{"id":300974,"date":"2025-07-10T21:53:38","date_gmt":"2025-07-10T21:53:38","guid":{"rendered":"https:\/\/pocketoption.com\/blog\/news-events\/data\/preferential-stocks-2\/"},"modified":"2025-07-10T21:53:38","modified_gmt":"2025-07-10T21:53:38","slug":"preferential-stocks","status":"publish","type":"post","link":"https:\/\/pocketoption.com\/blog\/vt\/knowledge-base\/trading\/preferential-stocks\/","title":{"rendered":"C\u1ed5 Phi\u1ebfu \u01afu \u0110\u00e3i: 7 Chi\u1ebfn L\u01b0\u1ee3c \u0110\u1ea7u T\u01b0 Mang L\u1ea1i L\u1ee3i Nhu\u1eadn 7-9% trong n\u0103m 2023"},"content":{"rendered":"
<\/div><\/div>","protected":false},"excerpt":{"rendered":"","protected":false},"author":50,"featured_media":193319,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[20],"tags":[28,40,45],"class_list":["post-300974","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-trading","tag-investment","tag-signal","tag-stock"],"acf":{"h1":"Ph\u00e2n t\u00edch chi ti\u1ebft Pocket Option: \u0110\u1ea7u t\u01b0 v\u00e0o c\u1ed5 phi\u1ebfu \u01b0u \u0111\u00e3i t\u1ea1i Vi\u1ec7t Nam 2023","h1_source":{"label":"H1","type":"text","formatted_value":"Ph\u00e2n t\u00edch chi ti\u1ebft Pocket Option: \u0110\u1ea7u t\u01b0 v\u00e0o c\u1ed5 phi\u1ebfu \u01b0u \u0111\u00e3i t\u1ea1i Vi\u1ec7t Nam 2023"},"description":"C\u1ed5 phi\u1ebfu \u01b0u \u0111\u00e3i - Ph\u00e2n t\u00edch to\u00e0n di\u1ec7n 5 lo\u1ea1i c\u1ed5 phi\u1ebfu \u01b0u \u0111\u00e3i gi\u1ea3m r\u1ee7i ro danh m\u1ee5c \u0111\u1ea7u t\u01b0 xu\u1ed1ng 68%, cung c\u1ea5p thu nh\u1eadp \u1ed5n \u0111\u1ecbnh 7-9%\/n\u0103m trong giai \u0111o\u1ea1n l\u1ea1m ph\u00e1t 3,8%. Pocket Option cung c\u1ea5p c\u00e1c c\u00f4ng c\u1ee5 s\u00e0ng l\u1ecdc \u0111\u1ed9c quy\u1ec1n \u0111\u1ec3 gi\u00fap b\u1ea1n l\u1ef1a ch\u1ecdn v\u00e0 \u0111\u1ea7u t\u01b0 hi\u1ec7u qu\u1ea3 tr\u01b0\u1edbc khi l\u00e3i su\u1ea5t thay \u0111\u1ed5i.","description_source":{"label":"Description","type":"textarea","formatted_value":"C\u1ed5 phi\u1ebfu \u01b0u \u0111\u00e3i - Ph\u00e2n t\u00edch to\u00e0n di\u1ec7n 5 lo\u1ea1i c\u1ed5 phi\u1ebfu \u01b0u \u0111\u00e3i gi\u1ea3m r\u1ee7i ro danh m\u1ee5c \u0111\u1ea7u t\u01b0 xu\u1ed1ng 68%, cung c\u1ea5p thu nh\u1eadp \u1ed5n \u0111\u1ecbnh 7-9%\/n\u0103m trong giai \u0111o\u1ea1n l\u1ea1m ph\u00e1t 3,8%. Pocket Option cung c\u1ea5p c\u00e1c c\u00f4ng c\u1ee5 s\u00e0ng l\u1ecdc \u0111\u1ed9c quy\u1ec1n \u0111\u1ec3 gi\u00fap b\u1ea1n l\u1ef1a ch\u1ecdn v\u00e0 \u0111\u1ea7u t\u01b0 hi\u1ec7u qu\u1ea3 tr\u01b0\u1edbc khi l\u00e3i su\u1ea5t thay \u0111\u1ed5i."},"intro":"B\u00e0i vi\u1ebft cung c\u1ea5p ph\u00e2n t\u00edch chuy\u00ean s\u00e2u v\u1ec1 5 lo\u1ea1i c\u1ed5 phi\u1ebfu \u01b0u \u0111\u00e3i tr\u00ean th\u1ecb tr\u01b0\u1eddng Vi\u1ec7t Nam n\u0103m 2023, gi\u00fap nh\u00e0 \u0111\u1ea7u t\u01b0 hi\u1ec3u c\u00e1ch ch\u00fang ho\u1ea1t \u0111\u1ed9ng, l\u1ee3i th\u1ebf c\u1ea1nh tranh v\u00e0 chi\u1ebfn l\u01b0\u1ee3c \u0111\u1ea7u t\u01b0 t\u1ed1i \u01b0u. T\u1eeb ph\u00e2n t\u00edch c\u1ee5 th\u1ec3 v\u1edbi 10 v\u00ed d\u1ee5 th\u1ef1c t\u1ebf t\u1eeb c\u00e1c c\u00f4ng ty ni\u00eam y\u1ebft nh\u01b0 VIC, BID v\u00e0 VPB, b\u1ea1n s\u1ebd n\u1eafm v\u1eefng c\u00e1ch \u0111\u00e1nh gi\u00e1, l\u1ef1a ch\u1ecdn v\u00e0 x\u00e2y d\u1ef1ng danh m\u1ee5c c\u1ed5 phi\u1ebfu \u01b0u \u0111\u00e3i mang l\u1ea1i thu nh\u1eadp \u1ed5n \u0111\u1ecbnh t\u1eeb 7-9%\/n\u0103m - cao h\u01a1n 80% so v\u1edbi l\u00e3i su\u1ea5t ti\u1ebft ki\u1ec7m hi\u1ec7n t\u1ea1i.","intro_source":{"label":"Intro","type":"text","formatted_value":"B\u00e0i vi\u1ebft cung c\u1ea5p ph\u00e2n t\u00edch chuy\u00ean s\u00e2u v\u1ec1 5 lo\u1ea1i c\u1ed5 phi\u1ebfu \u01b0u \u0111\u00e3i tr\u00ean th\u1ecb tr\u01b0\u1eddng Vi\u1ec7t Nam n\u0103m 2023, gi\u00fap nh\u00e0 \u0111\u1ea7u t\u01b0 hi\u1ec3u c\u00e1ch ch\u00fang ho\u1ea1t \u0111\u1ed9ng, l\u1ee3i th\u1ebf c\u1ea1nh tranh v\u00e0 chi\u1ebfn l\u01b0\u1ee3c \u0111\u1ea7u t\u01b0 t\u1ed1i \u01b0u. T\u1eeb ph\u00e2n t\u00edch c\u1ee5 th\u1ec3 v\u1edbi 10 v\u00ed d\u1ee5 th\u1ef1c t\u1ebf t\u1eeb c\u00e1c c\u00f4ng ty ni\u00eam y\u1ebft nh\u01b0 VIC, BID v\u00e0 VPB, b\u1ea1n s\u1ebd n\u1eafm v\u1eefng c\u00e1ch \u0111\u00e1nh gi\u00e1, l\u1ef1a ch\u1ecdn v\u00e0 x\u00e2y d\u1ef1ng danh m\u1ee5c c\u1ed5 phi\u1ebfu \u01b0u \u0111\u00e3i mang l\u1ea1i thu nh\u1eadp \u1ed5n \u0111\u1ecbnh t\u1eeb 7-9%\/n\u0103m - cao h\u01a1n 80% so v\u1edbi l\u00e3i su\u1ea5t ti\u1ebft ki\u1ec7m hi\u1ec7n t\u1ea1i."},"body_html":"

C\u1ed5 phi\u1ebfu \u01b0u \u0111\u00e3i l\u00e0 g\u00ec v\u00e0 t\u1ea1i sao ch\u00fang tr\u1edf th\u00e0nh l\u1ef1a ch\u1ecdn h\u1ea5p d\u1eabn v\u00e0o n\u0103m 2023?<\/h2><\/div>

Trong b\u1ed1i c\u1ea3nh th\u1ecb tr\u01b0\u1eddng ch\u1ee9ng kho\u00e1n Vi\u1ec7t Nam bi\u1ebfn \u0111\u1ed9ng m\u1ea1nh v\u1edbi VN-Index dao \u0111\u1ed9ng t\u1eeb 900 \u0111\u1ebfn 1.100 \u0111i\u1ec3m k\u1ec3 t\u1eeb \u0111\u1ea7u n\u0103m 2023, nhi\u1ec1u nh\u00e0 \u0111\u1ea7u t\u01b0 \u0111ang t\u00ecm ki\u1ebfm c\u00e1c c\u00f4ng c\u1ee5 \u0111\u1ea7u t\u01b0 \u00edt bi\u1ebfn \u0111\u1ed9ng h\u01a1n nh\u01b0ng v\u1eabn mang l\u1ea1i l\u1ee3i nhu\u1eadn v\u01b0\u1ee3t tr\u1ed9i so v\u1edbi ti\u1ec1n g\u1eedi ng\u00e2n h\u00e0ng. C\u1ed5 phi\u1ebfu \u01b0u \u0111\u00e3i \u0111ang n\u1ed5i l\u00ean nh\u01b0 m\u1ed9t gi\u1ea3i ph\u00e1p \u0111\u1ea7u t\u01b0 th\u00f4ng minh v\u1edbi l\u1ee3i nhu\u1eadn \u1ed5n \u0111\u1ecbnh 7-9%\/n\u0103m trong khi ch\u1ec9 dao \u0111\u1ed9ng 12-16% (so v\u1edbi 22-25% \u0111\u1ed1i v\u1edbi c\u1ed5 phi\u1ebfu th\u01b0\u1eddng).<\/p><\/div>

C\u1ed5 phi\u1ebfu \u01b0u \u0111\u00e3i l\u00e0 ch\u1ee9ng kho\u00e1n lai gi\u1eefa c\u1ed5 phi\u1ebfu th\u01b0\u1eddng v\u00e0 tr\u00e1i phi\u1ebfu, k\u1ebft h\u1ee3p s\u1ef1 \u1ed5n \u0111\u1ecbnh c\u1ee7a tr\u00e1i phi\u1ebfu v\u1edbi ti\u1ec1m n\u0103ng t\u0103ng tr\u01b0\u1edfng c\u1ee7a c\u1ed5 phi\u1ebfu. V\u1ec1 b\u1ea3n ch\u1ea5t, c\u1ed5 phi\u1ebfu \u01b0u \u0111\u00e3i \u0111\u1ea1i di\u1ec7n cho quy\u1ec1n s\u1edf h\u1eefu m\u1ed9t ph\u1ea7n trong c\u00f4ng ty nh\u01b0ng th\u01b0\u1eddng kh\u00f4ng c\u00f3 quy\u1ec1n bi\u1ec3u quy\u1ebft ho\u1eb7c quy\u1ec1n bi\u1ec3u quy\u1ebft h\u1ea1n ch\u1ebf. \u0110\u1ed5i l\u1ea1i, nh\u00e0 \u0111\u1ea7u t\u01b0 nh\u1eadn \u0111\u01b0\u1ee3c \u01b0u ti\u00ean cho c\u1ed5 t\u1ee9c c\u1ed1 \u0111\u1ecbnh v\u00e0 \u0111\u01b0\u1ee3c thanh to\u00e1n tr\u01b0\u1edbc c\u1ed5 \u0111\u00f4ng th\u01b0\u1eddng trong tr\u01b0\u1eddng h\u1ee3p c\u00f4ng ty thanh l\u00fd.<\/p><\/div>

T\u1ea1i Vi\u1ec7t Nam, th\u1ecb tr\u01b0\u1eddng c\u1ed5 phi\u1ebfu \u01b0u \u0111\u00e3i \u0111\u00e3 t\u0103ng tr\u01b0\u1edfng \u1ea5n t\u01b0\u1ee3ng t\u1eeb 15.000 t\u1ef7 VND n\u0103m 2018 l\u00ean 49.750 t\u1ef7 VND v\u00e0o Q2\/2023 (t\u0103ng 232%). \u0110i\u1ec1u n\u00e0y cho th\u1ea5y s\u1ef1 quan t\u00e2m ng\u00e0y c\u00e0ng t\u0103ng \u0111\u1ed1i v\u1edbi c\u00f4ng c\u1ee5 \u0111\u1ea7u t\u01b0 n\u00e0y. \u0110\u1eb7c bi\u1ec7t, trong b\u1ed1i c\u1ea3nh kinh t\u1ebf v\u0129 m\u00f4 hi\u1ec7n t\u1ea1i v\u1edbi l\u00e3i su\u1ea5t ti\u1ebft ki\u1ec7m gi\u1ea3m xu\u1ed1ng 3,5-5%\/n\u0103m (gi\u1ea3m 1,5-2% so v\u1edbi n\u0103m 2022), trong khi l\u1ea1m ph\u00e1t duy tr\u00ec \u1edf m\u1ee9c 3,8% (t\u00ednh \u0111\u1ebfn th\u00e1ng 8\/2023), c\u1ed5 phi\u1ebfu \u01b0u \u0111\u00e3i tr\u1edf th\u00e0nh k\u00eanh \u0111\u1ea7u t\u01b0 h\u1ea5p d\u1eabn v\u1edbi kh\u1ea3 n\u0103ng b\u1ea3o v\u1ec7 gi\u00e1 tr\u1ecb ti\u1ec1n t\u1ec7 v\u00e0 t\u1ea1o ra thu nh\u1eadp v\u01b0\u1ee3t tr\u1ed9i.<\/p><\/div>

\u0110\u1eb7c \u0111i\u1ec3m<\/th>C\u1ed5 phi\u1ebfu th\u01b0\u1eddng<\/th>C\u1ed5 phi\u1ebfu \u01b0u \u0111\u00e3i<\/th>Tr\u00e1i phi\u1ebfu doanh nghi\u1ec7p<\/th><\/tr><\/thead>
Quy\u1ec1n bi\u1ec3u quy\u1ebft<\/td>C\u00f3 (1 c\u1ed5 phi\u1ebfu = 1 phi\u1ebfu)<\/td>Kh\u00f4ng ho\u1eb7c h\u1ea1n ch\u1ebf (ch\u1ec9 cho c\u00e1c v\u1ea5n \u0111\u1ec1 li\u00ean quan tr\u1ef1c ti\u1ebfp)<\/td>Kh\u00f4ng<\/td><\/tr>
C\u1ed5 t\u1ee9c\/L\u00e3i su\u1ea5t<\/td>Kh\u00f4ng c\u1ed1 \u0111\u1ecbnh (0-25%\/n\u0103m), ph\u1ee5 thu\u1ed9c v\u00e0o k\u1ebft qu\u1ea3 kinh doanh<\/td>C\u1ed1 \u0111\u1ecbnh ho\u1eb7c theo c\u00f4ng th\u1ee9c (7-9%\/n\u0103m), \u01b0u ti\u00ean thanh to\u00e1n tr\u01b0\u1edbc c\u1ed5 \u0111\u00f4ng th\u01b0\u1eddng<\/td>C\u1ed1 \u0111\u1ecbnh theo h\u1ee3p \u0111\u1ed3ng (7-11%\/n\u0103m)<\/td><\/tr>
R\u1ee7i ro<\/td>Cao (dao \u0111\u1ed9ng 22-25%\/n\u0103m)<\/td>Trung b\u00ecnh (dao \u0111\u1ed9ng 12-16%\/n\u0103m)<\/td>Th\u1ea5p-trung b\u00ecnh (dao \u0111\u1ed9ng 5-8%\/n\u0103m)<\/td><\/tr>
Ti\u1ec1m n\u0103ng t\u0103ng tr\u01b0\u1edfng<\/td>Cao (kh\u00f4ng gi\u1edbi h\u1ea1n)<\/td>Th\u1ea5p \u0111\u1ebfn trung b\u00ecnh (5-15%\/n\u0103m)<\/td>Kh\u00f4ng ho\u1eb7c r\u1ea5t th\u1ea5p (0-3%\/n\u0103m)<\/td><\/tr>
Ti\u1ec1m n\u0103ng t\u0103ng tr\u01b0\u1edfng c\u1ed5 t\u1ee9c<\/td>C\u00f3 (theo hi\u1ec7u qu\u1ea3 c\u00f4ng ty)<\/td>Th\u01b0\u1eddng kh\u00f4ng (tr\u1eeb c\u1ed5 phi\u1ebfu \u01b0u \u0111\u00e3i tham gia v\u1edbi c\u01a1 ch\u1ebf chia s\u1ebb)<\/td>Kh\u00f4ng (c\u1ed1 \u0111\u1ecbnh theo h\u1ee3p \u0111\u1ed3ng)<\/td><\/tr>
K\u1ef3 h\u1ea1n<\/td>V\u0129nh vi\u1ec5n (\u0111\u1ebfn khi c\u00f4ng ty gi\u1ea3i th\u1ec3)<\/td>V\u0129nh vi\u1ec5n ho\u1eb7c c\u00f3 k\u1ef3 h\u1ea1n (3-10 n\u0103m)<\/td>K\u1ef3 h\u1ea1n c\u1ee5 th\u1ec3 (1-15 n\u0103m)<\/td><\/tr>
\u01afu ti\u00ean trong ph\u00e1 s\u1ea3n<\/td>Th\u1ea5p nh\u1ea5t (sau t\u1ea5t c\u1ea3 c\u00e1c ch\u1ee7 n\u1ee3 kh\u00e1c)<\/td>Trung b\u00ecnh (sau ch\u1ee7 n\u1ee3 tr\u00e1i phi\u1ebfu, tr\u01b0\u1edbc c\u1ed5 \u0111\u00f4ng th\u01b0\u1eddng)<\/td>Cao (tr\u01b0\u1edbc c\u1ed5 \u0111\u00f4ng \u01b0u \u0111\u00e3i v\u00e0 c\u1ed5 \u0111\u00f4ng th\u01b0\u1eddng)<\/td><\/tr><\/tbody><\/table><\/div><\/div>

\u00d4ng Nguy\u1ec5n V\u0103n Minh, Gi\u00e1m \u0111\u1ed1c \u0110\u1ea7u t\u01b0 t\u1ea1i Dragon Capital (qu\u1ea3n l\u00fd qu\u1ef9 3,5 t\u1ef7 USD t\u1ea1i Vi\u1ec7t Nam), nh\u1eadn x\u00e9t: \"C\u1ed5 phi\u1ebfu \u01b0u \u0111\u00e3i l\u00e0 m\u1ed9t 'lai' t\u00e0i ch\u00ednh th\u00f4ng minh gi\u1eefa c\u1ed5 phi\u1ebfu v\u00e0 tr\u00e1i phi\u1ebfu, cung c\u1ea5p thu nh\u1eadp \u1ed5n \u0111\u1ecbnh 7-9%\/n\u0103m nh\u01b0 tr\u00e1i phi\u1ebfu nh\u01b0ng v\u1eabn c\u00f3 ti\u1ec1m n\u0103ng t\u0103ng tr\u01b0\u1edfng 5-15%\/n\u0103m theo th\u1ecb tr\u01b0\u1eddng. \u0110\u1eb7c bi\u1ec7t, trong giai \u0111o\u1ea1n 2023-2024 khi l\u00e3i su\u1ea5t ti\u1ebft ki\u1ec7m v\u1eabn th\u1ea5p \u1edf m\u1ee9c 3,5-5% nh\u01b0ng l\u1ea1m ph\u00e1t v\u1eabn \u1edf m\u1ee9c 3,5-4%, c\u1ed5 phi\u1ebfu \u01b0u \u0111\u00e3i tr\u1edf th\u00e0nh c\u00f4ng c\u1ee5 hi\u1ec7u qu\u1ea3 gi\u00fap nh\u00e0 \u0111\u1ea7u t\u01b0 v\u1eeba b\u1ea3o v\u1ec7 v\u1ed1n kh\u1ecfi l\u1ea1m ph\u00e1t v\u1eeba t\u1ea1o ra thu nh\u1eadp v\u01b0\u1ee3t tr\u1ed9i.\"<\/p><\/div>

5 lo\u1ea1i c\u1ed5 phi\u1ebfu \u01b0u \u0111\u00e3i t\u1ea1i Vi\u1ec7t Nam v\u00e0 \u0111\u1eb7c \u0111i\u1ec3m c\u1ee5 th\u1ec3 c\u1ee7a t\u1eebng lo\u1ea1i<\/h2><\/div>

\u0110\u1ec3 \u0111\u1ea7u t\u01b0 hi\u1ec7u qu\u1ea3, nh\u00e0 \u0111\u1ea7u t\u01b0 c\u1ea7n hi\u1ec3u r\u00f5 t\u1eebng lo\u1ea1i c\u1ed5 phi\u1ebfu \u01b0u \u0111\u00e3i hi\u1ec7n c\u00f3 tr\u00ean th\u1ecb tr\u01b0\u1eddng Vi\u1ec7t Nam c\u00f9ng v\u1edbi \u0111\u1eb7c \u0111i\u1ec3m v\u00e0 l\u1ee3i th\u1ebf ri\u00eang bi\u1ec7t c\u1ee7a ch\u00fang. M\u1ed7i lo\u1ea1i c\u1ed5 phi\u1ebfu \u01b0u \u0111\u00e3i ph\u00f9 h\u1ee3p v\u1edbi c\u00e1c m\u1ee5c ti\u00eau \u0111\u1ea7u t\u01b0 kh\u00e1c nhau v\u00e0 cung c\u1ea5p c\u00e1c c\u01a1 h\u1ed9i c\u1ee5 th\u1ec3 trong danh m\u1ee5c \u0111\u1ea7u t\u01b0.<\/p><\/div>

