l\u00e0: l\u00e0m th\u1ebf n\u00e0o \u0111\u1ec3 \u00e1p d\u1ee5ng ki\u1ebfn th\u1ee9c n\u00e0y v\u00e0o \u0111\u1ea7u t\u01b0 th\u1ef1c ti\u1ec5n t\u1ea1i Vi\u1ec7t Nam?<\/p>\n<\/div>\n<div class='po-container po-container_width_article-sm'>\n<h3 class='po-article-page__title'>Chi\u1ebfn l\u01b0\u1ee3c \u0111\u1ea7u t\u01b0 c\u1ed5 phi\u1ebfu hi\u1ec7u qu\u1ea3<\/h3>\n<\/div>\n<div class='po-container po-container_width_article-sm'>\n<p class='po-article-page__text'>Th\u1ecb tr\u01b0\u1eddng ch\u1ee9ng kho\u00e1n Vi\u1ec7t Nam c\u00f3 nh\u1eefng \u0111\u1eb7c \u0111i\u1ec3m ri\u00eang, \u0111\u00f2i h\u1ecfi c\u00e1c chi\u1ebfn l\u01b0\u1ee3c ph\u00f9 h\u1ee3p:<\/p>\n<\/div>\n<div class='po-container po-container_width_article-sm article-content po-article-page__text'>\n<ul class='po-article-page-list'>\n<li class='po-article-page__text po-article-page__text_no-margin po-list-lvl_1'>\u0110\u1ea7u t\u01b0 gi\u00e1 tr\u1ecb:&nbsp;T\u00ecm ki\u1ebfm c\u1ed5 phi\u1ebfu c\u00f3 P\/E th\u1ea5p (d\u01b0\u1edbi 10), P\/B d\u01b0\u1edbi 1,5 v\u00e0 t\u00e0i s\u1ea3n v\u1eefng ch\u1eafc. C\u00e1c ng\u00e2n h\u00e0ng nh\u01b0 VCB, BID, CTG ho\u1eb7c c\u00e1c c\u00f4ng ty s\u1ea3n xu\u1ea5t nh\u01b0 HPG th\u01b0\u1eddng c\u00f3 \u0111\u1ecbnh gi\u00e1 h\u1ee3p l\u00fd trong giai \u0111o\u1ea1n 2023-2024 v\u1edbi P\/E kho\u1ea3ng 8-12.<\/li>\n<li class='po-article-page__text po-article-page__text_no-margin po-list-lvl_1'>\u0110\u1ea7u t\u01b0 t\u0103ng tr\u01b0\u1edfng:&nbsp;Nh\u1eafm \u0111\u1ebfn c\u00e1c c\u00f4ng ty c\u00f3 t\u1ed1c \u0111\u1ed9 t\u0103ng tr\u01b0\u1edfng doanh thu v\u00e0 l\u1ee3i nhu\u1eadn tr\u00ean 20%\/n\u0103m. FPT (c\u00f4ng ngh\u1ec7), MWG (b\u00e1n l\u1ebb), VHM (b\u1ea5t \u0111\u1ed9ng s\u1ea3n) l\u00e0 nh\u1eefng v\u00ed d\u1ee5 \u0111i\u1ec3n h\u00ecnh v\u1edbi t\u0103ng tr\u01b0\u1edfng doanh thu k\u00e9p 15-25%\/n\u0103m trong 5 n\u0103m qua.<\/li>\n<li class='po-article-page__text po-article-page__text_no-margin po-list-lvl_1'>\u0110\u1ea7u t\u01b0 c\u1ed5 t\u1ee9c:&nbsp;Ch\u1ecdn c\u1ed5 phi\u1ebfu tr\u1ea3 c\u1ed5 t\u1ee9c cao v\u00e0 \u1ed5n \u0111\u1ecbnh, t\u1ef7 su\u1ea5t c\u1ed5 t\u1ee9c 5-8%\/n\u0103m. Ng\u00e0nh \u0111i\u1ec7n (POW, NT2), vi\u1ec5n th\u00f4ng (VNM) th\u01b0\u1eddng tr\u1ea3 c\u1ed5 t\u1ee9c ti\u1ec1n m\u1eb7t 6-10%\/n\u0103m &#8211; cao h\u01a1n nhi\u1ec1u so v\u1edbi l\u00e3i su\u1ea5t ti\u1ebft ki\u1ec7m.<\/li>\n<\/ul>\n<\/div>\n<div class='po-container po-container_width_article-sm'>\n<h3 class='po-article-page__title'>Chi\u1ebfn l\u01b0\u1ee3c \u0111\u1ea7u t\u01b0 tr\u00e1i phi\u1ebfu th\u00f4ng minh<\/h3>\n<\/div>\n<div class='po-container po-container_width_article-sm'>\n<p class='po-article-page__text'>V\u1edbi th\u1ecb tr\u01b0\u1eddng tr\u00e1i phi\u1ebfu Vi\u1ec7t Nam d\u1ea7n ph\u1ee5c h\u1ed3i sau kh\u1ee7ng ho\u1ea3ng 2022:<\/p>\n<\/div>\n<div class='po-container po-container_width_article-sm article-content po-article-page__text'>\n<ul class='po-article-page-list'>\n<li class='po-article-page__text po-article-page__text_no-margin po-list-lvl_1'>Gi\u1eef \u0111\u1ebfn \u0111\u00e1o h\u1ea1n:&nbsp;Chi\u1ebfn l\u01b0\u1ee3c ph\u1ed5 bi\u1ebfn nh\u1ea5t cho nh\u00e0 \u0111\u1ea7u t\u01b0 c\u00e1 nh\u00e2n, \u0111\u1eb7c bi\u1ec7t khi th\u1ecb tr\u01b0\u1eddng th\u1ee9 c\u1ea5p ch\u01b0a ph\u00e1t tri\u1ec3n. Ch\u1ecdn tr\u00e1i phi\u1ebfu c\u00f3 l\u00e3i su\u1ea5t h\u1ea5p d\u1eabn (8-12%) t\u1eeb c\u00e1c c\u00f4ng ty uy t\u00edn c\u00f3 t\u00e0i s\u1ea3n \u0111\u1ea3m b\u1ea3o.