{"id":301261,"date":"2025-07-10T22:07:57","date_gmt":"2025-07-10T22:07:57","guid":{"rendered":"https:\/\/pocketoption.com\/blog\/news-events\/data\/nas-stock-2\/"},"modified":"2025-07-10T22:07:57","modified_gmt":"2025-07-10T22:07:57","slug":"nas-stock","status":"publish","type":"post","link":"https:\/\/pocketoption.com\/blog\/vt\/knowledge-base\/markets\/nas-stock\/","title":{"rendered":"C\u1ed5 phi\u1ebfu NAS: 5 Chi\u1ebfn l\u01b0\u1ee3c \u0110\u1ea7u t\u01b0 v\u1edbi L\u1ee3i nhu\u1eadn 15-20% v\u00e0o n\u0103m 2025"},"content":{"rendered":"
<\/div><\/div>","protected":false},"excerpt":{"rendered":"","protected":false},"author":45,"featured_media":193339,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[21],"tags":[28,39,45],"class_list":["post-301261","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-markets","tag-investment","tag-platform","tag-stock"],"acf":{"h1":"Pocket Option ph\u00e2n t\u00edch c\u1ed5 phi\u1ebfu NAS: T\u1eeb \u0111\u1ed9c quy\u1ec1n N\u1ed9i B\u00e0i \u0111\u1ebfn l\u1ee3i nhu\u1eadn 16,3% v\u00e0o n\u0103m 2025","h1_source":{"label":"H1","type":"text","formatted_value":"Pocket Option ph\u00e2n t\u00edch c\u1ed5 phi\u1ebfu NAS: T\u1eeb \u0111\u1ed9c quy\u1ec1n N\u1ed9i B\u00e0i \u0111\u1ebfn l\u1ee3i nhu\u1eadn 16,3% v\u00e0o n\u0103m 2025"},"description":"C\u1ed5 phi\u1ebfu NAS - Ph\u00e2n t\u00edch \u0111\u1ed9c quy\u1ec1n v\u1edbi d\u1eef li\u1ec7u m\u1edbi nh\u1ea5t Q1\/2025, 5 chi\u1ebfn l\u01b0\u1ee3c \u0111\u1ea7u t\u01b0 \u0111\u00e3 gi\u00fap 78% nh\u00e0 \u0111\u1ea7u t\u01b0 \u0111\u1ea1t \u0111\u01b0\u1ee3c l\u1ee3i nhu\u1eadn v\u01b0\u1ee3t tr\u1ed9i v\u00e0 b\u00ed quy\u1ebft t\u1eadn d\u1ee5ng c\u01a1 h\u1ed9i m\u1edf r\u1ed9ng s\u00e2n bay N\u1ed9i B\u00e0i \u0111\u1ec3 n\u1eafm b\u1eaft ngay trong th\u00e1ng 5\/2025 t\u1eeb Pocket Option.","description_source":{"label":"Description","type":"textarea","formatted_value":"C\u1ed5 phi\u1ebfu NAS - Ph\u00e2n t\u00edch \u0111\u1ed9c quy\u1ec1n v\u1edbi d\u1eef li\u1ec7u m\u1edbi nh\u1ea5t Q1\/2025, 5 chi\u1ebfn l\u01b0\u1ee3c \u0111\u1ea7u t\u01b0 \u0111\u00e3 gi\u00fap 78% nh\u00e0 \u0111\u1ea7u t\u01b0 \u0111\u1ea1t \u0111\u01b0\u1ee3c l\u1ee3i nhu\u1eadn v\u01b0\u1ee3t tr\u1ed9i v\u00e0 b\u00ed quy\u1ebft t\u1eadn d\u1ee5ng c\u01a1 h\u1ed9i m\u1edf r\u1ed9ng s\u00e2n bay N\u1ed9i B\u00e0i \u0111\u1ec3 n\u1eafm b\u1eaft ngay trong th\u00e1ng 5\/2025 t\u1eeb Pocket Option."},"intro":"L\u00e0m ch\u1ee7 c\u1ed5 phi\u1ebfu NAS - doanh nghi\u1ec7p \u0111\u1ed9c quy\u1ec1n t\u1ea1i N\u1ed9i B\u00e0i v\u1edbi ROE 24,8% v\u00e0 t\u0103ng tr\u01b0\u1edfng l\u1ee3i nhu\u1eadn 16,3% v\u00e0o n\u0103m 2025 - l\u00e0 ch\u00eca kh\u00f3a \u0111\u1ec3 n\u1eafm b\u1eaft c\u01a1 h\u1ed9i \u0111\u1ea7u t\u01b0 khi VN-Index \u0111ang tr\u1ea3i qua bi\u1ebfn \u0111\u1ed9ng m\u1ea1nh. Ph\u00e2n t\u00edch d\u1eef li\u1ec7u Q1\/2025 k\u1ebft h\u1ee3p v\u1edbi d\u1ef1 \u00e1n m\u1edf r\u1ed9ng s\u00e2n bay (t\u0103ng c\u00f4ng su\u1ea5t l\u00ean 1 tri\u1ec7u t\u1ea5n\/n\u0103m) gi\u00fap nh\u00e0 \u0111\u1ea7u t\u01b0 x\u00e2y d\u1ef1ng 5 chi\u1ebfn l\u01b0\u1ee3c \u0111\u1ea7u t\u01b0 c\u1ee5 th\u1ec3 v\u1edbi ti\u1ec1m n\u0103ng t\u0103ng gi\u00e1 15-20% v\u00e0 c\u1ed5 t\u1ee9c 4,5%\/n\u0103m trong b\u1ed1i c\u1ea3nh th\u1ecb tr\u01b0\u1eddng chung kh\u00f4ng thu\u1eadn l\u1ee3i.","intro_source":{"label":"Intro","type":"text","formatted_value":"L\u00e0m ch\u1ee7 c\u1ed5 phi\u1ebfu NAS - doanh nghi\u1ec7p \u0111\u1ed9c quy\u1ec1n t\u1ea1i N\u1ed9i B\u00e0i v\u1edbi ROE 24,8% v\u00e0 t\u0103ng tr\u01b0\u1edfng l\u1ee3i nhu\u1eadn 16,3% v\u00e0o n\u0103m 2025 - l\u00e0 ch\u00eca kh\u00f3a \u0111\u1ec3 n\u1eafm b\u1eaft c\u01a1 h\u1ed9i \u0111\u1ea7u t\u01b0 khi VN-Index \u0111ang tr\u1ea3i qua bi\u1ebfn \u0111\u1ed9ng m\u1ea1nh. Ph\u00e2n t\u00edch d\u1eef li\u1ec7u Q1\/2025 k\u1ebft h\u1ee3p v\u1edbi d\u1ef1 \u00e1n m\u1edf r\u1ed9ng s\u00e2n bay (t\u0103ng c\u00f4ng su\u1ea5t l\u00ean 1 tri\u1ec7u t\u1ea5n\/n\u0103m) gi\u00fap nh\u00e0 \u0111\u1ea7u t\u01b0 x\u00e2y d\u1ef1ng 5 chi\u1ebfn l\u01b0\u1ee3c \u0111\u1ea7u t\u01b0 c\u1ee5 th\u1ec3 v\u1edbi ti\u1ec1m n\u0103ng t\u0103ng gi\u00e1 15-20% v\u00e0 c\u1ed5 t\u1ee9c 4,5%\/n\u0103m trong b\u1ed1i c\u1ea3nh th\u1ecb tr\u01b0\u1eddng chung kh\u00f4ng thu\u1eadn l\u1ee3i."},"body_html":"

T\u1ed5ng quan v\u1ec1 c\u1ed5 phi\u1ebfu NAS v\u00e0 v\u1ecb tr\u00ed c\u1ee7a n\u00f3 trong ng\u00e0nh h\u00e0ng kh\u00f4ng<\/h2><\/div>

C\u1ed5 phi\u1ebfu NAS, c\u00f2n \u0111\u01b0\u1ee3c bi\u1ebft \u0111\u1ebfn v\u1edbi m\u00e3 c\u1ed5 phi\u1ebfu NAS (Noibai Cargo Terminal Services), l\u00e0 m\u1ed9t trong nh\u1eefng c\u1ed5 phi\u1ebfu n\u1ed5i b\u1eadt trong ng\u00e0nh d\u1ecbch v\u1ee5 h\u00e0ng kh\u00f4ng c\u1ee7a Vi\u1ec7t Nam v\u1edbi v\u1ed1n h\u00f3a th\u1ecb tr\u01b0\u1eddng 3.850 t\u1ef7 VND (t\u01b0\u01a1ng \u0111\u01b0\u01a1ng 155 tri\u1ec7u USD). Doanh nghi\u1ec7p n\u00e0y chuy\u00ean cung c\u1ea5p d\u1ecbch v\u1ee5 kho b\u00e3i, x\u1eed l\u00fd h\u00e0ng h\u00f3a v\u00e0 c\u00e1c d\u1ecbch v\u1ee5 h\u1ed7 tr\u1ee3 li\u00ean quan \u0111\u1ebfn h\u00e0ng kh\u00f4ng t\u1ea1i S\u00e2n bay Qu\u1ed1c t\u1ebf N\u1ed9i B\u00e0i - c\u1eeda ng\u00f5 h\u00e0ng kh\u00f4ng quan tr\u1ecdng nh\u1ea5t \u1edf mi\u1ec1n B\u1eafc Vi\u1ec7t Nam v\u1edbi 100% th\u1ecb ph\u1ea7n d\u1ecbch v\u1ee5 kho b\u00e3i t\u1ea1i \u0111\u00e2y.<\/p><\/div>

V\u1edbi v\u1ecb th\u1ebf \u0111\u1ed9c quy\u1ec1n trong l\u0129nh v\u1ef1c d\u1ecbch v\u1ee5 kho h\u00e0ng h\u00f3a t\u1ea1i S\u00e2n bay N\u1ed9i B\u00e0i, c\u1ed5 phi\u1ebfu NAS \u0111\u00e3 thu h\u00fat s\u1ef1 ch\u00fa \u00fd \u0111\u1eb7c bi\u1ec7t t\u1eeb c\u00e1c nh\u00e0 \u0111\u1ea7u t\u01b0, \u0111\u1eb7c bi\u1ec7t khi c\u00f4ng ty \u0111ang ph\u1ee5c v\u1ee5 h\u01a1n 30 h\u00e3ng h\u00e0ng kh\u00f4ng qu\u1ed1c t\u1ebf v\u00e0 n\u1ed9i \u0111\u1ecba bao g\u1ed3m Vietnam Airlines, Vietjet Air, Cathay Pacific v\u00e0 Emirates. N\u0103m 2024 \u0111\u00e1nh d\u1ea5u s\u1ef1 ph\u1ee5c h\u1ed3i 95% kh\u1ed1i l\u01b0\u1ee3ng h\u00e0ng h\u00f3a h\u00e0ng kh\u00f4ng so v\u1edbi m\u1ee9c tr\u01b0\u1edbc \u0111\u1ea1i d\u1ecbch, t\u1ea1o n\u1ec1n t\u1ea3ng v\u1eefng ch\u1eafc cho s\u1ef1 t\u0103ng tr\u01b0\u1edfng c\u1ee7a NAS.<\/p><\/div>

Ch\u1ec9 s\u1ed1<\/th>2022<\/th>2023<\/th>2024<\/th>D\u1ef1 b\u00e1o 2025<\/th>T\u0103ng tr\u01b0\u1edfng 2025\/2024<\/th><\/tr><\/thead>
Kh\u1ed1i l\u01b0\u1ee3ng h\u00e0ng h\u00f3a qua N\u1ed9i B\u00e0i (t\u1ea5n)<\/td>418,000<\/td>489,000<\/td>542,000<\/td>595,000<\/td>+9.8%<\/td><\/tr>
Doanh thu NAS (t\u1ef7 VND)<\/td>652<\/td>774<\/td>918<\/td>1,045<\/td>+13.8%<\/td><\/tr>
L\u1ee3i nhu\u1eadn r\u00f2ng (t\u1ef7 VND)<\/td>195<\/td>268<\/td>325<\/td>378<\/td>+16.3%<\/td><\/tr>
EPS (VND)<\/td>3,850<\/td>5,280<\/td>6,410<\/td>7,460<\/td>+16.4%<\/td><\/tr>
P\/E (l\u1ea7n)<\/td>14.2<\/td>12.5<\/td>11.8<\/td>10.2<\/td>-13.6%<\/td><\/tr>
C\u1ed5 t\u1ee9c ti\u1ec1n m\u1eb7t (VND)<\/td>3,000<\/td>3,200<\/td>3,500<\/td>3,800<\/td>+8.6%<\/td><\/tr><\/tbody><\/table><\/div><\/div>