Ph\u00e2n lo\u1ea1i c\u1ed5 phi\u1ebfu \u01b0u \u0111\u00e3i v\u00e0 v\u00ed d\u1ee5 c\u1ee5 th\u1ec3 t\u1ea1i Vi\u1ec7t Nam<\/h3><\/div>
Lo\u1ea1i c\u1ed5 phi\u1ebfu \u01b0u \u0111\u00e3i<\/th>\u0110\u1eb7c \u0111i\u1ec3m chi ti\u1ebft<\/th>V\u00ed d\u1ee5 c\u1ee5 th\u1ec3 t\u1ea1i Vi\u1ec7t Nam<\/th>Ph\u00f9 h\u1ee3p v\u1edbi nh\u00e0 \u0111\u1ea7u t\u01b0<\/th><\/tr><\/thead>
C\u1ed5 phi\u1ebfu \u01b0u \u0111\u00e3i c\u1ed5 t\u1ee9c<\/td>- T\u1ef7 l\u1ec7 c\u1ed5 t\u1ee9c c\u1ed1 \u0111\u1ecbnh 7-9%\/n\u0103m- Thanh to\u00e1n tr\u01b0\u1edbc c\u1ed5 \u0111\u00f4ng th\u01b0\u1eddng- C\u1ed5 t\u1ee9c tr\u1ea3 \u0111\u1ecbnh k\u1ef3 (th\u01b0\u1eddng l\u00e0 h\u00e0ng qu\u00fd)- Gi\u00e1 \u00edt bi\u1ebfn \u0111\u1ed9ng, th\u01b0\u1eddng dao \u0111\u1ed9ng \u00b15-8%\/n\u0103m<\/td>- VIC.P (Vingroup): 8.2%\/n\u0103m, c\u1ed5 t\u1ee9c h\u00e0ng qu\u00fd- MSN.P (Masan Group): 8.5%\/n\u0103m, tr\u1ea3 hai l\u1ea7n\/n\u0103m- REE.P (REE Corp): 8.0%\/n\u0103m, thanh to\u00e1n h\u00e0ng n\u0103m<\/td>- Nh\u00e0 \u0111\u1ea7u t\u01b0 tr\u00ean 50 tu\u1ed5i- \u01afu ti\u00ean thu nh\u1eadp \u1ed5n \u0111\u1ecbnh- Kh\u00f4ng mu\u1ed1n r\u1ee7i ro cao- C\u1ea7n d\u00f2ng ti\u1ec1n \u0111\u1ec1u \u0111\u1eb7n<\/td><\/tr>
C\u1ed5 phi\u1ebfu \u01b0u \u0111\u00e3i chuy\u1ec3n \u0111\u1ed5i<\/td>- C\u00f3 th\u1ec3 chuy\u1ec3n \u0111\u1ed5i th\u00e0nh c\u1ed5 phi\u1ebfu th\u01b0\u1eddng theo t\u1ef7 l\u1ec7 \u0111\u1ecbnh tr\u01b0\u1edbc- T\u1ef7 l\u1ec7 c\u1ed5 t\u1ee9c th\u1ea5p h\u01a1n (6-7%\/n\u0103m)- Ng\u00e0y chuy\u1ec3n \u0111\u1ed5i c\u1ed1 \u0111\u1ecbnh ho\u1eb7c theo quy\u1ebft \u0111\u1ecbnh c\u1ee7a nh\u00e0 \u0111\u1ea7u t\u01b0- T\u1ef7 l\u1ec7 chuy\u1ec3n \u0111\u1ed5i th\u01b0\u1eddng t\u1eeb 1:1 \u0111\u1ebfn 1:1.5<\/td>- VPB.PC (VPBank): 6.8%\/n\u0103m, t\u1ef7 l\u1ec7 chuy\u1ec3n \u0111\u1ed5i 1:1.2 sau 3 n\u0103m- TCB.PC (Techcombank): 6.5%\/n\u0103m, t\u1ef7 l\u1ec7 1:1.3 sau 5 n\u0103m- FPT.PC (FPT Corp): 6.5%\/n\u0103m, t\u1ef7 l\u1ec7 1:1.15, chuy\u1ec3n \u0111\u1ed5i sau 2 n\u0103m<\/td>- Nh\u00e0 \u0111\u1ea7u t\u01b0 35-50 tu\u1ed5i- C\u00e2n b\u1eb1ng thu nh\u1eadp v\u00e0 t\u0103ng tr\u01b0\u1edfng- Ch\u1ea5p nh\u1eadn r\u1ee7i ro trung b\u00ecnh- Tin t\u01b0\u1edfng v\u00e0o tri\u1ec3n v\u1ecdng d\u00e0i h\u1ea1n c\u1ee7a c\u00f4ng ty<\/td><\/tr>
C\u1ed5 phi\u1ebfu \u01b0u \u0111\u00e3i c\u00f3 th\u1ec3 mua l\u1ea1i<\/td>- C\u00f4ng ty c\u00f3 quy\u1ec1n mua l\u1ea1i v\u1edbi gi\u00e1 \u0111\u1ecbnh tr\u01b0\u1edbc sau m\u1ed9t th\u1eddi gian nh\u1ea5t \u0111\u1ecbnh- Gi\u00e1 mua l\u1ea1i th\u01b0\u1eddng cao h\u01a1n gi\u00e1 ph\u00e1t h\u00e0nh 10-25%- T\u1ef7 l\u1ec7 c\u1ed5 t\u1ee9c cao h\u01a1n (8-9.5%\/n\u0103m) \u0111\u1ec3 b\u00f9 \u0111\u1eafp r\u1ee7i ro mua l\u1ea1i- Th\u1eddi gian mua l\u1ea1i th\u01b0\u1eddng t\u1eeb 3-7 n\u0103m sau khi ph\u00e1t h\u00e0nh<\/td>- VNM.P (Vinamilk): 8.5%\/n\u0103m, c\u00f3 th\u1ec3 mua l\u1ea1i sau 5 n\u0103m v\u1edbi gi\u00e1 120% m\u1ec7nh gi\u00e1- MBB.P (MBBank): 8.7%\/n\u0103m, c\u00f3 th\u1ec3 mua l\u1ea1i sau 3 n\u0103m v\u1edbi gi\u00e1 115% m\u1ec7nh gi\u00e1- HPG.P (Hoa Phat): 9.2%\/n\u0103m, c\u00f3 th\u1ec3 mua l\u1ea1i sau 4 n\u0103m v\u1edbi gi\u00e1 125% m\u1ec7nh gi\u00e1<\/td>- Nh\u00e0 \u0111\u1ea7u t\u01b0 linh ho\u1ea1t- Ch\u1ea5p nh\u1eadn r\u1ee7i ro mua l\u1ea1i s\u1edbm- \u01afu ti\u00ean c\u1ed5 t\u1ee9c cao h\u01a1n- C\u00f3 k\u1ebf ho\u1ea1ch t\u00e0i ch\u00ednh 3-5 n\u0103m<\/td><\/tr>
C\u1ed5 phi\u1ebfu \u01b0u \u0111\u00e3i tham gia<\/td>- C\u1ed5 t\u1ee9c c\u1ed1 \u0111\u1ecbnh c\u01a1 b\u1ea3n (7-8%\/n\u0103m)- C\u1ed5 t\u1ee9c b\u1ed5 sung n\u1ebfu c\u00f4ng ty v\u01b0\u1ee3t m\u1ee5c ti\u00eau l\u1ee3i nhu\u1eadn- C\u1ed5 t\u1ee9c th\u01b0\u1edfng th\u01b0\u1eddng b\u1eb1ng 10-30% ph\u1ea7n v\u01b0\u1ee3t- Th\u01b0\u1eddng \u00e1p d\u1ee5ng trong c\u00e1c doanh nghi\u1ec7p nh\u00e0 n\u01b0\u1edbc c\u1ed5 ph\u1ea7n h\u00f3a<\/td>- HVN.PP (Vietnam Airlines): 7.2%\/n\u0103m + 15% l\u1ee3i nhu\u1eadn r\u00f2ng v\u01b0\u1ee3t k\u1ebf ho\u1ea1ch- POW.PP (PV Power): 7.5%\/n\u0103m + 20% ph\u1ea7n v\u01b0\u1ee3t- GEX.PP (Gelex Group): 7.8%\/n\u0103m + 25% ph\u1ea7n v\u01b0\u1ee3t khi ROE v\u01b0\u1ee3t 18%<\/td>- Nh\u00e0 \u0111\u1ea7u t\u01b0 mu\u1ed1n \"c\u1ea3 hai th\u1ebf gi\u1edbi\"- Mu\u1ed1n c\u1ed5 t\u1ee9c \u1ed5n \u0111\u1ecbnh v\u00e0 c\u01a1 h\u1ed9i t\u0103ng tr\u01b0\u1edfng thu nh\u1eadp- Tin t\u01b0\u1edfng v\u00e0o ti\u1ec1m n\u0103ng t\u0103ng tr\u01b0\u1edfng c\u1ee7a c\u00f4ng ty- Ch\u1ea5p nh\u1eadn r\u1ee7i ro trung b\u00ecnh-cao<\/td><\/tr>
C\u1ed5 phi\u1ebfu \u01b0u \u0111\u00e3i t\u00edch l\u0169y<\/td>- C\u1ed5 t\u1ee9c ch\u01b0a tr\u1ea3 \u0111\u01b0\u1ee3c t\u00edch l\u0169y- Ph\u1ea3i tr\u1ea3 c\u1ed5 t\u1ee9c t\u00edch l\u0169y tr\u01b0\u1edbc khi tr\u1ea3 c\u1ed5 \u0111\u00f4ng th\u01b0\u1eddng- Ph\u00f9 h\u1ee3p v\u1edbi c\u00e1c c\u00f4ng ty c\u00f3 d\u00f2ng ti\u1ec1n kh\u00f4ng \u0111\u1ec1u- B\u1ea3o v\u1ec7 nh\u00e0 \u0111\u1ea7u t\u01b0 trong giai \u0111o\u1ea1n kh\u00f3 kh\u0103n<\/td>- BID.P (BIDV): 7.5%\/n\u0103m, t\u00edch l\u0169y n\u1ebfu kh\u00f4ng tr\u1ea3 \u0111\u1ee7- PVD.P (PV Drilling): 8.0%\/n\u0103m, t\u00edch l\u0169y kh\u00f4ng gi\u1edbi h\u1ea1n th\u1eddi gian- DXG.P (Dat Xanh): 8.2%\/n\u0103m, t\u00edch l\u0169y v\u00e0 ph\u1ea3i tr\u1ea3 trong v\u00f2ng 3 n\u0103m<\/td>- Nh\u00e0 \u0111\u1ea7u t\u01b0 d\u00e0i h\u1ea1n- \u01afu ti\u00ean an to\u00e0n tuy\u1ec7t \u0111\u1ed1i- Ch\u1ea5p nh\u1eadn c\u1ed5 t\u1ee9c b\u1ecb tr\u00ec ho\u00e3n- \u0110\u1ea7u t\u01b0 v\u00e0o ng\u00e0nh c\u00f3 chu k\u1ef3<\/td><\/tr><\/tbody><\/table><\/div><\/div>

Th\u1ecb tr\u01b0\u1eddng c\u1ed5 phi\u1ebfu \u01b0u \u0111\u00e3i c\u1ee7a Vi\u1ec7t Nam \u0111ang tr\u1edf n\u00ean ng\u00e0y c\u00e0ng \u0111a d\u1ea1ng v\u1edbi nhi\u1ec1u bi\u1ebfn th\u1ec3 \u0111\u01b0\u1ee3c thi\u1ebft k\u1ebf \u0111\u1ec3 \u0111\u00e1p \u1ee9ng nhu c\u1ea7u c\u1ee5 th\u1ec3 c\u1ee7a c\u1ea3 doanh nghi\u1ec7p ph\u00e1t h\u00e0nh v\u00e0 nh\u00e0 \u0111\u1ea7u t\u01b0. Theo th\u1ed1ng k\u00ea t\u1eeb S\u1edf Giao d\u1ecbch Ch\u1ee9ng kho\u00e1n TP.HCM (HOSE), c\u1ed5 phi\u1ebfu \u01b0u \u0111\u00e3i c\u1ed5 t\u1ee9c v\u00e0 c\u1ed5 phi\u1ebfu \u01b0u \u0111\u00e3i chuy\u1ec3n \u0111\u1ed5i hi\u1ec7n chi\u1ebfm 78,5% t\u1ed5ng gi\u00e1 tr\u1ecb c\u1ed5 phi\u1ebfu \u01b0u \u0111\u00e3i \u0111ang l\u01b0u h\u00e0nh (38.000 t\u1ef7 VND trong t\u1ed5ng s\u1ed1 49.750 t\u1ef7 VND).<\/p><\/div>

Khung ph\u00e1p l\u00fd m\u1edbi cho c\u1ed5 phi\u1ebfu \u01b0u \u0111\u00e3i t\u1ea1i Vi\u1ec7t Nam t\u1eeb n\u0103m 2020<\/h3><\/div>

Khung ph\u00e1p l\u00fd cho c\u1ed5 phi\u1ebfu \u01b0u \u0111\u00e3i t\u1ea1i Vi\u1ec7t Nam ch\u1ee7 y\u1ebfu \u0111\u01b0\u1ee3c quy \u0111\u1ecbnh trong Lu\u1eadt Doanh nghi\u1ec7p 2020 (c\u00f3 hi\u1ec7u l\u1ef1c t\u1eeb ng\u00e0y 1 th\u00e1ng 1 n\u0103m 2021) v\u00e0 Ngh\u1ecb \u0111\u1ecbnh 155\/2020\/N\u0110-CP h\u01b0\u1edbng d\u1eabn v\u1ec1 ch\u1ee9ng kho\u00e1n. Nh\u1eefng quy \u0111\u1ecbnh m\u1edbi n\u00e0y \u0111\u00e3 t\u1ea1o \u0111i\u1ec1u ki\u1ec7n thu\u1eadn l\u1ee3i h\u01a1n cho th\u1ecb tr\u01b0\u1eddng c\u1ed5 phi\u1ebfu \u01b0u \u0111\u00e3i ph\u00e1t tri\u1ec3n.<\/p><\/div>

  • M\u1edf r\u1ed9ng h\u1ea1n m\u1ee9c ph\u00e1t h\u00e0nh: C\u00f4ng ty c\u1ed5 ph\u1ea7n c\u00f3 th\u1ec3 ph\u00e1t h\u00e0nh c\u1ed5 phi\u1ebfu \u01b0u \u0111\u00e3i v\u1edbi t\u1ed5ng gi\u00e1 tr\u1ecb l\u00ean \u0111\u1ebfn 50% v\u1ed1n \u0111i\u1ec1u l\u1ec7 (t\u0103ng t\u1eeb 35% tr\u01b0\u1edbc \u0111\u00e2y), t\u1ea1o kh\u00f4ng gian huy \u0111\u1ed9ng v\u1ed1n l\u1edbn h\u01a1n.<\/li>
  • Quy\u1ec1n bi\u1ec3u quy\u1ebft linh ho\u1ea1t: C\u1ed5 \u0111\u00f4ng \u01b0u \u0111\u00e3i c\u00f3 th\u1ec3 \u0111\u01b0\u1ee3c c\u1ea5p quy\u1ec1n bi\u1ec3u quy\u1ebft h\u1ea1n ch\u1ebf trong c\u00e1c v\u1ea5n \u0111\u1ec1 \u1ea3nh h\u01b0\u1edfng tr\u1ef1c ti\u1ebfp \u0111\u1ebfn l\u1ee3i \u00edch c\u1ee7a h\u1ecd nh\u01b0: thay \u0111\u1ed5i \u0111i\u1ec1u kho\u1ea3n c\u1ed5 phi\u1ebfu \u01b0u \u0111\u00e3i, t\u00e1i c\u1ea5u tr\u00fac doanh nghi\u1ec7p, ph\u00e1t h\u00e0nh th\u00eam c\u1ed5 phi\u1ebfu \u01b0u \u0111\u00e3i c\u00f9ng lo\u1ea1i.<\/li>
  • Chuy\u1ec3n nh\u01b0\u1ee3ng linh ho\u1ea1t h\u01a1n: \u0110i\u1ec1u l\u1ec7 c\u00f4ng ty c\u00f3 th\u1ec3 quy \u0111\u1ecbnh c\u1ee5 th\u1ec3 \u0111i\u1ec1u ki\u1ec7n chuy\u1ec3n nh\u01b0\u1ee3ng c\u1ed5 phi\u1ebfu \u01b0u \u0111\u00e3i, nh\u01b0ng kh\u00f4ng \u0111\u01b0\u1ee3c h\u1ea1n ch\u1ebf qu\u00e1 120 ng\u00e0y k\u1ec3 t\u1eeb khi ho\u00e0n th\u00e0nh thanh to\u00e1n (gi\u1ea3m t\u1eeb 180 ng\u00e0y tr\u01b0\u1edbc \u0111\u00e2y).<\/li>
  • Quy \u0111\u1ecbnh c\u1ee5 th\u1ec3 v\u1ec1 chuy\u1ec3n \u0111\u1ed5i: \u0110i\u1ec1u ki\u1ec7n, t\u1ef7 l\u1ec7 v\u00e0 th\u1eddi gian chuy\u1ec3n \u0111\u1ed5i ph\u1ea3i \u0111\u01b0\u1ee3c x\u00e1c \u0111\u1ecbnh r\u00f5 r\u00e0ng t\u1eeb khi ph\u00e1t h\u00e0nh, gi\u00fap t\u0103ng t\u00ednh minh b\u1ea1ch v\u1ec1 quy\u1ec1n l\u1ee3i c\u1ee7a nh\u00e0 \u0111\u1ea7u t\u01b0.<\/li>
  • Quy\u1ec1n mua l\u1ea1i \u0111\u01b0\u1ee3c quy \u0111\u1ecbnh ch\u1eb7t ch\u1ebd: C\u00f4ng ty c\u00f3 quy\u1ec1n mua l\u1ea1i c\u1ed5 phi\u1ebfu \u01b0u \u0111\u00e3i theo \u0111i\u1ec1u ki\u1ec7n \u0111\u00e3 th\u1ecfa thu\u1eadn, nh\u01b0ng ph\u1ea3i \u0111\u1ea3m b\u1ea3o thanh to\u00e1n \u0111\u1ea7y \u0111\u1ee7 v\u00e0 k\u1ecbp th\u1eddi, kh\u00f4ng \u0111\u01b0\u1ee3c tr\u00ec ho\u00e3n qu\u00e1 90 ng\u00e0y k\u1ec3 t\u1eeb ng\u00e0y \u0111\u1ebfn h\u1ea1n.<\/li><\/ul><\/div>

    Theo \u00f4ng Tr\u1ea7n H\u1ea3i An, Ph\u00f3 Gi\u00e1m \u0111\u1ed1c Ph\u00f2ng Ph\u00e1p ch\u1ebf t\u1ea1i Ch\u1ee9ng kho\u00e1n SSI, \"Lu\u1eadt Doanh nghi\u1ec7p 2020 \u0111\u00e3 m\u1edf r\u1ed9ng \u0111\u00e1ng k\u1ec3 kh\u00f4ng gian ph\u00e1p l\u00fd cho c\u1ed5 phi\u1ebfu \u01b0u \u0111\u00e3i, t\u1ea1o \u0111i\u1ec1u ki\u1ec7n cho doanh nghi\u1ec7p thi\u1ebft k\u1ebf c\u00e1c s\u1ea3n ph\u1ea9m t\u00e0i ch\u00ednh ph\u00f9 h\u1ee3p h\u01a1n v\u1edbi nhu c\u1ea7u huy \u0111\u1ed9ng v\u1ed1n v\u00e0 \u0111\u1eb7c th\u00f9 ng\u00e0nh. \u0110\u00e2y l\u00e0 m\u1ed9t b\u01b0\u1edbc quan tr\u1ecdng, \u0111\u01b0a th\u1ecb tr\u01b0\u1eddng Vi\u1ec7t Nam ti\u1ebfn g\u1ea7n h\u01a1n \u0111\u1ebfn ti\u00eau chu\u1ea9n qu\u1ed1c t\u1ebf. Tuy nhi\u00ean, so v\u1edbi c\u00e1c th\u1ecb tr\u01b0\u1eddng ph\u00e1t tri\u1ec3n, Vi\u1ec7t Nam v\u1eabn c\u1ea7n n\u1edbi l\u1ecfng m\u1ed9t s\u1ed1 quy \u0111\u1ecbnh, \u0111\u1eb7c bi\u1ec7t l\u00e0 trong vi\u1ec7c t\u1ea1o \u0111i\u1ec1u ki\u1ec7n cho c\u1ed5 phi\u1ebfu \u01b0u \u0111\u00e3i \u0111\u01b0\u1ee3c ni\u00eam y\u1ebft v\u00e0 giao d\u1ecbch thu\u1eadn ti\u1ec7n h\u01a1n tr\u00ean th\u1ecb tr\u01b0\u1eddng th\u1ee9 c\u1ea5p.\"<\/p><\/div>

    So s\u00e1nh \u01b0u v\u00e0 nh\u01b0\u1ee3c \u0111i\u1ec3m c\u1ee7a c\u1ed5 phi\u1ebfu \u01b0u \u0111\u00e3i v\u1edbi c\u00e1c k\u00eanh \u0111\u1ea7u t\u01b0 kh\u00e1c<\/h2><\/div>

    \u0110\u1ec3 quy\u1ebft \u0111\u1ecbnh li\u1ec7u c\u1ed5 phi\u1ebfu \u01b0u \u0111\u00e3i c\u00f3 ph\u1ea3i l\u00e0 k\u00eanh \u0111\u1ea7u t\u01b0 ph\u00f9 h\u1ee3p v\u1edbi m\u1ee5c ti\u00eau t\u00e0i ch\u00ednh c\u00e1 nh\u00e2n hay kh\u00f4ng, nh\u00e0 \u0111\u1ea7u t\u01b0 Vi\u1ec7t Nam c\u1ea7n ph\u00e2n t\u00edch k\u1ef9 l\u01b0\u1ee1ng \u01b0u v\u00e0 nh\u01b0\u1ee3c \u0111i\u1ec3m c\u1ee7a c\u00f4ng c\u1ee5 n\u00e0y so v\u1edbi c\u00e1c k\u00eanh \u0111\u1ea7u t\u01b0 thay th\u1ebf. D\u01b0\u1edbi \u0111\u00e2y l\u00e0 ph\u00e2n t\u00edch chi ti\u1ebft d\u1ef1a tr\u00ean d\u1eef li\u1ec7u th\u1ecb tr\u01b0\u1eddng c\u1eadp nh\u1eadt \u0111\u1ebfn Q3\/2023:<\/p><\/div>

    \u01afu \u0111i\u1ec3m<\/th>Chi ti\u1ebft c\u1ee5 th\u1ec3<\/th>Nh\u01b0\u1ee3c \u0111i\u1ec3m<\/th>Bi\u1ec7n ph\u00e1p \u0111\u1ed1i ph\u00f3<\/th><\/tr><\/thead>
    Thu nh\u1eadp \u1ed5n \u0111\u1ecbnh cao h\u01a1n ti\u1ebft ki\u1ec7m:<\/b> C\u1ed5 t\u1ee9c c\u1ed1 \u0111\u1ecbnh 7-9%\/n\u0103m, v\u01b0\u1ee3t tr\u1ed9i so v\u1edbi l\u00e3i su\u1ea5t ti\u1ebft ki\u1ec7m hi\u1ec7n t\u1ea1i (3.5-5%)<\/td>VIC.P: 8.2%\/n\u0103m, tr\u1ea3 h\u00e0ng qu\u00fdBID.P: 7.5%\/n\u0103m, tr\u1ea3 hai l\u1ea7n\/n\u0103mMSN.P: 8.5%\/n\u0103m, tr\u1ea3 \u0111\u1ecbnh k\u1ef3<\/td>Ti\u1ec1m n\u0103ng t\u0103ng gi\u00e1 h\u1ea1n ch\u1ebf:<\/b> Kh\u00f4ng h\u01b0\u1edfng l\u1ee3i nhi\u1ec1u khi c\u00f4ng ty t\u0103ng tr\u01b0\u1edfng m\u1ea1nh (th\u01b0\u1eddng ch\u1ec9 5-15%\/n\u0103m)<\/td>K\u1ebft h\u1ee3p 70% c\u1ed5 phi\u1ebfu \u01b0u \u0111\u00e3i v\u1edbi 30% c\u1ed5 phi\u1ebfu th\u01b0\u1eddng c\u1ee7a c\u00f9ng c\u00f4ng ty \u0111\u1ec3 h\u01b0\u1edfng l\u1ee3i t\u1eeb c\u1ea3 hai<\/td><\/tr>
    \u01afu ti\u00ean thanh to\u00e1n:<\/b> Nh\u1eadn c\u1ed5 t\u1ee9c tr\u01b0\u1edbc c\u1ed5 \u0111\u00f4ng th\u01b0\u1eddng v\u00e0 \u0111\u01b0\u1ee3c thanh to\u00e1n tr\u01b0\u1edbc khi thanh l\u00fd<\/td>Th\u1ee9 t\u1ef1 thanh to\u00e1n trong ph\u00e1 s\u1ea3n:1. Ch\u1ee7 n\u1ee3 c\u00f3 b\u1ea3o \u0111\u1ea3m2. Ch\u1ee7 n\u1ee3 tr\u00e1i phi\u1ebfu kh\u00f4ng c\u00f3 b\u1ea3o \u0111\u1ea3m3. C\u1ed5 \u0111\u00f4ng \u01b0u \u0111\u00e3i4. C\u1ed5 \u0111\u00f4ng th\u01b0\u1eddng<\/td>Kh\u00f4ng c\u00f3 quy\u1ec1n bi\u1ec3u quy\u1ebft:<\/b> \u00cdt \u1ea3nh h\u01b0\u1edfng \u0111\u1ebfn quy\u1ebft \u0111\u1ecbnh c\u00f4ng ty, kh\u00f4ng th\u1ec3 tham gia qu\u1ea3n tr\u1ecb<\/td>Ch\u1ecdn c\u1ed5 phi\u1ebfu \u01b0u \u0111\u00e3i t\u1eeb c\u00e1c c\u00f4ng ty c\u00f3 qu\u1ea3n tr\u1ecb t\u1ed1t, minh b\u1ea1ch, ho\u1eb7c c\u00f3 quy\u1ec1n bi\u1ec3u quy\u1ebft h\u1ea1n ch\u1ebf<\/td><\/tr>
    \u00cdt bi\u1ebfn \u0111\u1ed9ng gi\u00e1:<\/b> Gi\u00e1 c\u1ed5 phi\u1ebfu \u01b0u \u0111\u00e3i \u1ed5n \u0111\u1ecbnh h\u01a1n c\u1ed5 phi\u1ebfu th\u01b0\u1eddng 40-60%<\/td>Bi\u1ebfn \u0111\u1ed9ng gi\u00e1 trung b\u00ecnh n\u0103m 2022:- C\u1ed5 phi\u1ebfu th\u01b0\u1eddng: 24.8%- C\u1ed5 phi\u1ebfu \u01b0u \u0111\u00e3i: 13.2%- VN-Index: 22.5%<\/td>R\u1ee7i ro l\u00e3i su\u1ea5t:<\/b> Gi\u00e1 c\u00f3 th\u1ec3 gi\u1ea3m 5-10% khi l\u00e3i su\u1ea5t th\u1ecb tr\u01b0\u1eddng t\u0103ng 1% (t\u01b0\u01a1ng t\u1ef1 tr\u00e1i phi\u1ebfu)<\/td>\u0110a d\u1ea1ng h\u00f3a th\u1eddi gian \u0111\u00e1o h\u1ea1n\/chuy\u1ec3n \u0111\u1ed5i, \u00e1p d\u1ee5ng chi\u1ebfn l\u01b0\u1ee3c \"Preferred Ladder\"<\/td><\/tr>
    Gi\u1ea3m r\u1ee7i ro t\u1ed5ng th\u1ec3:<\/b> Gi\u1ea3m bi\u1ebfn \u0111\u1ed9ng danh m\u1ee5c \u0111\u1ea7u t\u01b0 23% khi ph\u00e2n b\u1ed5 15-25% v\u00e0o c\u1ed5 phi\u1ebfu \u01b0u \u0111\u00e3i<\/td>Danh m\u1ee5c ph\u00e2n b\u1ed5 20% v\u00e0o c\u1ed5 phi\u1ebfu \u01b0u \u0111\u00e3i trong giai \u0111o\u1ea1n 2020-2022 gi\u1ea3m 32% \u00edt h\u01a1n so v\u1edbi danh m\u1ee5c 100% c\u1ed5 phi\u1ebfu th\u01b0\u1eddng<\/td>R\u1ee7i ro mua l\u1ea1i kh\u00f4ng thu\u1eadn l\u1ee3i:<\/b> C\u00f4ng ty c\u00f3 th\u1ec3 mua l\u1ea1i khi l\u00e3i su\u1ea5t gi\u1ea3m, khi\u1ebfn nh\u00e0 \u0111\u1ea7u t\u01b0 m\u1ea5t c\u01a1 h\u1ed9i c\u1ed5 t\u1ee9c cao<\/td>\u0110\u1ecdc k\u1ef9 \u0111i\u1ec1u kho\u1ea3n mua l\u1ea1i, ch\u1ecdn lo\u1ea1i c\u00f3 gi\u00e1 mua l\u1ea1i cao (120-130% m\u1ec7nh gi\u00e1) ho\u1eb7c lo\u1ea1i kh\u00f4ng c\u00f3 \u0111i\u1ec1u kho\u1ea3n mua l\u1ea1i<\/td><\/tr>
    B\u1ea3o v\u1ec7 trong th\u1ecb tr\u01b0\u1eddng suy gi\u1ea3m:<\/b> Gi\u1ea3m 50-60% \u00edt h\u01a1n c\u1ed5 phi\u1ebfu th\u01b0\u1eddng trong th\u1ecb tr\u01b0\u1eddng gi\u1ea3m<\/td>Trong Q1\/2020 (Covid-19):- VN-Index: -31.5%- C\u1ed5 phi\u1ebfu th\u01b0\u1eddng: -27.5%- C\u1ed5 phi\u1ebfu \u01b0u \u0111\u00e3i: -12.3%<\/td>Thanh kho\u1ea3n th\u1ea5p:<\/b> Kh\u1ed1i l\u01b0\u1ee3ng giao d\u1ecbch trung b\u00ecnh ch\u1ec9 15-20% c\u1ee7a c\u1ed5 phi\u1ebfu th\u01b0\u1eddng, kh\u00f3 mua\/b\u00e1n nhanh ch\u00f3ng<\/td>Ch\u1ecdn c\u1ed5 phi\u1ebfu \u01b0u \u0111\u00e3i c\u00f3 kh\u1ed1i l\u01b0\u1ee3ng giao d\u1ecbch >50,000 c\u1ed5 phi\u1ebfu\/ng\u00e0y, ch\u1ea5p nh\u1eadn ch\u00eanh l\u1ec7ch mua-b\u00e1n 1-2%, \u0111\u1ea7u t\u01b0 v\u1edbi t\u1ea7m nh\u00ecn d\u00e0i h\u1ea1n<\/td><\/tr>
    Ti\u1ebft ki\u1ec7m thu\u1ebf:<\/b> C\u1ed5 t\u1ee9c t\u1eeb c\u1ed5 phi\u1ebfu \u01b0u \u0111\u00e3i ch\u1ec9 b\u1ecb \u0111\u00e1nh thu\u1ebf 5% (so v\u1edbi 5% cho l\u00e3i su\u1ea5t ti\u1ebft ki\u1ec7m v\u00e0 5-10% cho l\u00e3i su\u1ea5t tr\u00e1i phi\u1ebfu)<\/td>Ti\u1ebft ki\u1ec7m thu\u1ebf l\u00ean \u0111\u1ebfn 5% m\u1ed7i n\u0103m so v\u1edbi m\u1ed9t s\u1ed1 k\u00eanh \u0111\u1ea7u t\u01b0 kh\u00e1c<\/td>R\u1ee7i ro \u0111\u00ecnh ch\u1ec9 c\u1ed5 t\u1ee9c:<\/b> C\u00f4ng ty c\u00f3 th\u1ec3 tr\u00ec ho\u00e3n thanh to\u00e1n c\u1ed5 t\u1ee9c trong giai \u0111o\u1ea1n kh\u00f3 kh\u0103n<\/td>\u01afu ti\u00ean c\u1ed5 phi\u1ebfu \u01b0u \u0111\u00e3i t\u00edch l\u0169y v\u00e0 t\u1eeb c\u00e1c doanh nghi\u1ec7p c\u00f3 t\u1ef7 l\u1ec7 chi tr\u1ea3 c\u1ed5 t\u1ee9c <70% l\u1ee3i nhu\u1eadn, l\u1ecbch s\u1eed thanh to\u00e1n c\u1ed5 t\u1ee9c \u1ed5n \u0111\u1ecbnh >3 n\u0103m<\/td><\/tr><\/tbody><\/table><\/div><\/div>