<\/li>\n<li class='po-article-page__text po-article-page__text_no-margin po-list-lvl_1'>Thang tr\u00e1i phi\u1ebfu:&nbsp;Ph\u00e2n b\u1ed5 \u0111\u1ea7u t\u01b0 v\u00e0o c\u00e1c tr\u00e1i phi\u1ebfu c\u00f3 k\u1ef3 h\u1ea1n kh\u00e1c nhau (1, 3, 5, 7 n\u0103m), gi\u00fap duy tr\u00ec d\u00f2ng ti\u1ec1n \u1ed5n \u0111\u1ecbnh v\u00e0 gi\u1ea3m r\u1ee7i ro l\u00e3i su\u1ea5t.<\/li>\n<li class='po-article-page__text po-article-page__text_no-margin po-list-lvl_1'>\u0110\u1ea7u t\u01b0 v\u00e0o qu\u1ef9 tr\u00e1i phi\u1ebfu:&nbsp;Gi\u1ea3i ph\u00e1p ph\u00f9 h\u1ee3p cho nh\u00e0 \u0111\u1ea7u t\u01b0 kh\u00f4ng c\u00f3 nhi\u1ec1u th\u1eddi gian nghi\u00ean c\u1ee9u. C\u00e1c qu\u1ef9 nh\u01b0 VCBF-TBF (Vietcombank), SSIBF (SSI) v\u1edbi t\u0103ng tr\u01b0\u1edfng NAV 7-9%\/n\u0103m, \u0111\u01b0\u1ee3c qu\u1ea3n l\u00fd b\u1edfi c\u00e1c chuy\u00ean gia.<\/li>\n<\/ul>\n<\/div>\n<div class='po-container po-container_width_article po-article-page__table'>\n<div class='po-table'>\n<table>\n<thead>\n<tr>\n<th>M\u1ee5c ti\u00eau \u0111\u1ea7u t\u01b0<\/th>\n<th>Chi\u1ebfn l\u01b0\u1ee3c c\u1ed5 phi\u1ebfu ph\u00f9 h\u1ee3p<\/th>\n<th>Chi\u1ebfn l\u01b0\u1ee3c tr\u00e1i phi\u1ebfu ph\u00f9 h\u1ee3p<\/th>\n<\/tr>\n<\/thead>\n<tbody>\n<tr>\n<td>T\u0103ng tr\u01b0\u1edfng v\u1ed1n (20-30%\/n\u0103m)<\/td>\n<td>C\u1ed5 phi\u1ebfu trong ng\u00e0nh c\u00f4ng ngh\u1ec7, b\u00e1n l\u1ebb, v\u1ed1n h\u00f3a nh\u1ecf<\/td>\n<td>Tr\u00e1i phi\u1ebfu doanh nghi\u1ec7p l\u00e3i su\u1ea5t cao c\u00f3 t\u00e0i s\u1ea3n \u0111\u1ea3m b\u1ea3o<\/td>\n<\/tr>\n<tr>\n<td>Thu nh\u1eadp th\u01b0\u1eddng xuy\u00ean<\/td>\n<td>C\u1ed5 phi\u1ebfu c\u1ed5 t\u1ee9c cao: ng\u00e0nh \u0111i\u1ec7n, vi\u1ec5n th\u00f4ng, ng\u00e2n h\u00e0ng<\/td>\n<td>Tr\u00e1i phi\u1ebfu ch\u00ednh ph\u1ee7 ho\u1eb7c tr\u00e1i phi\u1ebfu doanh nghi\u1ec7p c\u00f3 tr\u1ea3 l\u00e3i \u0111\u1ecbnh k\u1ef3<\/td>\n<\/tr>\n<tr>\n<td>B\u1ea3o to\u00e0n v\u1ed1n<\/td>\n<td>C\u1ed5 phi\u1ebfu blue-chip, v\u1ed1n h\u00f3a l\u1edbn, bi\u1ebfn \u0111\u1ed9ng th\u1ea5p<\/td>\n<td>Tr\u00e1i phi\u1ebfu ch\u00ednh ph\u1ee7 ng\u1eafn h\u1ea1n, tr\u00e1i phi\u1ebfu doanh nghi\u1ec7p AAA<\/td>\n<\/tr>\n<tr>\n<td>\u0110a d\u1ea1ng h\u00f3a r\u1ee7i ro<\/td>\n<td>ETF (E1VFVN30, FUEVN100), qu\u1ef9 m\u1edf<\/td>\n<td>Qu\u1ef9 tr\u00e1i phi\u1ebfu (VCBF-TBF, SSIBF)<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<\/div>\n<\/div>\n<div class='po-container po-container_width_article-sm'>\n<p class='po-article-page__text'>Pocket Option cung c\u1ea5p c\u00e1c c\u00f4ng c\u1ee5 ph\u00e2n t\u00edch chuy\u00ean s\u00e2u to\u00e0n di\u1ec7n gi\u00fap nh\u00e0 \u0111\u1ea7u t\u01b0 \u0111\u00e1nh gi\u00e1 ch\u00ednh x\u00e1c c\u01a1 h\u1ed9i \u0111\u1ea7u t\u01b0 c\u1ed5 phi\u1ebfu v\u00e0 tr\u00e1i phi\u1ebfu, t\u1eeb b\u1ed9 l\u1ecdc c\u1ed5 phi\u1ebfu n\u00e2ng cao \u0111\u1ebfn m\u00f4 h\u00ecnh \u0111\u1ecbnh gi\u00e1 tr\u00e1i phi\u1ebfu d\u1ef1a tr\u00ean l\u00e3i su\u1ea5t th\u1ecb tr\u01b0\u1eddng.<\/p>\n<\/div>\n<div class='po-container po-container_width_article-sm'>\n<h2 class='po-article-page__title'>Xu h\u01b0\u1edbng m\u1edbi 2025: Thay \u0111\u1ed5i b\u1ed1i c\u1ea3nh cho c\u1ed5 phi\u1ebfu v\u00e0 tr\u00e1i phi\u1ebfu Vi\u1ec7t Nam<\/h2>\n<\/div>\n<div class='po-container po-container_width_article-sm'>\n<p class='po-article-page__text'>Th\u1ecb tr\u01b0\u1eddng t\u00e0i ch\u00ednh Vi\u1ec7t Nam \u0111ang tr\u1ea3i qua nh\u1eefng thay \u0111\u1ed5i l\u1edbn, \u1ea3nh h\u01b0\u1edfng tr\u1ef1c ti\u1ebfp \u0111\u1ebfn&nbsp;<b>so s\u00e1nh c\u1ed5 phi\u1ebfu v\u00e0 tr\u00e1i phi\u1ebfu<\/b>&nbsp;trong t\u01b0\u01a1ng lai g\u1ea7n:<\/p>\n<\/div>\n<div class='po-container