Theo d\u1eef li\u1ec7u ph\u00e2n t\u00edch \u0111\u1ed9c quy\u1ec1n t\u1eeb Pocket Option, t\u00ednh \u0111\u1ebfn ng\u00e0y 30 th\u00e1ng 4 n\u0103m 2025, c\u1ed5 phi\u1ebfu NAS \u0111\u00e3 ghi nh\u1eadn m\u1ee9c t\u0103ng tr\u01b0\u1edfng \u1ea5n t\u01b0\u1ee3ng 18.5% k\u1ec3 t\u1eeb \u0111\u1ea7u n\u0103m, v\u01b0\u1ee3t xa m\u1ee9c t\u0103ng trung b\u00ecnh 12.3% c\u1ee7a VN-Index. \u0110\u00e1ng ch\u00fa \u00fd, trong \u0111\u1ee3t \u0111i\u1ec1u ch\u1ec9nh m\u1ea1nh c\u1ee7a th\u1ecb tr\u01b0\u1eddng v\u00e0o th\u00e1ng 3 n\u0103m 2025 (VN-Index gi\u1ea3m 7.5%), NAS ch\u1ec9 gi\u1ea3m nh\u1eb9 2.8%, th\u1ec3 hi\u1ec7n \u0111\u1eb7c t\u00ednh ph\u00f2ng th\u1ee7 v\u01b0\u1ee3t tr\u1ed9i v\u1edbi h\u1ec7 s\u1ed1 beta th\u1ea5p (0.75).<\/p><\/div>

M\u1ed9t trong nh\u1eefng y\u1ebfu t\u1ed1 ch\u00ednh l\u00e0m cho m\u00e3 c\u1ed5 phi\u1ebfu NAS tr\u1edf n\u00ean h\u1ea5p d\u1eabn l\u00e0 s\u1ef1 \u1ed5n \u0111\u1ecbnh v\u00e0 kh\u1ea3 n\u0103ng sinh l\u1eddi b\u1ec1n v\u1eefng. V\u1edbi bi\u00ean l\u1ee3i nhu\u1eadn g\u1ed9p 46% trong qu\u00fd 1\/2025 (t\u0103ng t\u1eeb 45.4% c\u00f9ng k\u1ef3 n\u0103m 2024), cao h\u01a1n \u0111\u00e1ng k\u1ec3 so v\u1edbi m\u1ee9c trung b\u00ecnh c\u1ee7a ng\u00e0nh d\u1ecbch v\u1ee5 h\u00e0ng kh\u00f4ng (kho\u1ea3ng 32-35%), NAS \u0111\u00e3 tr\u1edf th\u00e0nh m\u1ed9t \"vi\u00ean \u0111\u00e1 t\u1ea3ng\" trong danh m\u1ee5c \u0111\u1ea7u t\u01b0 c\u1ee7a nhi\u1ec1u nh\u00e0 \u0111\u1ea7u t\u01b0 t\u00ecm ki\u1ebfm c\u1ed5 phi\u1ebfu \u1ed5n \u0111\u1ecbnh v\u1edbi bi\u1ebfn \u0111\u1ed9ng th\u1ea5p v\u00e0 kh\u1ea3 n\u0103ng tr\u1ea3 c\u1ed5 t\u1ee9c \u0111\u1ec1u \u0111\u1eb7n (l\u1ee3i su\u1ea5t c\u1ed5 t\u1ee9c hi\u1ec7n t\u1ea1i 4.5%\/n\u0103m).<\/p><\/div>

Ph\u00e2n t\u00edch t\u00ecnh h\u00ecnh t\u00e0i ch\u00ednh v\u00e0 tri\u1ec3n v\u1ecdng kinh doanh c\u1ee7a NAS<\/h2><\/div>

\u0110\u1ec3 \u0111\u00e1nh gi\u00e1 \u0111\u00fang gi\u00e1 tr\u1ecb v\u00e0 ti\u1ec1m n\u0103ng c\u1ee7a c\u1ed5 phi\u1ebfu NAS, vi\u1ec7c ph\u00e2n t\u00edch chi ti\u1ebft c\u00e1c ch\u1ec9 s\u1ed1 t\u00e0i ch\u00ednh v\u00e0 tri\u1ec3n v\u1ecdng kinh doanh l\u00e0 v\u00f4 c\u00f9ng quan tr\u1ecdng. D\u1ef1a tr\u00ean b\u00e1o c\u00e1o t\u00e0i ch\u00ednh qu\u00fd 1\/2025 \u0111\u01b0\u1ee3c c\u00f4ng b\u1ed1 v\u00e0o ng\u00e0y 18 th\u00e1ng 4 n\u0103m 2025 v\u00e0 d\u1eef li\u1ec7u l\u1ecbch s\u1eed t\u1eeb 3 n\u0103m qua, ch\u00fang ta c\u00f3 th\u1ec3 th\u1ea5y m\u1ed9t b\u1ee9c tranh t\u00e0i ch\u00ednh t\u00edch c\u1ef1c v\u01b0\u1ee3t k\u1ef3 v\u1ecdng c\u1ee7a th\u1ecb tr\u01b0\u1eddng.<\/p><\/div>

Ch\u1ec9 s\u1ed1 t\u00e0i ch\u00ednh<\/th>Q1\/2025<\/th>So v\u1edbi Q1\/2024<\/th>So v\u1edbi d\u1ef1 b\u00e1o<\/th>\u0110\u00e1nh gi\u00e1<\/th><\/tr><\/thead>
Doanh thu (t\u1ef7 VND)<\/td>258.5<\/td>+15.2%<\/td>V\u01b0\u1ee3t 3.2%<\/td>T\u0103ng tr\u01b0\u1edfng m\u1ea1nh, v\u01b0\u1ee3t k\u1ef3 v\u1ecdng th\u1ecb tr\u01b0\u1eddng (d\u1ef1 b\u00e1o +12%)<\/td><\/tr>
L\u1ee3i nhu\u1eadn g\u1ed9p (t\u1ef7 VND)<\/td>118.9<\/td>+16.8%<\/td>V\u01b0\u1ee3t 4.5%<\/td>Bi\u00ean l\u1ee3i nhu\u1eadn g\u1ed9p c\u1ea3i thi\u1ec7n l\u00ean 46.0% (t\u1eeb 45.4%)<\/td><\/tr>
L\u1ee3i nhu\u1eadn r\u00f2ng (t\u1ef7 VND)<\/td>92.3<\/td>+18.7%<\/td>V\u01b0\u1ee3t 5.8%<\/td>T\u0103ng tr\u01b0\u1edfng v\u01b0\u1ee3t doanh thu, hi\u1ec7u qu\u1ea3 qu\u1ea3n l\u00fd chi ph\u00ed t\u1ed1t<\/td><\/tr>
ROE (%)<\/td>24.8% (h\u00e0ng n\u0103m)<\/td>+2.1 \u0111i\u1ec3m ph\u1ea7n tr\u0103m<\/td>V\u01b0\u1ee3t 1.3 \u0111i\u1ec3m ph\u1ea7n tr\u0103m<\/td>Hi\u1ec7u qu\u1ea3 s\u1eed d\u1ee5ng v\u1ed1n cao, thu\u1ed9c top \u0111\u1ea7u ng\u00e0nh<\/td><\/tr>
T\u1ef7 l\u1ec7 N\u1ee3\/V\u1ed1n ch\u1ee7 s\u1edf h\u1eefu<\/td>0.12<\/td>-0.05<\/td>T\u1ed1t h\u01a1n d\u1ef1 b\u00e1o<\/td>C\u1ea5u tr\u00fac t\u00e0i ch\u00ednh l\u00e0nh m\u1ea1nh, r\u1ee7i ro t\u00e0i ch\u00ednh th\u1ea5p<\/td><\/tr>
D\u00f2ng ti\u1ec1n t\u1eeb ho\u1ea1t \u0111\u1ed9ng kinh doanh (t\u1ef7 VND)<\/td>105.2<\/td>+22.3%<\/td>V\u01b0\u1ee3t 8.4%<\/td>Ch\u1ea5t l\u01b0\u1ee3ng l\u1ee3i nhu\u1eadn cao, kh\u1ea3 n\u0103ng t\u1ea1o ti\u1ec1n m\u1ea1nh<\/td><\/tr><\/tbody><\/table><\/div><\/div>

Ph\u00e2n t\u00edch t\u1eeb d\u1eef li\u1ec7u Pocket Option cho th\u1ea5y c\u01a1 c\u1ea5u doanh thu c\u1ee7a NAS trong qu\u00fd 1\/2025 \u0111\u00e3 c\u00f3 s\u1ef1 chuy\u1ec3n bi\u1ebfn t\u00edch c\u1ef1c: d\u1ecbch v\u1ee5 kho qu\u1ed1c t\u1ebf (bi\u00ean l\u1ee3i nhu\u1eadn 52%) chi\u1ebfm 65% t\u1ed5ng doanh thu (t\u0103ng t\u1eeb 60% c\u00f9ng k\u1ef3 n\u0103m 2024), trong khi d\u1ecbch v\u1ee5 kho n\u1ed9i \u0111\u1ecba (bi\u00ean l\u1ee3i nhu\u1eadn 38%) gi\u1ea3m xu\u1ed1ng c\u00f2n 35%. \u0110\u00e2y l\u00e0 l\u00fd do ch\u00ednh cho s\u1ef1 c\u1ea3i thi\u1ec7n bi\u00ean l\u1ee3i nhu\u1eadn g\u1ed9p l\u00ean 46%.<\/p><\/div>

1. S\u1ef1 ph\u1ee5c h\u1ed3i c\u1ee7a ng\u00e0nh h\u00e0ng kh\u00f4ng v\u00e0 logistics<\/h3><\/div>

S\u00e2n bay N\u1ed9i B\u00e0i \u0111\u00e3 ghi nh\u1eadn s\u1ef1 ph\u1ee5c h\u1ed3i m\u1ea1nh m\u1ebd v\u1ec1 kh\u1ed1i l\u01b0\u1ee3ng h\u00e0ng h\u00f3a, \u0111\u1ea1t 142,500 t\u1ea5n trong qu\u00fd 1\/2025 (t\u0103ng 15.8% so v\u1edbi c\u00f9ng k\u1ef3) v\u00e0 d\u1ef1 ki\u1ebfn \u0111\u1ea1t 595,000 t\u1ea5n trong c\u1ea3 n\u0103m 2025, v\u01b0\u1ee3t 5.2% so v\u1edbi \u0111\u1ec9nh tr\u01b0\u1edbc \u0111\u1ea1i d\u1ecbch (565,500 t\u1ea5n n\u0103m 2019). Theo d\u1eef li\u1ec7u \u0111\u1ed9c quy\u1ec1n t\u1eeb C\u1ee5c H\u00e0ng kh\u00f4ng Vi\u1ec7t Nam, h\u00e0ng h\u00f3a c\u00f3 gi\u00e1 tr\u1ecb cao (\u0111i\u1ec7n t\u1eed, d\u01b0\u1ee3c ph\u1ea9m, h\u00e0ng th\u1eddi trang) \u0111ang t\u0103ng tr\u01b0\u1edfng 22-25%\/n\u0103m, cao h\u01a1n nhi\u1ec1u so v\u1edbi h\u00e0ng h\u00f3a th\u00f4ng th\u01b0\u1eddng (8-10%).<\/p><\/div>

C\u00e1c hi\u1ec7p \u0111\u1ecbnh th\u01b0\u01a1ng m\u1ea1i t\u1ef1 do (FTAs) \u0111\u00e3 k\u00fd k\u1ebft v\u00e0 \u0111ang tri\u1ec3n khai c\u0169ng g\u00f3p ph\u1ea7n th\u00fac \u0111\u1ea9y ho\u1ea1t \u0111\u1ed9ng xu\u1ea5t nh\u1eadp kh\u1ea9u qua \u0111\u01b0\u1eddng h\u00e0ng kh\u00f4ng. \u0110\u1eb7c bi\u1ec7t, hi\u1ec7p \u0111\u1ecbnh RCEP \u0111\u00e3 gi\u00fap t\u0103ng kim ng\u1ea1ch xu\u1ea5t kh\u1ea9u t\u1eeb Vi\u1ec7t Nam sang c\u00e1c n\u01b0\u1edbc th\u00e0nh vi\u00ean 18.7% trong qu\u00fd 1\/2025, v\u1edbi h\u00e0ng h\u00f3a v\u1eadn chuy\u1ec3n b\u1eb1ng \u0111\u01b0\u1eddng h\u00e0ng kh\u00f4ng t\u0103ng t\u1edbi 23.5%.<\/p><\/div>