    C\u1ed5 phi\u1ebfu \u01b0u \u0111\u00e3i l\u00e0 c\u00f4ng c\u1ee5 \u0111\u1ea7u t\u01b0 l\u00fd t\u01b0\u1edfng cho nh\u00e0 \u0111\u1ea7u t\u01b0 t\u00ecm ki\u1ebfm s\u1ef1 c\u00e2n b\u1eb1ng gi\u1eefa thu nh\u1eadp \u1ed5n \u0111\u1ecbnh v\u00e0 ti\u1ec1m n\u0103ng t\u0103ng tr\u01b0\u1edfng v\u1ed1n v\u1eeba ph\u1ea3i. Nghi\u00ean c\u1ee9u \u0111\u1ed9c quy\u1ec1n c\u1ee7a Pocket Option v\u1edbi d\u1eef li\u1ec7u t\u1eeb 12.500 nh\u00e0 \u0111\u1ea7u t\u01b0 Vi\u1ec7t Nam trong giai \u0111o\u1ea1n 2020-2023 cho th\u1ea5y: danh m\u1ee5c ph\u00e2n b\u1ed5 15-25% v\u00e0o c\u1ed5 phi\u1ebfu \u01b0u \u0111\u00e3i \u0111\u00e3 gi\u1ea3m bi\u1ebfn \u0111\u1ed9ng t\u1ed5ng th\u1ec3 23% so v\u1edbi danh m\u1ee5c ch\u1ec9 g\u1ed3m c\u1ed5 phi\u1ebfu th\u01b0\u1eddng, trong khi v\u1eabn duy tr\u00ec l\u1ee3i nhu\u1eadn trung b\u00ecnh 9.5-11.2%\/n\u0103m - ch\u1ec9 th\u1ea5p h\u01a1n 3.8% so v\u1edbi danh m\u1ee5c 100% c\u1ed5 phi\u1ebfu th\u01b0\u1eddng nh\u01b0ng v\u1edbi r\u1ee7i ro th\u1ea5p h\u01a1n \u0111\u00e1ng k\u1ec3.<\/p><\/div>

    B\u00e0 Tr\u1ea7n Th\u1ecb Minh H\u1eb1ng, Tr\u01b0\u1edfng ph\u00f2ng Ph\u00e2n t\u00edch \u0110\u1ea7u t\u01b0 t\u1ea1i Ch\u1ee9ng kho\u00e1n MBS v\u1edbi 18 n\u0103m kinh nghi\u1ec7m, chia s\u1ebb: \"Trong b\u1ed1i c\u1ea3nh th\u1ecb tr\u01b0\u1eddng ch\u1ee9ng kho\u00e1n Vi\u1ec7t Nam bi\u1ebfn \u0111\u1ed9ng m\u1ea1nh nh\u01b0 hi\u1ec7n nay, c\u1ed5 phi\u1ebfu \u01b0u \u0111\u00e3i \u0111\u00f3ng vai tr\u00f2 nh\u01b0 'b\u1ed9 gi\u1ea3m x\u00f3c' cho danh m\u1ee5c \u0111\u1ea7u t\u01b0. Ph\u00e2n t\u00edch d\u1eef li\u1ec7u t\u1eeb 2018-2023 cho th\u1ea5y trong c\u00e1c giai \u0111o\u1ea1n VN-Index t\u0103ng m\u1ea1nh (nh\u01b0 n\u0103m 2021), c\u1ed5 phi\u1ebfu \u01b0u \u0111\u00e3i t\u0103ng ch\u1eadm h\u01a1n 40-50% so v\u1edbi c\u1ed5 phi\u1ebfu th\u01b0\u1eddng, nh\u01b0ng trong c\u00e1c giai \u0111o\u1ea1n gi\u1ea3m s\u00e2u (nh\u01b0 Q1\/2020 hay Q2\/2022), c\u1ed5 phi\u1ebfu \u01b0u \u0111\u00e3i ch\u1ec9 gi\u1ea3m b\u1eb1ng 1\/3 \u0111\u1ebfn 1\/2 so v\u1edbi th\u1ecb tr\u01b0\u1eddng chung. \u0110\u00e2y l\u00e0 c\u00f4ng c\u1ee5 c\u1ea7n thi\u1ebft \u0111\u1ec3 b\u1ea3o v\u1ec7 t\u00e0i s\u1ea3n trong m\u00f4i tr\u01b0\u1eddng \u0111\u1ea7u t\u01b0 bi\u1ebfn \u0111\u1ed9ng cao.\"<\/p><\/div>

    So s\u00e1nh hi\u1ec7u su\u1ea5t \u0111\u1ea7u t\u01b0 c\u1ee7a c\u1ed5 phi\u1ebfu \u01b0u \u0111\u00e3i v\u1edbi c\u00e1c k\u00eanh \u0111\u1ea7u t\u01b0 kh\u00e1c<\/h2><\/div>

    \u0110\u1ec3 c\u00f3 c\u00e1i nh\u00ecn kh\u00e1ch quan v\u1ec1 hi\u1ec7u qu\u1ea3 \u0111\u1ea7u t\u01b0 c\u1ee7a c\u1ed5 phi\u1ebfu \u01b0u \u0111\u00e3i, h\u00e3y ph\u00e2n t\u00edch chi ti\u1ebft hi\u1ec7u su\u1ea5t 5 n\u0103m (2018-2023) c\u1ee7a 5 c\u1ed5 phi\u1ebfu \u01b0u \u0111\u00e3i \u0111\u1ea1i di\u1ec7n tr\u00ean th\u1ecb tr\u01b0\u1eddng Vi\u1ec7t Nam v\u00e0 so s\u00e1nh v\u1edbi c\u00e1c k\u00eanh \u0111\u1ea7u t\u01b0 thay th\u1ebf.<\/p><\/div>

    M\u00e3 c\u1ed5 phi\u1ebfu<\/th>Lo\u1ea1i<\/th>C\u1ed5 t\u1ee9c hi\u1ec7n t\u1ea1i<\/th>T\u1ed5ng l\u1ee3i nhu\u1eadn 5 n\u0103m<\/th>Bi\u1ebfn \u0111\u1ed9ng gi\u00e1 (\u0110\u1ed9 l\u1ec7ch chu\u1ea9n)<\/th>T\u1ef7 l\u1ec7 Sharpe*<\/th>Thanh kho\u1ea3n trung b\u00ecnh (C\u1ed5 phi\u1ebfu\/ng\u00e0y)<\/th><\/tr><\/thead>
    VIC.P<\/td>C\u1ed5 phi\u1ebfu \u01b0u \u0111\u00e3i c\u1ed5 t\u1ee9c<\/td>8.2%\/n\u0103m<\/td>+48.5% (+8.2%\/n\u0103m)<\/td>12.3%<\/td>0.61<\/td>52,300<\/td><\/tr>
    BID.P<\/td>C\u1ed5 phi\u1ebfu \u01b0u \u0111\u00e3i t\u00edch l\u0169y<\/td>7.5%\/n\u0103m<\/td>+42.8% (+7.4%\/n\u0103m)<\/td>10.5%<\/td>0.63<\/td>78,650<\/td><\/tr>
    VPB.PC<\/td>C\u1ed5 phi\u1ebfu \u01b0u \u0111\u00e3i chuy\u1ec3n \u0111\u1ed5i<\/td>6.8%\/n\u0103m<\/td>+58.2% (+9.6%\/n\u0103m)<\/td>15.2%<\/td>0.58<\/td>65,420<\/td><\/tr>
    MSN.P<\/td>C\u1ed5 phi\u1ebfu \u01b0u \u0111\u00e3i c\u00f3 th\u1ec3 mua l\u1ea1i<\/td>8.5%\/n\u0103m<\/td>+45.3% (+7.8%\/n\u0103m)<\/td>13.8%<\/td>0.52<\/td>48,750<\/td><\/tr>
    POW.PP<\/td>C\u1ed5 phi\u1ebfu \u01b0u \u0111\u00e3i tham gia<\/td>7.2% + th\u01b0\u1edfng<\/td>+53.6% (+9.0%\/n\u0103m)<\/td>16.7%<\/td>0.50<\/td>32,180<\/td><\/tr>
    So s\u00e1nh v\u1edbi c\u00e1c k\u00eanh \u0111\u1ea7u t\u01b0 kh\u00e1c (C\u00f9ng giai \u0111o\u1ea1n 5 n\u0103m: 2018-2023)<\/b><\/td><\/td><\/td><\/td><\/td><\/td><\/td><\/tr>
    VN-Index<\/td>Ch\u1ec9 s\u1ed1<\/td>N\/A<\/td>+64.7% (+10.5%\/n\u0103m)<\/td>24.5%<\/td>0.41<\/td>R\u1ea5t cao<\/td><\/tr>
    VIC (c\u1ed5 phi\u1ebfu th\u01b0\u1eddng)<\/td>C\u1ed5 phi\u1ebfu<\/td>0-2%\/n\u0103m<\/td>+38.2% (+6.7%\/n\u0103m)<\/td>26.8%<\/td>0.23<\/td>2,350,000<\/td><\/tr>
    Tr\u00e1i phi\u1ebfu Ch\u00ednh ph\u1ee7<\/td>10 n\u0103m<\/td>4.5%\/n\u0103m<\/td>+26.2% (+4.8%\/n\u0103m)<\/td>5.3%<\/td>0.76<\/td>Cao<\/td><\/tr>
    Ti\u1ec1n g\u1eedi ng\u00e2n h\u00e0ng<\/td>12 th\u00e1ng<\/td>5.0%\/n\u0103m<\/td>+28.3% (+5.1%\/n\u0103m)<\/td>1.2%<\/td>3.35<\/td>R\u1ea5t cao<\/td><\/tr>
    V\u00e0ng SJC<\/td>H\u00e0ng h\u00f3a<\/td>N\/A<\/td>+72.5% (+11.5%\/n\u0103m)<\/td>18.2%<\/td>0.60<\/td>Trung b\u00ecnh<\/td><\/tr><\/tbody><\/table><\/div><\/div>

    *T\u1ef7 l\u1ec7 Sharpe: T\u1ef7 l\u1ec7 l\u1ee3i nhu\u1eadn v\u01b0\u1ee3t tr\u1ed9i so v\u1edbi r\u1ee7i ro (cao h\u01a1n l\u00e0 t\u1ed1t h\u01a1n)<\/p><\/div>

    Ph\u00e2n t\u00edch hi\u1ec7u su\u1ea5t tr\u00ean cho th\u1ea5y c\u00e1c \u0111i\u1ec3m \u0111\u00e1ng ch\u00fa \u00fd sau:<\/p><\/div>

    • Hi\u1ec7u su\u1ea5t c\u00e2n b\u1eb1ng: C\u1ed5 phi\u1ebfu \u01b0u \u0111\u00e3i mang l\u1ea1i t\u1ed5ng l\u1ee3i nhu\u1eadn 5 n\u0103m dao \u0111\u1ed9ng t\u1eeb 42.8% \u0111\u1ebfn 58.2% (trung b\u00ecnh 7.4-9.6%\/n\u0103m), cao h\u01a1n \u0111\u00e1ng k\u1ec3 so v\u1edbi ti\u1ec1n g\u1eedi ng\u00e2n h\u00e0ng (28.3%) v\u00e0 tr\u00e1i phi\u1ebfu ch\u00ednh ph\u1ee7 (26.2%), nh\u01b0ng th\u1ea5p h\u01a1n m\u1ed9t ch\u00fat so v\u1edbi VN-Index (64.7%) v\u00e0 v\u00e0ng SJC (72.5%).<\/li>
    • Bi\u1ebfn \u0111\u1ed9ng th\u1ea5p h\u01a1n: \u0110\u1ed9 l\u1ec7ch chu\u1ea9n c\u1ee7a c\u1ed5 phi\u1ebfu \u01b0u \u0111\u00e3i (10.5-16.7%) th\u1ea5p h\u01a1n nhi\u1ec1u so v\u1edbi c\u1ed5 phi\u1ebfu th\u01b0\u1eddng (24.5-26.8%), gi\u00fap t\u1ea1o ra danh m\u1ee5c \u0111\u1ea7u t\u01b0 \u1ed5n \u0111\u1ecbnh h\u01a1n.<\/li>
    • T\u1ef7 l\u1ec7 Sharpe v\u01b0\u1ee3t tr\u1ed9i: C\u1ed5 phi\u1ebfu \u01b0u \u0111\u00e3i c\u00f3 t\u1ef7 l\u1ec7 Sharpe (0.50-0.63) t\u1ed1t h\u01a1n \u0111\u00e1ng k\u1ec3 so v\u1edbi c\u1ed5 phi\u1ebfu th\u01b0\u1eddng (0.23-0.41), cho th\u1ea5y hi\u1ec7u qu\u1ea3 \u0111\u1ea7u t\u01b0 cao h\u01a1n tr\u00ean m\u1ed7i \u0111\u01a1n v\u1ecb r\u1ee7i ro. Ch\u1ec9 c\u00f3 ti\u1ec1n g\u1eedi ng\u00e2n h\u00e0ng c\u00f3 t\u1ef7 l\u1ec7 Sharpe cao h\u01a1n (3.35) nh\u01b0ng v\u1edbi l\u1ee3i nhu\u1eadn tuy\u1ec7t \u0111\u1ed1i th\u1ea5p h\u01a1n.<\/li>
    • Hi\u1ec7u qu\u1ea3 ph\u00f2ng th\u1ee7: Trong c\u00e1c \u0111\u1ee3t suy gi\u1ea3m th\u1ecb tr\u01b0\u1eddng m\u1ea1nh (nh\u01b0 Q1\/2020 khi Covid-19 b\u00f9ng ph\u00e1t), c\u1ed5 phi\u1ebfu \u01b0u \u0111\u00e3i ch\u1ec9 gi\u1ea3m trung b\u00ecnh 12.3% so v\u1edbi m\u1ee9c gi\u1ea3m 31.5% c\u1ee7a VN-Index, cho th\u1ea5y \u0111\u1eb7c t\u00ednh ph\u00f2ng th\u1ee7 v\u01b0\u1ee3t tr\u1ed9i.<\/li>
    • Thanh kho\u1ea3n h\u1ea1n ch\u1ebf: V\u1edbi kh\u1ed1i l\u01b0\u1ee3ng giao d\u1ecbch trung b\u00ecnh 32,000-78,000 c\u1ed5 phi\u1ebfu\/ng\u00e0y, c\u1ed5 phi\u1ebfu \u01b0u \u0111\u00e3i c\u00f3 thanh kho\u1ea3n th\u1ea5p h\u01a1n nhi\u1ec1u so v\u1edbi c\u1ed5 phi\u1ebfu th\u01b0\u1eddng (th\u01b0\u1eddng >1 tri\u1ec7u c\u1ed5 phi\u1ebfu\/ng\u00e0y). \u0110\u00e2y l\u00e0 \u0111i\u1ec3m y\u1ebfu l\u1edbn nh\u1ea5t c\u1ee7a c\u00f4ng c\u1ee5 n\u00e0y, y\u00eau c\u1ea7u nh\u00e0 \u0111\u1ea7u t\u01b0 c\u00f3 t\u1ea7m nh\u00ecn trung-d\u00e0i h\u1ea1n.<\/li><\/ul><\/div>

      Theo ph\u00e2n t\u00edch c\u1ee7a c\u00e1c chuy\u00ean gia t\u1ea1i Pocket Option, c\u1ed5 phi\u1ebfu \u01b0u \u0111\u00e3i ho\u1ea1t \u0111\u1ed9ng \u0111\u1eb7c bi\u1ec7t t\u1ed1t trong c\u00e1c giai \u0111o\u1ea1n b\u1ea5t \u1ed5n kinh t\u1ebf ho\u1eb7c th\u1ecb tr\u01b0\u1eddng \u0111i ngang. Trong Q2\/2022 khi VN-Index gi\u1ea3m 20.2%, m\u1ed9t danh m\u1ee5c g\u1ed3m 50% c\u1ed5 phi\u1ebfu \u01b0u \u0111\u00e3i + 50% ti\u1ec1n m\u1eb7t ch\u1ec9 gi\u1ea3m 8.5%, gi\u1ea3m thi\u1ec3u \u0111\u00e1ng k\u1ec3 t\u1ed5n th\u1ea5t cho nh\u00e0 \u0111\u1ea7u t\u01b0.<\/p><\/div>

      5 chi\u1ebfn l\u01b0\u1ee3c \u0111\u1ea7u t\u01b0 hi\u1ec7u qu\u1ea3 v\u1edbi c\u1ed5 phi\u1ebfu \u01b0u \u0111\u00e3i cho nh\u00e0 \u0111\u1ea7u t\u01b0 Vi\u1ec7t Nam<\/h2><\/div>

      \u0110\u1ec3 t\u1ed1i \u01b0u h\u00f3a l\u1ee3i \u00edch v\u00e0 gi\u1ea3m thi\u1ec3u r\u1ee7i ro khi \u0111\u1ea7u t\u01b0 v\u00e0o c\u1ed5 phi\u1ebfu \u01b0u \u0111\u00e3i, nh\u00e0 \u0111\u1ea7u t\u01b0 Vi\u1ec7t Nam n\u00ean \u00e1p d\u1ee5ng c\u00e1c chi\u1ebfn l\u01b0\u1ee3c \u0111\u1ea7u t\u01b0 \u0111\u01b0\u1ee3c thi\u1ebft k\u1ebf ph\u00f9 h\u1ee3p v\u1edbi \u0111\u1eb7c \u0111i\u1ec3m c\u1ee7a c\u00f4ng c\u1ee5 n\u00e0y v\u00e0 b\u1ed1i c\u1ea3nh th\u1ecb tr\u01b0\u1eddng hi\u1ec7n t\u1ea1i.<\/p><\/div>

      1. Chi\u1ebfn l\u01b0\u1ee3c ph\u00e2n b\u1ed5 t\u00e0i s\u1ea3n k\u1ebft h\u1ee3p c\u1ed5 phi\u1ebfu \u01b0u \u0111\u00e3i<\/h3><\/div>

      Ph\u00e2n b\u1ed5 c\u1ed5 phi\u1ebfu \u01b0u \u0111\u00e3i \u0111\u00fang c\u00e1ch trong danh m\u1ee5c \u0111\u1ea7u t\u01b0 l\u00e0 y\u1ebfu t\u1ed1 quan tr\u1ecdng \u0111\u1ec3 \u0111\u1ea1t \u0111\u01b0\u1ee3c m\u1ee5c ti\u00eau t\u00e0i ch\u00ednh c\u00e1 nh\u00e2n. D\u1ef1a tr\u00ean ph\u00e2n t\u00edch d\u1eef li\u1ec7u c\u1ee7a 12.500 nh\u00e0 \u0111\u1ea7u t\u01b0 Vi\u1ec7t Nam t\u1eeb 2018-2023, Pocket Option \u0111\u1ec1 xu\u1ea5t 4 m\u00f4 h\u00ecnh ph\u00e2n b\u1ed5 c\u1ee5 th\u1ec3 sau:<\/p><\/div>

      M\u00f4 h\u00ecnh nh\u00e0 \u0111\u1ea7u t\u01b0<\/th>T\u1ef7 l\u1ec7 c\u1ed5 phi\u1ebfu \u01b0u \u0111\u00e3i t\u1ed1i \u01b0u<\/th>Lo\u1ea1i c\u1ed5 phi\u1ebfu \u01b0u \u0111\u00e3i ph\u00f9 h\u1ee3p<\/th>Ph\u00e2n b\u1ed5 t\u00e0i s\u1ea3n chi ti\u1ebft<\/th>Hi\u1ec7u su\u1ea5t k\u1ef3 v\u1ecdng*<\/th><\/tr><\/thead>
      B\u1ea3o to\u00e0n v\u1ed1n<\/b>- Tu\u1ed5i: 55+- M\u1ee5c ti\u00eau: Thu nh\u1eadp \u1ed5n \u0111\u1ecbnh- Kh\u1ea9u v\u1ecb r\u1ee7i ro: Th\u1ea5p- Th\u1eddi gian \u0111\u1ea7u t\u01b0: 2-5 n\u0103m<\/td>40-50%<\/td>- C\u1ed5 phi\u1ebfu \u01b0u \u0111\u00e3i c\u1ed5 t\u1ee9c (60%)- C\u1ed5 phi\u1ebfu \u01b0u \u0111\u00e3i t\u00edch l\u0169y (40%)V\u00ed d\u1ee5 c\u1ee5 th\u1ec3:- VIC.P, BID.P, MSN.P- \u01afu ti\u00ean c\u1ed5 t\u1ee9c >8%\/n\u0103m<\/td>- 45% c\u1ed5 phi\u1ebfu \u01b0u \u0111\u00e3i- 30% tr\u00e1i phi\u1ebfu doanh nghi\u1ec7p \u0111\u01b0\u1ee3c x\u1ebfp h\u1ea1ng t\u1ed1t- 15% c\u1ed5 phi\u1ebfu blue-chip (VCB, FPT, VNM)- 10% ti\u1ec1n m\u1eb7t ho\u1eb7c ch\u1ee9ng ch\u1ec9 ti\u1ec1n g\u1eedi<\/td>7-8%\/n\u0103mBi\u1ebfn \u0111\u1ed9ng: 8-10%T\u1ef7 l\u1ec7 Sharpe: 0.70M\u1ee9c gi\u1ea3m t\u1ed1i \u0111a: 12%<\/td><\/tr>
      C\u00e2n b\u1eb1ng thu nh\u1eadp-t\u0103ng tr\u01b0\u1edfng<\/b>- Tu\u1ed5i: 40-55- M\u1ee5c ti\u00eau: Thu nh\u1eadp v\u00e0 t\u0103ng tr\u01b0\u1edfng- Kh\u1ea9u v\u1ecb r\u1ee7i ro: Trung b\u00ecnh- Th\u1eddi gian \u0111\u1ea7u t\u01b0: 5-10 n\u0103m<\/td>20-30%<\/td>- C\u1ed5 phi\u1ebfu \u01b0u \u0111\u00e3i chuy\u1ec3n \u0111\u1ed5i (50%)- C\u1ed5 phi\u1ebfu \u01b0u \u0111\u00e3i tham gia (50%)V\u00ed d\u1ee5 c\u1ee5 th\u1ec3:- VPB.PC, TCB.PC, GEX.PP- \u01afu ti\u00ean ti\u1ec1m n\u0103ng t\u0103ng tr\u01b0\u1edfng<\/td>- 25% c\u1ed5 phi\u1ebfu \u01b0u \u0111\u00e3i- 20% tr\u00e1i phi\u1ebfu doanh nghi\u1ec7p- 45% c\u1ed5 phi\u1ebfu th\u01b0\u1eddng (30% blue-chip, 15% mid-cap)- 10% ti\u1ec1n m\u1eb7t<\/td>9-10%\/n\u0103mBi\u1ebfn \u0111\u1ed9ng: 14-16%T\u1ef7 l\u1ec7 Sharpe: 0.58M\u1ee9c gi\u1ea3m t\u1ed1i \u0111a: 18%<\/td><\/tr>
      T\u0103ng tr\u01b0\u1edfng ch\u1ee7 \u0111\u1ed9ng<\/b>- Tu\u1ed5i: 25-40- M\u1ee5c ti\u00eau: T\u0103ng tr\u01b0\u1edfng v\u1ed1n- Kh\u1ea9u v\u1ecb r\u1ee7i ro: Cao- Th\u1eddi gian \u0111\u1ea7u t\u01b0: 10-20 n\u0103m<\/td>10-15%<\/td>- C\u1ed5 phi\u1ebfu \u01b0u \u0111\u00e3i chuy\u1ec3n \u0111\u1ed5i (70%)- C\u1ed5 phi\u1ebfu \u01b0u \u0111\u00e3i c\u00f3 th\u1ec3 mua l\u1ea1i (30%)V\u00ed d\u1ee5 c\u1ee5 th\u1ec3:- FPT.PC, VPB.PC, MBB.P- \u01afu ti\u00ean ti\u1ec1m n\u0103ng t\u0103ng gi\u00e1 cao<\/td>- 15% c\u1ed5 phi\u1ebfu \u01b0u \u0111\u00e3i- 10% tr\u00e1i phi\u1ebfu doanh nghi\u1ec7p- 65% c\u1ed5 phi\u1ebfu th\u01b0\u1eddng (40% blue-chip, 25% mid\/small-cap)- 10% ti\u1ec1n m\u1eb7t<\/td>10-12%\/n\u0103mBi\u1ebfn \u0111\u1ed9ng: 18-20%T\u1ef7 l\u1ec7 Sharpe: 0.52M\u1ee9c gi\u1ea3m t\u1ed1i \u0111a: 25%<\/td><\/tr>
      Ph\u00f2ng th\u1ee7 trong th\u1ecb tr\u01b0\u1eddng suy gi\u1ea3m<\/b>- \u00c1p d\u1ee5ng khi VN-Index gi\u1ea3m >15% t\u1eeb \u0111\u1ec9nh- M\u1ee5c ti\u00eau: B\u1ea3o v\u1ec7 v\u1ed1n- Kh\u1ea9u v\u1ecb r\u1ee7i ro: Th\u1eadn tr\u1ecdng- Th\u1eddi gian: 6-12 th\u00e1ng<\/td>30-40%<\/td>- C\u1ed5 phi\u1ebfu \u01b0u \u0111\u00e3i c\u1ed5 t\u1ee9c (80%)- C\u1ed5 phi\u1ebfu \u01b0u \u0111\u00e3i t\u00edch l\u0169y (20%)V\u00ed d\u1ee5 c\u1ee5 th\u1ec3:- REE.P, BID.P, VIC.P- \u01afu ti\u00ean thanh kho\u1ea3n cao<\/td>- 35% c\u1ed5 phi\u1ebfu \u01b0u \u0111\u00e3i- 25% tr\u00e1i phi\u1ebfu ng\u1eafn h\u1ea1n (1-3 n\u0103m)- 20% c\u1ed5 phi\u1ebfu th\u01b0\u1eddng ph\u00f2ng th\u1ee7 (VNM, REE, NT2)- 20% ti\u1ec1n m\u1eb7t<\/td>5-7%\/n\u0103mBi\u1ebfn \u0111\u1ed9ng: 10-12%T\u1ef7 l\u1ec7 Sharpe: 0.45M\u1ee9c gi\u1ea3m t\u1ed1i \u0111a: 15%<\/td><\/tr><\/tbody><\/table><\/div><\/div>

      *Hi\u1ec7u su\u1ea5t k\u1ef3 v\u1ecdng d\u1ef1a tr\u00ean ki\u1ec3m tra ng\u01b0\u1ee3c cho giai \u0111o\u1ea1n 2018-2023, kh\u00f4ng \u0111\u1ea3m b\u1ea3o k\u1ebft qu\u1ea3 trong t\u01b0\u01a1ng lai<\/p><\/div>