po-container_width_article-sm article-content po-article-page__text'>\n<ul class='po-article-page-list'>\n<li class='po-article-page__text po-article-page__text_no-margin po-list-lvl_1'>Chuy\u1ec3n \u0111\u1ed5i s\u1ed1 trong \u0111\u1ea7u t\u01b0:&nbsp;C\u00e1c n\u1ec1n t\u1ea3ng nh\u01b0 Pocket Option \u0111ang d\u1eabn \u0111\u1ea7u l\u00e0n s\u00f3ng s\u1ed1 h\u00f3a \u0111\u1ea7u t\u01b0 t\u1ea1i Vi\u1ec7t Nam, gi\u00fap nh\u00e0 \u0111\u1ea7u t\u01b0 ti\u1ebfp c\u1eadn th\u1ecb tr\u01b0\u1eddng 24\/7 v\u1edbi chi ph\u00ed th\u1ea5p. H\u01a1n 85% giao d\u1ecbch ch\u1ee9ng kho\u00e1n hi\u1ec7n nay \u0111\u01b0\u1ee3c th\u1ef1c hi\u1ec7n tr\u1ef1c tuy\u1ebfn, t\u0103ng t\u1eeb 60% n\u0103m 2020.<\/li>\n<li class='po-article-page__text po-article-page__text_no-margin po-list-lvl_1'>S\u1ea3n ph\u1ea9m lai gi\u1eefa c\u1ed5 phi\u1ebfu v\u00e0 tr\u00e1i phi\u1ebfu:&nbsp;Tr\u00e1i phi\u1ebfu chuy\u1ec3n \u0111\u1ed5i, tr\u00e1i phi\u1ebfu k\u00e8m ch\u1ee9ng quy\u1ec1n (nh\u01b0 c\u1ee7a Masan, Vingroup) l\u00e0 xu h\u01b0\u1edbng m\u1edbi, k\u1ebft h\u1ee3p \u01b0u \u0111i\u1ec3m c\u1ee7a c\u1ea3 hai lo\u1ea1i t\u00e0i s\u1ea3n. Trong giai \u0111o\u1ea1n 2023-2024, kh\u1ed1i l\u01b0\u1ee3ng ph\u00e1t h\u00e0nh tr\u00e1i phi\u1ebfu chuy\u1ec3n \u0111\u1ed5i t\u0103ng 35% so v\u1edbi giai \u0111o\u1ea1n 2020-2022.<\/li>\n<li class='po-article-page__text po-article-page__text_no-margin po-list-lvl_1'>\u0110\u1ea7u t\u01b0 b\u1ec1n v\u1eefng (ESG):&nbsp;C\u1ea3 nh\u00e0 \u0111\u1ea7u t\u01b0 c\u1ed5 phi\u1ebfu v\u00e0 tr\u00e1i phi\u1ebfu \u0111\u1ec1u ch\u00fa \u00fd nhi\u1ec1u h\u01a1n \u0111\u1ebfn c\u00e1c y\u1ebfu t\u1ed1 ESG. C\u00e1c qu\u1ef9 ETF xanh v\u00e0 tr\u00e1i phi\u1ebfu xanh \u0111ang thu h\u00fat d\u00f2ng v\u1ed1n l\u1edbn, \u0111\u1eb7c bi\u1ec7t t\u1eeb c\u00e1c t\u1ed5 ch\u1ee9c t\u00e0i ch\u00ednh qu\u1ed1c t\u1ebf.<\/li>\n<li class='po-article-page__text po-article-page__text_no-margin po-list-lvl_1'>Ph\u1ed5 bi\u1ebfn h\u00f3a \u0111\u1ea7u t\u01b0:&nbsp;S\u1ed1 l\u01b0\u1ee3ng t\u00e0i kho\u1ea3n ch\u1ee9ng kho\u00e1n t\u1ea1i Vi\u1ec7t Nam v\u01b0\u1ee3t 7 tri\u1ec7u trong Q2\/2024 (t\u01b0\u01a1ng \u0111\u01b0\u01a1ng 7% d\u00e2n s\u1ed1), g\u1ea5p \u0111\u00f4i so v\u1edbi n\u0103m 2021, cho th\u1ea5y l\u00e0n s\u00f3ng nh\u00e0 \u0111\u1ea7u t\u01b0 m\u1edbi gia nh\u1eadp th\u1ecb tr\u01b0\u1eddng.<\/li>\n<\/ul>\n<\/div>\n<div class='po-container po-container_width_article-sm'>\n<p class='po-article-page__text'>V\u1edbi nh\u1eefng xu h\u01b0\u1edbng n\u00e0y, ranh gi\u1edbi gi\u1eefa \u0111\u1ea7u t\u01b0 c\u1ed5 phi\u1ebfu v\u00e0 tr\u00e1i phi\u1ebfu \u0111ang d\u1ea7n m\u1edd nh\u1ea1t, t\u1ea1o ra m\u00f4i tr\u01b0\u1eddng \u0111\u1ea7u t\u01b0 \u0111a d\u1ea1ng v\u00e0 ph\u1ee9c t\u1ea1p h\u01a1n, \u0111\u00f2i h\u1ecfi nh\u00e0 \u0111\u1ea7u t\u01b0 Vi\u1ec7t Nam ph\u1ea3i li\u00ean t\u1ee5c c\u1eadp nh\u1eadt ki\u1ebfn th\u1ee9c.<\/p>\n<\/div>\n<div class='po-container po-container_width_article-sm'>\n<h2 class='po-article-page__title'>K\u1ebft lu\u1eadn: L\u1ef1a ch\u1ecdn th\u00f4ng minh gi\u1eefa c\u1ed5 phi\u1ebfu v\u00e0 tr\u00e1i phi\u1ebfu cho nh\u00e0 \u0111\u1ea7u t\u01b0 Vi\u1ec7t Nam<\/h2>\n<\/div>\n<div class='po-container po-container_width_article-sm'>\n<p class='po-article-page__text'>Qua b\u00e0i vi\u1ebft n\u00e0y, ch\u00fang t\u00f4i \u0111\u00e3 ti\u1ebfn h\u00e0nh ph\u00e2n t\u00edch to\u00e0n di\u1ec7n&nbsp;<b>so s\u00e1nh c\u1ed5 phi\u1ebfu v\u00e0 tr\u00e1i phi\u1ebfu<\/b>&nbsp;trong b\u1ed1i c\u1ea3nh th\u1ecb tr\u01b0\u1eddng Vi\u1ec7t Nam n\u0103m 2025. Thay v\u00ec c\u00e2u h\u1ecfi &#8220;n\u00ean ch\u1ecdn c\u1ed5 phi\u1ebfu hay tr\u00e1i phi\u1ebfu?