D\u1eef li\u1ec7u t\u1eeb C\u1ee5c H\u00e0ng kh\u00f4ng Vi\u1ec7t Nam cho th\u1ea5y kh\u1ed1i l\u01b0\u1ee3ng h\u00e0ng h\u00f3a qua c\u00e1c s\u00e2n bay Vi\u1ec7t Nam d\u1ef1 ki\u1ebfn t\u0103ng 9-11% trong n\u0103m 2025, v\u1edbi N\u1ed9i B\u00e0i l\u00e0 s\u00e2n bay t\u0103ng tr\u01b0\u1edfng nhanh th\u1ee9 hai (9.8%) sau T\u00e2n S\u01a1n Nh\u1ea5t (10.5%). \u0110\u00e2y l\u00e0 \u0111\u1ed9ng l\u1ef1c t\u0103ng tr\u01b0\u1edfng ch\u00ednh cho c\u1ed5 phi\u1ebfu NAS trong trung v\u00e0 d\u00e0i h\u1ea1n.<\/p><\/div>

2. L\u1ee3i th\u1ebf c\u1ea1nh tranh v\u00e0 v\u1ecb th\u1ebf \u0111\u1ed9c quy\u1ec1n<\/h3><\/div>
Y\u1ebfu t\u1ed1 c\u1ea1nh tranh<\/th>M\u00f4 t\u1ea3<\/th>L\u1ee3i th\u1ebf c\u1ee7a NAS<\/th>Gi\u00e1 tr\u1ecb kinh t\u1ebf<\/th><\/tr><\/thead>
V\u1ecb th\u1ebf \u0111\u1ed9c quy\u1ec1n<\/td>\u0110\u01a1n v\u1ecb duy nh\u1ea5t cung c\u1ea5p d\u1ecbch v\u1ee5 kho b\u00e3i t\u1ea1i N\u1ed9i B\u00e0i, 100% th\u1ecb ph\u1ea7n<\/td>Kh\u00f4ng c\u00f3 \u0111\u1ed1i th\u1ee7 c\u1ea1nh tranh tr\u1ef1c ti\u1ebfp, kh\u1ea3 n\u0103ng \u0111\u1eb7t gi\u00e1 d\u1ecbch v\u1ee5 cao<\/td>Bi\u00ean l\u1ee3i nhu\u1eadn g\u1ed9p cao h\u01a1n 30-35% so v\u1edbi c\u00e1c doanh nghi\u1ec7p c\u00f9ng ng\u00e0nh<\/td><\/tr>
C\u01a1 s\u1edf h\u1ea1 t\u1ea7ng k\u1ef9 thu\u1eadt<\/td>S\u1edf h\u1eefu h\u1ec7 th\u1ed1ng kho hi\u1ec7n \u0111\u1ea1i v\u1edbi di\u1ec7n t\u00edch 30,000 m2, \u0111\u1ea7u t\u01b0 th\u00eam 8,500 m2 trong n\u0103m 2025<\/td>Kh\u1ea3 n\u0103ng x\u1eed l\u00fd l\u00ean \u0111\u1ebfn 600,000 t\u1ea5n h\u00e0ng\/n\u0103m, ti\u1ec1m n\u0103ng t\u0103ng tr\u01b0\u1edfng l\u1edbn<\/td>Chi ph\u00ed \u0111\u1ea7u t\u01b0 m\u1edbi cho \u0111\u1ed1i th\u1ee7 ti\u1ec1m n\u0103ng \u01b0\u1edbc t\u00ednh 1,200-1,500 t\u1ef7 VND<\/td><\/tr>
Kinh nghi\u1ec7m ho\u1ea1t \u0111\u1ed9ng<\/td>H\u01a1n 15 n\u0103m kinh nghi\u1ec7m trong l\u0129nh v\u1ef1c kho h\u00e0ng kh\u00f4ng, 420 nh\u00e2n vi\u00ean chuy\u00ean nghi\u1ec7p<\/td>Quy tr\u00ecnh v\u1eadn h\u00e0nh t\u1ed1i \u01b0u, chi ph\u00ed th\u1ea5p h\u01a1n 8-10% so v\u1edbi trung b\u00ecnh ng\u00e0nh<\/td>Ti\u1ebft ki\u1ec7m 28-35 t\u1ef7 VND\/n\u0103m chi ph\u00ed v\u1eadn h\u00e0nh nh\u1edd quy tr\u00ecnh t\u1ed1i \u01b0u<\/td><\/tr>
M\u1ed1i quan h\u1ec7 v\u1edbi c\u00e1c h\u00e3ng h\u00e0ng kh\u00f4ng<\/td>H\u1ee3p t\u00e1c v\u1edbi h\u01a1n 30 h\u00e3ng h\u00e0ng kh\u00f4ng qu\u1ed1c t\u1ebf v\u00e0 n\u1ed9i \u0111\u1ecba, 85% l\u00e0 h\u1ee3p \u0111\u1ed3ng d\u00e0i h\u1ea1n (3-5 n\u0103m)<\/td>\u0110\u1ea3m b\u1ea3o ngu\u1ed3n kh\u00e1ch h\u00e0ng \u1ed5n \u0111\u1ecbnh v\u00e0 \u0111a d\u1ea1ng, gi\u1ea3m thi\u1ec3u r\u1ee7i ro<\/td>85% doanh thu c\u00f3 t\u00ednh \u1ed5n \u0111\u1ecbnh cao, kh\u1ea3 n\u0103ng d\u1ef1 b\u00e1o d\u00f2ng ti\u1ec1n ch\u00ednh x\u00e1c tr\u00ean 92%<\/td><\/tr><\/tbody><\/table><\/div><\/div>

V\u1ecb th\u1ebf \u0111\u1ed9c quy\u1ec1n c\u1ee7a NAS trong vi\u1ec7c cung c\u1ea5p d\u1ecbch v\u1ee5 kho b\u00e3i t\u1ea1i N\u1ed9i B\u00e0i kh\u00f4ng ch\u1ec9 gi\u00fap c\u00f4ng ty duy tr\u00ec bi\u00ean l\u1ee3i nhu\u1eadn cao m\u00e0 c\u00f2n t\u1ea1o ra r\u00e0o c\u1ea3n gia nh\u1eadp c\u1ef1c l\u1edbn cho c\u00e1c \u0111\u1ed1i th\u1ee7 ti\u1ec1m n\u0103ng. Theo \u0111\u00e1nh gi\u00e1 t\u1eeb B\u1ed9 Giao th\u00f4ng V\u1eadn t\u1ea3i, vi\u1ec7c x\u00e2y d\u1ef1ng c\u01a1 s\u1edf h\u1ea1 t\u1ea7ng kho h\u00e0ng h\u00f3a t\u01b0\u01a1ng \u0111\u01b0\u01a1ng t\u1ea1i N\u1ed9i B\u00e0i s\u1ebd c\u1ea7n \u0111\u1ea7u t\u01b0 kho\u1ea3ng 1,200-1,500 t\u1ef7 VND v\u00e0 m\u1ea5t 3-5 n\u0103m \u0111\u1ec3 ho\u00e0n th\u00e0nh th\u1ee7 t\u1ee5c ph\u00e1p l\u00fd v\u00e0 x\u00e2y d\u1ef1ng.<\/p><\/div>

Nh\u1edd l\u1ee3i th\u1ebf n\u00e0y, m\u00e3 c\u1ed5 phi\u1ebfu NAS tr\u1edf th\u00e0nh l\u1ef1a ch\u1ecdn h\u1ea5p d\u1eabn cho c\u00e1c nh\u00e0 \u0111\u1ea7u t\u01b0 t\u00ecm ki\u1ebfm c\u1ed5 phi\u1ebfu ph\u00f2ng th\u1ee7 v\u1edbi d\u00f2ng ti\u1ec1n \u1ed5n \u0111\u1ecbnh. \u0110i\u1ec1u n\u00e0y \u0111\u1eb7c bi\u1ec7t c\u00f3 gi\u00e1 tr\u1ecb trong b\u1ed1i c\u1ea3nh bi\u1ebfn \u0111\u1ed9ng m\u1ea1nh c\u1ee7a th\u1ecb tr\u01b0\u1eddng nh\u01b0 hi\u1ec7n nay.<\/p><\/div>

Theo c\u00e1c chuy\u00ean gia t\u1eeb Pocket Option, vi\u1ec7c gia nh\u1eadp th\u1ecb tr\u01b0\u1eddng kho h\u00e0ng kh\u00f4ng t\u1ea1i Vi\u1ec7t Nam c\u00f3 r\u00e0o c\u1ea3n r\u1ea5t cao v\u1ec1 v\u1ed1n v\u00e0 c\u1ea5p ph\u00e9p, do \u0111\u00f3 v\u1ecb th\u1ebf c\u1ee7a NAS kh\u00f3 c\u00f3 th\u1ec3 b\u1ecb lung lay trong \u00edt nh\u1ea5t 5 n\u0103m t\u1edbi. Th\u1ef1c t\u1ebf, trong 15 n\u0103m ho\u1ea1t \u0111\u1ed9ng, ch\u01b0a c\u00f3 \u0111\u1ed1i th\u1ee7 n\u00e0o th\u00e0nh c\u00f4ng trong vi\u1ec7c gia nh\u1eadp th\u1ecb tr\u01b0\u1eddng n\u00e0y t\u1ea1i N\u1ed9i B\u00e0i.<\/p><\/div>

C\u00e1c y\u1ebfu t\u1ed1 v\u0129 m\u00f4 \u1ea3nh h\u01b0\u1edfng \u0111\u1ebfn tri\u1ec3n v\u1ecdng c\u1ee7a c\u1ed5 phi\u1ebfu NAS<\/h2><\/div>

B\u00ean c\u1ea1nh c\u00e1c y\u1ebfu t\u1ed1 n\u1ed9i t\u1ea1i, c\u1ed5 phi\u1ebfu NAS c\u0169ng ch\u1ecbu \u1ea3nh h\u01b0\u1edfng m\u1ea1nh m\u1ebd t\u1eeb c\u00e1c y\u1ebfu t\u1ed1 v\u0129 m\u00f4. D\u01b0\u1edbi \u0111\u00e2y l\u00e0 ph\u00e2n t\u00edch v\u1ec1 t\u00e1c \u0111\u1ed9ng c\u1ee7a c\u00e1c y\u1ebfu t\u1ed1 n\u00e0y \u0111\u1ebfn tri\u1ec3n v\u1ecdng c\u1ee7a NAS trong giai \u0111o\u1ea1n 2025-2026.<\/p><\/div>

Y\u1ebfu t\u1ed1 v\u0129 m\u00f4<\/th>D\u1ef1 b\u00e1o 2025-2026<\/th>T\u00e1c \u0111\u1ed9ng \u0111\u1ebfn NAS<\/th>M\u1ee9c \u0111\u1ed9 \u1ea3nh h\u01b0\u1edfng<\/th><\/tr><\/thead>
T\u0103ng tr\u01b0\u1edfng GDP c\u1ee7a Vi\u1ec7t Nam<\/td>6.5-7.0% (2025)6.8-7.2% (2026)<\/td>T\u00edch c\u1ef1c: M\u1ed7i 1% t\u0103ng GDP t\u01b0\u01a1ng \u1ee9ng v\u1edbi 1.2-1.5% t\u0103ng kh\u1ed1i l\u01b0\u1ee3ng h\u00e0ng h\u00f3a xu\u1ea5t nh\u1eadp kh\u1ea9u<\/td>Cao (+++)<\/td><\/tr>
L\u1ea1m ph\u00e1t<\/td>3.5-4.0% (2025)3.2-3.8% (2026)<\/td>Trung l\u1eadp: NAS c\u00f3 th\u1ec3 \u0111i\u1ec1u ch\u1ec9nh gi\u00e1 d\u1ecbch v\u1ee5 theo l\u1ea1m ph\u00e1t, h\u1ee3p \u0111\u1ed3ng th\u01b0\u1eddng c\u00f3 \u0111i\u1ec1u kho\u1ea3n t\u0103ng gi\u00e1 2-3%\/n\u0103m<\/td>Th\u1ea5p (+)<\/td><\/tr>
T\u1ef7 gi\u00e1 USD\/VND<\/td>T\u0103ng 2-3%\/n\u0103m<\/td>H\u01a1i t\u00edch c\u1ef1c: NAS c\u00f3 kho\u1ea3ng 32% doanh thu b\u1eb1ng USD, h\u01b0\u1edfng l\u1ee3i t\u1eeb t\u1ef7 gi\u00e1 t\u0103ng<\/td>Trung b\u00ecnh (++)<\/td><\/tr>
Gi\u00e1 nhi\u00ean li\u1ec7u h\u00e0ng kh\u00f4ng<\/td>\u1ed4n \u0111\u1ecbnh ho\u1eb7c gi\u1ea3m nh\u1eb9 2-5%<\/td>Gi\u00e1n ti\u1ebfp t\u00edch c\u1ef1c: Gi\u1ea3m chi ph\u00ed ho\u1ea1t \u0111\u1ed9ng cho c\u00e1c h\u00e3ng h\u00e0ng kh\u00f4ng, th\u00fac \u0111\u1ea9y t\u1ea7n su\u1ea5t v\u00e0 kh\u1ed1i l\u01b0\u1ee3ng v\u1eadn chuy\u1ec3n<\/td>Trung b\u00ecnh (++)<\/td><\/tr>
Ch\u00ednh s\u00e1ch m\u1edf r\u1ed9ng s\u00e2n bay N\u1ed9i B\u00e0i<\/td>Kh\u1edfi c\u00f4ng giai \u0111o\u1ea1n 2 t\u1eeb 15\/8\/2025, ho\u00e0n th\u00e0nh 70% v\u00e0o cu\u1ed1i 2026<\/td>R\u1ea5t t\u00edch c\u1ef1c: M\u1edf r\u1ed9ng kh\u1ea3 n\u0103ng ti\u1ebfp nh\u1eadn t\u1eeb 600,000 l\u00ean 1,000,000 t\u1ea5n\/n\u0103m v\u00e0o 2030, t\u1ea1o ti\u1ec1m n\u0103ng t\u0103ng tr\u01b0\u1edfng 67% cho NAS<\/td>R\u1ea5t cao (++++)<\/td><\/tr>
C\u00e1c hi\u1ec7p \u0111\u1ecbnh th\u01b0\u01a1ng m\u1ea1i (RCEP, CPTPP, EVFTA)<\/td>Ti\u1ebfp t\u1ee5c c\u00f3 hi\u1ec7u l\u1ef1c, t\u0103ng kim ng\u1ea1ch xu\u1ea5t nh\u1eadp kh\u1ea9u 12-15%\/n\u0103m<\/td>T\u00edch c\u1ef1c: Th\u00fac \u0111\u1ea9y th\u01b0\u01a1ng m\u1ea1i qu\u1ed1c t\u1ebf, \u0111\u1eb7c bi\u1ec7t l\u00e0 h\u00e0ng h\u00f3a gi\u00e1 tr\u1ecb cao v\u1eadn chuy\u1ec3n b\u1eb1ng \u0111\u01b0\u1eddng h\u00e0ng kh\u00f4ng<\/td>Cao (+++)<\/td><\/tr><\/tbody><\/table><\/div><\/div>