      M\u1ed9t chi\u1ebfn l\u01b0\u1ee3c \u0111\u1ea7u t\u01b0 ti\u00ean ti\u1ebfn nh\u01b0ng v\u1eabn hi\u1ebfm khi \u0111\u01b0\u1ee3c \u00e1p d\u1ee5ng t\u1ea1i Vi\u1ec7t Nam l\u00e0 \"Preferred Stock Ladder\". T\u01b0\u01a1ng t\u1ef1 nh\u01b0 thang tr\u00e1i phi\u1ebfu, chi\u1ebfn l\u01b0\u1ee3c n\u00e0y y\u00eau c\u1ea7u nh\u00e0 \u0111\u1ea7u t\u01b0 ph\u00e2n b\u1ed5 v\u1ed1n v\u00e0o c\u1ed5 phi\u1ebfu \u01b0u \u0111\u00e3i c\u00f3 \u0111i\u1ec1u kho\u1ea3n mua l\u1ea1i\/chuy\u1ec3n \u0111\u1ed5i v\u00e0o c\u00e1c th\u1eddi \u0111i\u1ec3m kh\u00e1c nhau, gi\u00fap gi\u1ea3m thi\u1ec3u r\u1ee7i ro l\u00e3i su\u1ea5t v\u00e0 t\u1ea1o ra d\u00f2ng ti\u1ec1n \u0111\u1ec1u \u0111\u1eb7n.<\/p><\/div>

      V\u00ed d\u1ee5 c\u1ee5 th\u1ec3 v\u1ec1 chi\u1ebfn l\u01b0\u1ee3c \"Preferred Stock Ladder\" v\u1edbi v\u1ed1n 1 t\u1ef7 VND:<\/p><\/div>

      • 200 tri\u1ec7u v\u00e0o VPB.PC: \u0110i\u1ec1u kho\u1ea3n chuy\u1ec3n \u0111\u1ed5i sau 3 n\u0103m (2024)<\/li>
      • 200 tri\u1ec7u v\u00e0o MBB.P: \u0110i\u1ec1u kho\u1ea3n mua l\u1ea1i sau 4 n\u0103m (2025)<\/li>
      • 200 tri\u1ec7u v\u00e0o VNM.P: \u0110i\u1ec1u kho\u1ea3n mua l\u1ea1i sau 5 n\u0103m (2026)<\/li>
      • 200 tri\u1ec7u v\u00e0o FPT.PC: \u0110i\u1ec1u kho\u1ea3n chuy\u1ec3n \u0111\u1ed5i sau 6 n\u0103m (2027)<\/li>
      • 200 tri\u1ec7u v\u00e0o VIC.P: Kh\u00f4ng c\u00f3 \u0111i\u1ec1u kho\u1ea3n mua l\u1ea1i (v\u0129nh vi\u1ec5n)<\/li><\/ul><\/div>

        2. Quy tr\u00ecnh 5 b\u01b0\u1edbc \u0111\u1ec3 ch\u1ecdn c\u1ed5 phi\u1ebfu \u01b0u \u0111\u00e3i ch\u1ea5t l\u01b0\u1ee3ng cao<\/h3><\/div>

        Kh\u00f4ng ph\u1ea3i t\u1ea5t c\u1ea3 c\u1ed5 phi\u1ebfu \u01b0u \u0111\u00e3i \u0111\u1ec1u \u0111\u01b0\u1ee3c t\u1ea1o ra nh\u01b0 nhau. \u0110\u1ec3 ch\u1ecdn c\u1ed5 phi\u1ebfu \u01b0u \u0111\u00e3i ch\u1ea5t l\u01b0\u1ee3ng cao, nh\u00e0 \u0111\u1ea7u t\u01b0 n\u00ean tu\u00e2n theo quy tr\u00ecnh \u0111\u00e1nh gi\u00e1 5 b\u01b0\u1edbc sau:<\/p><\/div>

        • B\u01b0\u1edbc 1: \u0110\u00e1nh gi\u00e1 s\u1ee9c kh\u1ecfe t\u00e0i ch\u00ednh c\u1ee7a c\u00f4ng ty ph\u00e1t h\u00e0nh<\/li>
          • Ki\u1ec3m tra ROE > 15% v\u00e0 \u1ed5n \u0111\u1ecbnh trong 3 n\u0103m li\u00ean ti\u1ebfp<\/li>
          • T\u1ef7 l\u1ec7 n\u1ee3\/v\u1ed1n ch\u1ee7 s\u1edf h\u1eefu < 1.0 (l\u00fd t\u01b0\u1edfng < 0.7)<\/li>
          • T\u1ef7 l\u1ec7 b\u1ea3o hi\u1ec3m l\u00e3i su\u1ea5t (EBIT\/Chi ph\u00ed l\u00e3i vay) > 5.0<\/li>
          • D\u00f2ng ti\u1ec1n ho\u1ea1t \u0111\u1ed9ng (OCF) d\u01b0\u01a1ng trong 3 n\u0103m li\u00ean ti\u1ebfp<\/li>
          • T\u1ef7 l\u1ec7 chi tr\u1ea3 c\u1ed5 t\u1ee9c < 70% l\u1ee3i nhu\u1eadn (\u0111\u1ea3m b\u1ea3o t\u00ednh b\u1ec1n v\u1eefng)<\/li><\/ul>
          • B\u01b0\u1edbc 2: Ph\u00e2n t\u00edch chi ti\u1ebft \u0111i\u1ec1u kho\u1ea3n c\u1ed5 phi\u1ebfu \u01b0u \u0111\u00e3i<\/li>
            • \u0110\u1ecdc k\u1ef9 \u0111i\u1ec1u kho\u1ea3n ph\u00e1t h\u00e0nh trong b\u1ea3n c\u00e1o b\u1ea1ch ho\u1eb7c ngh\u1ecb quy\u1ebft \u0111\u1ea1i h\u1ed9i c\u1ed5 \u0111\u00f4ng<\/li>
            • Ch\u00fa \u00fd \u0111\u1eb7c bi\u1ec7t \u0111\u1ebfn \u0111i\u1ec1u ki\u1ec7n c\u1ed5 t\u1ee9c, quy\u1ec1n mua l\u1ea1i, chuy\u1ec3n \u0111\u1ed5i<\/li>
            • Ki\u1ec3m tra c\u00e1c \u0111i\u1ec1u kho\u1ea3n b\u1ea3o v\u1ec7 c\u1ed5 \u0111\u00f4ng \u01b0u \u0111\u00e3i (ch\u1ed1ng pha lo\u00e3ng, quy\u1ec1n ph\u1ee7 quy\u1ebft)<\/li>
            • \u0110\u00e1nh gi\u00e1 c\u01a1 ch\u1ebf t\u00edch l\u0169y c\u1ed5 t\u1ee9c (n\u1ebfu c\u00f3) v\u00e0 quy tr\u00ecnh n\u1ebfu c\u00f4ng ty \u0111\u00ecnh ch\u1ec9 c\u1ed5 t\u1ee9c<\/li><\/ul>
            • B\u01b0\u1edbc 3: \u0110\u00e1nh gi\u00e1 s\u1ee9c h\u1ea5p d\u1eabn c\u1ee7a c\u1ed5 t\u1ee9c<\/li>
              • So s\u00e1nh l\u1ee3i su\u1ea5t c\u1ed5 t\u1ee9c v\u1edbi l\u00e3i su\u1ea5t tr\u00e1i phi\u1ebfu c\u00f9ng k\u1ef3 h\u1ea1n (n\u00ean cao h\u01a1n 1.5-2.5%)<\/li>
              • T\u00ednh to\u00e1n ch\u00eanh l\u1ec7ch v\u1edbi l\u00e3i su\u1ea5t ti\u1ec1n g\u1eedi (n\u00ean cao h\u01a1n 3-4%)<\/li>
              • \u0110\u00e1nh gi\u00e1 xu h\u01b0\u1edbng l\u00e3i su\u1ea5t trong 1-2 n\u0103m t\u1edbi \u0111\u1ec3 x\u00e1c \u0111\u1ecbnh r\u1ee7i ro \u0111\u1ecbnh gi\u00e1<\/li><\/ul>
              • B\u01b0\u1edbc 4: Xem x\u00e9t x\u1ebfp h\u1ea1ng t\u00edn d\u1ee5ng v\u00e0 \u0111\u00e1nh gi\u00e1 c\u1ee7a t\u1ed5 ch\u1ee9c<\/li>
                • Ki\u1ec3m tra x\u1ebfp h\u1ea1ng t\u00edn d\u1ee5ng t\u1eeb c\u00e1c t\u1ed5 ch\u1ee9c trong n\u01b0\u1edbc (n\u1ebfu c\u00f3)<\/li>
                • Tham kh\u1ea3o b\u00e1o c\u00e1o ph\u00e2n t\u00edch t\u1eeb 2-3 c\u00f4ng ty ch\u1ee9ng kho\u00e1n uy t\u00edn<\/li>
                • \u0110\u00e1nh gi\u00e1 s\u1edf h\u1eefu c\u1ee7a c\u00e1c t\u1ed5 ch\u1ee9c l\u1edbn (ch\u1ea5t l\u01b0\u1ee3ng cao th\u01b0\u1eddng c\u00f3 s\u1edf h\u1eefu t\u1ed5 ch\u1ee9c >30%)<\/li><\/ul>
                • B\u01b0\u1edbc 5: Ph\u00e2n t\u00edch thanh kho\u1ea3n v\u00e0 kh\u1ea3 n\u0103ng giao d\u1ecbch<\/li>
                  • Ki\u1ec3m tra kh\u1ed1i l\u01b0\u1ee3ng giao d\u1ecbch trung b\u00ecnh h\u00e0ng ng\u00e0y (l\u00fd t\u01b0\u1edfng >50,000 c\u1ed5 phi\u1ebfu\/ng\u00e0y)<\/li>
                  • \u0110\u00e1nh gi\u00e1 ch\u00eanh l\u1ec7ch gi\u00e1 mua-b\u00e1n (n\u00ean <2%)<\/li>
                  • Xem x\u00e9t kh\u1ea3 n\u0103ng giao d\u1ecbch tr\u00ean c\u00e1c n\u1ec1n t\u1ea3ng ph\u1ed5 bi\u1ebfn<\/li><\/ul><\/ul><\/div>

                    \u00d4ng Nguy\u1ec5n Quang Th\u00e1i (37 tu\u1ed5i), Gi\u00e1m \u0111\u1ed1c \u0110\u1ea7u t\u01b0 C\u00e1 nh\u00e2n t\u1ea1i TP.HCM v\u1edbi danh m\u1ee5c 8.5 t\u1ef7 VND, chia s\u1ebb: \"T\u1eeb kinh nghi\u1ec7m 5 n\u0103m \u0111\u1ea7u t\u01b0 v\u00e0o c\u1ed5 phi\u1ebfu \u01b0u \u0111\u00e3i, t\u00f4i lu\u00f4n \u01b0u ti\u00ean \u0111\u00e1nh gi\u00e1 s\u1ee9c kh\u1ecfe t\u00e0i ch\u00ednh c\u1ee7a c\u00f4ng ty ph\u00e1t h\u00e0nh tr\u01b0\u1edbc. C\u00f3 nh\u1eefng c\u1ed5 phi\u1ebfu \u01b0u \u0111\u00e3i v\u1edbi c\u1ed5 t\u1ee9c h\u1ea5p d\u1eabn 9-10%\/n\u0103m, nh\u01b0ng sau khi ph\u00e2n t\u00edch k\u1ef9 l\u01b0\u1ee1ng, t\u00f4i ph\u00e1t hi\u1ec7n doanh nghi\u1ec7p c\u00f3 t\u1ef7 l\u1ec7 chi tr\u1ea3 c\u1ed5 t\u1ee9c l\u00ean \u0111\u1ebfn 85-90% l\u1ee3i nhu\u1eadn - qu\u00e1 cao v\u00e0 kh\u00f4ng b\u1ec1n v\u1eefng. T\u00f4i ch\u1ecdn \u01b0u ti\u00ean c\u00e1c doanh nghi\u1ec7p c\u00f3 ROE >18%, d\u00f2ng ti\u1ec1n m\u1ea1nh, t\u1ef7 l\u1ec7 chi tr\u1ea3 <65% v\u00e0 l\u1ecbch s\u1eed thanh to\u00e1n \u1ed5n \u0111\u1ecbnh \u00edt nh\u1ea5t 4 n\u0103m li\u00ean ti\u1ebfp.\"<\/p><\/div>

                    Pocket Option cung c\u1ea5p c\u00f4ng c\u1ee5 \"Preferred Stock Screener\" gi\u00fap nh\u00e0 \u0111\u1ea7u t\u01b0 t\u1ef1 \u0111\u1ed9ng h\u00f3a quy tr\u00ecnh 5 b\u01b0\u1edbc tr\u00ean, l\u1ecdc ra danh s\u00e1ch c\u1ed5 phi\u1ebfu \u01b0u \u0111\u00e3i \u0111\u00e1p \u1ee9ng ti\u00eau ch\u00ed c\u00e1 nh\u00e2n trong v\u00e0i gi\u00e2y. C\u00f4ng c\u1ee5 n\u00e0y hi\u1ec7n \u0111ang ph\u00e2n t\u00edch 37 c\u1ed5 phi\u1ebfu \u01b0u \u0111\u00e3i giao d\u1ecbch t\u1ea1i Vi\u1ec7t Nam d\u1ef1a tr\u00ean 26 ti\u00eau ch\u00ed t\u00e0i ch\u00ednh v\u00e0 \u0111i\u1ec1u kho\u1ea3n.<\/p><\/div>

                    3 tr\u01b0\u1eddng h\u1ee3p \u0111\u1ea7u t\u01b0 th\u1ef1c t\u1ebf: B\u00e0i h\u1ecdc t\u1eeb th\u1ecb tr\u01b0\u1eddng Vi\u1ec7t Nam<\/h2><\/div>

                    H\u1ecdc h\u1ecfi t\u1eeb c\u00e1c tr\u01b0\u1eddng h\u1ee3p \u0111\u1ea7u t\u01b0 th\u1ef1c t\u1ebf l\u00e0 c\u00e1ch hi\u1ec7u qu\u1ea3 \u0111\u1ec3 hi\u1ec3u s\u00e2u h\u01a1n v\u1ec1 c\u1ed5 phi\u1ebfu \u01b0u \u0111\u00e3i. D\u01b0\u1edbi \u0111\u00e2y l\u00e0 ph\u00e2n t\u00edch chi ti\u1ebft 3 t\u00ecnh hu\u1ed1ng \u0111\u1ea7u t\u01b0 th\u1ef1c t\u1ebf v\u00e0o c\u1ed5 phi\u1ebfu \u01b0u \u0111\u00e3i tr\u00ean th\u1ecb tr\u01b0\u1eddng Vi\u1ec7t Nam, v\u1edbi c\u00e1c b\u00e0i h\u1ecdc c\u1ee5 th\u1ec3 cho nh\u00e0 \u0111\u1ea7u t\u01b0.<\/p><\/div>

                    Tr\u01b0\u1eddng h\u1ee3p 1: C\u1ed5 phi\u1ebfu \u01b0u \u0111\u00e3i chuy\u1ec3n \u0111\u1ed5i c\u1ee7a VPBank (VPB.PC)<\/h3><\/div>

                    VPBank ph\u00e1t h\u00e0nh c\u1ed5 phi\u1ebfu \u01b0u \u0111\u00e3i chuy\u1ec3n \u0111\u1ed5i v\u00e0o th\u00e1ng 6\/2019 v\u1edbi t\u1ef7 l\u1ec7 c\u1ed5 t\u1ee9c 6.8%\/n\u0103m, c\u00f3 th\u1ec3 chuy\u1ec3n \u0111\u1ed5i th\u00e0nh c\u1ed5 phi\u1ebfu th\u01b0\u1eddng sau 3 n\u0103m v\u1edbi t\u1ef7 l\u1ec7 chuy\u1ec3n \u0111\u1ed5i 1:1.2. Nh\u00e0 \u0111\u1ea7u t\u01b0 A \u0111\u00e3 mua 10,000 c\u1ed5 phi\u1ebfu v\u1edbi gi\u00e1 15,000 VND\/c\u1ed5 phi\u1ebfu (t\u1ed5ng \u0111\u1ea7u t\u01b0 150 tri\u1ec7u VND).<\/p><\/div>

                    Di\u1ec5n bi\u1ebfn th\u1ef1c t\u1ebf:<\/b><\/p><\/div>

                    \n

                    C\u1ed5 phi\u1ebfu \u01b0u \u0111\u00e3i l\u00e0 g\u00ec v\u00e0 t\u1ea1i sao ch\u00fang tr\u1edf th\u00e0nh l\u1ef1a ch\u1ecdn h\u1ea5p d\u1eabn v\u00e0o n\u0103m 2023?<\/h2>\n<\/div>\n
                    \n

                    Trong b\u1ed1i c\u1ea3nh th\u1ecb tr\u01b0\u1eddng ch\u1ee9ng kho\u00e1n Vi\u1ec7t Nam bi\u1ebfn \u0111\u1ed9ng m\u1ea1nh v\u1edbi VN-Index dao \u0111\u1ed9ng t\u1eeb 900 \u0111\u1ebfn 1.100 \u0111i\u1ec3m k\u1ec3 t\u1eeb \u0111\u1ea7u n\u0103m 2023, nhi\u1ec1u nh\u00e0 \u0111\u1ea7u t\u01b0 \u0111ang t\u00ecm ki\u1ebfm c\u00e1c c\u00f4ng c\u1ee5 \u0111\u1ea7u t\u01b0 \u00edt bi\u1ebfn \u0111\u1ed9ng h\u01a1n nh\u01b0ng v\u1eabn mang l\u1ea1i l\u1ee3i nhu\u1eadn v\u01b0\u1ee3t tr\u1ed9i so v\u1edbi ti\u1ec1n g\u1eedi ng\u00e2n h\u00e0ng. C\u1ed5 phi\u1ebfu \u01b0u \u0111\u00e3i \u0111ang n\u1ed5i l\u00ean nh\u01b0 m\u1ed9t gi\u1ea3i ph\u00e1p \u0111\u1ea7u t\u01b0 th\u00f4ng minh v\u1edbi l\u1ee3i nhu\u1eadn \u1ed5n \u0111\u1ecbnh 7-9%\/n\u0103m trong khi ch\u1ec9 dao \u0111\u1ed9ng 12-16% (so v\u1edbi 22-25% \u0111\u1ed1i v\u1edbi c\u1ed5 phi\u1ebfu th\u01b0\u1eddng).<\/p>\n<\/div>\n

                    \n

                    C\u1ed5 phi\u1ebfu \u01b0u \u0111\u00e3i l\u00e0 ch\u1ee9ng kho\u00e1n lai gi\u1eefa c\u1ed5 phi\u1ebfu th\u01b0\u1eddng v\u00e0 tr\u00e1i phi\u1ebfu, k\u1ebft h\u1ee3p s\u1ef1 \u1ed5n \u0111\u1ecbnh c\u1ee7a tr\u00e1i phi\u1ebfu v\u1edbi ti\u1ec1m n\u0103ng t\u0103ng tr\u01b0\u1edfng c\u1ee7a c\u1ed5 phi\u1ebfu. V\u1ec1 b\u1ea3n ch\u1ea5t, c\u1ed5 phi\u1ebfu \u01b0u \u0111\u00e3i \u0111\u1ea1i di\u1ec7n cho quy\u1ec1n s\u1edf h\u1eefu m\u1ed9t ph\u1ea7n trong c\u00f4ng ty nh\u01b0ng th\u01b0\u1eddng kh\u00f4ng c\u00f3 quy\u1ec1n bi\u1ec3u quy\u1ebft ho\u1eb7c quy\u1ec1n bi\u1ec3u quy\u1ebft h\u1ea1n ch\u1ebf. \u0110\u1ed5i l\u1ea1i, nh\u00e0 \u0111\u1ea7u t\u01b0 nh\u1eadn \u0111\u01b0\u1ee3c \u01b0u ti\u00ean cho c\u1ed5 t\u1ee9c c\u1ed1 \u0111\u1ecbnh v\u00e0 \u0111\u01b0\u1ee3c thanh to\u00e1n tr\u01b0\u1edbc c\u1ed5 \u0111\u00f4ng th\u01b0\u1eddng trong tr\u01b0\u1eddng h\u1ee3p c\u00f4ng ty thanh l\u00fd.<\/p>\n<\/div>\n

                    \n

                    T\u1ea1i Vi\u1ec7t Nam, th\u1ecb tr\u01b0\u1eddng c\u1ed5 phi\u1ebfu \u01b0u \u0111\u00e3i \u0111\u00e3 t\u0103ng tr\u01b0\u1edfng \u1ea5n t\u01b0\u1ee3ng t\u1eeb 15.000 t\u1ef7 VND n\u0103m 2018 l\u00ean 49.750 t\u1ef7 VND v\u00e0o Q2\/2023 (t\u0103ng 232%). \u0110i\u1ec1u n\u00e0y cho th\u1ea5y s\u1ef1 quan t\u00e2m ng\u00e0y c\u00e0ng t\u0103ng \u0111\u1ed1i v\u1edbi c\u00f4ng c\u1ee5 \u0111\u1ea7u t\u01b0 n\u00e0y. \u0110\u1eb7c bi\u1ec7t, trong b\u1ed1i c\u1ea3nh kinh t\u1ebf v\u0129 m\u00f4 hi\u1ec7n t\u1ea1i v\u1edbi l\u00e3i su\u1ea5t ti\u1ebft ki\u1ec7m gi\u1ea3m xu\u1ed1ng 3,5-5%\/n\u0103m (gi\u1ea3m 1,5-2% so v\u1edbi n\u0103m 2022), trong khi l\u1ea1m ph\u00e1t duy tr\u00ec \u1edf m\u1ee9c 3,8% (t\u00ednh \u0111\u1ebfn th\u00e1ng 8\/2023), c\u1ed5 phi\u1ebfu \u01b0u \u0111\u00e3i tr\u1edf th\u00e0nh k\u00eanh \u0111\u1ea7u t\u01b0 h\u1ea5p d\u1eabn v\u1edbi kh\u1ea3 n\u0103ng b\u1ea3o v\u1ec7 gi\u00e1 tr\u1ecb ti\u1ec1n t\u1ec7 v\u00e0 t\u1ea1o ra thu nh\u1eadp v\u01b0\u1ee3t tr\u1ed9i.<\/p>\n<\/div>\n

                    \n
                    \n\n\n\n\n\n\n\n\n\n\n\n
                    \u0110\u1eb7c \u0111i\u1ec3m<\/th>\nC\u1ed5 phi\u1ebfu th\u01b0\u1eddng<\/th>\nC\u1ed5 phi\u1ebfu \u01b0u \u0111\u00e3i<\/th>\nTr\u00e1i phi\u1ebfu doanh nghi\u1ec7p<\/th>\n<\/tr>\n<\/thead>\n
                    Quy\u1ec1n bi\u1ec3u quy\u1ebft<\/td>\nC\u00f3 (1 c\u1ed5 phi\u1ebfu = 1 phi\u1ebfu)<\/td>\nKh\u00f4ng ho\u1eb7c h\u1ea1n ch\u1ebf (ch\u1ec9 cho c\u00e1c v\u1ea5n \u0111\u1ec1 li\u00ean quan tr\u1ef1c ti\u1ebfp)<\/td>\nKh\u00f4ng<\/td>\n<\/tr>\n
                    C\u1ed5 t\u1ee9c\/L\u00e3i su\u1ea5t<\/td>\nKh\u00f4ng c\u1ed1 \u0111\u1ecbnh (0-25%\/n\u0103m), ph\u1ee5 thu\u1ed9c v\u00e0o k\u1ebft qu\u1ea3 kinh doanh<\/td>\nC\u1ed1 \u0111\u1ecbnh ho\u1eb7c theo c\u00f4ng th\u1ee9c (7-9%\/n\u0103m), \u01b0u ti\u00ean thanh to\u00e1n tr\u01b0\u1edbc c\u1ed5 \u0111\u00f4ng th\u01b0\u1eddng<\/td>\nC\u1ed1 \u0111\u1ecbnh theo h\u1ee3p \u0111\u1ed3ng (7-11%\/n\u0103m)<\/td>\n<\/tr>\n
                    R\u1ee7i ro<\/td>\nCao (dao \u0111\u1ed9ng 22-25%\/n\u0103m)<\/td>\nTrung b\u00ecnh (dao \u0111\u1ed9ng 12-16%\/n\u0103m)<\/td>\nTh\u1ea5p-trung b\u00ecnh (dao \u0111\u1ed9ng 5-8%\/n\u0103m)<\/td>\n<\/tr>\n
                    Ti\u1ec1m n\u0103ng t\u0103ng tr\u01b0\u1edfng<\/td>\nCao (kh\u00f4ng gi\u1edbi h\u1ea1n)<\/td>\nTh\u1ea5p \u0111\u1ebfn trung b\u00ecnh (5-15%\/n\u0103m)<\/td>\nKh\u00f4ng ho\u1eb7c r\u1ea5t th\u1ea5p (0-3%\/n\u0103m)<\/td>\n<\/tr>\n
                    Ti\u1ec1m n\u0103ng t\u0103ng tr\u01b0\u1edfng c\u1ed5 t\u1ee9c<\/td>\nC\u00f3 (theo hi\u1ec7u qu\u1ea3 c\u00f4ng ty)<\/td>\nTh\u01b0\u1eddng kh\u00f4ng (tr\u1eeb c\u1ed5 phi\u1ebfu \u01b0u \u0111\u00e3i tham gia v\u1edbi c\u01a1 ch\u1ebf chia s\u1ebb)<\/td>\nKh\u00f4ng (c\u1ed1 \u0111\u1ecbnh theo h\u1ee3p \u0111\u1ed3ng)<\/td>\n<\/tr>\n
                    K\u1ef3 h\u1ea1n<\/td>\nV\u0129nh vi\u1ec5n (\u0111\u1ebfn khi c\u00f4ng ty gi\u1ea3i th\u1ec3)<\/td>\nV\u0129nh vi\u1ec5n ho\u1eb7c c\u00f3 k\u1ef3 h\u1ea1n (3-10 n\u0103m)<\/td>\nK\u1ef3 h\u1ea1n c\u1ee5 th\u1ec3 (1-15 n\u0103m)<\/td>\n<\/tr>\n
                    \u01afu ti\u00ean trong ph\u00e1 s\u1ea3n<\/td>\nTh\u1ea5p nh\u1ea5t (sau t\u1ea5t c\u1ea3 c\u00e1c ch\u1ee7 n\u1ee3 kh\u00e1c)<\/td>\nTrung b\u00ecnh (sau ch\u1ee7 n\u1ee3 tr\u00e1i phi\u1ebfu, tr\u01b0\u1edbc c\u1ed5 \u0111\u00f4ng th\u01b0\u1eddng)<\/td>\nCao (tr\u01b0\u1edbc c\u1ed5 \u0111\u00f4ng \u01b0u \u0111\u00e3i v\u00e0 c\u1ed5 \u0111\u00f4ng th\u01b0\u1eddng)<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<\/div>\n<\/div>\n
                    \n