&#8221;, c\u00e2u tr\u1ea3 l\u1eddi \u0111\u00fang l\u00e0: &#8220;l\u00e0m th\u1ebf n\u00e0o \u0111\u1ec3 k\u1ebft h\u1ee3p c\u1ea3 hai m\u1ed9t c\u00e1ch h\u1ee3p l\u00fd?&#8221;<\/p>\n<\/div>\n<div class='po-container po-container_width_article-sm'>\n<p class='po-article-page__text'>Quy\u1ebft \u0111\u1ecbnh \u0111\u1ea7u t\u01b0 ph\u1ee5 thu\u1ed9c v\u00e0o:<\/p>\n<\/div>\n<div class='po-container po-container_width_article-sm article-content po-article-page__text'>\n<ul class='po-article-page-list'>\n<li class='po-article-page__text po-article-page__text_no-margin po-list-lvl_1'>M\u1ee5c ti\u00eau t\u00e0i ch\u00ednh: T\u0103ng tr\u01b0\u1edfng nhanh hay thu nh\u1eadp \u1ed5n \u0111\u1ecbnh?<\/li>\n<li class='po-article-page__text po-article-page__text_no-margin po-list-lvl_1'>Th\u1eddi gian \u0111\u1ea7u t\u01b0: Ng\u1eafn h\u1ea1n (1-2 n\u0103m), trung h\u1ea1n (3-5 n\u0103m) hay d\u00e0i h\u1ea1n (tr\u00ean 5 n\u0103m)?<\/li>\n<li class='po-article-page__text po-article-page__text_no-margin po-list-lvl_1'>Kh\u1ea9u v\u1ecb r\u1ee7i ro: B\u1ea1n c\u1ea3m th\u1ea5y th\u1ebf n\u00e0o khi danh m\u1ee5c \u0111\u1ea7u t\u01b0 gi\u1ea3m 20-30% trong ng\u1eafn h\u1ea1n?<\/li>\n<li class='po-article-page__text po-article-page__text_no-margin po-list-lvl_1'>Ki\u1ebfn th\u1ee9c v\u00e0 kinh nghi\u1ec7m: B\u1ea1n c\u00f3 th\u1eddi gian theo d\u00f5i th\u1ecb tr\u01b0\u1eddng h\u00e0ng ng\u00e0y kh\u00f4ng?<\/li>\n<\/ul>\n<\/div>\n<div class='po-container po-container_width_article-sm'>\n<p class='po-article-page__text'>Pocket Option kh\u00f4ng ch\u1ec9 cung c\u1ea5p n\u1ec1n t\u1ea3ng giao d\u1ecbch m\u00e0 c\u00f2n l\u00e0 \u0111\u1ed1i t\u00e1c \u0111\u1ea7u t\u01b0 to\u00e0n di\u1ec7n v\u1edbi c\u00e1c c\u00f4ng c\u1ee5 ph\u00e2n t\u00edch k\u1ef9 thu\u1eadt ti\u00ean ti\u1ebfn, ngu\u1ed3n th\u00f4ng tin th\u1ecb tr\u01b0\u1eddng theo th\u1eddi gian th\u1ef1c v\u00e0 \u0111\u1ed9i ng\u0169 h\u1ed7 tr\u1ee3 chuy\u00ean nghi\u1ec7p 24\/7 b\u1eb1ng ti\u1ebfng Vi\u1ec7t. Ch\u00fang t\u00f4i cam k\u1ebft gi\u00fap nh\u00e0 \u0111\u1ea7u t\u01b0 Vi\u1ec7t Nam \u0111\u01b0a ra quy\u1ebft \u0111\u1ecbnh s\u00e1ng su\u1ed1t khi c\u00e2n nh\u1eafc gi\u1eefa c\u1ed5 phi\u1ebfu v\u00e0 tr\u00e1i phi\u1ebfu.<\/p>\n<\/div>\n<div class='po-container po-container_width_article-sm'>\n<p class='po-article-page__text'>H\u00e3y nh\u1edb r\u1eb1ng, \u0111\u1ea7u t\u01b0 th\u00e0nh c\u00f4ng kh\u00f4ng ph\u1ea3i l\u00e0 ch\u1ecdn \u0111\u00fang c\u1ed5 phi\u1ebfu hay tr\u00e1i phi\u1ebfu, m\u00e0 l\u00e0 x\u00e2y d\u1ef1ng m\u1ed9t chi\u1ebfn l\u01b0\u1ee3c ph\u00f9 h\u1ee3p v\u1edbi m\u1ee5c ti\u00eau c\u00e1 nh\u00e2n v\u00e0 th\u00edch \u1ee9ng linh ho\u1ea1t v\u1edbi bi\u1ebfn \u0111\u1ed9ng th\u1ecb tr\u01b0\u1eddng. V\u1edbi b\u1ed1i c\u1ea3nh kinh t\u1ebf Vi\u1ec7t Nam \u0111ang ph\u00e1t tri\u1ec3n nhanh ch\u00f3ng, c\u01a1 h\u1ed9i lu\u00f4n m\u1edf ra cho nh\u1eefng nh\u00e0 \u0111\u1ea7u t\u01b0 c\u00f3 ki\u1ebfn th\u1ee9c v\u00e0 chi\u1ebfn l\u01b0\u1ee3c r\u00f5 r\u00e0ng.