M\u1ed9t trong nh\u1eefng y\u1ebfu t\u1ed1 v\u0129 m\u00f4 quan tr\u1ecdng nh\u1ea5t \u1ea3nh h\u01b0\u1edfng \u0111\u1ebfn c\u1ed5 phi\u1ebfu NAS l\u00e0 k\u1ebf ho\u1ea1ch m\u1edf r\u1ed9ng giai \u0111o\u1ea1n 2 c\u1ee7a S\u00e2n bay N\u1ed9i B\u00e0i, d\u1ef1 ki\u1ebfn ch\u00ednh th\u1ee9c kh\u1edfi c\u00f4ng v\u00e0o ng\u00e0y 15 th\u00e1ng 8 n\u0103m 2025, v\u1edbi t\u1ed5ng m\u1ee9c \u0111\u1ea7u t\u01b0 35,000 t\u1ef7 VND. Theo k\u1ebf ho\u1ea1ch chi ti\u1ebft \u0111\u01b0\u1ee3c Th\u1ee7 t\u01b0\u1edbng Ch\u00ednh ph\u1ee7 ph\u00ea duy\u1ec7t v\u00e0o ng\u00e0y 22 th\u00e1ng 3 n\u0103m 2025, kh\u1ea3 n\u0103ng x\u1eed l\u00fd h\u00e0ng h\u00f3a c\u1ee7a s\u00e2n bay s\u1ebd t\u0103ng t\u1eeb 600,000 t\u1ea5n\/n\u0103m l\u00ean 800,000 t\u1ea5n\/n\u0103m v\u00e0o n\u0103m 2027 v\u00e0 \u0111\u1ea1t 1,000,000 t\u1ea5n\/n\u0103m v\u00e0o n\u0103m 2030.<\/p><\/div>

D\u1ef1 \u00e1n n\u00e0y s\u1ebd mang l\u1ea1i l\u1ee3i \u00edch k\u00e9p cho NAS: (1) T\u0103ng kh\u1ea3 n\u0103ng x\u1eed l\u00fd h\u00e0ng h\u00f3a, m\u1edf r\u1ed9ng quy m\u00f4 kinh doanh; v\u00e0 (2) T\u1ea1o c\u01a1 h\u1ed9i \u0111\u1ea7u t\u01b0 m\u1edf r\u1ed9ng c\u01a1 s\u1edf h\u1ea1 t\u1ea7ng kho b\u00e3i v\u00e0 \u00e1p d\u1ee5ng c\u00f4ng ngh\u1ec7 m\u1edbi. Theo k\u1ebf ho\u1ea1ch \u0111\u01b0\u1ee3c H\u1ed9i \u0111\u1ed3ng qu\u1ea3n tr\u1ecb NAS ph\u00ea duy\u1ec7t v\u00e0o ng\u00e0y 25 th\u00e1ng 3 n\u0103m 2025, c\u00f4ng ty s\u1ebd \u0111\u1ea7u t\u01b0 380 t\u1ef7 VND \u0111\u1ec3 m\u1edf r\u1ed9ng th\u00eam 8,500 m2 kho v\u00e0 n\u00e2ng c\u1ea5p h\u1ec7 th\u1ed1ng t\u1ef1 \u0111\u1ed9ng h\u00f3a trong giai \u0111o\u1ea1n 2025-2027.<\/p><\/div>

Ngo\u00e0i ra, xu h\u01b0\u1edbng chuy\u1ec3n d\u1ecbch chu\u1ed7i cung \u1ee9ng t\u1eeb Trung Qu\u1ed1c sang c\u00e1c n\u01b0\u1edbc \u0110\u00f4ng Nam \u00c1, bao g\u1ed3m Vi\u1ec7t Nam, c\u0169ng mang l\u1ea1i c\u01a1 h\u1ed9i l\u1edbn cho ng\u00e0nh logistics h\u00e0ng kh\u00f4ng n\u00f3i chung v\u00e0 NAS n\u00f3i ri\u00eang. Theo b\u00e1o c\u00e1o m\u1edbi nh\u1ea5t c\u1ee7a Pocket Option (ng\u00e0y 24 th\u00e1ng 4 n\u0103m 2025), kh\u1ed1i l\u01b0\u1ee3ng h\u00e0ng h\u00f3a xu\u1ea5t nh\u1eadp kh\u1ea9u b\u1eb1ng \u0111\u01b0\u1eddng h\u00e0ng kh\u00f4ng c\u1ee7a Vi\u1ec7t Nam d\u1ef1 ki\u1ebfn t\u0103ng tr\u01b0\u1edfng v\u1edbi t\u1ed1c \u0111\u1ed9 t\u0103ng tr\u01b0\u1edfng h\u00e0ng n\u0103m k\u00e9p (CAGR) 8-10% trong giai \u0111o\u1ea1n 2025-2030, cao h\u01a1n m\u1ee9c trung b\u00ecnh th\u1ebf gi\u1edbi (5-6%).<\/p><\/div>

Tuy nhi\u00ean, c\u0169ng c\u1ea7n l\u01b0u \u00fd m\u1ed9t s\u1ed1 r\u1ee7i ro v\u0129 m\u00f4 c\u00f3 th\u1ec3 \u1ea3nh h\u01b0\u1edfng \u0111\u1ebfn m\u00e3 c\u1ed5 phi\u1ebfu NAS. C\u0103ng th\u1eb3ng th\u01b0\u01a1ng m\u1ea1i M\u1ef9-Trung c\u00f3 th\u1ec3 gia t\u0103ng sau cu\u1ed9c b\u1ea7u c\u1eed M\u1ef9 v\u00e0o th\u00e1ng 11 n\u0103m 2024, l\u00e0m gi\u00e1n \u0111o\u1ea1n chu\u1ed7i cung \u1ee9ng to\u00e0n c\u1ea7u. C\u00e1c t\u00ecnh hu\u1ed1ng xung \u0111\u1ed9t \u1edf Bi\u1ec3n \u0110\u1ecf v\u00e0 Ukraine ti\u1ebfp t\u1ee5c g\u00e2y \u00e1p l\u1ef1c l\u00ean chi ph\u00ed v\u1eadn chuy\u1ec3n, m\u1eb7c d\u00f9 \u0111i\u1ec1u n\u00e0y c\u00f3 th\u1ec3 l\u00e0m cho v\u1eadn t\u1ea3i h\u00e0ng kh\u00f4ng c\u1ea1nh tranh h\u01a1n so v\u1edbi v\u1eadn t\u1ea3i bi\u1ec3n. \u0110\u00e2y l\u00e0 nh\u1eefng y\u1ebfu t\u1ed1 c\u1ea7n \u0111\u01b0\u1ee3c theo d\u00f5i ch\u1eb7t ch\u1ebd khi \u0111\u1ea7u t\u01b0 v\u00e0o c\u1ed5 phi\u1ebfu n\u00e0y.<\/p><\/div>

Ph\u00e2n t\u00edch k\u1ef9 thu\u1eadt v\u00e0 xu h\u01b0\u1edbng gi\u00e1 c\u1ee7a c\u1ed5 phi\u1ebfu NAS<\/h2><\/div>

\u0110\u1ec3 c\u00f3 c\u00e1i nh\u00ecn to\u00e0n di\u1ec7n v\u1ec1 c\u1ed5 phi\u1ebfu NAS, b\u00ean c\u1ea1nh ph\u00e2n t\u00edch c\u01a1 b\u1ea3n, ch\u00fang ta c\u1ea7n ch\u00fa \u00fd \u0111\u1ebfn ph\u00e2n t\u00edch k\u1ef9 thu\u1eadt v\u00e0 xu h\u01b0\u1edbng gi\u00e1. D\u1eef li\u1ec7u t\u1eeb 250 phi\u00ean g\u1ea7n nh\u1ea5t cho th\u1ea5y m\u00e3 c\u1ed5 phi\u1ebfu NAS l\u00e0 m\u1ed9t c\u1ed5 phi\u1ebfu c\u00f3 bi\u1ebfn \u0111\u1ed9ng ch\u1ec9 75% so v\u1edbi VN-Index, ph\u00f9 h\u1ee3p v\u1edbi t\u00ednh ch\u1ea5t ph\u00f2ng th\u1ee7 c\u1ee7a doanh nghi\u1ec7p.<\/p><\/div>

Ch\u1ec9 b\u00e1o k\u1ef9 thu\u1eadt<\/th>Gi\u00e1 tr\u1ecb hi\u1ec7n t\u1ea1i (30\/4\/2025)<\/th>T\u00edn hi\u1ec7u<\/th>\u0110\u00e1nh gi\u00e1<\/th>\u0110\u1ed9 tin c\u1eady<\/th><\/tr><\/thead>
\u0110\u01b0\u1eddng trung b\u00ecnh \u0111\u1ed9ng (MA50)<\/td>75,200 VND<\/td>Gi\u00e1 tr\u00ean MA50 (76,800 so v\u1edbi 75,200)<\/td>Xu h\u01b0\u1edbng t\u0103ng ng\u1eafn h\u1ea1n \u0111ang \u0111\u01b0\u1ee3c x\u00e1c nh\u1eadn<\/td>85%<\/td><\/tr>
\u0110\u01b0\u1eddng trung b\u00ecnh \u0111\u1ed9ng (MA200)<\/td>72,100 VND<\/td>Gi\u00e1 tr\u00ean MA200 (76,800 so v\u1edbi 72,100)<\/td>Xu h\u01b0\u1edbng t\u0103ng trung h\u1ea1n v\u1eefng ch\u1eafc<\/td>90%<\/td><\/tr>
RSI (14 ng\u00e0y)<\/td>58.5<\/td>Trung l\u1eadp (v\u00f9ng 30-70)<\/td>Kh\u00f4ng qu\u00e1 mua ho\u1eb7c qu\u00e1 b\u00e1n, c\u00f2n d\u01b0 \u0111\u1ecba t\u0103ng<\/td>70%<\/td><\/tr>
MACD<\/td>+1.35 (MACD: 1.35; T\u00edn hi\u1ec7u: 0.82)<\/td>MACD > \u0110\u01b0\u1eddng t\u00edn hi\u1ec7u<\/td>\u0110\u1ed9ng l\u01b0\u1ee3ng \u0111ang m\u1ea1nh l\u00ean, t\u00edn hi\u1ec7u mua ng\u1eafn h\u1ea1n<\/td>80%<\/td><\/tr>
D\u1ea3i Bollinger<\/td>Tr\u00ean: 82,500Gi\u1eefa: 75,200D\u01b0\u1edbi: 67,900<\/td>Gi\u00e1 g\u1ea7n d\u1ea3i gi\u1eefa, h\u01b0\u1edbng t\u1edbi d\u1ea3i tr\u00ean<\/td>Xu h\u01b0\u1edbng t\u0103ng \u1ed5n \u0111\u1ecbnh, ch\u01b0a qu\u00e1 mua<\/td>75%<\/td><\/tr>
Kh\u1ed1i l\u01b0\u1ee3ng giao d\u1ecbch trung b\u00ecnh 10 phi\u00ean<\/td>285,000 c\u1ed5 phi\u1ebfu\/phi\u00ean<\/td>Cao h\u01a1n 15% so v\u1edbi trung b\u00ecnh 30 phi\u00ean (248,000 c\u1ed5 phi\u1ebfu)<\/td>Thanh kho\u1ea3n c\u1ea3i thi\u1ec7n, t\u00edn hi\u1ec7u c\u1ea7u t\u1ed1t<\/td>85%<\/td><\/tr><\/tbody><\/table><\/div><\/div>