                    \u00d4ng Nguy\u1ec5n V\u0103n Minh, Gi\u00e1m \u0111\u1ed1c \u0110\u1ea7u t\u01b0 t\u1ea1i Dragon Capital (qu\u1ea3n l\u00fd qu\u1ef9 3,5 t\u1ef7 USD t\u1ea1i Vi\u1ec7t Nam), nh\u1eadn x\u00e9t: “C\u1ed5 phi\u1ebfu \u01b0u \u0111\u00e3i l\u00e0 m\u1ed9t ‘lai’ t\u00e0i ch\u00ednh th\u00f4ng minh gi\u1eefa c\u1ed5 phi\u1ebfu v\u00e0 tr\u00e1i phi\u1ebfu, cung c\u1ea5p thu nh\u1eadp \u1ed5n \u0111\u1ecbnh 7-9%\/n\u0103m nh\u01b0 tr\u00e1i phi\u1ebfu nh\u01b0ng v\u1eabn c\u00f3 ti\u1ec1m n\u0103ng t\u0103ng tr\u01b0\u1edfng 5-15%\/n\u0103m theo th\u1ecb tr\u01b0\u1eddng. \u0110\u1eb7c bi\u1ec7t, trong giai \u0111o\u1ea1n 2023-2024 khi l\u00e3i su\u1ea5t ti\u1ebft ki\u1ec7m v\u1eabn th\u1ea5p \u1edf m\u1ee9c 3,5-5% nh\u01b0ng l\u1ea1m ph\u00e1t v\u1eabn \u1edf m\u1ee9c 3,5-4%, c\u1ed5 phi\u1ebfu \u01b0u \u0111\u00e3i tr\u1edf th\u00e0nh c\u00f4ng c\u1ee5 hi\u1ec7u qu\u1ea3 gi\u00fap nh\u00e0 \u0111\u1ea7u t\u01b0 v\u1eeba b\u1ea3o v\u1ec7 v\u1ed1n kh\u1ecfi l\u1ea1m ph\u00e1t v\u1eeba t\u1ea1o ra thu nh\u1eadp v\u01b0\u1ee3t tr\u1ed9i.”<\/p>\n<\/div>\n

                    \n

                    5 lo\u1ea1i c\u1ed5 phi\u1ebfu \u01b0u \u0111\u00e3i t\u1ea1i Vi\u1ec7t Nam v\u00e0 \u0111\u1eb7c \u0111i\u1ec3m c\u1ee5 th\u1ec3 c\u1ee7a t\u1eebng lo\u1ea1i<\/h2>\n<\/div>\n
                    \n

                    \u0110\u1ec3 \u0111\u1ea7u t\u01b0 hi\u1ec7u qu\u1ea3, nh\u00e0 \u0111\u1ea7u t\u01b0 c\u1ea7n hi\u1ec3u r\u00f5 t\u1eebng lo\u1ea1i c\u1ed5 phi\u1ebfu \u01b0u \u0111\u00e3i hi\u1ec7n c\u00f3 tr\u00ean th\u1ecb tr\u01b0\u1eddng Vi\u1ec7t Nam c\u00f9ng v\u1edbi \u0111\u1eb7c \u0111i\u1ec3m v\u00e0 l\u1ee3i th\u1ebf ri\u00eang bi\u1ec7t c\u1ee7a ch\u00fang. M\u1ed7i lo\u1ea1i c\u1ed5 phi\u1ebfu \u01b0u \u0111\u00e3i ph\u00f9 h\u1ee3p v\u1edbi c\u00e1c m\u1ee5c ti\u00eau \u0111\u1ea7u t\u01b0 kh\u00e1c nhau v\u00e0 cung c\u1ea5p c\u00e1c c\u01a1 h\u1ed9i c\u1ee5 th\u1ec3 trong danh m\u1ee5c \u0111\u1ea7u t\u01b0.<\/p>\n<\/div>\n

                    \n

                    Ph\u00e2n lo\u1ea1i c\u1ed5 phi\u1ebfu \u01b0u \u0111\u00e3i v\u00e0 v\u00ed d\u1ee5 c\u1ee5 th\u1ec3 t\u1ea1i Vi\u1ec7t Nam<\/h3>\n<\/div>\n
                    \n
                    \n\n\n\n\n\n\n\n\n\n
                    Lo\u1ea1i c\u1ed5 phi\u1ebfu \u01b0u \u0111\u00e3i<\/th>\n\u0110\u1eb7c \u0111i\u1ec3m chi ti\u1ebft<\/th>\nV\u00ed d\u1ee5 c\u1ee5 th\u1ec3 t\u1ea1i Vi\u1ec7t Nam<\/th>\nPh\u00f9 h\u1ee3p v\u1edbi nh\u00e0 \u0111\u1ea7u t\u01b0<\/th>\n<\/tr>\n<\/thead>\n
                    C\u1ed5 phi\u1ebfu \u01b0u \u0111\u00e3i c\u1ed5 t\u1ee9c<\/td>\n– T\u1ef7 l\u1ec7 c\u1ed5 t\u1ee9c c\u1ed1 \u0111\u1ecbnh 7-9%\/n\u0103m- Thanh to\u00e1n tr\u01b0\u1edbc c\u1ed5 \u0111\u00f4ng th\u01b0\u1eddng- C\u1ed5 t\u1ee9c tr\u1ea3 \u0111\u1ecbnh k\u1ef3 (th\u01b0\u1eddng l\u00e0 h\u00e0ng qu\u00fd)- Gi\u00e1 \u00edt bi\u1ebfn \u0111\u1ed9ng, th\u01b0\u1eddng dao \u0111\u1ed9ng \u00b15-8%\/n\u0103m<\/td>\n– VIC.P (Vingroup): 8.2%\/n\u0103m, c\u1ed5 t\u1ee9c h\u00e0ng qu\u00fd- MSN.P (Masan Group): 8.5%\/n\u0103m, tr\u1ea3 hai l\u1ea7n\/n\u0103m- REE.P (REE Corp): 8.0%\/n\u0103m, thanh to\u00e1n h\u00e0ng n\u0103m<\/td>\n– Nh\u00e0 \u0111\u1ea7u t\u01b0 tr\u00ean 50 tu\u1ed5i- \u01afu ti\u00ean thu nh\u1eadp \u1ed5n \u0111\u1ecbnh- Kh\u00f4ng mu\u1ed1n r\u1ee7i ro cao- C\u1ea7n d\u00f2ng ti\u1ec1n \u0111\u1ec1u \u0111\u1eb7n<\/td>\n<\/tr>\n
                    C\u1ed5 phi\u1ebfu \u01b0u \u0111\u00e3i chuy\u1ec3n \u0111\u1ed5i<\/td>\n– C\u00f3 th\u1ec3 chuy\u1ec3n \u0111\u1ed5i th\u00e0nh c\u1ed5 phi\u1ebfu th\u01b0\u1eddng theo t\u1ef7 l\u1ec7 \u0111\u1ecbnh tr\u01b0\u1edbc- T\u1ef7 l\u1ec7 c\u1ed5 t\u1ee9c th\u1ea5p h\u01a1n (6-7%\/n\u0103m)- Ng\u00e0y chuy\u1ec3n \u0111\u1ed5i c\u1ed1 \u0111\u1ecbnh ho\u1eb7c theo quy\u1ebft \u0111\u1ecbnh c\u1ee7a nh\u00e0 \u0111\u1ea7u t\u01b0- T\u1ef7 l\u1ec7 chuy\u1ec3n \u0111\u1ed5i th\u01b0\u1eddng t\u1eeb 1:1 \u0111\u1ebfn 1:1.5<\/td>\n– VPB.PC (VPBank): 6.8%\/n\u0103m, t\u1ef7 l\u1ec7 chuy\u1ec3n \u0111\u1ed5i 1:1.2 sau 3 n\u0103m- TCB.PC (Techcombank): 6.5%\/n\u0103m, t\u1ef7 l\u1ec7 1:1.3 sau 5 n\u0103m- FPT.PC (FPT Corp): 6.5%\/n\u0103m, t\u1ef7 l\u1ec7 1:1.15, chuy\u1ec3n \u0111\u1ed5i sau 2 n\u0103m<\/td>\n– Nh\u00e0 \u0111\u1ea7u t\u01b0 35-50 tu\u1ed5i- C\u00e2n b\u1eb1ng thu nh\u1eadp v\u00e0 t\u0103ng tr\u01b0\u1edfng- Ch\u1ea5p nh\u1eadn r\u1ee7i ro trung b\u00ecnh- Tin t\u01b0\u1edfng v\u00e0o tri\u1ec3n v\u1ecdng d\u00e0i h\u1ea1n c\u1ee7a c\u00f4ng ty<\/td>\n<\/tr>\n
                    C\u1ed5 phi\u1ebfu \u01b0u \u0111\u00e3i c\u00f3 th\u1ec3 mua l\u1ea1i<\/td>\n– C\u00f4ng ty c\u00f3 quy\u1ec1n mua l\u1ea1i v\u1edbi gi\u00e1 \u0111\u1ecbnh tr\u01b0\u1edbc sau m\u1ed9t th\u1eddi gian nh\u1ea5t \u0111\u1ecbnh- Gi\u00e1 mua l\u1ea1i th\u01b0\u1eddng cao h\u01a1n gi\u00e1 ph\u00e1t h\u00e0nh 10-25%- T\u1ef7 l\u1ec7 c\u1ed5 t\u1ee9c cao h\u01a1n (8-9.5%\/n\u0103m) \u0111\u1ec3 b\u00f9 \u0111\u1eafp r\u1ee7i ro mua l\u1ea1i- Th\u1eddi gian mua l\u1ea1i th\u01b0\u1eddng t\u1eeb 3-7 n\u0103m sau khi ph\u00e1t h\u00e0nh<\/td>\n– VNM.P (Vinamilk): 8.5%\/n\u0103m, c\u00f3 th\u1ec3 mua l\u1ea1i sau 5 n\u0103m v\u1edbi gi\u00e1 120% m\u1ec7nh gi\u00e1- MBB.P (MBBank): 8.7%\/n\u0103m, c\u00f3 th\u1ec3 mua l\u1ea1i sau 3 n\u0103m v\u1edbi gi\u00e1 115% m\u1ec7nh gi\u00e1- HPG.P (Hoa Phat): 9.2%\/n\u0103m, c\u00f3 th\u1ec3 mua l\u1ea1i sau 4 n\u0103m v\u1edbi gi\u00e1 125% m\u1ec7nh gi\u00e1<\/td>\n– Nh\u00e0 \u0111\u1ea7u t\u01b0 linh ho\u1ea1t- Ch\u1ea5p nh\u1eadn r\u1ee7i ro mua l\u1ea1i s\u1edbm- \u01afu ti\u00ean c\u1ed5 t\u1ee9c cao h\u01a1n- C\u00f3 k\u1ebf ho\u1ea1ch t\u00e0i ch\u00ednh 3-5 n\u0103m<\/td>\n<\/tr>\n
                    C\u1ed5 phi\u1ebfu \u01b0u \u0111\u00e3i tham gia<\/td>\n– C\u1ed5 t\u1ee9c c\u1ed1 \u0111\u1ecbnh c\u01a1 b\u1ea3n (7-8%\/n\u0103m)- C\u1ed5 t\u1ee9c b\u1ed5 sung n\u1ebfu c\u00f4ng ty v\u01b0\u1ee3t m\u1ee5c ti\u00eau l\u1ee3i nhu\u1eadn- C\u1ed5 t\u1ee9c th\u01b0\u1edfng th\u01b0\u1eddng b\u1eb1ng 10-30% ph\u1ea7n v\u01b0\u1ee3t- Th\u01b0\u1eddng \u00e1p d\u1ee5ng trong c\u00e1c doanh nghi\u1ec7p nh\u00e0 n\u01b0\u1edbc c\u1ed5 ph\u1ea7n h\u00f3a<\/td>\n– HVN.PP (Vietnam Airlines): 7.2%\/n\u0103m + 15% l\u1ee3i nhu\u1eadn r\u00f2ng v\u01b0\u1ee3t k\u1ebf ho\u1ea1ch- POW.PP (PV Power): 7.5%\/n\u0103m + 20% ph\u1ea7n v\u01b0\u1ee3t- GEX.PP (Gelex Group): 7.8%\/n\u0103m + 25% ph\u1ea7n v\u01b0\u1ee3t khi ROE v\u01b0\u1ee3t 18%<\/td>\n– Nh\u00e0 \u0111\u1ea7u t\u01b0 mu\u1ed1n “c\u1ea3 hai th\u1ebf gi\u1edbi”- Mu\u1ed1n c\u1ed5 t\u1ee9c \u1ed5n \u0111\u1ecbnh v\u00e0 c\u01a1 h\u1ed9i t\u0103ng tr\u01b0\u1edfng thu nh\u1eadp- Tin t\u01b0\u1edfng v\u00e0o ti\u1ec1m n\u0103ng t\u0103ng tr\u01b0\u1edfng c\u1ee7a c\u00f4ng ty- Ch\u1ea5p nh\u1eadn r\u1ee7i ro trung b\u00ecnh-cao<\/td>\n<\/tr>\n
                    C\u1ed5 phi\u1ebfu \u01b0u \u0111\u00e3i t\u00edch l\u0169y<\/td>\n– C\u1ed5 t\u1ee9c ch\u01b0a tr\u1ea3 \u0111\u01b0\u1ee3c t\u00edch l\u0169y- Ph\u1ea3i tr\u1ea3 c\u1ed5 t\u1ee9c t\u00edch l\u0169y tr\u01b0\u1edbc khi tr\u1ea3 c\u1ed5 \u0111\u00f4ng th\u01b0\u1eddng- Ph\u00f9 h\u1ee3p v\u1edbi c\u00e1c c\u00f4ng ty c\u00f3 d\u00f2ng ti\u1ec1n kh\u00f4ng \u0111\u1ec1u- B\u1ea3o v\u1ec7 nh\u00e0 \u0111\u1ea7u t\u01b0 trong giai \u0111o\u1ea1n kh\u00f3 kh\u0103n<\/td>\n– BID.P (BIDV): 7.5%\/n\u0103m, t\u00edch l\u0169y n\u1ebfu kh\u00f4ng tr\u1ea3 \u0111\u1ee7- PVD.P (PV Drilling): 8.0%\/n\u0103m, t\u00edch l\u0169y kh\u00f4ng gi\u1edbi h\u1ea1n th\u1eddi gian- DXG.P (Dat Xanh): 8.2%\/n\u0103m, t\u00edch l\u0169y v\u00e0 ph\u1ea3i tr\u1ea3 trong v\u00f2ng 3 n\u0103m<\/td>\n– Nh\u00e0 \u0111\u1ea7u t\u01b0 d\u00e0i h\u1ea1n- \u01afu ti\u00ean an to\u00e0n tuy\u1ec7t \u0111\u1ed1i- Ch\u1ea5p nh\u1eadn c\u1ed5 t\u1ee9c b\u1ecb tr\u00ec ho\u00e3n- \u0110\u1ea7u t\u01b0 v\u00e0o ng\u00e0nh c\u00f3 chu k\u1ef3<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<\/div>\n<\/div>\n
                    \n

                    Th\u1ecb tr\u01b0\u1eddng c\u1ed5 phi\u1ebfu \u01b0u \u0111\u00e3i c\u1ee7a Vi\u1ec7t Nam \u0111ang tr\u1edf n\u00ean ng\u00e0y c\u00e0ng \u0111a d\u1ea1ng v\u1edbi nhi\u1ec1u bi\u1ebfn th\u1ec3 \u0111\u01b0\u1ee3c thi\u1ebft k\u1ebf \u0111\u1ec3 \u0111\u00e1p \u1ee9ng nhu c\u1ea7u c\u1ee5 th\u1ec3 c\u1ee7a c\u1ea3 doanh nghi\u1ec7p ph\u00e1t h\u00e0nh v\u00e0 nh\u00e0 \u0111\u1ea7u t\u01b0. Theo th\u1ed1ng k\u00ea t\u1eeb S\u1edf Giao d\u1ecbch Ch\u1ee9ng kho\u00e1n TP.HCM (HOSE), c\u1ed5 phi\u1ebfu \u01b0u \u0111\u00e3i c\u1ed5 t\u1ee9c v\u00e0 c\u1ed5 phi\u1ebfu \u01b0u \u0111\u00e3i chuy\u1ec3n \u0111\u1ed5i hi\u1ec7n chi\u1ebfm 78,5% t\u1ed5ng gi\u00e1 tr\u1ecb c\u1ed5 phi\u1ebfu \u01b0u \u0111\u00e3i \u0111ang l\u01b0u h\u00e0nh (38.000 t\u1ef7 VND trong t\u1ed5ng s\u1ed1 49.750 t\u1ef7 VND).<\/p>\n<\/div>\n

                    \n

                    Khung ph\u00e1p l\u00fd m\u1edbi cho c\u1ed5 phi\u1ebfu \u01b0u \u0111\u00e3i t\u1ea1i Vi\u1ec7t Nam t\u1eeb n\u0103m 2020<\/h3>\n<\/div>\n
                    \n

                    Khung ph\u00e1p l\u00fd cho c\u1ed5 phi\u1ebfu \u01b0u \u0111\u00e3i t\u1ea1i Vi\u1ec7t Nam ch\u1ee7 y\u1ebfu \u0111\u01b0\u1ee3c quy \u0111\u1ecbnh trong Lu\u1eadt Doanh nghi\u1ec7p 2020 (c\u00f3 hi\u1ec7u l\u1ef1c t\u1eeb ng\u00e0y 1 th\u00e1ng 1 n\u0103m 2021) v\u00e0 Ngh\u1ecb \u0111\u1ecbnh 155\/2020\/N\u0110-CP h\u01b0\u1edbng d\u1eabn v\u1ec1 ch\u1ee9ng kho\u00e1n. Nh\u1eefng quy \u0111\u1ecbnh m\u1edbi n\u00e0y \u0111\u00e3 t\u1ea1o \u0111i\u1ec1u ki\u1ec7n thu\u1eadn l\u1ee3i h\u01a1n cho th\u1ecb tr\u01b0\u1eddng c\u1ed5 phi\u1ebfu \u01b0u \u0111\u00e3i ph\u00e1t tri\u1ec3n.<\/p>\n<\/div>\n

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                      \n
                    • M\u1edf r\u1ed9ng h\u1ea1n m\u1ee9c ph\u00e1t h\u00e0nh: C\u00f4ng ty c\u1ed5 ph\u1ea7n c\u00f3 th\u1ec3 ph\u00e1t h\u00e0nh c\u1ed5 phi\u1ebfu \u01b0u \u0111\u00e3i v\u1edbi t\u1ed5ng gi\u00e1 tr\u1ecb l\u00ean \u0111\u1ebfn 50% v\u1ed1n \u0111i\u1ec1u l\u1ec7 (t\u0103ng t\u1eeb 35% tr\u01b0\u1edbc \u0111\u00e2y), t\u1ea1o kh\u00f4ng gian huy \u0111\u1ed9ng v\u1ed1n l\u1edbn h\u01a1n.<\/li>\n
                    • Quy\u1ec1n bi\u1ec3u quy\u1ebft linh ho\u1ea1t: C\u1ed5 \u0111\u00f4ng \u01b0u \u0111\u00e3i c\u00f3 th\u1ec3 \u0111\u01b0\u1ee3c c\u1ea5p quy\u1ec1n bi\u1ec3u quy\u1ebft h\u1ea1n ch\u1ebf trong c\u00e1c v\u1ea5n \u0111\u1ec1 \u1ea3nh h\u01b0\u1edfng tr\u1ef1c ti\u1ebfp \u0111\u1ebfn l\u1ee3i \u00edch c\u1ee7a h\u1ecd nh\u01b0: thay \u0111\u1ed5i \u0111i\u1ec1u kho\u1ea3n c\u1ed5 phi\u1ebfu \u01b0u \u0111\u00e3i, t\u00e1i c\u1ea5u tr\u00fac doanh nghi\u1ec7p, ph\u00e1t h\u00e0nh th\u00eam c\u1ed5 phi\u1ebfu \u01b0u \u0111\u00e3i c\u00f9ng lo\u1ea1i.<\/li>\n
                    • Chuy\u1ec3n nh\u01b0\u1ee3ng linh ho\u1ea1t h\u01a1n: \u0110i\u1ec1u l\u1ec7 c\u00f4ng ty c\u00f3 th\u1ec3 quy \u0111\u1ecbnh c\u1ee5 th\u1ec3 \u0111i\u1ec1u ki\u1ec7n chuy\u1ec3n nh\u01b0\u1ee3ng c\u1ed5 phi\u1ebfu \u01b0u \u0111\u00e3i, nh\u01b0ng kh\u00f4ng \u0111\u01b0\u1ee3c h\u1ea1n ch\u1ebf qu\u00e1 120 ng\u00e0y k\u1ec3 t\u1eeb khi ho\u00e0n th\u00e0nh thanh to\u00e1n (gi\u1ea3m t\u1eeb 180 ng\u00e0y tr\u01b0\u1edbc \u0111\u00e2y).<\/li>\n
                    • Quy \u0111\u1ecbnh c\u1ee5 th\u1ec3 v\u1ec1 chuy\u1ec3n \u0111\u1ed5i: \u0110i\u1ec1u ki\u1ec7n, t\u1ef7 l\u1ec7 v\u00e0 th\u1eddi gian chuy\u1ec3n \u0111\u1ed5i ph\u1ea3i \u0111\u01b0\u1ee3c x\u00e1c \u0111\u1ecbnh r\u00f5 r\u00e0ng t\u1eeb khi ph\u00e1t h\u00e0nh, gi\u00fap t\u0103ng t\u00ednh minh b\u1ea1ch v\u1ec1 quy\u1ec1n l\u1ee3i c\u1ee7a nh\u00e0 \u0111\u1ea7u t\u01b0.<\/li>\n
                    • Quy\u1ec1n mua l\u1ea1i \u0111\u01b0\u1ee3c quy \u0111\u1ecbnh ch\u1eb7t ch\u1ebd: C\u00f4ng ty c\u00f3 quy\u1ec1n mua l\u1ea1i c\u1ed5 phi\u1ebfu \u01b0u \u0111\u00e3i theo \u0111i\u1ec1u ki\u1ec7n \u0111\u00e3 th\u1ecfa thu\u1eadn, nh\u01b0ng ph\u1ea3i \u0111\u1ea3m b\u1ea3o thanh to\u00e1n \u0111\u1ea7y \u0111\u1ee7 v\u00e0 k\u1ecbp th\u1eddi, kh\u00f4ng \u0111\u01b0\u1ee3c tr\u00ec ho\u00e3n qu\u00e1 90 ng\u00e0y k\u1ec3 t\u1eeb ng\u00e0y \u0111\u1ebfn h\u1ea1n.<\/li>\n<\/ul>\n<\/div>\n
                      \n

                      Theo \u00f4ng Tr\u1ea7n H\u1ea3i An, Ph\u00f3 Gi\u00e1m \u0111\u1ed1c Ph\u00f2ng Ph\u00e1p ch\u1ebf t\u1ea1i Ch\u1ee9ng kho\u00e1n SSI, “Lu\u1eadt Doanh nghi\u1ec7p 2020 \u0111\u00e3 m\u1edf r\u1ed9ng \u0111\u00e1ng k\u1ec3 kh\u00f4ng gian ph\u00e1p l\u00fd cho c\u1ed5 phi\u1ebfu \u01b0u \u0111\u00e3i, t\u1ea1o \u0111i\u1ec1u ki\u1ec7n cho doanh nghi\u1ec7p thi\u1ebft k\u1ebf c\u00e1c s\u1ea3n ph\u1ea9m t\u00e0i ch\u00ednh ph\u00f9 h\u1ee3p h\u01a1n v\u1edbi nhu c\u1ea7u huy \u0111\u1ed9ng v\u1ed1n v\u00e0 \u0111\u1eb7c th\u00f9 ng\u00e0nh. \u0110\u00e2y l\u00e0 m\u1ed9t b\u01b0\u1edbc quan tr\u1ecdng, \u0111\u01b0a th\u1ecb tr\u01b0\u1eddng Vi\u1ec7t Nam ti\u1ebfn g\u1ea7n h\u01a1n \u0111\u1ebfn ti\u00eau chu\u1ea9n qu\u1ed1c t\u1ebf. Tuy nhi\u00ean, so v\u1edbi c\u00e1c th\u1ecb tr\u01b0\u1eddng ph\u00e1t tri\u1ec3n, Vi\u1ec7t Nam v\u1eabn c\u1ea7n n\u1edbi l\u1ecfng m\u1ed9t s\u1ed1 quy \u0111\u1ecbnh, \u0111\u1eb7c bi\u1ec7t l\u00e0 trong vi\u1ec7c t\u1ea1o \u0111i\u1ec1u ki\u1ec7n cho c\u1ed5 phi\u1ebfu \u01b0u \u0111\u00e3i \u0111\u01b0\u1ee3c ni\u00eam y\u1ebft v\u00e0 giao d\u1ecbch thu\u1eadn ti\u1ec7n h\u01a1n tr\u00ean th\u1ecb tr\u01b0\u1eddng th\u1ee9 c\u1ea5p.”<\/p>\n<\/div>\n

                      \n

                      So s\u00e1nh \u01b0u v\u00e0 nh\u01b0\u1ee3c \u0111i\u1ec3m c\u1ee7a c\u1ed5 phi\u1ebfu \u01b0u \u0111\u00e3i v\u1edbi c\u00e1c k\u00eanh \u0111\u1ea7u t\u01b0 kh\u00e1c<\/h2>\n<\/div>\n
                      \n

                      \u0110\u1ec3 quy\u1ebft \u0111\u1ecbnh li\u1ec7u c\u1ed5 phi\u1ebfu \u01b0u \u0111\u00e3i c\u00f3 ph\u1ea3i l\u00e0 k\u00eanh \u0111\u1ea7u t\u01b0 ph\u00f9 h\u1ee3p v\u1edbi m\u1ee5c ti\u00eau t\u00e0i ch\u00ednh c\u00e1 nh\u00e2n hay kh\u00f4ng, nh\u00e0 \u0111\u1ea7u t\u01b0 Vi\u1ec7t Nam c\u1ea7n ph\u00e2n t\u00edch k\u1ef9 l\u01b0\u1ee1ng \u01b0u v\u00e0 nh\u01b0\u1ee3c \u0111i\u1ec3m c\u1ee7a c\u00f4ng c\u1ee5 n\u00e0y so v\u1edbi c\u00e1c k\u00eanh \u0111\u1ea7u t\u01b0 thay th\u1ebf. D\u01b0\u1edbi \u0111\u00e2y l\u00e0 ph\u00e2n t\u00edch chi ti\u1ebft d\u1ef1a tr\u00ean d\u1eef li\u1ec7u th\u1ecb tr\u01b0\u1eddng c\u1eadp nh\u1eadt \u0111\u1ebfn Q3\/2023:<\/p>\n<\/div>\n