<\/p>\n<\/div>\n    <div class=\"po-container po-container_width_article\">\n        <a href=\"\/en\/quick-start\/\" class=\"po-line-banner po-article-page__line-banner\">\n            <svg class=\"svg-image po-line-banner__logo\" fill=\"currentColor\" width=\"auto\" height=\"auto\"\n                 aria-hidden=\"true\">\n                <use href=\"#svg-img-logo-white\"><\/use>\n            <\/svg>\n            <span class=\"po-line-banner__btn\"><\/span>\n        <\/a>\n    <\/div>\n    \n"},"faq":[{"question":"C\u00e1i n\u00e0o an to\u00e0n h\u01a1n cho c\u00e1c nh\u00e0 \u0111\u1ea7u t\u01b0 m\u1edbi t\u1ea1i Vi\u1ec7t Nam: c\u1ed5 phi\u1ebfu hay tr\u00e1i phi\u1ebfu?","answer":"Tr\u00e1i phi\u1ebfu ch\u00ednh ph\u1ee7 Vi\u1ec7t Nam ch\u1eafc ch\u1eafn an to\u00e0n h\u01a1n cho ng\u01b0\u1eddi m\u1edbi b\u1eaft \u0111\u1ea7u, v\u1edbi bi\u1ebfn \u0111\u1ed9ng gi\u00e1 th\u1ea5p v\u00e0 l\u00e3i su\u1ea5t \u1ed5n \u0111\u1ecbnh t\u1eeb 3-5%\/n\u0103m. Tuy nhi\u00ean, nh\u00e0 \u0111\u1ea7u t\u01b0 m\u1edbi kh\u00f4ng n\u00ean ho\u00e0n to\u00e0n b\u1ecf qua c\u1ed5 phi\u1ebfu. M\u1ed9t danh m\u1ee5c \u0111\u1ea7u t\u01b0 kh\u1edfi \u0111\u1ea7u h\u1ee3p l\u00fd c\u00f3 th\u1ec3 l\u00e0 70% tr\u00e1i phi\u1ebfu ch\u00ednh ph\u1ee7 ho\u1eb7c qu\u1ef9 tr\u00e1i phi\u1ebfu (nh\u01b0 VCBF-TBF) v\u00e0 30% qu\u1ef9 ETF c\u1ed5 phi\u1ebfu (nh\u01b0 E1VFVN30 theo d\u00f5i 30 c\u1ed5 phi\u1ebfu l\u1edbn nh\u1ea5t). C\u00e1ch ti\u1ebfp c\u1eadn n\u00e0y gi\u00fap b\u1ea1n t\u00ecm hi\u1ec3u v\u1ec1 th\u1ecb tr\u01b0\u1eddng v\u1edbi r\u1ee7i ro h\u1ea1n ch\u1ebf tr\u01b0\u1edbc khi \u0111\u01b0a ra c\u00e1c quy\u1ebft \u0111\u1ecbnh ph\u00e2n b\u1ed5 d\u00e0i h\u1ea1n."},{"question":"C\u00e1ch mua tr\u00e1i phi\u1ebfu t\u1ea1i Vi\u1ec7t Nam?","answer":"T\u1ea1i Vi\u1ec7t Nam, c\u00f3 4 c\u00e1ch ch\u00ednh \u0111\u1ec3 mua tr\u00e1i phi\u1ebfu: (1) Mua tr\u00e1i phi\u1ebfu ch\u00ednh ph\u1ee7 th\u00f4ng qua \u0111\u1ea5u gi\u00e1 t\u1ea1i S\u1edf Giao d\u1ecbch Ch\u1ee9ng kho\u00e1n H\u00e0 N\u1ed9i (y\u00eau c\u1ea7u c\u00f3 t\u00e0i kho\u1ea3n t\u1ea1i ng\u00e2n h\u00e0ng th\u00e0nh vi\u00ean); (2) Mua tr\u00e1i phi\u1ebfu doanh nghi\u1ec7p th\u00f4ng qua c\u00e1c c\u00f4ng ty ch\u1ee9ng kho\u00e1n (SSI, VPS, VCSC) ho\u1eb7c ng\u00e2n h\u00e0ng (Techcombank, VPBank) v\u1edbi m\u1ee9c \u0111\u1ea7u t\u01b0 t\u1ed1i thi\u1ec3u th\u01b0\u1eddng t\u1eeb 100 tri\u1ec7u \u0111\u1ed3ng; (3) \u0110\u1ea7u t\u01b0 v\u00e0o c\u00e1c qu\u1ef9 tr\u00e1i phi\u1ebfu nh\u01b0 SSIBF, VCBF-TBF v\u1edbi s\u1ed1 ti\u1ec1n t\u1eeb 1 tri\u1ec7u \u0111\u1ed3ng; (4) Giao d\u1ecbch c\u00e1c s\u1ea3n ph\u1ea9m ph\u00e1i sinh d\u1ef1a tr\u00ean l\u00e3i su\u1ea5t tr\u00e1i phi\u1ebfu th\u00f4ng qua Pocket Option v\u1edbi c\u00e1c kho\u1ea3n \u0111\u1ea7u t\u01b0 linh ho\u1ea1t t\u1eeb 100,000 \u0111\u1ed3ng."},{"question":"T\u1ef7 l\u1ec7 ph\u00f9 h\u1ee3p gi\u1eefa c\u1ed5 phi\u1ebfu v\u00e0 tr\u00e1i phi\u1ebfu trong m\u1ed9t danh m\u1ee5c \u0111\u1ea7u t\u01b0 l\u00e0 bao nhi\u00eau?","answer":"Thay v\u00ec \u00e1p d\u1ee5ng c\u00f4ng th\u1ee9c c\u1ee9ng nh\u1eafc t\u1eeb c\u00e1c th\u1ecb tr\u01b0\u1eddng ph\u00e1t tri\u1ec3n (100 - tu\u1ed5i = % c\u1ed5 phi\u1ebfu), c\u00e1c nh\u00e0 \u0111\u1ea7u t\u01b0 Vi\u1ec7t Nam n\u00ean c\u00e2n nh\u1eafc c\u00f4ng th\u1ee9c \u0111i\u1ec1u ch\u1ec9nh \"115 - tu\u1ed5i = % c\u1ed5 phi\u1ebfu\", ph\u1ea3n \u00e1nh ti\u1ec1m n\u0103ng t\u0103ng tr\u01b0\u1edfng cao h\u01a1n c\u1ee7a c\u00e1c th\u1ecb tr\u01b0\u1eddng m\u1edbi n\u1ed5i. V\u00ed d\u1ee5, m\u1ed9t nh\u00e0 \u0111\u1ea7u t\u01b0 35 tu\u1ed5i c\u00f3 th\u1ec3 c\u00e2n nh\u1eafc 80% c\u1ed5 phi\u1ebfu (115-35) thay v\u00ec 65% theo c\u00f4ng th\u1ee9c truy\u1ec1n th\u1ed1ng. Tuy nhi\u00ean, y\u1ebfu t\u1ed1 quan tr\u1ecdng nh\u1ea5t l\u00e0 kh\u1ea3 n\u0103ng ch\u1ea5p nh\u1eadn r\u1ee7i ro c\u00e1 nh\u00e2n - n\u1ebfu b\u1ea1n kh\u00f4ng tho\u1ea3i m\u00e1i khi th\u1ea5y danh m\u1ee5c \u0111\u1ea7u t\u01b0 c\u1ee7a m\u00ecnh gi\u1ea3m 30% trong ng\u1eafn h\u1ea1n, h\u00e3y gi\u1ea3m t\u1ef7 l\u1ec7 c\u1ed5 phi\u1ebfu v\u00e0 t\u0103ng tr\u00e1i phi\u1ebfu."