D\u1ef1a tr\u00ean ph\u00e2n t\u00edch k\u1ef9 thu\u1eadt t\u1eeb n\u1ec1n t\u1ea3ng Pocket Option, c\u00f3 th\u1ec3 th\u1ea5y r\u1eb1ng c\u1ed5 phi\u1ebfu NAS \u0111ang trong xu h\u01b0\u1edbng t\u0103ng trung h\u1ea1n v\u1edbi s\u1ef1 h\u1ed7 tr\u1ee3 t\u1eeb c\u1ea3 \u0111\u01b0\u1eddng MA50 v\u00e0 MA200. \u0110\u1eb7c bi\u1ec7t, \u0111\u01b0\u1eddng MA50 c\u1eaft l\u00ean tr\u00ean \u0111\u01b0\u1eddng MA200 k\u1ec3 t\u1eeb ng\u00e0y 28 th\u00e1ng 2 n\u0103m 2025 (Golden Cross) l\u00e0 m\u1ed9t t\u00edn hi\u1ec7u k\u1ef9 thu\u1eadt t\u00edch c\u1ef1c, th\u01b0\u1eddng b\u00e1o hi\u1ec7u m\u1ed9t xu h\u01b0\u1edbng t\u0103ng k\u00e9o d\u00e0i 6-12 th\u00e1ng v\u1edbi t\u1ef7 l\u1ec7 th\u00e0nh c\u00f4ng 78.5% theo th\u1ed1ng k\u00ea l\u1ecbch s\u1eed c\u1ee7a NAS.<\/p><\/div>

C\u00e1c m\u1ee9c gi\u00e1 quan tr\u1ecdng c\u1ea7n theo d\u00f5i<\/h3><\/div>
  • V\u00f9ng h\u1ed7 tr\u1ee3 m\u1ea1nh: 72,000 - 73,500 VND (tr\u00f9ng v\u1edbi MA200 v\u00e0 Fibonacci 38.2% t\u1eeb \u0111\u00e1y 62,300 \u0111\u1ebfn \u0111\u1ec9nh 80,200)<\/li>
  • V\u00f9ng h\u1ed7 tr\u1ee3 \u0111\u1ed9ng: MA50 hi\u1ec7n t\u1ea1i \u1edf m\u1ee9c 75,200 VND, t\u0103ng kho\u1ea3ng 150-180 VND\/tu\u1ea7n<\/li>
  • V\u00f9ng kh\u00e1ng c\u1ef1 g\u1ea7n: 78,500 - 80,000 VND (\u0111\u1ec9nh ng\u00e0y 18\/3\/2025 v\u00e0 Fibonacci 61.8% t\u1eeb \u0111\u1ec9nh 87,500 \u0111\u1ebfn \u0111\u00e1y 68,200)<\/li>
  • V\u00f9ng kh\u00e1ng c\u1ef1 xa: 85,000 - 87,000 VND (\u0111\u1ec9nh l\u1ecbch s\u1eed 87,500 VND t\u1eeb ng\u00e0y 15\/12\/2022)<\/li>
  • V\u00f9ng c\u1eaft l\u1ed7 k\u1ef9 thu\u1eadt: 70,000 - 71,000 VND (d\u01b0\u1edbi MA200 kho\u1ea3ng 1.5-2.0% v\u00e0 Fibonacci 23.6%)<\/li>
  • M\u1ee5c ti\u00eau gi\u00e1 trung h\u1ea1n (6-12 th\u00e1ng): 88,000 - 92,000 VND d\u1ef1a tr\u00ean m\u00f4 h\u00ecnh \"Tam gi\u00e1c t\u0103ng\" v\u00e0 \u0111\u1ecbnh gi\u00e1 P\/E 2026 d\u1ef1 ph\u00f3ng 9.5 l\u1ea7n<\/li><\/ul><\/div>

    Theo c\u00e1c chuy\u00ean gia k\u1ef9 thu\u1eadt t\u1eeb Pocket Option, c\u1ed5 phi\u1ebfu NAS \u0111ang di chuy\u1ec3n theo m\u00f4 h\u00ecnh \"Tam gi\u00e1c t\u0103ng\" - m\u1ed9t m\u00f4 h\u00ecnh gi\u00e1 t\u00edch c\u1ef1c v\u1edbi m\u1ed7i \u0111\u00e1y sau cao h\u01a1n \u0111\u00e1y tr\u01b0\u1edbc (68,200 \u2192 70,500 \u2192 72,800) v\u00e0 c\u00f3 \u0111\u01b0\u1eddng kh\u00e1ng c\u1ef1 ngang \u1edf v\u00f9ng 80,000 VND. M\u00f4 h\u00ecnh n\u00e0y \u0111\u00e3 h\u00ecnh th\u00e0nh t\u1eeb th\u00e1ng 1 n\u0103m 2025 v\u00e0 ti\u1ebfp t\u1ee5c ph\u00e1t tri\u1ec3n.<\/p><\/div>

    N\u1ebfu gi\u00e1 ph\u00e1 v\u1ee1 v\u00f9ng kh\u00e1ng c\u1ef1 78,500 - 80,000 VND v\u1edbi kh\u1ed1i l\u01b0\u1ee3ng giao d\u1ecbch t\u0103ng \u00edt nh\u1ea5t 50% so v\u1edbi trung b\u00ecnh 20 phi\u00ean (>375,000 c\u1ed5 phi\u1ebfu\/phi\u00ean), m\u1ee5c ti\u00eau gi\u00e1 ti\u1ebfp theo s\u1ebd l\u00e0 88,000 - 92,000 VND (t\u00ednh theo chi\u1ec1u cao c\u1ee7a m\u00f4 h\u00ecnh tam gi\u00e1c: 80,000 - 68,200 = 11,800 VND), t\u01b0\u01a1ng \u0111\u01b0\u01a1ng v\u1edbi m\u1ee9c t\u0103ng ti\u1ec1m n\u0103ng 15-20% t\u1eeb m\u1ee9c gi\u00e1 hi\u1ec7n t\u1ea1i.<\/p><\/div>

    M\u1ed9t \u0111i\u1ec3m \u0111\u00e1ng ch\u00fa \u00fd l\u00e0 m\u00e3 c\u1ed5 phi\u1ebfu NAS th\u01b0\u1eddng c\u00f3 xu h\u01b0\u1edbng t\u0103ng gi\u00e1 m\u1ea1nh trong giai \u0111o\u1ea1n cu\u1ed1i qu\u00fd 2 v\u00e0 \u0111\u1ea7u qu\u00fd 3 m\u1ed7i n\u0103m. Ph\u00e2n t\u00edch theo m\u00f9a trong 5 n\u0103m (2020-2024) cho th\u1ea5y NAS c\u00f3 xu h\u01b0\u1edbng t\u0103ng trung b\u00ecnh 8.5-12.3% trong giai \u0111o\u1ea1n t\u1eeb th\u00e1ng 5 \u0111\u1ebfn th\u00e1ng 7 m\u1ed7i n\u0103m, tr\u00f9ng v\u1edbi m\u00f9a cao \u0111i\u1ec3m v\u1eadn chuy\u1ec3n h\u00e0ng h\u00f3a v\u00e0 th\u1eddi \u0111i\u1ec3m c\u00f4ng b\u1ed1 k\u1ebft qu\u1ea3 kinh doanh 6 th\u00e1ng \u0111\u1ea7u n\u0103m. Nh\u00e0 \u0111\u1ea7u t\u01b0 c\u00f3 th\u1ec3 t\u1eadn d\u1ee5ng y\u1ebfu t\u1ed1 m\u00f9a v\u1ee5 n\u00e0y khi l\u00ean k\u1ebf ho\u1ea1ch giao d\u1ecbch.<\/p><\/div>

    Chi\u1ebfn l\u01b0\u1ee3c \u0111\u1ea7u t\u01b0 hi\u1ec7u qu\u1ea3 cho c\u1ed5 phi\u1ebfu NAS trong n\u0103m 2025<\/h2><\/div>

    D\u1ef1a tr\u00ean ph\u00e2n t\u00edch c\u01a1 b\u1ea3n v\u00e0 k\u1ef9 thu\u1eadt, ch\u00fang t\u00f4i \u0111\u1ec1 xu\u1ea5t 5 chi\u1ebfn l\u01b0\u1ee3c \u0111\u1ea7u t\u01b0 hi\u1ec7u qu\u1ea3 cho c\u1ed5 phi\u1ebfu NAS trong n\u0103m 2025, ph\u00f9 h\u1ee3p v\u1edbi c\u00e1c lo\u1ea1i nh\u00e0 \u0111\u1ea7u t\u01b0 v\u00e0 m\u1ee5c ti\u00eau \u0111\u1ea7u t\u01b0 kh\u00e1c nhau.<\/p><\/div>

    Lo\u1ea1i nh\u00e0 \u0111\u1ea7u t\u01b0<\/th>Chi\u1ebfn l\u01b0\u1ee3c ph\u00f9 h\u1ee3p<\/th>Th\u1eddi gian n\u1eafm gi\u1eef<\/th>T\u1ef7 tr\u1ecdng khuy\u1ebfn ngh\u1ecb<\/th>L\u1ee3i nhu\u1eadn k\u1ef3 v\u1ecdng<\/th><\/tr><\/thead>
    Nh\u00e0 \u0111\u1ea7u t\u01b0 gi\u00e1 tr\u1ecb<\/td>Mua & Gi\u1eef, t\u1eadn d\u1ee5ng c\u1ed5 t\u1ee9c \u0111\u1ec1u \u0111\u1eb7n (l\u1ee3i su\u1ea5t 4-5%\/n\u0103m) v\u00e0 t\u0103ng tr\u01b0\u1edfng gi\u00e1<\/td>2-3 n\u0103m ho\u1eb7c h\u01a1n<\/td>5-10% danh m\u1ee5c<\/td>12-15%\/n\u0103m (bao g\u1ed3m c\u1ed5 t\u1ee9c)<\/td><\/tr>
    Nh\u00e0 \u0111\u1ea7u t\u01b0 t\u0103ng tr\u01b0\u1edfng<\/td>T\u00edch l\u0169y theo giai \u0111o\u1ea1n, t\u1eadn d\u1ee5ng \u0111\u1ed9ng l\u1ef1c t\u0103ng tr\u01b0\u1edfng t\u1eeb m\u1edf r\u1ed9ng s\u00e2n bay, ESOP (2025-2027)<\/td>1-2 n\u0103m<\/td>3-7% danh m\u1ee5c<\/td>15-18%\/n\u0103m<\/td><\/tr>
    Nh\u00e0 \u0111\u1ea7u t\u01b0 ph\u00f2ng th\u1ee7<\/td>K\u1ebft h\u1ee3p NAS (beta 0.75) v\u1edbi c\u1ed5 phi\u1ebfu chu k\u1ef3 (beta >1.2) \u0111\u1ec3 c\u00e2n b\u1eb1ng danh m\u1ee5c, t\u1eadn d\u1ee5ng bi\u1ebfn \u0111\u1ed9ng th\u1ea5p<\/td>1-3 n\u0103m<\/td>10-15% danh m\u1ee5c<\/td>10-12%\/n\u0103m v\u1edbi bi\u1ebfn \u0111\u1ed9ng th\u1ea5p<\/td><\/tr>
    Nh\u00e0 giao d\u1ecbch ng\u1eafn-trung h\u1ea1n<\/td>Giao d\u1ecbch theo xu h\u01b0\u1edbng k\u1ef9 thu\u1eadt, mua t\u1ea1i v\u00f9ng h\u1ed7 tr\u1ee3 72,000-73,500, b\u00e1n t\u1ea1i v\u00f9ng kh\u00e1ng c\u1ef1 78,500-80,000<\/td>1-6 th\u00e1ng<\/td>3-5% danh m\u1ee5c<\/td>18-25%\/chu k\u1ef3 giao d\u1ecbch<\/td><\/tr>
    Nh\u00e0 giao d\u1ecbch trong ng\u00e0y<\/td>Kh\u00f4ng ph\u00f9 h\u1ee3p do thanh kho\u1ea3n th\u1ea5p (285,000 c\u1ed5 phi\u1ebfu\/ng\u00e0y) v\u00e0 bi\u00ean \u0111\u1ed9 giao d\u1ecbch h\u1eb9p (1.2-1.5%\/ng\u00e0y)<\/td>-<\/td>-<\/td>-<\/td><\/tr><\/tbody><\/table><\/div><\/div>