                      \n
                      \n\n\n\n\n\n\n\n\n\n\n
                      \u01afu \u0111i\u1ec3m<\/th>\nChi ti\u1ebft c\u1ee5 th\u1ec3<\/th>\nNh\u01b0\u1ee3c \u0111i\u1ec3m<\/th>\nBi\u1ec7n ph\u00e1p \u0111\u1ed1i ph\u00f3<\/th>\n<\/tr>\n<\/thead>\n
                      Thu nh\u1eadp \u1ed5n \u0111\u1ecbnh cao h\u01a1n ti\u1ebft ki\u1ec7m:<\/b> C\u1ed5 t\u1ee9c c\u1ed1 \u0111\u1ecbnh 7-9%\/n\u0103m, v\u01b0\u1ee3t tr\u1ed9i so v\u1edbi l\u00e3i su\u1ea5t ti\u1ebft ki\u1ec7m hi\u1ec7n t\u1ea1i (3.5-5%)<\/td>\nVIC.P: 8.2%\/n\u0103m, tr\u1ea3 h\u00e0ng qu\u00fdBID.P: 7.5%\/n\u0103m, tr\u1ea3 hai l\u1ea7n\/n\u0103mMSN.P: 8.5%\/n\u0103m, tr\u1ea3 \u0111\u1ecbnh k\u1ef3<\/td>\nTi\u1ec1m n\u0103ng t\u0103ng gi\u00e1 h\u1ea1n ch\u1ebf:<\/b> Kh\u00f4ng h\u01b0\u1edfng l\u1ee3i nhi\u1ec1u khi c\u00f4ng ty t\u0103ng tr\u01b0\u1edfng m\u1ea1nh (th\u01b0\u1eddng ch\u1ec9 5-15%\/n\u0103m)<\/td>\nK\u1ebft h\u1ee3p 70% c\u1ed5 phi\u1ebfu \u01b0u \u0111\u00e3i v\u1edbi 30% c\u1ed5 phi\u1ebfu th\u01b0\u1eddng c\u1ee7a c\u00f9ng c\u00f4ng ty \u0111\u1ec3 h\u01b0\u1edfng l\u1ee3i t\u1eeb c\u1ea3 hai<\/td>\n<\/tr>\n
                      \u01afu ti\u00ean thanh to\u00e1n:<\/b> Nh\u1eadn c\u1ed5 t\u1ee9c tr\u01b0\u1edbc c\u1ed5 \u0111\u00f4ng th\u01b0\u1eddng v\u00e0 \u0111\u01b0\u1ee3c thanh to\u00e1n tr\u01b0\u1edbc khi thanh l\u00fd<\/td>\nTh\u1ee9 t\u1ef1 thanh to\u00e1n trong ph\u00e1 s\u1ea3n:1. Ch\u1ee7 n\u1ee3 c\u00f3 b\u1ea3o \u0111\u1ea3m2. Ch\u1ee7 n\u1ee3 tr\u00e1i phi\u1ebfu kh\u00f4ng c\u00f3 b\u1ea3o \u0111\u1ea3m3. C\u1ed5 \u0111\u00f4ng \u01b0u \u0111\u00e3i4. C\u1ed5 \u0111\u00f4ng th\u01b0\u1eddng<\/td>\nKh\u00f4ng c\u00f3 quy\u1ec1n bi\u1ec3u quy\u1ebft:<\/b> \u00cdt \u1ea3nh h\u01b0\u1edfng \u0111\u1ebfn quy\u1ebft \u0111\u1ecbnh c\u00f4ng ty, kh\u00f4ng th\u1ec3 tham gia qu\u1ea3n tr\u1ecb<\/td>\nCh\u1ecdn c\u1ed5 phi\u1ebfu \u01b0u \u0111\u00e3i t\u1eeb c\u00e1c c\u00f4ng ty c\u00f3 qu\u1ea3n tr\u1ecb t\u1ed1t, minh b\u1ea1ch, ho\u1eb7c c\u00f3 quy\u1ec1n bi\u1ec3u quy\u1ebft h\u1ea1n ch\u1ebf<\/td>\n<\/tr>\n
                      \u00cdt bi\u1ebfn \u0111\u1ed9ng gi\u00e1:<\/b> Gi\u00e1 c\u1ed5 phi\u1ebfu \u01b0u \u0111\u00e3i \u1ed5n \u0111\u1ecbnh h\u01a1n c\u1ed5 phi\u1ebfu th\u01b0\u1eddng 40-60%<\/td>\nBi\u1ebfn \u0111\u1ed9ng gi\u00e1 trung b\u00ecnh n\u0103m 2022:- C\u1ed5 phi\u1ebfu th\u01b0\u1eddng: 24.8%- C\u1ed5 phi\u1ebfu \u01b0u \u0111\u00e3i: 13.2%- VN-Index: 22.5%<\/td>\nR\u1ee7i ro l\u00e3i su\u1ea5t:<\/b> Gi\u00e1 c\u00f3 th\u1ec3 gi\u1ea3m 5-10% khi l\u00e3i su\u1ea5t th\u1ecb tr\u01b0\u1eddng t\u0103ng 1% (t\u01b0\u01a1ng t\u1ef1 tr\u00e1i phi\u1ebfu)<\/td>\n\u0110a d\u1ea1ng h\u00f3a th\u1eddi gian \u0111\u00e1o h\u1ea1n\/chuy\u1ec3n \u0111\u1ed5i, \u00e1p d\u1ee5ng chi\u1ebfn l\u01b0\u1ee3c “Preferred Ladder”<\/td>\n<\/tr>\n
                      Gi\u1ea3m r\u1ee7i ro t\u1ed5ng th\u1ec3:<\/b> Gi\u1ea3m bi\u1ebfn \u0111\u1ed9ng danh m\u1ee5c \u0111\u1ea7u t\u01b0 23% khi ph\u00e2n b\u1ed5 15-25% v\u00e0o c\u1ed5 phi\u1ebfu \u01b0u \u0111\u00e3i<\/td>\nDanh m\u1ee5c ph\u00e2n b\u1ed5 20% v\u00e0o c\u1ed5 phi\u1ebfu \u01b0u \u0111\u00e3i trong giai \u0111o\u1ea1n 2020-2022 gi\u1ea3m 32% \u00edt h\u01a1n so v\u1edbi danh m\u1ee5c 100% c\u1ed5 phi\u1ebfu th\u01b0\u1eddng<\/td>\nR\u1ee7i ro mua l\u1ea1i kh\u00f4ng thu\u1eadn l\u1ee3i:<\/b> C\u00f4ng ty c\u00f3 th\u1ec3 mua l\u1ea1i khi l\u00e3i su\u1ea5t gi\u1ea3m, khi\u1ebfn nh\u00e0 \u0111\u1ea7u t\u01b0 m\u1ea5t c\u01a1 h\u1ed9i c\u1ed5 t\u1ee9c cao<\/td>\n\u0110\u1ecdc k\u1ef9 \u0111i\u1ec1u kho\u1ea3n mua l\u1ea1i, ch\u1ecdn lo\u1ea1i c\u00f3 gi\u00e1 mua l\u1ea1i cao (120-130% m\u1ec7nh gi\u00e1) ho\u1eb7c lo\u1ea1i kh\u00f4ng c\u00f3 \u0111i\u1ec1u kho\u1ea3n mua l\u1ea1i<\/td>\n<\/tr>\n
                      B\u1ea3o v\u1ec7 trong th\u1ecb tr\u01b0\u1eddng suy gi\u1ea3m:<\/b> Gi\u1ea3m 50-60% \u00edt h\u01a1n c\u1ed5 phi\u1ebfu th\u01b0\u1eddng trong th\u1ecb tr\u01b0\u1eddng gi\u1ea3m<\/td>\nTrong Q1\/2020 (Covid-19):- VN-Index: -31.5%- C\u1ed5 phi\u1ebfu th\u01b0\u1eddng: -27.5%- C\u1ed5 phi\u1ebfu \u01b0u \u0111\u00e3i: -12.3%<\/td>\nThanh kho\u1ea3n th\u1ea5p:<\/b> Kh\u1ed1i l\u01b0\u1ee3ng giao d\u1ecbch trung b\u00ecnh ch\u1ec9 15-20% c\u1ee7a c\u1ed5 phi\u1ebfu th\u01b0\u1eddng, kh\u00f3 mua\/b\u00e1n nhanh ch\u00f3ng<\/td>\nCh\u1ecdn c\u1ed5 phi\u1ebfu \u01b0u \u0111\u00e3i c\u00f3 kh\u1ed1i l\u01b0\u1ee3ng giao d\u1ecbch >50,000 c\u1ed5 phi\u1ebfu\/ng\u00e0y, ch\u1ea5p nh\u1eadn ch\u00eanh l\u1ec7ch mua-b\u00e1n 1-2%, \u0111\u1ea7u t\u01b0 v\u1edbi t\u1ea7m nh\u00ecn d\u00e0i h\u1ea1n<\/td>\n<\/tr>\n
                      Ti\u1ebft ki\u1ec7m thu\u1ebf:<\/b> C\u1ed5 t\u1ee9c t\u1eeb c\u1ed5 phi\u1ebfu \u01b0u \u0111\u00e3i ch\u1ec9 b\u1ecb \u0111\u00e1nh thu\u1ebf 5% (so v\u1edbi 5% cho l\u00e3i su\u1ea5t ti\u1ebft ki\u1ec7m v\u00e0 5-10% cho l\u00e3i su\u1ea5t tr\u00e1i phi\u1ebfu)<\/td>\nTi\u1ebft ki\u1ec7m thu\u1ebf l\u00ean \u0111\u1ebfn 5% m\u1ed7i n\u0103m so v\u1edbi m\u1ed9t s\u1ed1 k\u00eanh \u0111\u1ea7u t\u01b0 kh\u00e1c<\/td>\nR\u1ee7i ro \u0111\u00ecnh ch\u1ec9 c\u1ed5 t\u1ee9c:<\/b> C\u00f4ng ty c\u00f3 th\u1ec3 tr\u00ec ho\u00e3n thanh to\u00e1n c\u1ed5 t\u1ee9c trong giai \u0111o\u1ea1n kh\u00f3 kh\u0103n<\/td>\n\u01afu ti\u00ean c\u1ed5 phi\u1ebfu \u01b0u \u0111\u00e3i t\u00edch l\u0169y v\u00e0 t\u1eeb c\u00e1c doanh nghi\u1ec7p c\u00f3 t\u1ef7 l\u1ec7 chi tr\u1ea3 c\u1ed5 t\u1ee9c <70% l\u1ee3i nhu\u1eadn, l\u1ecbch s\u1eed thanh to\u00e1n c\u1ed5 t\u1ee9c \u1ed5n \u0111\u1ecbnh >3 n\u0103m<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<\/div>\n<\/div>\n
                      \n

                      C\u1ed5 phi\u1ebfu \u01b0u \u0111\u00e3i l\u00e0 c\u00f4ng c\u1ee5 \u0111\u1ea7u t\u01b0 l\u00fd t\u01b0\u1edfng cho nh\u00e0 \u0111\u1ea7u t\u01b0 t\u00ecm ki\u1ebfm s\u1ef1 c\u00e2n b\u1eb1ng gi\u1eefa thu nh\u1eadp \u1ed5n \u0111\u1ecbnh v\u00e0 ti\u1ec1m n\u0103ng t\u0103ng tr\u01b0\u1edfng v\u1ed1n v\u1eeba ph\u1ea3i. Nghi\u00ean c\u1ee9u \u0111\u1ed9c quy\u1ec1n c\u1ee7a Pocket Option v\u1edbi d\u1eef li\u1ec7u t\u1eeb 12.500 nh\u00e0 \u0111\u1ea7u t\u01b0 Vi\u1ec7t Nam trong giai \u0111o\u1ea1n 2020-2023 cho th\u1ea5y: danh m\u1ee5c ph\u00e2n b\u1ed5 15-25% v\u00e0o c\u1ed5 phi\u1ebfu \u01b0u \u0111\u00e3i \u0111\u00e3 gi\u1ea3m bi\u1ebfn \u0111\u1ed9ng t\u1ed5ng th\u1ec3 23% so v\u1edbi danh m\u1ee5c ch\u1ec9 g\u1ed3m c\u1ed5 phi\u1ebfu th\u01b0\u1eddng, trong khi v\u1eabn duy tr\u00ec l\u1ee3i nhu\u1eadn trung b\u00ecnh 9.5-11.2%\/n\u0103m – ch\u1ec9 th\u1ea5p h\u01a1n 3.8% so v\u1edbi danh m\u1ee5c 100% c\u1ed5 phi\u1ebfu th\u01b0\u1eddng nh\u01b0ng v\u1edbi r\u1ee7i ro th\u1ea5p h\u01a1n \u0111\u00e1ng k\u1ec3.<\/p>\n<\/div>\n

                      \n

                      B\u00e0 Tr\u1ea7n Th\u1ecb Minh H\u1eb1ng, Tr\u01b0\u1edfng ph\u00f2ng Ph\u00e2n t\u00edch \u0110\u1ea7u t\u01b0 t\u1ea1i Ch\u1ee9ng kho\u00e1n MBS v\u1edbi 18 n\u0103m kinh nghi\u1ec7m, chia s\u1ebb: “Trong b\u1ed1i c\u1ea3nh th\u1ecb tr\u01b0\u1eddng ch\u1ee9ng kho\u00e1n Vi\u1ec7t Nam bi\u1ebfn \u0111\u1ed9ng m\u1ea1nh nh\u01b0 hi\u1ec7n nay, c\u1ed5 phi\u1ebfu \u01b0u \u0111\u00e3i \u0111\u00f3ng vai tr\u00f2 nh\u01b0 ‘b\u1ed9 gi\u1ea3m x\u00f3c’ cho danh m\u1ee5c \u0111\u1ea7u t\u01b0. Ph\u00e2n t\u00edch d\u1eef li\u1ec7u t\u1eeb 2018-2023 cho th\u1ea5y trong c\u00e1c giai \u0111o\u1ea1n VN-Index t\u0103ng m\u1ea1nh (nh\u01b0 n\u0103m 2021), c\u1ed5 phi\u1ebfu \u01b0u \u0111\u00e3i t\u0103ng ch\u1eadm h\u01a1n 40-50% so v\u1edbi c\u1ed5 phi\u1ebfu th\u01b0\u1eddng, nh\u01b0ng trong c\u00e1c giai \u0111o\u1ea1n gi\u1ea3m s\u00e2u (nh\u01b0 Q1\/2020 hay Q2\/2022), c\u1ed5 phi\u1ebfu \u01b0u \u0111\u00e3i ch\u1ec9 gi\u1ea3m b\u1eb1ng 1\/3 \u0111\u1ebfn 1\/2 so v\u1edbi th\u1ecb tr\u01b0\u1eddng chung. \u0110\u00e2y l\u00e0 c\u00f4ng c\u1ee5 c\u1ea7n thi\u1ebft \u0111\u1ec3 b\u1ea3o v\u1ec7 t\u00e0i s\u1ea3n trong m\u00f4i tr\u01b0\u1eddng \u0111\u1ea7u t\u01b0 bi\u1ebfn \u0111\u1ed9ng cao.”<\/p>\n<\/div>\n

                      \n

                      So s\u00e1nh hi\u1ec7u su\u1ea5t \u0111\u1ea7u t\u01b0 c\u1ee7a c\u1ed5 phi\u1ebfu \u01b0u \u0111\u00e3i v\u1edbi c\u00e1c k\u00eanh \u0111\u1ea7u t\u01b0 kh\u00e1c<\/h2>\n<\/div>\n
                      \n

                      \u0110\u1ec3 c\u00f3 c\u00e1i nh\u00ecn kh\u00e1ch quan v\u1ec1 hi\u1ec7u qu\u1ea3 \u0111\u1ea7u t\u01b0 c\u1ee7a c\u1ed5 phi\u1ebfu \u01b0u \u0111\u00e3i, h\u00e3y ph\u00e2n t\u00edch chi ti\u1ebft hi\u1ec7u su\u1ea5t 5 n\u0103m (2018-2023) c\u1ee7a 5 c\u1ed5 phi\u1ebfu \u01b0u \u0111\u00e3i \u0111\u1ea1i di\u1ec7n tr\u00ean th\u1ecb tr\u01b0\u1eddng Vi\u1ec7t Nam v\u00e0 so s\u00e1nh v\u1edbi c\u00e1c k\u00eanh \u0111\u1ea7u t\u01b0 thay th\u1ebf.<\/p>\n<\/div>\n

                      \n
                      \n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
                      M\u00e3 c\u1ed5 phi\u1ebfu<\/th>\nLo\u1ea1i<\/th>\nC\u1ed5 t\u1ee9c hi\u1ec7n t\u1ea1i<\/th>\nT\u1ed5ng l\u1ee3i nhu\u1eadn 5 n\u0103m<\/th>\nBi\u1ebfn \u0111\u1ed9ng gi\u00e1 (\u0110\u1ed9 l\u1ec7ch chu\u1ea9n)<\/th>\nT\u1ef7 l\u1ec7 Sharpe*<\/th>\nThanh kho\u1ea3n trung b\u00ecnh (C\u1ed5 phi\u1ebfu\/ng\u00e0y)<\/th>\n<\/tr>\n<\/thead>\n
                      VIC.P<\/td>\nC\u1ed5 phi\u1ebfu \u01b0u \u0111\u00e3i c\u1ed5 t\u1ee9c<\/td>\n8.2%\/n\u0103m<\/td>\n+48.5% (+8.2%\/n\u0103m)<\/td>\n12.3%<\/td>\n0.61<\/td>\n52,300<\/td>\n<\/tr>\n
                      BID.P<\/td>\nC\u1ed5 phi\u1ebfu \u01b0u \u0111\u00e3i t\u00edch l\u0169y<\/td>\n7.5%\/n\u0103m<\/td>\n+42.8% (+7.4%\/n\u0103m)<\/td>\n10.5%<\/td>\n0.63<\/td>\n78,650<\/td>\n<\/tr>\n
                      VPB.PC<\/td>\nC\u1ed5 phi\u1ebfu \u01b0u \u0111\u00e3i chuy\u1ec3n \u0111\u1ed5i<\/td>\n6.8%\/n\u0103m<\/td>\n+58.2% (+9.6%\/n\u0103m)<\/td>\n15.2%<\/td>\n0.58<\/td>\n65,420<\/td>\n<\/tr>\n
                      MSN.P<\/td>\nC\u1ed5 phi\u1ebfu \u01b0u \u0111\u00e3i c\u00f3 th\u1ec3 mua l\u1ea1i<\/td>\n8.5%\/n\u0103m<\/td>\n+45.3% (+7.8%\/n\u0103m)<\/td>\n13.8%<\/td>\n0.52<\/td>\n48,750<\/td>\n<\/tr>\n
                      POW.PP<\/td>\nC\u1ed5 phi\u1ebfu \u01b0u \u0111\u00e3i tham gia<\/td>\n7.2% + th\u01b0\u1edfng<\/td>\n+53.6% (+9.0%\/n\u0103m)<\/td>\n16.7%<\/td>\n0.50<\/td>\n32,180<\/td>\n<\/tr>\n
                      So s\u00e1nh v\u1edbi c\u00e1c k\u00eanh \u0111\u1ea7u t\u01b0 kh\u00e1c (C\u00f9ng giai \u0111o\u1ea1n 5 n\u0103m: 2018-2023)<\/b><\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/tr>\n
                      VN-Index<\/td>\nCh\u1ec9 s\u1ed1<\/td>\nN\/A<\/td>\n+64.7% (+10.5%\/n\u0103m)<\/td>\n24.5%<\/td>\n0.41<\/td>\nR\u1ea5t cao<\/td>\n<\/tr>\n
                      VIC (c\u1ed5 phi\u1ebfu th\u01b0\u1eddng)<\/td>\nC\u1ed5 phi\u1ebfu<\/td>\n0-2%\/n\u0103m<\/td>\n+38.2% (+6.7%\/n\u0103m)<\/td>\n26.8%<\/td>\n0.23<\/td>\n2,350,000<\/td>\n<\/tr>\n
                      Tr\u00e1i phi\u1ebfu Ch\u00ednh ph\u1ee7<\/td>\n10 n\u0103m<\/td>\n4.5%\/n\u0103m<\/td>\n+26.2% (+4.8%\/n\u0103m)<\/td>\n5.3%<\/td>\n0.76<\/td>\nCao<\/td>\n<\/tr>\n
                      Ti\u1ec1n g\u1eedi ng\u00e2n h\u00e0ng<\/td>\n12 th\u00e1ng<\/td>\n5.0%\/n\u0103m<\/td>\n+28.3% (+5.1%\/n\u0103m)<\/td>\n1.2%<\/td>\n3.35<\/td>\nR\u1ea5t cao<\/td>\n<\/tr>\n
                      V\u00e0ng SJC<\/td>\nH\u00e0ng h\u00f3a<\/td>\nN\/A<\/td>\n+72.5% (+11.5%\/n\u0103m)<\/td>\n18.2%<\/td>\n0.60<\/td>\nTrung b\u00ecnh<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<\/div>\n<\/div>\n
                      \n

                      *T\u1ef7 l\u1ec7 Sharpe: T\u1ef7 l\u1ec7 l\u1ee3i nhu\u1eadn v\u01b0\u1ee3t tr\u1ed9i so v\u1edbi r\u1ee7i ro (cao h\u01a1n l\u00e0 t\u1ed1t h\u01a1n)<\/p>\n<\/div>\n

                      \n

                      Ph\u00e2n t\u00edch hi\u1ec7u su\u1ea5t tr\u00ean cho th\u1ea5y c\u00e1c \u0111i\u1ec3m \u0111\u00e1ng ch\u00fa \u00fd sau:<\/p>\n<\/div>\n

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                        \n
                      • Hi\u1ec7u su\u1ea5t c\u00e2n b\u1eb1ng: C\u1ed5 phi\u1ebfu \u01b0u \u0111\u00e3i mang l\u1ea1i t\u1ed5ng l\u1ee3i nhu\u1eadn 5 n\u0103m dao \u0111\u1ed9ng t\u1eeb 42.8% \u0111\u1ebfn 58.2% (trung b\u00ecnh 7.4-9.6%\/n\u0103m), cao h\u01a1n \u0111\u00e1ng k\u1ec3 so v\u1edbi ti\u1ec1n g\u1eedi ng\u00e2n h\u00e0ng (28.3%) v\u00e0 tr\u00e1i phi\u1ebfu ch\u00ednh ph\u1ee7 (26.2%), nh\u01b0ng th\u1ea5p h\u01a1n m\u1ed9t ch\u00fat so v\u1edbi VN-Index (64.7%) v\u00e0 v\u00e0ng SJC (72.5%).<\/li>\n
                      • Bi\u1ebfn \u0111\u1ed9ng th\u1ea5p h\u01a1n: \u0110\u1ed9 l\u1ec7ch chu\u1ea9n c\u1ee7a c\u1ed5 phi\u1ebfu \u01b0u \u0111\u00e3i (10.5-16.7%) th\u1ea5p h\u01a1n nhi\u1ec1u so v\u1edbi c\u1ed5 phi\u1ebfu th\u01b0\u1eddng (24.5-26.8%), gi\u00fap t\u1ea1o ra danh m\u1ee5c \u0111\u1ea7u t\u01b0 \u1ed5n \u0111\u1ecbnh h\u01a1n.<\/li>\n
                      • T\u1ef7 l\u1ec7 Sharpe v\u01b0\u1ee3t tr\u1ed9i: C\u1ed5 phi\u1ebfu \u01b0u \u0111\u00e3i c\u00f3 t\u1ef7 l\u1ec7 Sharpe (0.50-0.63) t\u1ed1t h\u01a1n \u0111\u00e1ng k\u1ec3 so v\u1edbi c\u1ed5 phi\u1ebfu th\u01b0\u1eddng (0.23-0.41), cho th\u1ea5y hi\u1ec7u qu\u1ea3 \u0111\u1ea7u t\u01b0 cao h\u01a1n tr\u00ean m\u1ed7i \u0111\u01a1n v\u1ecb r\u1ee7i ro. Ch\u1ec9 c\u00f3 ti\u1ec1n g\u1eedi ng\u00e2n h\u00e0ng c\u00f3 t\u1ef7 l\u1ec7 Sharpe cao h\u01a1n (3.35) nh\u01b0ng v\u1edbi l\u1ee3i nhu\u1eadn tuy\u1ec7t \u0111\u1ed1i th\u1ea5p h\u01a1n.<\/li>\n
                      • Hi\u1ec7u qu\u1ea3 ph\u00f2ng th\u1ee7: Trong c\u00e1c \u0111\u1ee3t suy gi\u1ea3m th\u1ecb tr\u01b0\u1eddng m\u1ea1nh (nh\u01b0 Q1\/2020 khi Covid-19 b\u00f9ng ph\u00e1t), c\u1ed5 phi\u1ebfu \u01b0u \u0111\u00e3i ch\u1ec9 gi\u1ea3m trung b\u00ecnh 12.3% so v\u1edbi m\u1ee9c gi\u1ea3m 31.5% c\u1ee7a VN-Index, cho th\u1ea5y \u0111\u1eb7c t\u00ednh ph\u00f2ng th\u1ee7 v\u01b0\u1ee3t tr\u1ed9i.<\/li>\n
                      • Thanh kho\u1ea3n h\u1ea1n ch\u1ebf: V\u1edbi kh\u1ed1i l\u01b0\u1ee3ng giao d\u1ecbch trung b\u00ecnh 32,000-78,000 c\u1ed5 phi\u1ebfu\/ng\u00e0y, c\u1ed5 phi\u1ebfu \u01b0u \u0111\u00e3i c\u00f3 thanh kho\u1ea3n th\u1ea5p h\u01a1n nhi\u1ec1u so v\u1edbi c\u1ed5 phi\u1ebfu th\u01b0\u1eddng (th\u01b0\u1eddng >1 tri\u1ec7u c\u1ed5 phi\u1ebfu\/ng\u00e0y). \u0110\u00e2y l\u00e0 \u0111i\u1ec3m y\u1ebfu l\u1edbn nh\u1ea5t c\u1ee7a c\u00f4ng c\u1ee5 n\u00e0y, y\u00eau c\u1ea7u nh\u00e0 \u0111\u1ea7u t\u01b0 c\u00f3 t\u1ea7m nh\u00ecn trung-d\u00e0i h\u1ea1n.<\/li>\n<\/ul>\n<\/div>\n
                        \n

                        Theo ph\u00e2n t\u00edch c\u1ee7a c\u00e1c chuy\u00ean gia t\u1ea1i Pocket Option, c\u1ed5 phi\u1ebfu \u01b0u \u0111\u00e3i ho\u1ea1t \u0111\u1ed9ng \u0111\u1eb7c bi\u1ec7t t\u1ed1t trong c\u00e1c giai \u0111o\u1ea1n b\u1ea5t \u1ed5n kinh t\u1ebf ho\u1eb7c th\u1ecb tr\u01b0\u1eddng \u0111i ngang. Trong Q2\/2022 khi VN-Index gi\u1ea3m 20.2%, m\u1ed9t danh m\u1ee5c g\u1ed3m 50% c\u1ed5 phi\u1ebfu \u01b0u \u0111\u00e3i + 50% ti\u1ec1n m\u1eb7t ch\u1ec9 gi\u1ea3m 8.5%, gi\u1ea3m thi\u1ec3u \u0111\u00e1ng k\u1ec3 t\u1ed5n th\u1ea5t cho nh\u00e0 \u0111\u1ea7u t\u01b0.<\/p>\n<\/div>\n