},{"question":"T\u00f4i n\u00ean \u0111\u1ea7u t\u01b0 v\u00e0o tr\u00e1i phi\u1ebfu doanh nghi\u1ec7p hay tr\u00e1i phi\u1ebfu ch\u00ednh ph\u1ee7 Vi\u1ec7t Nam?","answer":"Quy\u1ebft \u0111\u1ecbnh n\u00e0y ph\u1ee5 thu\u1ed9c v\u00e0o m\u1ee5c ti\u00eau \u0111\u1ea7u t\u01b0 v\u00e0 m\u1ee9c \u0111\u1ed9 ch\u1ea5p nh\u1eadn r\u1ee7i ro. Tr\u00e1i phi\u1ebfu ch\u00ednh ph\u1ee7 Vi\u1ec7t Nam (l\u00e3i su\u1ea5t 3-5%) \u0111\u01b0\u1ee3c ch\u00ednh ph\u1ee7 b\u1ea3o \u0111\u1ea3m, g\u1ea7n nh\u01b0 kh\u00f4ng c\u00f3 r\u1ee7i ro v\u1ee1 n\u1ee3, nh\u01b0ng l\u1ee3i nhu\u1eadn th\u1ef1c (sau l\u1ea1m ph\u00e1t) c\u00f3 th\u1ec3 ch\u1ec9 \u0111\u1ea1t 0-1%. Tr\u00e1i phi\u1ebfu doanh nghi\u1ec7p (l\u00e3i su\u1ea5t 8-12%) mang l\u1ea1i thu nh\u1eadp cao h\u01a1n \u0111\u00e1ng k\u1ec3 nh\u01b0ng \u0111i k\u00e8m v\u1edbi r\u1ee7i ro. Sau cu\u1ed9c kh\u1ee7ng ho\u1ea3ng T\u00e2n Ho\u00e0ng Minh v\u00e0 V\u1ea1n Th\u1ecbnh Ph\u00e1t n\u0103m 2022, b\u1ea1n ch\u1ec9 n\u00ean xem x\u00e9t tr\u00e1i phi\u1ebfu doanh nghi\u1ec7p t\u1eeb c\u00e1c t\u1ed5 ch\u1ee9c uy t\u00edn (nh\u01b0 Vinhomes, Masan), c\u00f3 x\u1ebfp h\u1ea1ng t\u00edn d\u1ee5ng t\u1ed1t v\u00e0 t\u00e0i s\u1ea3n th\u1ebf ch\u1ea5p r\u00f5 r\u00e0ng. M\u1ed9t chi\u1ebfn l\u01b0\u1ee3c th\u00f4ng minh l\u00e0 ph\u00e2n b\u1ed5 70% v\u00e0o tr\u00e1i phi\u1ebfu ch\u00ednh ph\u1ee7\/qu\u1ef9 tr\u00e1i phi\u1ebfu v\u00e0 30% v\u00e0o c\u00e1c tr\u00e1i phi\u1ebfu doanh nghi\u1ec7p \u0111\u01b0\u1ee3c ch\u1ecdn l\u1ecdc."},{"question":"C\u1ed5 phi\u1ebfu v\u00e0 tr\u00e1i phi\u1ebfu ph\u1ea3n \u1ee9ng nh\u01b0 th\u1ebf n\u00e0o khi l\u00e3i su\u1ea5t thay \u0111\u1ed5i \u1edf Vi\u1ec7t Nam?","answer":"M\u1ed1i quan h\u1ec7 n\u00e0y \u0111\u00e3 \u0111\u01b0\u1ee3c ch\u1ee9ng minh r\u00f5 r\u00e0ng trong giai \u0111o\u1ea1n 2022-2024 t\u1ea1i Vi\u1ec7t Nam. Khi Ng\u00e2n h\u00e0ng Nh\u00e0 n\u01b0\u1edbc Vi\u1ec7t Nam (SBV) t\u0103ng l\u00e3i su\u1ea5t v\u00e0o n\u0103m 2022 \u0111\u1ec3 ki\u1ec3m so\u00e1t l\u1ea1m ph\u00e1t, VN-Index gi\u1ea3m 32,8% t\u1eeb \u0111\u1ec9nh, v\u00e0 gi\u00e1 tr\u00e1i phi\u1ebfu hi\u1ec7n c\u00f3 c\u0169ng gi\u1ea3m 5-10%. Ng\u01b0\u1ee3c l\u1ea1i, khi SBV gi\u1ea3m l\u00e3i su\u1ea5t ch\u00ednh s\u00e1ch t\u1eeb qu\u00fd 4\/2023 \u0111\u1ebfn 2024, th\u1ecb tr\u01b0\u1eddng ch\u1ee9ng kho\u00e1n ph\u1ee5c h\u1ed3i m\u1ea1nh m\u1ebd 20% v\u00e0 gi\u00e1 tr\u00e1i phi\u1ebfu t\u0103ng 3-7%. \u0110i\u1ec1u quan tr\u1ecdng c\u1ea7n hi\u1ec3u l\u00e0: v\u1edbi tr\u00e1i phi\u1ebfu, m\u1ed1i quan h\u1ec7 v\u1edbi l\u00e3i su\u1ea5t l\u00e0 tr\u1ef1c ti\u1ebfp v\u00e0 ngay l\u1eadp t\u1ee9c (l\u00e3i su\u1ea5t t\u0103ng \u2192 gi\u00e1 tr\u00e1i phi\u1ebfu gi\u1ea3m); v\u1edbi c\u1ed5 phi\u1ebfu, m\u1ed1i quan h\u1ec7 ph\u1ee9c t\u1ea1p h\u01a1n v\u00e0 c\u00f3 \u0111\u1ed9 tr\u1ec5 v\u00ec ph\u1ea3i th\u00f4ng qua t\u00e1c \u0111\u1ed9ng \u0111\u1ebfn ho\u1ea1t \u0111\u1ed9ng kinh doanh. Trong m\u00f4i tr\u01b0\u1eddng l\u00e3i su\u1ea5t t\u0103ng, h\u00e3y c\u00e2n nh\u1eafc r\u00fat ng\u1eafn k\u1ef3 h\u1ea1n tr\u00e1i phi\u1ebfu v\u00e0 t\u0103ng t\u1ef7 tr\u1ecdng c\u1ed5 phi\u1ebfu ng\u00e0nh ng\u00e2n h\u00e0ng, th\u01b0\u1eddng h\u01b0\u1edfng l\u1ee3i t\u1eeb bi\u00ean l\u00e3i su\u1ea5t cao h\u01a1n."