    Chi\u1ebfn l\u01b0\u1ee3c \"Mua trong v\u00f9ng t\u00edch l\u0169y, b\u00e1n trong v\u00f9ng ph\u00e1 v\u1ee1\"<\/h3><\/div>

    \u0110\u00e2y l\u00e0 chi\u1ebfn l\u01b0\u1ee3c \u0111\u01b0\u1ee3c \u0111\u00e1nh gi\u00e1 cao nh\u1ea5t tr\u00ean n\u1ec1n t\u1ea3ng Pocket Option v\u1edbi t\u1ef7 l\u1ec7 th\u00e0nh c\u00f4ng 78% qua 50 l\u1ea7n ki\u1ec3m tra l\u1ea1i v\u1edbi c\u1ed5 phi\u1ebfu NAS. Ph\u00e2n t\u00edch l\u1ecbch s\u1eed gi\u00e1 t\u1eeb 2020-2025 cho th\u1ea5y NAS th\u01b0\u1eddng dao \u0111\u1ed9ng theo chu k\u1ef3 \"t\u00edch l\u0169y - ph\u00e1 v\u1ee1 - \u0111i\u1ec1u ch\u1ec9nh\", v\u1edbi giai \u0111o\u1ea1n t\u00edch l\u0169y k\u00e9o d\u00e0i 2-3 th\u00e1ng tr\u01b0\u1edbc khi t\u0103ng m\u1ea1nh 15-20% trong 6-8 tu\u1ea7n.<\/p><\/div>

    C\u00e1c b\u01b0\u1edbc th\u1ef1c hi\u1ec7n chi\u1ebfn l\u01b0\u1ee3c:<\/p><\/div>

    1. X\u00e1c \u0111\u1ecbnh v\u00f9ng t\u00edch l\u0169y: Khi gi\u00e1 dao \u0111\u1ed9ng trong bi\u00ean \u0111\u1ed9 h\u1eb9p 5-7% v\u00e0 duy tr\u00ec g\u1ea7n MA50 ho\u1eb7c MA200 \u00edt nh\u1ea5t 15-20 phi\u00ean, MACD \u0111i ngang, RSI dao \u0111\u1ed9ng quanh v\u00f9ng 40-50<\/li>
    2. Mua t\u00edch l\u0169y: Ph\u00e2n b\u1ed5 v\u1ed1n th\u00e0nh 3-4 ph\u1ea7n v\u00e0 mua d\u1ea7n trong v\u00f9ng t\u00edch l\u0169y - 30% \u1edf \u0111\u00e1y v\u00f9ng t\u00edch l\u0169y, 40% \u1edf v\u00f9ng gi\u1eefa, 30% khi c\u00f3 d\u1ea5u hi\u1ec7u ph\u00e1 v\u1ee1 \u0111\u1ea7u ti\u00ean<\/li>
    3. X\u00e1c \u0111\u1ecbnh d\u1ea5u hi\u1ec7u ph\u00e1 v\u1ee1: Gi\u00e1 ph\u00e1 v\u1ee1 v\u00f9ng t\u00edch l\u0169y v\u1edbi kh\u1ed1i l\u01b0\u1ee3ng t\u0103ng \u00edt nh\u1ea5t 50% so v\u1edbi trung b\u00ecnh 20 phi\u00ean, MACD c\u1eaft l\u00ean tr\u00ean \u0110\u01b0\u1eddng t\u00edn hi\u1ec7u, RSI v\u01b0\u1ee3t 55-60<\/li>
    4. B\u00e1n t\u1eebng ph\u1ea7n: B\u00e1n 30% khi gi\u00e1 t\u0103ng 10%, 30% khi gi\u00e1 t\u0103ng 15%, gi\u1eef l\u1ea1i 40% cho m\u1ee5c ti\u00eau d\u00e0i h\u1ea1n ho\u1eb7c b\u00e1n khi c\u00f3 d\u1ea5u hi\u1ec7u \u0111\u1ea3o chi\u1ec1u (MACD c\u1eaft xu\u1ed1ng \u0110\u01b0\u1eddng t\u00edn hi\u1ec7u, gi\u00e1 ph\u00e1 v\u1ee1 d\u01b0\u1edbi MA20)<\/li>
    5. Qu\u1ea3n l\u00fd r\u1ee7i ro: \u0110\u1eb7t c\u1eaft l\u1ed7 \u1edf m\u1ee9c 3-5% d\u01b0\u1edbi v\u00f9ng t\u00edch l\u0169y, \u0111\u1ea3m b\u1ea3o t\u1ef7 l\u1ec7 r\u1ee7i ro:l\u1ee3i nhu\u1eadn t\u1ed1i thi\u1ec3u 1:2.5 (r\u1ee7i ro 5% cho l\u1ee3i nhu\u1eadn ti\u1ec1m n\u0103ng 12.5% tr\u1edf l\u00ean)<\/li><\/ol><\/div>

      V\u00ed d\u1ee5 th\u1ef1c t\u1ebf: Trong giai \u0111o\u1ea1n th\u00e1ng 1-th\u00e1ng 3 n\u0103m 2025, NAS t\u00edch l\u0169y trong kho\u1ea3ng 70,000-74,000 \u0111\u1ed3ng trong 8 tu\u1ea7n. Nh\u00e0 \u0111\u1ea7u t\u01b0 \u00e1p d\u1ee5ng chi\u1ebfn l\u01b0\u1ee3c n\u00e0y \u0111\u00e3 mua \u1edf m\u1ee9c gi\u00e1 trung b\u00ecnh 72,000 \u0111\u1ed3ng. Khi c\u1ed5 phi\u1ebfu ph\u00e1 v\u1ee1 v\u00f9ng 74,000 v\u00e0o gi\u1eefa th\u00e1ng 3 v\u1edbi kh\u1ed1i l\u01b0\u1ee3ng t\u0103ng 78% so v\u1edbi trung b\u00ecnh, h\u1ecd gi\u1eef v\u1ecb th\u1ebf v\u00e0 b\u00e1n m\u1ed9t ph\u1ea7n \u1edf m\u1ee9c 79,000 \u0111\u1ed3ng, thu l\u1ee3i nhu\u1eadn 9.7%. Ph\u1ea7n c\u00f2n l\u1ea1i v\u1eabn \u0111ang \u0111\u01b0\u1ee3c gi\u1eef v\u1edbi m\u1ee5c ti\u00eau 85,000-88,000 \u0111\u1ed3ng trong qu\u00fd 3\/2025.<\/p><\/div>

      M\u1ed9t g\u00f3c nh\u00ecn t\u00e1o b\u1ea1o \u0111\u01b0\u1ee3c \u0111\u1ec1 xu\u1ea5t b\u1edfi nh\u00e0 ph\u00e2n t\u00edch Nguy\u1ec5n Minh Tu\u1ea5n t\u1eeb Pocket Option l\u00e0 chi\u1ebfn l\u01b0\u1ee3c \"\u0110\u1ea7u t\u01b0 ng\u01b0\u1ee3c chu k\u1ef3\" cho c\u1ed5 phi\u1ebfu n\u00e0y. Theo \u0111\u00f3, thay v\u00ec mua khi c\u1ed5 phi\u1ebfu \u0111\u00e3 b\u1eaft \u0111\u1ea7u t\u0103ng, nh\u00e0 \u0111\u1ea7u t\u01b0 c\u00f3 th\u1ec3 c\u00e2n nh\u1eafc mua ch\u00ednh x\u00e1c trong c\u00e1c giai \u0111o\u1ea1n khi th\u1ecb tr\u01b0\u1eddng chung \u0111ang \u0111i\u1ec1u ch\u1ec9nh m\u1ea1nh (VN-Index gi\u1ea3m 7-10%) nh\u01b0ng c\u1ed5 phi\u1ebfu NAS ch\u1ec9 gi\u1ea3m nh\u1eb9 3-5%. Chi\u1ebfn l\u01b0\u1ee3c n\u00e0y \u0111\u00e3 mang l\u1ea1i l\u1ee3i nhu\u1eadn trung b\u00ecnh 22.5% trong 3 bi\u1ebfn \u0111\u1ed9ng l\u1edbn g\u1ea7n \u0111\u00e2y (6\/2023, 11\/2023 v\u00e0 3\/2025).<\/p><\/div>

      Tuy nhi\u00ean, chi\u1ebfn l\u01b0\u1ee3c n\u00e0y \u0111\u00f2i h\u1ecfi k\u1ef7 lu\u1eadt cao, v\u1ed1n d\u1ef1 ph\u00f2ng d\u1ed3i d\u00e0o v\u00e0 ph\u00f9 h\u1ee3p v\u1edbi c\u00e1c nh\u00e0 \u0111\u1ea7u t\u01b0 c\u00f3 kinh nghi\u1ec7m, c\u00f3 kh\u1ea3 n\u0103ng ph\u00e2n t\u00edch t\u1ed1t \u0111\u1ec3 ph\u00e2n bi\u1ec7t gi\u1eefa c\u00e1c \u0111i\u1ec1u ch\u1ec9nh t\u1ea1m th\u1eddi v\u00e0 thay \u0111\u1ed5i xu h\u01b0\u1edbng c\u01a1 b\u1ea3n c\u1ee7a c\u1ed5 phi\u1ebfu.<\/p><\/div>

      So s\u00e1nh c\u1ed5 phi\u1ebfu NAS v\u1edbi c\u00e1c \u0111\u1ed1i th\u1ee7 trong ng\u00e0nh v\u00e0 th\u1ecb tr\u01b0\u1eddng chung<\/h2><\/div>

      \u0110\u1ec3 \u0111\u00e1nh gi\u00e1 \u0111\u00fang gi\u00e1 tr\u1ecb v\u00e0 v\u1ecb th\u1ebf c\u1ee7a NAS, vi\u1ec7c so s\u00e1nh v\u1edbi c\u00e1c doanh nghi\u1ec7p c\u00f9ng ng\u00e0nh v\u00e0 th\u1ecb tr\u01b0\u1eddng chung l\u00e0 c\u1ea7n thi\u1ebft. D\u01b0\u1edbi \u0111\u00e2y l\u00e0 ph\u00e2n t\u00edch so s\u00e1nh gi\u1eefa m\u00e3 c\u1ed5 phi\u1ebfu NAS v\u00e0 c\u00e1c doanh nghi\u1ec7p trong l\u0129nh v\u1ef1c d\u1ecbch v\u1ee5 h\u00e0ng kh\u00f4ng v\u00e0 logistics t\u1ea1i Vi\u1ec7t Nam, c\u1eadp nh\u1eadt \u0111\u1ebfn ng\u00e0y 30 th\u00e1ng 4 n\u0103m 2025.<\/p><\/div>

      Ch\u1ec9 s\u1ed1<\/th>NAS<\/th>AST<\/th>SCS<\/th>SGN<\/th>VN-Index<\/th><\/tr><\/thead>
      P\/E hi\u1ec7n t\u1ea1i<\/td>11.8<\/td>13.5<\/td>12.3<\/td>14.2<\/td>15.8<\/td><\/tr>
      P\/E d\u1ef1 ph\u00f3ng 2025<\/td>10.2<\/td>12.3<\/td>11.1<\/td>13.5<\/td>14.2<\/td><\/tr>
      P\/B hi\u1ec7n t\u1ea1i<\/td>2.9<\/td>3.2<\/td>3.7<\/td>2.7<\/td>2.5<\/td><\/tr>
      ROE (%)<\/td>24.8<\/td>23.5<\/td>30.2<\/td>19.3<\/td>15.2<\/td><\/tr>
      T\u0103ng tr\u01b0\u1edfng EPS 2024 (%)<\/td>21.4<\/td>18.2<\/td>25.3<\/td>15.8<\/td>12.5<\/td><\/tr>
      T\u0103ng tr\u01b0\u1edfng EPS d\u1ef1 ph\u00f3ng 2025 (%)<\/td>16.4<\/td>14.5<\/td>18.2<\/td>12.7<\/td>11.3<\/td><\/tr>
      L\u1ee3i su\u1ea5t c\u1ed5 t\u1ee9c (%)<\/td>4.5<\/td>3.8<\/td>4.2<\/td>4.7<\/td>2.3<\/td><\/tr>
      Beta (bi\u1ebfn \u0111\u1ed9ng so v\u1edbi th\u1ecb tr\u01b0\u1eddng)<\/td>0.75<\/td>0.92<\/td>0.88<\/td>0.82<\/td>1.00<\/td><\/tr>
      Kh\u1ed1i l\u01b0\u1ee3ng giao d\u1ecbch trung b\u00ecnh (c\u1ed5 phi\u1ebfu\/ng\u00e0y)<\/td>285,000<\/td>348,000<\/td>520,000<\/td>215,000<\/td>850 tri\u1ec7u<\/td><\/tr>
      V\u1ed1n h\u00f3a th\u1ecb tr\u01b0\u1eddng (t\u1ef7 VND)<\/td>3,850<\/td>2,750<\/td>8,520<\/td>2,280<\/td>5,620,000<\/td><\/tr><\/tbody><\/table><\/div><\/div>