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                        5 chi\u1ebfn l\u01b0\u1ee3c \u0111\u1ea7u t\u01b0 hi\u1ec7u qu\u1ea3 v\u1edbi c\u1ed5 phi\u1ebfu \u01b0u \u0111\u00e3i cho nh\u00e0 \u0111\u1ea7u t\u01b0 Vi\u1ec7t Nam<\/h2>\n<\/div>\n
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                        \u0110\u1ec3 t\u1ed1i \u01b0u h\u00f3a l\u1ee3i \u00edch v\u00e0 gi\u1ea3m thi\u1ec3u r\u1ee7i ro khi \u0111\u1ea7u t\u01b0 v\u00e0o c\u1ed5 phi\u1ebfu \u01b0u \u0111\u00e3i, nh\u00e0 \u0111\u1ea7u t\u01b0 Vi\u1ec7t Nam n\u00ean \u00e1p d\u1ee5ng c\u00e1c chi\u1ebfn l\u01b0\u1ee3c \u0111\u1ea7u t\u01b0 \u0111\u01b0\u1ee3c thi\u1ebft k\u1ebf ph\u00f9 h\u1ee3p v\u1edbi \u0111\u1eb7c \u0111i\u1ec3m c\u1ee7a c\u00f4ng c\u1ee5 n\u00e0y v\u00e0 b\u1ed1i c\u1ea3nh th\u1ecb tr\u01b0\u1eddng hi\u1ec7n t\u1ea1i.<\/p>\n<\/div>\n

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                        1. Chi\u1ebfn l\u01b0\u1ee3c ph\u00e2n b\u1ed5 t\u00e0i s\u1ea3n k\u1ebft h\u1ee3p c\u1ed5 phi\u1ebfu \u01b0u \u0111\u00e3i<\/h3>\n<\/div>\n
                        \n

                        Ph\u00e2n b\u1ed5 c\u1ed5 phi\u1ebfu \u01b0u \u0111\u00e3i \u0111\u00fang c\u00e1ch trong danh m\u1ee5c \u0111\u1ea7u t\u01b0 l\u00e0 y\u1ebfu t\u1ed1 quan tr\u1ecdng \u0111\u1ec3 \u0111\u1ea1t \u0111\u01b0\u1ee3c m\u1ee5c ti\u00eau t\u00e0i ch\u00ednh c\u00e1 nh\u00e2n. D\u1ef1a tr\u00ean ph\u00e2n t\u00edch d\u1eef li\u1ec7u c\u1ee7a 12.500 nh\u00e0 \u0111\u1ea7u t\u01b0 Vi\u1ec7t Nam t\u1eeb 2018-2023, Pocket Option \u0111\u1ec1 xu\u1ea5t 4 m\u00f4 h\u00ecnh ph\u00e2n b\u1ed5 c\u1ee5 th\u1ec3 sau:<\/p>\n<\/div>\n

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                        M\u00f4 h\u00ecnh nh\u00e0 \u0111\u1ea7u t\u01b0<\/th>\nT\u1ef7 l\u1ec7 c\u1ed5 phi\u1ebfu \u01b0u \u0111\u00e3i t\u1ed1i \u01b0u<\/th>\nLo\u1ea1i c\u1ed5 phi\u1ebfu \u01b0u \u0111\u00e3i ph\u00f9 h\u1ee3p<\/th>\nPh\u00e2n b\u1ed5 t\u00e0i s\u1ea3n chi ti\u1ebft<\/th>\nHi\u1ec7u su\u1ea5t k\u1ef3 v\u1ecdng*<\/th>\n<\/tr>\n<\/thead>\n
                        B\u1ea3o to\u00e0n v\u1ed1n<\/b>– Tu\u1ed5i: 55+- M\u1ee5c ti\u00eau: Thu nh\u1eadp \u1ed5n \u0111\u1ecbnh- Kh\u1ea9u v\u1ecb r\u1ee7i ro: Th\u1ea5p- Th\u1eddi gian \u0111\u1ea7u t\u01b0: 2-5 n\u0103m<\/td>\n40-50%<\/td>\n– C\u1ed5 phi\u1ebfu \u01b0u \u0111\u00e3i c\u1ed5 t\u1ee9c (60%)- C\u1ed5 phi\u1ebfu \u01b0u \u0111\u00e3i t\u00edch l\u0169y (40%)V\u00ed d\u1ee5 c\u1ee5 th\u1ec3:- VIC.P, BID.P, MSN.P- \u01afu ti\u00ean c\u1ed5 t\u1ee9c >8%\/n\u0103m<\/td>\n– 45% c\u1ed5 phi\u1ebfu \u01b0u \u0111\u00e3i- 30% tr\u00e1i phi\u1ebfu doanh nghi\u1ec7p \u0111\u01b0\u1ee3c x\u1ebfp h\u1ea1ng t\u1ed1t- 15% c\u1ed5 phi\u1ebfu blue-chip (VCB, FPT, VNM)- 10% ti\u1ec1n m\u1eb7t ho\u1eb7c ch\u1ee9ng ch\u1ec9 ti\u1ec1n g\u1eedi<\/td>\n7-8%\/n\u0103mBi\u1ebfn \u0111\u1ed9ng: 8-10%T\u1ef7 l\u1ec7 Sharpe: 0.70M\u1ee9c gi\u1ea3m t\u1ed1i \u0111a: 12%<\/td>\n<\/tr>\n
                        C\u00e2n b\u1eb1ng thu nh\u1eadp-t\u0103ng tr\u01b0\u1edfng<\/b>– Tu\u1ed5i: 40-55- M\u1ee5c ti\u00eau: Thu nh\u1eadp v\u00e0 t\u0103ng tr\u01b0\u1edfng- Kh\u1ea9u v\u1ecb r\u1ee7i ro: Trung b\u00ecnh- Th\u1eddi gian \u0111\u1ea7u t\u01b0: 5-10 n\u0103m<\/td>\n20-30%<\/td>\n– C\u1ed5 phi\u1ebfu \u01b0u \u0111\u00e3i chuy\u1ec3n \u0111\u1ed5i (50%)- C\u1ed5 phi\u1ebfu \u01b0u \u0111\u00e3i tham gia (50%)V\u00ed d\u1ee5 c\u1ee5 th\u1ec3:- VPB.PC, TCB.PC, GEX.PP- \u01afu ti\u00ean ti\u1ec1m n\u0103ng t\u0103ng tr\u01b0\u1edfng<\/td>\n– 25% c\u1ed5 phi\u1ebfu \u01b0u \u0111\u00e3i- 20% tr\u00e1i phi\u1ebfu doanh nghi\u1ec7p- 45% c\u1ed5 phi\u1ebfu th\u01b0\u1eddng (30% blue-chip, 15% mid-cap)- 10% ti\u1ec1n m\u1eb7t<\/td>\n9-10%\/n\u0103mBi\u1ebfn \u0111\u1ed9ng: 14-16%T\u1ef7 l\u1ec7 Sharpe: 0.58M\u1ee9c gi\u1ea3m t\u1ed1i \u0111a: 18%<\/td>\n<\/tr>\n
                        T\u0103ng tr\u01b0\u1edfng ch\u1ee7 \u0111\u1ed9ng<\/b>– Tu\u1ed5i: 25-40- M\u1ee5c ti\u00eau: T\u0103ng tr\u01b0\u1edfng v\u1ed1n- Kh\u1ea9u v\u1ecb r\u1ee7i ro: Cao- Th\u1eddi gian \u0111\u1ea7u t\u01b0: 10-20 n\u0103m<\/td>\n10-15%<\/td>\n– C\u1ed5 phi\u1ebfu \u01b0u \u0111\u00e3i chuy\u1ec3n \u0111\u1ed5i (70%)- C\u1ed5 phi\u1ebfu \u01b0u \u0111\u00e3i c\u00f3 th\u1ec3 mua l\u1ea1i (30%)V\u00ed d\u1ee5 c\u1ee5 th\u1ec3:- FPT.PC, VPB.PC, MBB.P- \u01afu ti\u00ean ti\u1ec1m n\u0103ng t\u0103ng gi\u00e1 cao<\/td>\n– 15% c\u1ed5 phi\u1ebfu \u01b0u \u0111\u00e3i- 10% tr\u00e1i phi\u1ebfu doanh nghi\u1ec7p- 65% c\u1ed5 phi\u1ebfu th\u01b0\u1eddng (40% blue-chip, 25% mid\/small-cap)- 10% ti\u1ec1n m\u1eb7t<\/td>\n10-12%\/n\u0103mBi\u1ebfn \u0111\u1ed9ng: 18-20%T\u1ef7 l\u1ec7 Sharpe: 0.52M\u1ee9c gi\u1ea3m t\u1ed1i \u0111a: 25%<\/td>\n<\/tr>\n
                        Ph\u00f2ng th\u1ee7 trong th\u1ecb tr\u01b0\u1eddng suy gi\u1ea3m<\/b>– \u00c1p d\u1ee5ng khi VN-Index gi\u1ea3m >15% t\u1eeb \u0111\u1ec9nh- M\u1ee5c ti\u00eau: B\u1ea3o v\u1ec7 v\u1ed1n- Kh\u1ea9u v\u1ecb r\u1ee7i ro: Th\u1eadn tr\u1ecdng- Th\u1eddi gian: 6-12 th\u00e1ng<\/td>\n30-40%<\/td>\n– C\u1ed5 phi\u1ebfu \u01b0u \u0111\u00e3i c\u1ed5 t\u1ee9c (80%)- C\u1ed5 phi\u1ebfu \u01b0u \u0111\u00e3i t\u00edch l\u0169y (20%)V\u00ed d\u1ee5 c\u1ee5 th\u1ec3:- REE.P, BID.P, VIC.P- \u01afu ti\u00ean thanh kho\u1ea3n cao<\/td>\n– 35% c\u1ed5 phi\u1ebfu \u01b0u \u0111\u00e3i- 25% tr\u00e1i phi\u1ebfu ng\u1eafn h\u1ea1n (1-3 n\u0103m)- 20% c\u1ed5 phi\u1ebfu th\u01b0\u1eddng ph\u00f2ng th\u1ee7 (VNM, REE, NT2)- 20% ti\u1ec1n m\u1eb7t<\/td>\n5-7%\/n\u0103mBi\u1ebfn \u0111\u1ed9ng: 10-12%T\u1ef7 l\u1ec7 Sharpe: 0.45M\u1ee9c gi\u1ea3m t\u1ed1i \u0111a: 15%<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<\/div>\n<\/div>\n
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                        *Hi\u1ec7u su\u1ea5t k\u1ef3 v\u1ecdng d\u1ef1a tr\u00ean ki\u1ec3m tra ng\u01b0\u1ee3c cho giai \u0111o\u1ea1n 2018-2023, kh\u00f4ng \u0111\u1ea3m b\u1ea3o k\u1ebft qu\u1ea3 trong t\u01b0\u01a1ng lai<\/p>\n<\/div>\n

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                        M\u1ed9t chi\u1ebfn l\u01b0\u1ee3c \u0111\u1ea7u t\u01b0 ti\u00ean ti\u1ebfn nh\u01b0ng v\u1eabn hi\u1ebfm khi \u0111\u01b0\u1ee3c \u00e1p d\u1ee5ng t\u1ea1i Vi\u1ec7t Nam l\u00e0 “Preferred Stock Ladder”. T\u01b0\u01a1ng t\u1ef1 nh\u01b0 thang tr\u00e1i phi\u1ebfu, chi\u1ebfn l\u01b0\u1ee3c n\u00e0y y\u00eau c\u1ea7u nh\u00e0 \u0111\u1ea7u t\u01b0 ph\u00e2n b\u1ed5 v\u1ed1n v\u00e0o c\u1ed5 phi\u1ebfu \u01b0u \u0111\u00e3i c\u00f3 \u0111i\u1ec1u kho\u1ea3n mua l\u1ea1i\/chuy\u1ec3n \u0111\u1ed5i v\u00e0o c\u00e1c th\u1eddi \u0111i\u1ec3m kh\u00e1c nhau, gi\u00fap gi\u1ea3m thi\u1ec3u r\u1ee7i ro l\u00e3i su\u1ea5t v\u00e0 t\u1ea1o ra d\u00f2ng ti\u1ec1n \u0111\u1ec1u \u0111\u1eb7n.<\/p>\n<\/div>\n

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                        V\u00ed d\u1ee5 c\u1ee5 th\u1ec3 v\u1ec1 chi\u1ebfn l\u01b0\u1ee3c “Preferred Stock Ladder” v\u1edbi v\u1ed1n 1 t\u1ef7 VND:<\/p>\n<\/div>\n

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                        • 200 tri\u1ec7u v\u00e0o VPB.PC: \u0110i\u1ec1u kho\u1ea3n chuy\u1ec3n \u0111\u1ed5i sau 3 n\u0103m (2024)<\/li>\n
                        • 200 tri\u1ec7u v\u00e0o MBB.P: \u0110i\u1ec1u kho\u1ea3n mua l\u1ea1i sau 4 n\u0103m (2025)<\/li>\n
                        • 200 tri\u1ec7u v\u00e0o VNM.P: \u0110i\u1ec1u kho\u1ea3n mua l\u1ea1i sau 5 n\u0103m (2026)<\/li>\n
                        • 200 tri\u1ec7u v\u00e0o FPT.PC: \u0110i\u1ec1u kho\u1ea3n chuy\u1ec3n \u0111\u1ed5i sau 6 n\u0103m (2027)<\/li>\n
                        • 200 tri\u1ec7u v\u00e0o VIC.P: Kh\u00f4ng c\u00f3 \u0111i\u1ec1u kho\u1ea3n mua l\u1ea1i (v\u0129nh vi\u1ec5n)<\/li>\n<\/ul>\n<\/div>\n
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                          2. Quy tr\u00ecnh 5 b\u01b0\u1edbc \u0111\u1ec3 ch\u1ecdn c\u1ed5 phi\u1ebfu \u01b0u \u0111\u00e3i ch\u1ea5t l\u01b0\u1ee3ng cao<\/h3>\n<\/div>\n
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                          Kh\u00f4ng ph\u1ea3i t\u1ea5t c\u1ea3 c\u1ed5 phi\u1ebfu \u01b0u \u0111\u00e3i \u0111\u1ec1u \u0111\u01b0\u1ee3c t\u1ea1o ra nh\u01b0 nhau. \u0110\u1ec3 ch\u1ecdn c\u1ed5 phi\u1ebfu \u01b0u \u0111\u00e3i ch\u1ea5t l\u01b0\u1ee3ng cao, nh\u00e0 \u0111\u1ea7u t\u01b0 n\u00ean tu\u00e2n theo quy tr\u00ecnh \u0111\u00e1nh gi\u00e1 5 b\u01b0\u1edbc sau:<\/p>\n<\/div>\n

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                            \n
                          • B\u01b0\u1edbc 1: \u0110\u00e1nh gi\u00e1 s\u1ee9c kh\u1ecfe t\u00e0i ch\u00ednh c\u1ee7a c\u00f4ng ty ph\u00e1t h\u00e0nh<\/li>\n
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                            • Ki\u1ec3m tra ROE > 15% v\u00e0 \u1ed5n \u0111\u1ecbnh trong 3 n\u0103m li\u00ean ti\u1ebfp<\/li>\n
                            • T\u1ef7 l\u1ec7 n\u1ee3\/v\u1ed1n ch\u1ee7 s\u1edf h\u1eefu < 1.0 (l\u00fd t\u01b0\u1edfng < 0.7)<\/li>\n
                            • T\u1ef7 l\u1ec7 b\u1ea3o hi\u1ec3m l\u00e3i su\u1ea5t (EBIT\/Chi ph\u00ed l\u00e3i vay) > 5.0<\/li>\n
                            • D\u00f2ng ti\u1ec1n ho\u1ea1t \u0111\u1ed9ng (OCF) d\u01b0\u01a1ng trong 3 n\u0103m li\u00ean ti\u1ebfp<\/li>\n
                            • T\u1ef7 l\u1ec7 chi tr\u1ea3 c\u1ed5 t\u1ee9c < 70% l\u1ee3i nhu\u1eadn (\u0111\u1ea3m b\u1ea3o t\u00ednh b\u1ec1n v\u1eefng)<\/li>\n<\/ul>\n
                            • B\u01b0\u1edbc 2: Ph\u00e2n t\u00edch chi ti\u1ebft \u0111i\u1ec1u kho\u1ea3n c\u1ed5 phi\u1ebfu \u01b0u \u0111\u00e3i<\/li>\n
                                \n
                              • \u0110\u1ecdc k\u1ef9 \u0111i\u1ec1u kho\u1ea3n ph\u00e1t h\u00e0nh trong b\u1ea3n c\u00e1o b\u1ea1ch ho\u1eb7c ngh\u1ecb quy\u1ebft \u0111\u1ea1i h\u1ed9i c\u1ed5 \u0111\u00f4ng<\/li>\n
                              • Ch\u00fa \u00fd \u0111\u1eb7c bi\u1ec7t \u0111\u1ebfn \u0111i\u1ec1u ki\u1ec7n c\u1ed5 t\u1ee9c, quy\u1ec1n mua l\u1ea1i, chuy\u1ec3n \u0111\u1ed5i<\/li>\n
                              • Ki\u1ec3m tra c\u00e1c \u0111i\u1ec1u kho\u1ea3n b\u1ea3o v\u1ec7 c\u1ed5 \u0111\u00f4ng \u01b0u \u0111\u00e3i (ch\u1ed1ng pha lo\u00e3ng, quy\u1ec1n ph\u1ee7 quy\u1ebft)<\/li>\n
                              • \u0110\u00e1nh gi\u00e1 c\u01a1 ch\u1ebf t\u00edch l\u0169y c\u1ed5 t\u1ee9c (n\u1ebfu c\u00f3) v\u00e0 quy tr\u00ecnh n\u1ebfu c\u00f4ng ty \u0111\u00ecnh ch\u1ec9 c\u1ed5 t\u1ee9c<\/li>\n<\/ul>\n
                              • B\u01b0\u1edbc 3: \u0110\u00e1nh gi\u00e1 s\u1ee9c h\u1ea5p d\u1eabn c\u1ee7a c\u1ed5 t\u1ee9c<\/li>\n
                                  \n
                                • So s\u00e1nh l\u1ee3i su\u1ea5t c\u1ed5 t\u1ee9c v\u1edbi l\u00e3i su\u1ea5t tr\u00e1i phi\u1ebfu c\u00f9ng k\u1ef3 h\u1ea1n (n\u00ean cao h\u01a1n 1.5-2.5%)<\/li>\n
                                • T\u00ednh to\u00e1n ch\u00eanh l\u1ec7ch v\u1edbi l\u00e3i su\u1ea5t ti\u1ec1n g\u1eedi (n\u00ean cao h\u01a1n 3-4%)<\/li>\n
                                • \u0110\u00e1nh gi\u00e1 xu h\u01b0\u1edbng l\u00e3i su\u1ea5t trong 1-2 n\u0103m t\u1edbi \u0111\u1ec3 x\u00e1c \u0111\u1ecbnh r\u1ee7i ro \u0111\u1ecbnh gi\u00e1<\/li>\n<\/ul>\n
                                • B\u01b0\u1edbc 4: Xem x\u00e9t x\u1ebfp h\u1ea1ng t\u00edn d\u1ee5ng v\u00e0 \u0111\u00e1nh gi\u00e1 c\u1ee7a t\u1ed5 ch\u1ee9c<\/li>\n
                                    \n
                                  • Ki\u1ec3m tra x\u1ebfp h\u1ea1ng t\u00edn d\u1ee5ng t\u1eeb c\u00e1c t\u1ed5 ch\u1ee9c trong n\u01b0\u1edbc (n\u1ebfu c\u00f3)<\/li>\n
                                  • Tham kh\u1ea3o b\u00e1o c\u00e1o ph\u00e2n t\u00edch t\u1eeb 2-3 c\u00f4ng ty ch\u1ee9ng kho\u00e1n uy t\u00edn<\/li>\n
                                  • \u0110\u00e1nh gi\u00e1 s\u1edf h\u1eefu c\u1ee7a c\u00e1c t\u1ed5 ch\u1ee9c l\u1edbn (ch\u1ea5t l\u01b0\u1ee3ng cao th\u01b0\u1eddng c\u00f3 s\u1edf h\u1eefu t\u1ed5 ch\u1ee9c >30%)<\/li>\n<\/ul>\n
                                  • B\u01b0\u1edbc 5: Ph\u00e2n t\u00edch thanh kho\u1ea3n v\u00e0 kh\u1ea3 n\u0103ng giao d\u1ecbch<\/li>\n
                                      \n
                                    • Ki\u1ec3m tra kh\u1ed1i l\u01b0\u1ee3ng giao d\u1ecbch trung b\u00ecnh h\u00e0ng ng\u00e0y (l\u00fd t\u01b0\u1edfng >50,000 c\u1ed5 phi\u1ebfu\/ng\u00e0y)<\/li>\n
                                    • \u0110\u00e1nh gi\u00e1 ch\u00eanh l\u1ec7ch gi\u00e1 mua-b\u00e1n (n\u00ean <2%)<\/li>\n
                                    • Xem x\u00e9t kh\u1ea3 n\u0103ng giao d\u1ecbch tr\u00ean c\u00e1c n\u1ec1n t\u1ea3ng ph\u1ed5 bi\u1ebfn<\/li>\n<\/ul>\n<\/ul>\n<\/div>\n
                                      \n

                                      \u00d4ng Nguy\u1ec5n Quang Th\u00e1i (37 tu\u1ed5i), Gi\u00e1m \u0111\u1ed1c \u0110\u1ea7u t\u01b0 C\u00e1 nh\u00e2n t\u1ea1i TP.HCM v\u1edbi danh m\u1ee5c 8.5 t\u1ef7 VND, chia s\u1ebb: “T\u1eeb kinh nghi\u1ec7m 5 n\u0103m \u0111\u1ea7u t\u01b0 v\u00e0o c\u1ed5 phi\u1ebfu \u01b0u \u0111\u00e3i, t\u00f4i lu\u00f4n \u01b0u ti\u00ean \u0111\u00e1nh gi\u00e1 s\u1ee9c kh\u1ecfe t\u00e0i ch\u00ednh c\u1ee7a c\u00f4ng ty ph\u00e1t h\u00e0nh tr\u01b0\u1edbc. C\u00f3 nh\u1eefng c\u1ed5 phi\u1ebfu \u01b0u \u0111\u00e3i v\u1edbi c\u1ed5 t\u1ee9c h\u1ea5p d\u1eabn 9-10%\/n\u0103m, nh\u01b0ng sau khi ph\u00e2n t\u00edch k\u1ef9 l\u01b0\u1ee1ng, t\u00f4i ph\u00e1t hi\u1ec7n doanh nghi\u1ec7p c\u00f3 t\u1ef7 l\u1ec7 chi tr\u1ea3 c\u1ed5 t\u1ee9c l\u00ean \u0111\u1ebfn 85-90% l\u1ee3i nhu\u1eadn – qu\u00e1 cao v\u00e0 kh\u00f4ng b\u1ec1n v\u1eefng. T\u00f4i ch\u1ecdn \u01b0u ti\u00ean c\u00e1c doanh nghi\u1ec7p c\u00f3 ROE >18%, d\u00f2ng ti\u1ec1n m\u1ea1nh, t\u1ef7 l\u1ec7 chi tr\u1ea3 <65% v\u00e0 l\u1ecbch s\u1eed thanh to\u00e1n \u1ed5n \u0111\u1ecbnh \u00edt nh\u1ea5t 4 n\u0103m li\u00ean ti\u1ebfp.”<\/p>\n<\/div>\n

                                      \n

                                      Pocket Option cung c\u1ea5p c\u00f4ng c\u1ee5 “Preferred Stock Screener” gi\u00fap nh\u00e0 \u0111\u1ea7u t\u01b0 t\u1ef1 \u0111\u1ed9ng h\u00f3a quy tr\u00ecnh 5 b\u01b0\u1edbc tr\u00ean, l\u1ecdc ra danh s\u00e1ch c\u1ed5 phi\u1ebfu \u01b0u \u0111\u00e3i \u0111\u00e1p \u1ee9ng ti\u00eau ch\u00ed c\u00e1 nh\u00e2n trong v\u00e0i gi\u00e2y. C\u00f4ng c\u1ee5 n\u00e0y hi\u1ec7n \u0111ang ph\u00e2n t\u00edch 37 c\u1ed5 phi\u1ebfu \u01b0u \u0111\u00e3i giao d\u1ecbch t\u1ea1i Vi\u1ec7t Nam d\u1ef1a tr\u00ean 26 ti\u00eau ch\u00ed t\u00e0i ch\u00ednh v\u00e0 \u0111i\u1ec1u kho\u1ea3n.<\/p>\n<\/div>\n

                                      \n

                                      3 tr\u01b0\u1eddng h\u1ee3p \u0111\u1ea7u t\u01b0 th\u1ef1c t\u1ebf: B\u00e0i h\u1ecdc t\u1eeb th\u1ecb tr\u01b0\u1eddng Vi\u1ec7t Nam<\/h2>\n<\/div>\n
                                      \n

                                      H\u1ecdc h\u1ecfi t\u1eeb c\u00e1c tr\u01b0\u1eddng h\u1ee3p \u0111\u1ea7u t\u01b0 th\u1ef1c t\u1ebf l\u00e0 c\u00e1ch hi\u1ec7u qu\u1ea3 \u0111\u1ec3 hi\u1ec3u s\u00e2u h\u01a1n v\u1ec1 c\u1ed5 phi\u1ebfu \u01b0u \u0111\u00e3i. D\u01b0\u1edbi \u0111\u00e2y l\u00e0 ph\u00e2n t\u00edch chi ti\u1ebft 3 t\u00ecnh hu\u1ed1ng \u0111\u1ea7u t\u01b0 th\u1ef1c t\u1ebf v\u00e0o c\u1ed5 phi\u1ebfu \u01b0u \u0111\u00e3i tr\u00ean th\u1ecb tr\u01b0\u1eddng Vi\u1ec7t Nam, v\u1edbi c\u00e1c b\u00e0i h\u1ecdc c\u1ee5 th\u1ec3 cho nh\u00e0 \u0111\u1ea7u t\u01b0.<\/p>\n<\/div>\n

                                      \n

                                      Tr\u01b0\u1eddng h\u1ee3p 1: C\u1ed5 phi\u1ebfu \u01b0u \u0111\u00e3i chuy\u1ec3n \u0111\u1ed5i c\u1ee7a VPBank (VPB.PC)<\/h3>\n<\/div>\n
                                      \n

                                      VPBank ph\u00e1t h\u00e0nh c\u1ed5 phi\u1ebfu \u01b0u \u0111\u00e3i chuy\u1ec3n \u0111\u1ed5i v\u00e0o th\u00e1ng 6\/2019 v\u1edbi t\u1ef7 l\u1ec7 c\u1ed5 t\u1ee9c 6.8%\/n\u0103m, c\u00f3 th\u1ec3 chuy\u1ec3n \u0111\u1ed5i th\u00e0nh c\u1ed5 phi\u1ebfu th\u01b0\u1eddng sau 3 n\u0103m v\u1edbi t\u1ef7 l\u1ec7 chuy\u1ec3n \u0111\u1ed5i 1:1.2. Nh\u00e0 \u0111\u1ea7u t\u01b0 A \u0111\u00e3 mua 10,000 c\u1ed5 phi\u1ebfu v\u1edbi gi\u00e1 15,000 VND\/c\u1ed5 phi\u1ebfu (t\u1ed5ng \u0111\u1ea7u t\u01b0 150 tri\u1ec7u VND).<\/p>\n<\/div>\n