}],"faq_source":{"label":"FAQ","type":"repeater","formatted_value":[{"question":"C\u00e1i n\u00e0o an to\u00e0n h\u01a1n cho c\u00e1c nh\u00e0 \u0111\u1ea7u t\u01b0 m\u1edbi t\u1ea1i Vi\u1ec7t Nam: c\u1ed5 phi\u1ebfu hay tr\u00e1i phi\u1ebfu?","answer":"Tr\u00e1i phi\u1ebfu ch\u00ednh ph\u1ee7 Vi\u1ec7t Nam ch\u1eafc ch\u1eafn an to\u00e0n h\u01a1n cho ng\u01b0\u1eddi m\u1edbi b\u1eaft \u0111\u1ea7u, v\u1edbi bi\u1ebfn \u0111\u1ed9ng gi\u00e1 th\u1ea5p v\u00e0 l\u00e3i su\u1ea5t \u1ed5n \u0111\u1ecbnh t\u1eeb 3-5%\/n\u0103m. Tuy nhi\u00ean, nh\u00e0 \u0111\u1ea7u t\u01b0 m\u1edbi kh\u00f4ng n\u00ean ho\u00e0n to\u00e0n b\u1ecf qua c\u1ed5 phi\u1ebfu. M\u1ed9t danh m\u1ee5c \u0111\u1ea7u t\u01b0 kh\u1edfi \u0111\u1ea7u h\u1ee3p l\u00fd c\u00f3 th\u1ec3 l\u00e0 70% tr\u00e1i phi\u1ebfu ch\u00ednh ph\u1ee7 ho\u1eb7c qu\u1ef9 tr\u00e1i phi\u1ebfu (nh\u01b0 VCBF-TBF) v\u00e0 30% qu\u1ef9 ETF c\u1ed5 phi\u1ebfu (nh\u01b0 E1VFVN30 theo d\u00f5i 30 c\u1ed5 phi\u1ebfu l\u1edbn nh\u1ea5t). C\u00e1ch ti\u1ebfp c\u1eadn n\u00e0y gi\u00fap b\u1ea1n t\u00ecm hi\u1ec3u v\u1ec1 th\u1ecb tr\u01b0\u1eddng v\u1edbi r\u1ee7i ro h\u1ea1n ch\u1ebf tr\u01b0\u1edbc khi \u0111\u01b0a ra c\u00e1c quy\u1ebft \u0111\u1ecbnh ph\u00e2n b\u1ed5 d\u00e0i h\u1ea1n."},{"question":"C\u00e1ch mua tr\u00e1i phi\u1ebfu t\u1ea1i Vi\u1ec7t Nam?","answer":"T\u1ea1i Vi\u1ec7t Nam, c\u00f3 4 c\u00e1ch ch\u00ednh \u0111\u1ec3 mua tr\u00e1i phi\u1ebfu: (1) Mua tr\u00e1i phi\u1ebfu ch\u00ednh ph\u1ee7 th\u00f4ng qua \u0111\u1ea5u gi\u00e1 t\u1ea1i S\u1edf Giao d\u1ecbch Ch\u1ee9ng kho\u00e1n H\u00e0 N\u1ed9i (y\u00eau c\u1ea7u c\u00f3 t\u00e0i kho\u1ea3n t\u1ea1i ng\u00e2n h\u00e0ng th\u00e0nh vi\u00ean); (2) Mua tr\u00e1i phi\u1ebfu doanh nghi\u1ec7p th\u00f4ng qua c\u00e1c c\u00f4ng ty ch\u1ee9ng kho\u00e1n (SSI, VPS, VCSC) ho\u1eb7c ng\u00e2n h\u00e0ng (Techcombank, VPBank) v\u1edbi m\u1ee9c \u0111\u1ea7u t\u01b0 t\u1ed1i thi\u1ec3u th\u01b0\u1eddng t\u1eeb 100 tri\u1ec7u \u0111\u1ed3ng; (3) \u0110\u1ea7u t\u01b0 v\u00e0o c\u00e1c qu\u1ef9 tr\u00e1i phi\u1ebfu nh\u01b0 SSIBF, VCBF-TBF v\u1edbi s\u1ed1 ti\u1ec1n t\u1eeb 1 tri\u1ec7u \u0111\u1ed3ng; (4) Giao d\u1ecbch c\u00e1c s\u1ea3n ph\u1ea9m ph\u00e1i sinh d\u1ef1a tr\u00ean l\u00e3i su\u1ea5t tr\u00e1i phi\u1ebfu th\u00f4ng qua Pocket Option v\u1edbi c\u00e1c kho\u1ea3n \u0111\u1ea7u t\u01b0 linh ho\u1ea1t t\u1eeb 100,000 \u0111\u1ed3ng."},{"question":"T\u1ef7 l\u1ec7 ph\u00f9 h\u1ee3p gi\u1eefa c\u1ed5 phi\u1ebfu v\u00e0 tr\u00e1i phi\u1ebfu trong m\u1ed9t danh m\u1ee5c \u0111\u1ea7u t\u01b0 l\u00e0 bao nhi\u00eau?","answer":"Thay v\u00ec \u00e1p d\u1ee5ng c\u00f4ng th\u1ee9c c\u1ee9ng nh\u1eafc t\u1eeb c\u00e1c th\u1ecb tr\u01b0\u1eddng ph\u00e1t tri\u1ec3n (100 - tu\u1ed5i = % c\u1ed5 phi\u1ebfu), c\u00e1c nh\u00e0 \u0111\u1ea7u t\u01b0 Vi\u1ec7t Nam n\u00ean c\u00e2n nh\u1eafc c\u00f4ng th\u1ee9c \u0111i\u1ec1u ch\u1ec9nh \"115 - tu\u1ed5i = % c\u1ed5 phi\u1ebfu\", ph\u1ea3n \u00e1nh ti\u1ec1m n\u0103ng t\u0103ng tr\u01b0\u1edfng cao h\u01a1n c\u1ee7a c\u00e1c th\u1ecb tr\u01b0\u1eddng m\u1edbi n\u1ed5i. V\u00ed d\u1ee5, m\u1ed9t nh\u00e0 \u0111\u1ea7u t\u01b0 35 tu\u1ed5i c\u00f3 th\u1ec3 c\u00e2n nh\u1eafc 80% c\u1ed5 phi\u1ebfu (115-35) thay v\u00ec 65% theo c\u00f4ng th\u1ee9c truy\u1ec1n th\u1ed1ng. Tuy nhi\u00ean, y\u1ebfu t\u1ed1 quan tr\u1ecdng nh\u1ea5t l\u00e0 kh\u1ea3 n\u0103ng ch\u1ea5p nh\u1eadn r\u1ee7i ro c\u00e1 nh\u00e2n - n\u1ebfu b\u1ea1n kh\u00f4ng tho\u1ea3i m\u00e1i khi th\u1ea5y danh m\u1ee5c \u0111\u1ea7u t\u01b0 c\u1ee7a m\u00ecnh gi\u1ea3m 30% trong ng\u1eafn h\u1ea1n, h\u00e3y gi\u1ea3m t\u1ef7 l\u1ec7 c\u1ed5 phi\u1ebfu v\u00e0 t\u0103ng tr\u00e1i phi\u1ebfu."