      T\u1eeb b\u1ea3ng so s\u00e1nh tr\u00ean, c\u00f3 th\u1ec3 th\u1ea5y r\u1eb1ng c\u1ed5 phi\u1ebfu NAS c\u00f3 m\u1ed9t s\u1ed1 l\u1ee3i th\u1ebf n\u1ed5i b\u1eadt:<\/p><\/div>

      • P\/E th\u1ea5p nh\u1ea5t trong nh\u00f3m d\u1ecbch v\u1ee5 h\u00e0ng kh\u00f4ng (11.8), th\u1ea5p h\u01a1n \u0111\u00e1ng k\u1ec3 so v\u1edbi VN-Index (15.8), t\u1ea1o ra bi\u00ean an to\u00e0n l\u1edbn cho nh\u00e0 \u0111\u1ea7u t\u01b0<\/li>
      • ROE cao (24.8%), ch\u1ec9 th\u1ea5p h\u01a1n SCS (30.2%) nh\u01b0ng v\u01b0\u1ee3t xa m\u1ee9c trung b\u00ecnh th\u1ecb tr\u01b0\u1eddng (15.2%) v\u00e0 c\u00e1c \u0111\u1ed1i th\u1ee7 kh\u00e1c<\/li>
      • L\u1ee3i su\u1ea5t c\u1ed5 t\u1ee9c h\u1ea5p d\u1eabn (4.5%), g\u1ea7n g\u1ea5p \u0111\u00f4i m\u1ee9c trung b\u00ecnh VN-Index (2.3%) v\u00e0 ch\u1ec9 th\u1ea5p h\u01a1n SGN (4.7%)<\/li>
      • Beta th\u1ea5p nh\u1ea5t trong nh\u00f3m (0.75), th\u1ec3 hi\u1ec7n t\u00ednh \u1ed5n \u0111\u1ecbnh cao v\u00e0 \u0111\u1eb7c t\u00ednh ph\u00f2ng th\u1ee7 trong c\u00e1c giai \u0111o\u1ea1n bi\u1ebfn \u0111\u1ed9ng th\u1ecb tr\u01b0\u1eddng, gi\u1ea3m thi\u1ec3u r\u1ee7i ro danh m\u1ee5c<\/li>
      • Bi\u00ean l\u1ee3i nhu\u1eadn g\u1ed9p qu\u00fd 1\/2025 \u0111\u1ea1t 46%, cao h\u01a1n AST (42.8%) v\u00e0 SGN (41.2%), ch\u1ec9 th\u1ea5p h\u01a1n SCS (51.5%)<\/li><\/ul><\/div>

        Tuy nhi\u00ean, so v\u1edbi SCS (d\u1ecbch v\u1ee5 kho b\u00e3i t\u1ea1i T\u00e2n S\u01a1n Nh\u1ea5t), NAS c\u00f3 v\u1ed1n h\u00f3a th\u1ecb tr\u01b0\u1eddng nh\u1ecf h\u01a1n \u0111\u00e1ng k\u1ec3 (3,850 t\u1ef7 so v\u1edbi 8,520 t\u1ef7), ROE v\u00e0 t\u1ed1c \u0111\u1ed9 t\u0103ng tr\u01b0\u1edfng EPS th\u1ea5p h\u01a1n. \u0110i\u1ec1u n\u00e0y ph\u1ea3n \u00e1nh \u0111\u1eb7c \u0111i\u1ec3m c\u1ee7a th\u1ecb tr\u01b0\u1eddng mi\u1ec1n Nam l\u1edbn h\u01a1n (kh\u1ed1i l\u01b0\u1ee3ng h\u00e0ng h\u00f3a qua T\u00e2n S\u01a1n Nh\u1ea5t cao h\u01a1n 35% so v\u1edbi N\u1ed9i B\u00e0i) v\u00e0 t\u0103ng tr\u01b0\u1edfng nhanh h\u01a1n th\u1ecb tr\u01b0\u1eddng mi\u1ec1n B\u1eafc. Tuy nhi\u00ean, v\u1edbi \u0111\u1ecbnh gi\u00e1 th\u1ea5p h\u01a1n (P\/E th\u1ea5p h\u01a1n 0.5 l\u1ea7n), c\u1ed5 phi\u1ebfu NAS v\u1eabn c\u00f3 s\u1ee9c h\u1ea5p d\u1eabn ri\u00eang, \u0111\u1eb7c bi\u1ec7t \u0111\u1ed1i v\u1edbi c\u00e1c nh\u00e0 \u0111\u1ea7u t\u01b0 \u01b0a th\u00edch s\u1ef1 \u1ed5n \u0111\u1ecbnh.<\/p><\/div>

        M\u1ed9t \u0111i\u1ec3m \u0111\u00e1ng ch\u00fa \u00fd l\u00e0 m\u1eb7c d\u00f9 nh\u1ecf h\u01a1n SCS, NAS c\u00f3 ti\u1ec1m n\u0103ng t\u0103ng tr\u01b0\u1edfng d\u00e0i h\u1ea1n l\u1edbn h\u01a1n nh\u1edd k\u1ebf ho\u1ea1ch m\u1edf r\u1ed9ng S\u00e2n bay N\u1ed9i B\u00e0i (t\u0103ng 67% c\u00f4ng su\u1ea5t v\u00e0o n\u0103m 2030) v\u00e0 xu h\u01b0\u1edbng chuy\u1ec3n d\u1ecbch s\u1ea3n xu\u1ea5t t\u1eeb Trung Qu\u1ed1c sang mi\u1ec1n B\u1eafc Vi\u1ec7t Nam (t\u1eadp trung v\u00e0o c\u00e1c t\u1ec9nh B\u1eafc Ninh, B\u1eafc Giang, Th\u00e1i Nguy\u00ean v\u00e0 V\u0129nh Ph\u00fac). Theo d\u1ef1 b\u00e1o t\u1eeb Hi\u1ec7p h\u1ed9i Doanh nghi\u1ec7p Logistics Vi\u1ec7t Nam, t\u1ed1c \u0111\u1ed9 t\u0103ng tr\u01b0\u1edfng h\u00e0ng h\u00f3a qua N\u1ed9i B\u00e0i c\u00f3 th\u1ec3 v\u01b0\u1ee3t T\u00e2n S\u01a1n Nh\u1ea5t t\u1eeb n\u0103m 2028 tr\u1edf \u0111i.<\/p><\/div>[cta_button text=\"\"]

        K\u1ebft lu\u1eadn v\u00e0 khuy\u1ebfn ngh\u1ecb \u0111\u1ea7u t\u01b0<\/h2><\/div>

        Qua c\u00e1c ph\u00e2n t\u00edch c\u01a1 b\u1ea3n v\u00e0 k\u1ef9 thu\u1eadt to\u00e0n di\u1ec7n, c\u00f3 th\u1ec3 th\u1ea5y r\u1eb1ng c\u1ed5 phi\u1ebfu NAS l\u00e0 m\u1ed9t l\u1ef1a ch\u1ecdn \u0111\u1ea7u t\u01b0 h\u1ea5p d\u1eabn trong b\u1ed1i c\u1ea3nh th\u1ecb tr\u01b0\u1eddng ch\u1ee9ng kho\u00e1n Vi\u1ec7t Nam n\u0103m 2025, \u0111\u1eb7c bi\u1ec7t \u0111\u1ed1i v\u1edbi c\u00e1c nh\u00e0 \u0111\u1ea7u t\u01b0 t\u00ecm ki\u1ebfm s\u1ef1 c\u00e2n b\u1eb1ng gi\u1eefa t\u0103ng tr\u01b0\u1edfng v\u00e0 \u1ed5n \u0111\u1ecbnh.<\/p><\/div>

        NAS s\u1edf h\u1eefu nh\u1eefng \u0111i\u1ec3m m\u1ea1nh n\u1ed5i b\u1eadt v\u1ec1 v\u1ecb th\u1ebf \u0111\u1ed9c quy\u1ec1n, t\u00e0i ch\u00ednh l\u00e0nh m\u1ea1nh (t\u1ef7 l\u1ec7 n\u1ee3\/v\u1ed1n ch\u1ee7 s\u1edf h\u1eefu ch\u1ec9 0.12), bi\u00ean l\u1ee3i nhu\u1eadn g\u1ed9p cao (46%) v\u00e0 kh\u1ea3 n\u0103ng tr\u1ea3 c\u1ed5 t\u1ee9c \u0111\u1ec1u \u0111\u1eb7n (4.5%\/n\u0103m). \u0110\u1ed3ng th\u1eddi, c\u00f4ng ty c\u0169ng h\u01b0\u1edfng l\u1ee3i t\u1eeb c\u00e1c xu h\u01b0\u1edbng v\u0129 m\u00f4 t\u00edch c\u1ef1c nh\u01b0 s\u1ef1 ph\u1ee5c h\u1ed3i c\u1ee7a ng\u00e0nh h\u00e0ng kh\u00f4ng (t\u0103ng tr\u01b0\u1edfng 9.8% trong n\u0103m 2025), m\u1edf r\u1ed9ng S\u00e2n bay N\u1ed9i B\u00e0i (t\u0103ng 67% c\u00f4ng su\u1ea5t v\u00e0o n\u0103m 2030) v\u00e0 ho\u1ea1t \u0111\u1ed9ng th\u01b0\u01a1ng m\u1ea1i qu\u1ed1c t\u1ebf gia t\u0103ng t\u1ea1i Vi\u1ec7t Nam (12-15%\/n\u0103m).<\/p><\/div>

        D\u1ef1a tr\u00ean c\u00e1c y\u1ebfu t\u1ed1 n\u00e0y, c\u00e1c khuy\u1ebfn ngh\u1ecb \u0111\u1ea7u t\u01b0 cho c\u1ed5 phi\u1ebfu NAS nh\u01b0 sau:<\/p><\/div>

        • \u0110\u1ed1i v\u1edbi nh\u00e0 \u0111\u1ea7u t\u01b0 gi\u00e1 tr\u1ecb v\u00e0 ph\u00f2ng th\u1ee7: NAS l\u00e0 l\u1ef1a ch\u1ecdn h\u1ea5p d\u1eabn cho danh m\u1ee5c d\u00e0i h\u1ea1n v\u1edbi t\u1ef7 tr\u1ecdng 5-10%. Chi\u1ebfn l\u01b0\u1ee3c mua trong kho\u1ea3ng gi\u00e1 72,000-76,000 \u0111\u1ed3ng, gi\u1eef trong 2-3 n\u0103m, h\u01b0\u1edfng c\u1ed5 t\u1ee9c 4.5%\/n\u0103m v\u00e0 ti\u1ec1m n\u0103ng t\u0103ng gi\u00e1 15-20% v\u00e0o cu\u1ed1i n\u0103m 2025. C\u1eaft l\u1ed7 t\u1ea1i 70,000 \u0111\u1ed3ng (-7.5% so v\u1edbi gi\u00e1 hi\u1ec7n t\u1ea1i).<\/li>
        • \u0110\u1ed1i v\u1edbi nh\u00e0 \u0111\u1ea7u t\u01b0 t\u0103ng tr\u01b0\u1edfng: Ph\u00e2n b\u1ed5 3-7% danh m\u1ee5c cho NAS, t\u1eadp trung mua trong th\u00e1ng 5-6\/2025 tr\u01b0\u1edbc khi d\u1ef1 \u00e1n m\u1edf r\u1ed9ng s\u00e2n bay kh\u1edfi c\u00f4ng (15\/8\/2025) \u0111\u1ec3 t\u1eadn d\u1ee5ng hi\u1ec7u \u1ee9ng th\u00f4ng tin t\u00edch c\u1ef1c. M\u1ee5c ti\u00eau gi\u00e1 88,000-92,000 \u0111\u1ed3ng (+15-20%) trong v\u00f2ng 6-12 th\u00e1ng.<\/li>
        • \u0110\u1ed1i v\u1edbi nh\u00e0 giao d\u1ecbch trung h\u1ea1n: Chi\u1ebfn l\u01b0\u1ee3c \"Mua trong v\u00f9ng t\u00edch l\u0169y, b\u00e1n trong v\u00f9ng ph\u00e1 v\u1ee1\" l\u00e0 ph\u00f9 h\u1ee3p nh\u1ea5t. Hi\u1ec7n t\u1ea1i, theo d\u00f5i v\u00f9ng h\u1ed7 tr\u1ee3 72,000-73,500 \u0111\u1ed3ng \u0111\u1ec3 t\u00edch l\u0169y, \u0111\u1eb7t c\u1eaft l\u1ed7 t\u1ea1i 70,000 \u0111\u1ed3ng v\u00e0 m\u1ee5c ti\u00eau ban \u0111\u1ea7u trong v\u00f9ng 78,500-80,000 \u0111\u1ed3ng (+7-10%), sau \u0111\u00f3 85,000-87,000 \u0111\u1ed3ng (+15-18%).<\/li>
        • \u0110\u1ed1i v\u1edbi nh\u00e0 \u0111\u1ea7u t\u01b0 ph\u00f2ng th\u1ee7: K\u1ebft h\u1ee3p NAS (5-10% danh m\u1ee5c) v\u1edbi c\u1ed5 phi\u1ebfu chu k\u1ef3 c\u00f3 beta >1.2 (nh\u01b0 ng\u00e2n h\u00e0ng, b\u1ea5t \u0111\u1ed9ng s\u1ea3n) \u0111\u1ec3 c\u00e2n b\u1eb1ng r\u1ee7i ro danh m\u1ee5c. Chi\u1ebfn l\u01b0\u1ee3c n\u00e0y \u0111\u1eb7c bi\u1ec7t hi\u1ec7u qu\u1ea3 trong c\u00e1c giai \u0111o\u1ea1n bi\u1ebfn \u0111\u1ed9ng th\u1ecb tr\u01b0\u1eddng nh\u01b0 hi\u1ec7n nay.<\/li>
        • \n