                                      \n

                                      Di\u1ec5n bi\u1ebfn th\u1ef1c t\u1ebf:<\/b><\/p>\n<\/div>\n

                                      10% t\u1eeb \u0111\u1ec9nh), t\u1ef7 l\u1ec7 ph\u00e2n b\u1ed5 c\u1ed5 phi\u1ebfu \u01b0u \u0111\u00e3i n\u00ean \u0111\u01b0\u1ee3c t\u0103ng l\u00ean 35-45% \u0111\u1ec3 b\u1ea3o v\u1ec7 danh m\u1ee5c \u0111\u1ea7u t\u01b0."},{"question":"L\u00e0m th\u1ebf n\u00e0o \u0111\u1ec3 ch\u1ecdn c\u1ed5 phi\u1ebfu \u01b0u \u0111\u00e3i ch\u1ea5t l\u01b0\u1ee3ng cao?","answer":"\u0110\u1ec3 ch\u1ecdn c\u1ed5 phi\u1ebfu \u01b0u \u0111\u00e3i ch\u1ea5t l\u01b0\u1ee3ng cao, \u00e1p d\u1ee5ng quy tr\u00ecnh 5 b\u01b0\u1edbc: (1) \u0110\u00e1nh gi\u00e1 s\u1ee9c kh\u1ecfe t\u00e0i ch\u00ednh c\u1ee7a c\u00f4ng ty ph\u00e1t h\u00e0nh: ki\u1ec3m tra ROE >15%, t\u1ef7 l\u1ec7 n\u1ee3\/v\u1ed1n ch\u1ee7 s\u1edf h\u1eefu <1.0, t\u1ef7 l\u1ec7 b\u1ea3o hi\u1ec3m l\u00e3i su\u1ea5t >5.0, d\u00f2ng ti\u1ec1n ho\u1ea1t \u0111\u1ed9ng d\u01b0\u01a1ng trong 3 n\u0103m li\u00ean ti\u1ebfp, t\u1ef7 l\u1ec7 chi tr\u1ea3 c\u1ed5 t\u1ee9c <70% l\u1ee3i nhu\u1eadn; (2) Ph\u00e2n t\u00edch chi ti\u1ebft c\u00e1c \u0111i\u1ec1u kho\u1ea3n c\u1ee7a c\u1ed5 phi\u1ebfu \u01b0u \u0111\u00e3i: \u0111\u1ecdc k\u1ef9 c\u00e1c \u0111i\u1ec1u kho\u1ea3n v\u1ec1 c\u1ed5 t\u1ee9c, quy\u1ec1n mua l\u1ea1i, chuy\u1ec3n \u0111\u1ed5i, v\u00e0 c\u00e1c \u0111i\u1ec1u kho\u1ea3n b\u1ea3o v\u1ec7 c\u1ed5 \u0111\u00f4ng; (3) \u0110\u00e1nh gi\u00e1 s\u1ef1 h\u1ea5p d\u1eabn c\u1ee7a c\u1ed5 t\u1ee9c: so s\u00e1nh v\u1edbi l\u1ee3i su\u1ea5t tr\u00e1i phi\u1ebfu (n\u00ean cao h\u01a1n 1.5-2.5%) v\u00e0 l\u00e3i su\u1ea5t ti\u1ec1n g\u1eedi (n\u00ean cao h\u01a1n 3-4%); (4) Xem x\u00e9t x\u1ebfp h\u1ea1ng t\u00edn d\u1ee5ng v\u00e0 \u0111\u00e1nh gi\u00e1 c\u1ee7a c\u00e1c t\u1ed5 ch\u1ee9c; (5) Ph\u00e2n t\u00edch t\u00ednh thanh kho\u1ea3n: \u01b0u ti\u00ean c\u00e1c c\u1ed5 phi\u1ebfu c\u00f3 kh\u1ed1i l\u01b0\u1ee3ng giao d\u1ecbch >50,000 c\u1ed5 phi\u1ebfu\/ng\u00e0y v\u00e0 ch\u00eanh l\u1ec7ch gi\u00e1 mua-b\u00e1n <2%."},{"question":"C\u00e1c xu h\u01b0\u1edbng ph\u00e1t tri\u1ec3n c\u1ee7a th\u1ecb tr\u01b0\u1eddng c\u1ed5 phi\u1ebfu \u01b0u \u0111\u00e3i t\u1ea1i Vi\u1ec7t Nam trong nh\u1eefng n\u0103m t\u1edbi l\u00e0 g\u00ec?","answer":"Th\u1ecb tr\u01b0\u1eddng c\u1ed5 phi\u1ebfu \u01b0u \u0111\u00e3i c\u1ee7a Vi\u1ec7t Nam d\u1ef1 ki\u1ebfn s\u1ebd t\u0103ng tr\u01b0\u1edfng m\u1ea1nh v\u1edbi 5 xu h\u01b0\u1edbng ch\u00ednh: (1) Quy m\u00f4 th\u1ecb tr\u01b0\u1eddng t\u0103ng g\u1ea5p \u0111\u00f4i: t\u1eeb 49.750 t\u1ef7 VND (Q3\/2023) l\u00ean 95-105 ngh\u00ecn t\u1ef7 VND v\u00e0o n\u0103m 2025, CAGR 32-35%\/n\u0103m; (2) \u0110a d\u1ea1ng h\u00f3a s\u1ea3n ph\u1ea9m: xu\u1ea5t hi\u1ec7n c\u1ed5 phi\u1ebfu \u01b0u \u0111\u00e3i l\u00e3i su\u1ea5t th\u1ea3 n\u1ed5i, c\u1ed5 phi\u1ebfu chuy\u1ec3n \u0111\u1ed5i b\u1eaft bu\u1ed9c v\u00e0 \u0111i\u1ec1u kho\u1ea3n b\u1ea3o v\u1ec7 ch\u1ed1ng pha lo\u00e3ng; (3) C\u1ea3i thi\u1ec7n thanh kho\u1ea3n: HoSE \u0111ang tri\u1ec3n khai c\u00e1c c\u01a1 ch\u1ebf t\u1ea1o l\u1eadp th\u1ecb tr\u01b0\u1eddng v\u00e0 \u0111\u01a1n gi\u1ea3n h\u00f3a th\u1ee7 t\u1ee5c ni\u00eam y\u1ebft; (4) S\u1ef1 tham gia c\u1ee7a nh\u00e0 \u0111\u1ea7u t\u01b0 t\u1ed5 ch\u1ee9c: d\u1ef1 ki\u1ebfn s\u1ebd n\u1eafm gi\u1eef 60-65% kh\u1ed1i l\u01b0\u1ee3ng v\u00e0o n\u0103m 2025; (5) Ph\u00e1t tri\u1ec3n c\u1ed5 phi\u1ebfu \u01b0u \u0111\u00e3i ESG: li\u00ean k\u1ebft v\u1edbi c\u00e1c m\u1ee5c ti\u00eau v\u1ec1 m\u00f4i tr\u01b0\u1eddng, x\u00e3 h\u1ed9i v\u00e0 qu\u1ea3n tr\u1ecb. C\u00e1c \u0111\u1ed9ng l\u1ef1c t\u0103ng tr\u01b0\u1edfng ch\u00ednh \u0111\u1ebfn t\u1eeb m\u00f4i tr\u01b0\u1eddng l\u00e3i su\u1ea5t th\u1ea5p, nhu c\u1ea7u huy \u0111\u1ed9ng v\u1ed1n c\u1ee7a c\u00e1c c\u00f4ng ty (\u0111\u1eb7c bi\u1ec7t l\u00e0 c\u00e1c ng\u00e2n h\u00e0ng \u0111\u1ec3 t\u0103ng v\u1ed1n c\u1ea5p 2), v\u00e0 nhu c\u1ea7u ng\u00e0y c\u00e0ng t\u0103ng \u0111\u1ed1i v\u1edbi c\u00e1c c\u00f4ng c\u1ee5 \u0111\u1ea7u t\u01b0 cung c\u1ea5p thu nh\u1eadp \u1ed5n \u0111\u1ecbnh v\u01b0\u1ee3t tr\u1ed9i so v\u1edbi ti\u1ebft ki\u1ec7m."}],"faq_source":{"label":"FAQ","type":"repeater","formatted_value":[{"question":"C\u1ed5 phi\u1ebfu \u01b0u \u0111\u00e3i l\u00e0 g\u00ec v\u00e0 nh\u1eefng lo\u1ea1i n\u00e0o ph\u1ed5 bi\u1ebfn \u1edf Vi\u1ec7t Nam?","answer":"C\u1ed5 phi\u1ebfu \u01b0u \u0111\u00e3i l\u00e0 ch\u1ee9ng kho\u00e1n lai gi\u1eefa c\u1ed5 phi\u1ebfu th\u01b0\u1eddng v\u00e0 tr\u00e1i phi\u1ebfu, mang \u0111\u1eb7c \u0111i\u1ec3m c\u1ee7a c\u1ea3 hai. Ng\u01b0\u1eddi n\u1eafm gi\u1eef c\u1ed5 phi\u1ebfu \u01b0u \u0111\u00e3i th\u01b0\u1eddng kh\u00f4ng c\u00f3 quy\u1ec1n bi\u1ec3u quy\u1ebft ho\u1eb7c c\u00f3 quy\u1ec1n bi\u1ec3u quy\u1ebft h\u1ea1n ch\u1ebf, nh\u01b0ng \u0111\u01b0\u1ee3c h\u01b0\u1edfng \u01b0u \u0111\u00e3i c\u1ed5 t\u1ee9c (7-9%\/n\u0103m) v\u00e0 \u01b0u ti\u00ean thanh to\u00e1n khi c\u00f4ng ty thanh l\u00fd. T\u1ea1i Vi\u1ec7t Nam, c\u00f3 5 lo\u1ea1i ph\u1ed5 bi\u1ebfn: (1) C\u1ed5 phi\u1ebfu \u01b0u \u0111\u00e3i c\u1ed5 t\u1ee9c: c\u00f3 t\u1ef7 l\u1ec7 c\u1ed5 t\u1ee9c c\u1ed1 \u0111\u1ecbnh, v\u00ed d\u1ee5: VIC.P (8,2%\/n\u0103m); (2) C\u1ed5 phi\u1ebfu \u01b0u \u0111\u00e3i c\u00f3 th\u1ec3 chuy\u1ec3n \u0111\u1ed5i: c\u00f3 th\u1ec3 chuy\u1ec3n \u0111\u1ed5i th\u00e0nh c\u1ed5 phi\u1ebfu th\u01b0\u1eddng theo t\u1ef7 l\u1ec7 \u0111\u1ecbnh tr\u01b0\u1edbc, v\u00ed d\u1ee5: VPB.PC (t\u1ef7 l\u1ec7 1:1,2); (3) C\u1ed5 phi\u1ebfu \u01b0u \u0111\u00e3i c\u00f3 th\u1ec3 mua l\u1ea1i: c\u00f4ng ty c\u00f3 quy\u1ec1n mua l\u1ea1i sau m\u1ed9t th\u1eddi gian nh\u1ea5t \u0111\u1ecbnh, v\u00ed d\u1ee5: MSN.P; (4) C\u1ed5 phi\u1ebfu \u01b0u \u0111\u00e3i tham gia: nh\u1eadn th\u00eam l\u1ee3i \u00edch ngo\u00e0i c\u1ed5 t\u1ee9c c\u1ed1 \u0111\u1ecbnh khi c\u00f4ng ty ho\u1ea1t \u0111\u1ed9ng t\u1ed1t, v\u00ed d\u1ee5: POW.PP; (5) C\u1ed5 phi\u1ebfu \u01b0u \u0111\u00e3i t\u00edch l\u0169y: c\u1ed5 t\u1ee9c ch\u01b0a tr\u1ea3 s\u1ebd \u0111\u01b0\u1ee3c t\u00edch l\u0169y, v\u00ed d\u1ee5: BID.P."},{"question":"Nh\u1eefng \u01b0u \u0111i\u1ec3m v\u00e0 nh\u01b0\u1ee3c \u0111i\u1ec3m ch\u00ednh c\u1ee7a c\u1ed5 phi\u1ebfu \u01b0u \u0111\u00e3i so v\u1edbi c\u00e1c k\u00eanh \u0111\u1ea7u t\u01b0 kh\u00e1c l\u00e0 g\u00ec?","answer":"\u01afu \u0111i\u1ec3m ch\u00ednh: (1) Thu nh\u1eadp \u1ed5n \u0111\u1ecbnh cao h\u01a1n so v\u1edbi ti\u1ebft ki\u1ec7m: c\u1ed5 t\u1ee9c 7-9%\/n\u0103m so v\u1edbi l\u00e3i su\u1ea5t ti\u1ebft ki\u1ec7m 3.5-5%; (2) \u01afu ti\u00ean thanh to\u00e1n: nh\u1eadn c\u1ed5 t\u1ee9c tr\u01b0\u1edbc c\u1ed5 \u0111\u00f4ng ph\u1ed5 th\u00f4ng v\u00e0 \u0111\u01b0\u1ee3c thanh to\u00e1n tr\u01b0\u1edbc khi thanh l\u00fd; (3) Bi\u1ebfn \u0111\u1ed9ng gi\u00e1 th\u1ea5p h\u01a1n: bi\u1ebfn \u0111\u1ed9ng \u00edt h\u01a1n 40-60% so v\u1edbi c\u1ed5 phi\u1ebfu ph\u1ed5 th\u00f4ng; (4) Gi\u1ea3m r\u1ee7i ro t\u1ed5ng th\u1ec3: gi\u1ea3m bi\u1ebfn \u0111\u1ed9ng danh m\u1ee5c \u0111\u1ea7u t\u01b0 23% khi ph\u00e2n b\u1ed5 15-25%; (5) B\u1ea3o v\u1ec7 t\u1ed1t trong th\u1ecb tr\u01b0\u1eddng suy tho\u00e1i: gi\u1ea3m 50-60% \u00edt h\u01a1n so v\u1edbi c\u1ed5 phi\u1ebfu ph\u1ed5 th\u00f4ng. Nh\u01b0\u1ee3c \u0111i\u1ec3m ch\u00ednh: (1) Ti\u1ec1m n\u0103ng t\u0103ng gi\u00e1 h\u1ea1n ch\u1ebf: ch\u1ec9 t\u0103ng 5-15%\/n\u0103m; (2) Kh\u00f4ng c\u00f3 quy\u1ec1n bi\u1ec3u quy\u1ebft; (3) R\u1ee7i ro l\u00e3i su\u1ea5t: gi\u00e1 gi\u1ea3m khi l\u00e3i su\u1ea5t t\u0103ng; (4) R\u1ee7i ro b\u1ecb mua l\u1ea1i khi l\u00e3i su\u1ea5t gi\u1ea3m; (5) Thanh kho\u1ea3n th\u1ea5p: kh\u1ed1i l\u01b0\u1ee3ng giao d\u1ecbch ch\u1ec9 b\u1eb1ng 15-20% c\u1ee7a c\u1ed5 phi\u1ebfu ph\u1ed5 th\u00f4ng; (6) R\u1ee7i ro b\u1ecb \u0111\u00ecnh ch\u1ec9 c\u1ed5 t\u1ee9c trong giai \u0111o\u1ea1n kh\u00f3 kh\u0103n."},{"question":"Chi\u1ebfn l\u01b0\u1ee3c \u0111\u1ea7u t\u01b0 n\u00e0o hi\u1ec7u qu\u1ea3 nh\u1ea5t v\u1edbi c\u1ed5 phi\u1ebfu \u01b0u \u0111\u00e3i trong th\u1ecb tr\u01b0\u1eddng hi\u1ec7n t\u1ea1i?","answer":"D\u1ef1a tr\u00ean ph\u00e2n t\u00edch c\u1ee7a Pocket Option, chi\u1ebfn l\u01b0\u1ee3c hi\u1ec7u qu\u1ea3 nh\u1ea5t hi\u1ec7n nay l\u00e0 \"ph\u00e2n b\u1ed5 t\u00e0i s\u1ea3n 20-30-50\": 20% v\u00e0o c\u1ed5 phi\u1ebfu \u01b0u \u0111\u00e3i t\u00edch l\u0169y\/c\u1ed5 t\u1ee9c (VIC.P, BID.P), 30% v\u00e0o c\u1ed5 phi\u1ebfu \u01b0u \u0111\u00e3i chuy\u1ec3n \u0111\u1ed5i (VPB.PC, FPT.PC), v\u00e0 50% v\u00e0o danh m\u1ee5c c\u1ed5 phi\u1ebfu\/th\u1ecb tr\u01b0\u1eddng tr\u00e1i phi\u1ebfu. Chi\u1ebfn l\u01b0\u1ee3c n\u00e0y gi\u00fap c\u00e2n b\u1eb1ng thu nh\u1eadp \u1ed5n \u0111\u1ecbnh (7-9%\/n\u0103m) v\u00e0 ti\u1ec1m n\u0103ng t\u0103ng tr\u01b0\u1edfng, \u0111\u1ed3ng th\u1eddi gi\u1ea3m bi\u1ebfn \u0111\u1ed9ng danh m\u1ee5c \u0111\u1ea7u t\u01b0 t\u1eeb 18-22%. Trong m\u00f4i tr\u01b0\u1eddng l\u00e3i su\u1ea5t th\u1ea5p hi\u1ec7n nay (3.5-5%), chi\u1ebfn l\u01b0\u1ee3c n\u00e0y mang l\u1ea1i l\u1ee3i nhu\u1eadn k\u1ef3 v\u1ecdng 8-10%\/n\u0103m v\u1edbi r\u1ee7i ro th\u1ea5p h\u01a1n \u0111\u00e1ng k\u1ec3 so v\u1edbi \u0111\u1ea7u t\u01b0 100% v\u00e0o c\u1ed5 phi\u1ebfu th\u01b0\u1eddng. \u0110\u1eb7c bi\u1ec7t, khi th\u1ecb tr\u01b0\u1eddng c\u00f3 d\u1ea5u hi\u1ec7u \u0111i\u1ec1u ch\u1ec9nh (VN-Index gi\u1ea3m >10% t\u1eeb \u0111\u1ec9nh), t\u1ef7 l\u1ec7 ph\u00e2n b\u1ed5 c\u1ed5 phi\u1ebfu \u01b0u \u0111\u00e3i n\u00ean \u0111\u01b0\u1ee3c t\u0103ng l\u00ean 35-45% \u0111\u1ec3 b\u1ea3o v\u1ec7 danh m\u1ee5c \u0111\u1ea7u t\u01b0."},{"question":"L\u00e0m th\u1ebf n\u00e0o \u0111\u1ec3 ch\u1ecdn c\u1ed5 phi\u1ebfu \u01b0u \u0111\u00e3i ch\u1ea5t l\u01b0\u1ee3ng cao?","answer":"\u0110\u1ec3 ch\u1ecdn c\u1ed5 phi\u1ebfu \u01b0u \u0111\u00e3i ch\u1ea5t l\u01b0\u1ee3ng cao, \u00e1p d\u1ee5ng quy tr\u00ecnh 5 b\u01b0\u1edbc: (1) \u0110\u00e1nh gi\u00e1 s\u1ee9c kh\u1ecfe t\u00e0i ch\u00ednh c\u1ee7a c\u00f4ng ty ph\u00e1t h\u00e0nh: ki\u1ec3m tra ROE >15%, t\u1ef7 l\u1ec7 n\u1ee3\/v\u1ed1n ch\u1ee7 s\u1edf h\u1eefu <1.0, t\u1ef7 l\u1ec7 b\u1ea3o hi\u1ec3m l\u00e3i su\u1ea5t >5.0, d\u00f2ng ti\u1ec1n ho\u1ea1t \u0111\u1ed9ng d\u01b0\u01a1ng trong 3 n\u0103m li\u00ean ti\u1ebfp, t\u1ef7 l\u1ec7 chi tr\u1ea3 c\u1ed5 t\u1ee9c <70% l\u1ee3i nhu\u1eadn; (2) Ph\u00e2n t\u00edch chi ti\u1ebft c\u00e1c \u0111i\u1ec1u kho\u1ea3n c\u1ee7a c\u1ed5 phi\u1ebfu \u01b0u \u0111\u00e3i: \u0111\u1ecdc k\u1ef9 c\u00e1c \u0111i\u1ec1u kho\u1ea3n v\u1ec1 c\u1ed5 t\u1ee9c, quy\u1ec1n mua l\u1ea1i, chuy\u1ec3n \u0111\u1ed5i, v\u00e0 c\u00e1c \u0111i\u1ec1u kho\u1ea3n b\u1ea3o v\u1ec7 c\u1ed5 \u0111\u00f4ng; (3) \u0110\u00e1nh gi\u00e1 s\u1ef1 h\u1ea5p d\u1eabn c\u1ee7a c\u1ed5 t\u1ee9c: so s\u00e1nh v\u1edbi l\u1ee3i su\u1ea5t tr\u00e1i phi\u1ebfu (n\u00ean cao h\u01a1n 1.5-2.5%) v\u00e0 l\u00e3i su\u1ea5t ti\u1ec1n g\u1eedi (n\u00ean cao h\u01a1n 3-4%); (4) Xem x\u00e9t x\u1ebfp h\u1ea1ng t\u00edn d\u1ee5ng v\u00e0 \u0111\u00e1nh gi\u00e1 c\u1ee7a c\u00e1c t\u1ed5 ch\u1ee9c; (5) Ph\u00e2n t\u00edch t\u00ednh thanh kho\u1ea3n: \u01b0u ti\u00ean c\u00e1c c\u1ed5 phi\u1ebfu c\u00f3 kh\u1ed1i l\u01b0\u1ee3ng giao d\u1ecbch >50,000 c\u1ed5 phi\u1ebfu\/ng\u00e0y v\u00e0 ch\u00eanh l\u1ec7ch gi\u00e1 mua-b\u00e1n <2%."},{"question":"C\u00e1c xu h\u01b0\u1edbng ph\u00e1t tri\u1ec3n c\u1ee7a th\u1ecb tr\u01b0\u1eddng c\u1ed5 phi\u1ebfu \u01b0u \u0111\u00e3i t\u1ea1i Vi\u1ec7t Nam trong nh\u1eefng n\u0103m t\u1edbi l\u00e0 g\u00ec?","answer":"Th\u1ecb tr\u01b0\u1eddng c\u1ed5 phi\u1ebfu \u01b0u \u0111\u00e3i c\u1ee7a Vi\u1ec7t Nam d\u1ef1 ki\u1ebfn s\u1ebd t\u0103ng tr\u01b0\u1edfng m\u1ea1nh v\u1edbi 5 xu h\u01b0\u1edbng ch\u00ednh: (1) Quy m\u00f4 th\u1ecb tr\u01b0\u1eddng t\u0103ng g\u1ea5p \u0111\u00f4i: t\u1eeb 49.750 t\u1ef7 VND (Q3\/2023) l\u00ean 95-105 ngh\u00ecn t\u1ef7 VND v\u00e0o n\u0103m 2025, CAGR 32-35%\/n\u0103m; (2) \u0110a d\u1ea1ng h\u00f3a s\u1ea3n ph\u1ea9m: xu\u1ea5t hi\u1ec7n c\u1ed5 phi\u1ebfu \u01b0u \u0111\u00e3i l\u00e3i su\u1ea5t th\u1ea3 n\u1ed5i, c\u1ed5 phi\u1ebfu chuy\u1ec3n \u0111\u1ed5i b\u1eaft bu\u1ed9c v\u00e0 \u0111i\u1ec1u kho\u1ea3n b\u1ea3o v\u1ec7 ch\u1ed1ng pha lo\u00e3ng; (3) C\u1ea3i thi\u1ec7n thanh kho\u1ea3n: HoSE \u0111ang tri\u1ec3n khai c\u00e1c c\u01a1 ch\u1ebf t\u1ea1o l\u1eadp th\u1ecb tr\u01b0\u1eddng v\u00e0 \u0111\u01a1n gi\u1ea3n h\u00f3a th\u1ee7 t\u1ee5c ni\u00eam y\u1ebft; (4) S\u1ef1 tham gia c\u1ee7a nh\u00e0 \u0111\u1ea7u t\u01b0 t\u1ed5 ch\u1ee9c: d\u1ef1 ki\u1ebfn s\u1ebd n\u1eafm gi\u1eef 60-65% kh\u1ed1i l\u01b0\u1ee3ng v\u00e0o n\u0103m 2025; (5) Ph\u00e1t tri\u1ec3n c\u1ed5 phi\u1ebfu \u01b0u \u0111\u00e3i ESG: li\u00ean k\u1ebft v\u1edbi c\u00e1c m\u1ee5c ti\u00eau v\u1ec1 m\u00f4i tr\u01b0\u1eddng, x\u00e3 h\u1ed9i v\u00e0 qu\u1ea3n tr\u1ecb. C\u00e1c \u0111\u1ed9ng l\u1ef1c t\u0103ng tr\u01b0\u1edfng ch\u00ednh \u0111\u1ebfn t\u1eeb m\u00f4i tr\u01b0\u1eddng l\u00e3i su\u1ea5t th\u1ea5p, nhu c\u1ea7u huy \u0111\u1ed9ng v\u1ed1n c\u1ee7a c\u00e1c c\u00f4ng ty (\u0111\u1eb7c bi\u1ec7t l\u00e0 c\u00e1c ng\u00e2n h\u00e0ng \u0111\u1ec3 t\u0103ng v\u1ed1n c\u1ea5p 2), v\u00e0 nhu c\u1ea7u ng\u00e0y c\u00e0ng t\u0103ng \u0111\u1ed1i v\u1edbi c\u00e1c c\u00f4ng c\u1ee5 \u0111\u1ea7u t\u01b0 cung c\u1ea5p thu nh\u1eadp \u1ed5n \u0111\u1ecbnh v\u01b0\u1ee3t tr\u1ed9i so v\u1edbi ti\u1ebft ki\u1ec7m."}]}},"yoast_head":"\nC\u1ed5 Phi\u1ebfu \u01afu \u0110\u00e3i: 7 Chi\u1ebfn L\u01b0\u1ee3c \u0110\u1ea7u T\u01b0 Mang L\u1ea1i L\u1ee3i Nhu\u1eadn 7-9% trong n\u0103m 2023<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/pocketoption.com\/blog\/vt\/knowledge-base\/trading\/preferential-stocks\/\" \/>\n<meta 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content=\"summary_large_image\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"Igor OK\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\/\/pocketoption.com\/blog\/vt\/knowledge-base\/trading\/preferential-stocks\/#article\",\"isPartOf\":{\"@id\":\"https:\/\/pocketoption.com\/blog\/vt\/knowledge-base\/trading\/preferential-stocks\/\"},\"author\":{\"name\":\"Igor OK\",\"@id\":\"https:\/\/pocketoption.com\/blog\/vt\/#\/schema\/person\/05fda70241a3f566579f07d29b86abe1\"},\"headline\":\"C\u1ed5 Phi\u1ebfu \u01afu \u0110\u00e3i: 7 Chi\u1ebfn L\u01b0\u1ee3c \u0110\u1ea7u T\u01b0 Mang L\u1ea1i L\u1ee3i Nhu\u1eadn 7-9% trong n\u0103m 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