},{"question":"T\u00f4i n\u00ean \u0111\u1ea7u t\u01b0 v\u00e0o tr\u00e1i phi\u1ebfu doanh nghi\u1ec7p hay tr\u00e1i phi\u1ebfu ch\u00ednh ph\u1ee7 Vi\u1ec7t Nam?","answer":"Quy\u1ebft \u0111\u1ecbnh n\u00e0y ph\u1ee5 thu\u1ed9c v\u00e0o m\u1ee5c ti\u00eau \u0111\u1ea7u t\u01b0 v\u00e0 m\u1ee9c \u0111\u1ed9 ch\u1ea5p nh\u1eadn r\u1ee7i ro. Tr\u00e1i phi\u1ebfu ch\u00ednh ph\u1ee7 Vi\u1ec7t Nam (l\u00e3i su\u1ea5t 3-5%) \u0111\u01b0\u1ee3c ch\u00ednh ph\u1ee7 b\u1ea3o \u0111\u1ea3m, g\u1ea7n nh\u01b0 kh\u00f4ng c\u00f3 r\u1ee7i ro v\u1ee1 n\u1ee3, nh\u01b0ng l\u1ee3i nhu\u1eadn th\u1ef1c (sau l\u1ea1m ph\u00e1t) c\u00f3 th\u1ec3 ch\u1ec9 \u0111\u1ea1t 0-1%. Tr\u00e1i phi\u1ebfu doanh nghi\u1ec7p (l\u00e3i su\u1ea5t 8-12%) mang l\u1ea1i thu nh\u1eadp cao h\u01a1n \u0111\u00e1ng k\u1ec3 nh\u01b0ng \u0111i k\u00e8m v\u1edbi r\u1ee7i ro. Sau cu\u1ed9c kh\u1ee7ng ho\u1ea3ng T\u00e2n Ho\u00e0ng Minh v\u00e0 V\u1ea1n Th\u1ecbnh Ph\u00e1t n\u0103m 2022, b\u1ea1n ch\u1ec9 n\u00ean xem x\u00e9t tr\u00e1i phi\u1ebfu doanh nghi\u1ec7p t\u1eeb c\u00e1c t\u1ed5 ch\u1ee9c uy t\u00edn (nh\u01b0 Vinhomes, Masan), c\u00f3 x\u1ebfp h\u1ea1ng t\u00edn d\u1ee5ng t\u1ed1t v\u00e0 t\u00e0i s\u1ea3n th\u1ebf ch\u1ea5p r\u00f5 r\u00e0ng. M\u1ed9t chi\u1ebfn l\u01b0\u1ee3c th\u00f4ng minh l\u00e0 ph\u00e2n b\u1ed5 70% v\u00e0o tr\u00e1i phi\u1ebfu ch\u00ednh ph\u1ee7\/qu\u1ef9 tr\u00e1i phi\u1ebfu v\u00e0 30% v\u00e0o c\u00e1c tr\u00e1i phi\u1ebfu doanh nghi\u1ec7p \u0111\u01b0\u1ee3c ch\u1ecdn l\u1ecdc."},{"question":"C\u1ed5 phi\u1ebfu v\u00e0 tr\u00e1i phi\u1ebfu ph\u1ea3n \u1ee9ng nh\u01b0 th\u1ebf n\u00e0o khi l\u00e3i su\u1ea5t thay \u0111\u1ed5i \u1edf Vi\u1ec7t Nam?","answer":"M\u1ed1i quan h\u1ec7 n\u00e0y \u0111\u00e3 \u0111\u01b0\u1ee3c ch\u1ee9ng minh r\u00f5 r\u00e0ng trong giai \u0111o\u1ea1n 2022-2024 t\u1ea1i Vi\u1ec7t Nam. Khi Ng\u00e2n h\u00e0ng Nh\u00e0 n\u01b0\u1edbc Vi\u1ec7t Nam (SBV) t\u0103ng l\u00e3i su\u1ea5t v\u00e0o n\u0103m 2022 \u0111\u1ec3 ki\u1ec3m so\u00e1t l\u1ea1m ph\u00e1t, VN-Index gi\u1ea3m 32,8% t\u1eeb \u0111\u1ec9nh, v\u00e0 gi\u00e1 tr\u00e1i phi\u1ebfu hi\u1ec7n c\u00f3 c\u0169ng gi\u1ea3m 5-10%. Ng\u01b0\u1ee3c l\u1ea1i, khi SBV gi\u1ea3m l\u00e3i su\u1ea5t ch\u00ednh s\u00e1ch t\u1eeb qu\u00fd 4\/2023 \u0111\u1ebfn 2024, th\u1ecb tr\u01b0\u1eddng ch\u1ee9ng kho\u00e1n ph\u1ee5c h\u1ed3i m\u1ea1nh m\u1ebd 20% v\u00e0 gi\u00e1 tr\u00e1i phi\u1ebfu t\u0103ng 3-7%. \u0110i\u1ec1u quan tr\u1ecdng c\u1ea7n hi\u1ec3u l\u00e0: v\u1edbi tr\u00e1i phi\u1ebfu, m\u1ed1i quan h\u1ec7 v\u1edbi l\u00e3i su\u1ea5t l\u00e0 tr\u1ef1c ti\u1ebfp v\u00e0 ngay l\u1eadp t\u1ee9c (l\u00e3i su\u1ea5t t\u0103ng \u2192 gi\u00e1 tr\u00e1i phi\u1ebfu gi\u1ea3m); v\u1edbi c\u1ed5 phi\u1ebfu, m\u1ed1i quan h\u1ec7 ph\u1ee9c t\u1ea1p h\u01a1n v\u00e0 c\u00f3 \u0111\u1ed9 tr\u1ec5 v\u00ec ph\u1ea3i th\u00f4ng qua t\u00e1c \u0111\u1ed9ng \u0111\u1ebfn ho\u1ea1t \u0111\u1ed9ng kinh doanh. Trong m\u00f4i tr\u01b0\u1eddng l\u00e3i su\u1ea5t t\u0103ng, h\u00e3y c\u00e2n nh\u1eafc r\u00fat ng\u1eafn k\u1ef3 h\u1ea1n tr\u00e1i phi\u1ebfu v\u00e0 t\u0103ng t\u1ef7 tr\u1ecdng c\u1ed5 phi\u1ebfu ng\u00e0nh ng\u00e2n h\u00e0ng, th\u01b0\u1eddng h\u01b0\u1edfng l\u1ee3i t\u1eeb bi\u00ean l\u00e3i su\u1ea5t cao h\u01a1n."}]}},"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v24.8 (Yoast SEO v27.2) - https:\/\/yoast.com\/product\/yoast-seo-premium-wordpress\/ -->\n<title>So s\u00e1nh c\u1ed5 phi\u1ebfu v\u00e0 tr\u00e1i phi\u1ebfu: Chi\u1ebfn l\u01b0\u1ee3c \u0111\u1ea7u t\u01b0 th\u00f4ng minh cho nh\u00e0 \u0111\u1ea7u t\u01b0 Vi\u1ec7t Nam n\u0103m 2025<\/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\/interesting\/reviews\/compare-stocks-and-bonds\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" 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