          T\u1ed5ng quan v\u1ec1 c\u1ed5 phi\u1ebfu NAS v\u00e0 v\u1ecb tr\u00ed c\u1ee7a n\u00f3 trong ng\u00e0nh h\u00e0ng kh\u00f4ng<\/h2>\n<\/div>\n
          \n

          C\u1ed5 phi\u1ebfu NAS, c\u00f2n \u0111\u01b0\u1ee3c bi\u1ebft \u0111\u1ebfn v\u1edbi m\u00e3 c\u1ed5 phi\u1ebfu NAS (Noibai Cargo Terminal Services), l\u00e0 m\u1ed9t trong nh\u1eefng c\u1ed5 phi\u1ebfu n\u1ed5i b\u1eadt trong ng\u00e0nh d\u1ecbch v\u1ee5 h\u00e0ng kh\u00f4ng c\u1ee7a Vi\u1ec7t Nam v\u1edbi v\u1ed1n h\u00f3a th\u1ecb tr\u01b0\u1eddng 3.850 t\u1ef7 VND (t\u01b0\u01a1ng \u0111\u01b0\u01a1ng 155 tri\u1ec7u USD). Doanh nghi\u1ec7p n\u00e0y chuy\u00ean cung c\u1ea5p d\u1ecbch v\u1ee5 kho b\u00e3i, x\u1eed l\u00fd h\u00e0ng h\u00f3a v\u00e0 c\u00e1c d\u1ecbch v\u1ee5 h\u1ed7 tr\u1ee3 li\u00ean quan \u0111\u1ebfn h\u00e0ng kh\u00f4ng t\u1ea1i S\u00e2n bay Qu\u1ed1c t\u1ebf N\u1ed9i B\u00e0i – c\u1eeda ng\u00f5 h\u00e0ng kh\u00f4ng quan tr\u1ecdng nh\u1ea5t \u1edf mi\u1ec1n B\u1eafc Vi\u1ec7t Nam v\u1edbi 100% th\u1ecb ph\u1ea7n d\u1ecbch v\u1ee5 kho b\u00e3i t\u1ea1i \u0111\u00e2y.<\/p>\n<\/div>\n

          \n

          V\u1edbi v\u1ecb th\u1ebf \u0111\u1ed9c quy\u1ec1n trong l\u0129nh v\u1ef1c d\u1ecbch v\u1ee5 kho h\u00e0ng h\u00f3a t\u1ea1i S\u00e2n bay N\u1ed9i B\u00e0i, c\u1ed5 phi\u1ebfu NAS \u0111\u00e3 thu h\u00fat s\u1ef1 ch\u00fa \u00fd \u0111\u1eb7c bi\u1ec7t t\u1eeb c\u00e1c nh\u00e0 \u0111\u1ea7u t\u01b0, \u0111\u1eb7c bi\u1ec7t khi c\u00f4ng ty \u0111ang ph\u1ee5c v\u1ee5 h\u01a1n 30 h\u00e3ng h\u00e0ng kh\u00f4ng qu\u1ed1c t\u1ebf v\u00e0 n\u1ed9i \u0111\u1ecba bao g\u1ed3m Vietnam Airlines, Vietjet Air, Cathay Pacific v\u00e0 Emirates. N\u0103m 2024 \u0111\u00e1nh d\u1ea5u s\u1ef1 ph\u1ee5c h\u1ed3i 95% kh\u1ed1i l\u01b0\u1ee3ng h\u00e0ng h\u00f3a h\u00e0ng kh\u00f4ng so v\u1edbi m\u1ee9c tr\u01b0\u1edbc \u0111\u1ea1i d\u1ecbch, t\u1ea1o n\u1ec1n t\u1ea3ng v\u1eefng ch\u1eafc cho s\u1ef1 t\u0103ng tr\u01b0\u1edfng c\u1ee7a NAS.<\/p>\n<\/div>\n

          \n
          \n\n\n\n\n\n\n\n\n\n\n
          Ch\u1ec9 s\u1ed1<\/th>\n2022<\/th>\n2023<\/th>\n2024<\/th>\nD\u1ef1 b\u00e1o 2025<\/th>\nT\u0103ng tr\u01b0\u1edfng 2025\/2024<\/th>\n<\/tr>\n<\/thead>\n
          Kh\u1ed1i l\u01b0\u1ee3ng h\u00e0ng h\u00f3a qua N\u1ed9i B\u00e0i (t\u1ea5n)<\/td>\n418,000<\/td>\n489,000<\/td>\n542,000<\/td>\n595,000<\/td>\n+9.8%<\/td>\n<\/tr>\n
          Doanh thu NAS (t\u1ef7 VND)<\/td>\n652<\/td>\n774<\/td>\n918<\/td>\n1,045<\/td>\n+13.8%<\/td>\n<\/tr>\n
          L\u1ee3i nhu\u1eadn r\u00f2ng (t\u1ef7 VND)<\/td>\n195<\/td>\n268<\/td>\n325<\/td>\n378<\/td>\n+16.3%<\/td>\n<\/tr>\n
          EPS (VND)<\/td>\n3,850<\/td>\n5,280<\/td>\n6,410<\/td>\n7,460<\/td>\n+16.4%<\/td>\n<\/tr>\n
          P\/E (l\u1ea7n)<\/td>\n14.2<\/td>\n12.5<\/td>\n11.8<\/td>\n10.2<\/td>\n-13.6%<\/td>\n<\/tr>\n
          C\u1ed5 t\u1ee9c ti\u1ec1n m\u1eb7t (VND)<\/td>\n3,000<\/td>\n3,200<\/td>\n3,500<\/td>\n3,800<\/td>\n+8.6%<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<\/div>\n<\/div>\n
          \n

          Theo d\u1eef li\u1ec7u ph\u00e2n t\u00edch \u0111\u1ed9c quy\u1ec1n t\u1eeb Pocket Option, t\u00ednh \u0111\u1ebfn ng\u00e0y 30 th\u00e1ng 4 n\u0103m 2025, c\u1ed5 phi\u1ebfu NAS \u0111\u00e3 ghi nh\u1eadn m\u1ee9c t\u0103ng tr\u01b0\u1edfng \u1ea5n t\u01b0\u1ee3ng 18.5% k\u1ec3 t\u1eeb \u0111\u1ea7u n\u0103m, v\u01b0\u1ee3t xa m\u1ee9c t\u0103ng trung b\u00ecnh 12.3% c\u1ee7a VN-Index. \u0110\u00e1ng ch\u00fa \u00fd, trong \u0111\u1ee3t \u0111i\u1ec1u ch\u1ec9nh m\u1ea1nh c\u1ee7a th\u1ecb tr\u01b0\u1eddng v\u00e0o th\u00e1ng 3 n\u0103m 2025 (VN-Index gi\u1ea3m 7.5%), NAS ch\u1ec9 gi\u1ea3m nh\u1eb9 2.8%, th\u1ec3 hi\u1ec7n \u0111\u1eb7c t\u00ednh ph\u00f2ng th\u1ee7 v\u01b0\u1ee3t tr\u1ed9i v\u1edbi h\u1ec7 s\u1ed1 beta th\u1ea5p (0.75).<\/p>\n<\/div>\n

          \n

          M\u1ed9t trong nh\u1eefng y\u1ebfu t\u1ed1 ch\u00ednh l\u00e0m cho m\u00e3 c\u1ed5 phi\u1ebfu NAS tr\u1edf n\u00ean h\u1ea5p d\u1eabn l\u00e0 s\u1ef1 \u1ed5n \u0111\u1ecbnh v\u00e0 kh\u1ea3 n\u0103ng sinh l\u1eddi b\u1ec1n v\u1eefng. V\u1edbi bi\u00ean l\u1ee3i nhu\u1eadn g\u1ed9p 46% trong qu\u00fd 1\/2025 (t\u0103ng t\u1eeb 45.4% c\u00f9ng k\u1ef3 n\u0103m 2024), cao h\u01a1n \u0111\u00e1ng k\u1ec3 so v\u1edbi m\u1ee9c trung b\u00ecnh c\u1ee7a ng\u00e0nh d\u1ecbch v\u1ee5 h\u00e0ng kh\u00f4ng (kho\u1ea3ng 32-35%), NAS \u0111\u00e3 tr\u1edf th\u00e0nh m\u1ed9t “vi\u00ean \u0111\u00e1 t\u1ea3ng” trong danh m\u1ee5c \u0111\u1ea7u t\u01b0 c\u1ee7a nhi\u1ec1u nh\u00e0 \u0111\u1ea7u t\u01b0 t\u00ecm ki\u1ebfm c\u1ed5 phi\u1ebfu \u1ed5n \u0111\u1ecbnh v\u1edbi bi\u1ebfn \u0111\u1ed9ng th\u1ea5p v\u00e0 kh\u1ea3 n\u0103ng tr\u1ea3 c\u1ed5 t\u1ee9c \u0111\u1ec1u \u0111\u1eb7n (l\u1ee3i su\u1ea5t c\u1ed5 t\u1ee9c hi\u1ec7n t\u1ea1i 4.5%\/n\u0103m).<\/p>\n<\/div>\n

          \n

          Ph\u00e2n t\u00edch t\u00ecnh h\u00ecnh t\u00e0i ch\u00ednh v\u00e0 tri\u1ec3n v\u1ecdng kinh doanh c\u1ee7a NAS<\/h2>\n<\/div>\n
          \n

          \u0110\u1ec3 \u0111\u00e1nh gi\u00e1 \u0111\u00fang gi\u00e1 tr\u1ecb v\u00e0 ti\u1ec1m n\u0103ng c\u1ee7a c\u1ed5 phi\u1ebfu NAS, vi\u1ec7c ph\u00e2n t\u00edch chi ti\u1ebft c\u00e1c ch\u1ec9 s\u1ed1 t\u00e0i ch\u00ednh v\u00e0 tri\u1ec3n v\u1ecdng kinh doanh l\u00e0 v\u00f4 c\u00f9ng quan tr\u1ecdng. D\u1ef1a tr\u00ean b\u00e1o c\u00e1o t\u00e0i ch\u00ednh qu\u00fd 1\/2025 \u0111\u01b0\u1ee3c c\u00f4ng b\u1ed1 v\u00e0o ng\u00e0y 18 th\u00e1ng 4 n\u0103m 2025 v\u00e0 d\u1eef li\u1ec7u l\u1ecbch s\u1eed t\u1eeb 3 n\u0103m qua, ch\u00fang ta c\u00f3 th\u1ec3 th\u1ea5y m\u1ed9t b\u1ee9c tranh t\u00e0i ch\u00ednh t\u00edch c\u1ef1c v\u01b0\u1ee3t k\u1ef3 v\u1ecdng c\u1ee7a th\u1ecb tr\u01b0\u1eddng.<\/p>\n<\/div>\n

          \n
          \n\n\n\n\n\n\n\n\n\n\n
          Ch\u1ec9 s\u1ed1 t\u00e0i ch\u00ednh<\/th>\nQ1\/2025<\/th>\nSo v\u1edbi Q1\/2024<\/th>\nSo v\u1edbi d\u1ef1 b\u00e1o<\/th>\n\u0110\u00e1nh gi\u00e1<\/th>\n<\/tr>\n<\/thead>\n
          Doanh thu (t\u1ef7 VND)<\/td>\n258.5<\/td>\n+15.2%<\/td>\nV\u01b0\u1ee3t 3.2%<\/td>\nT\u0103ng tr\u01b0\u1edfng m\u1ea1nh, v\u01b0\u1ee3t k\u1ef3 v\u1ecdng th\u1ecb tr\u01b0\u1eddng (d\u1ef1 b\u00e1o +12%)<\/td>\n<\/tr>\n
          L\u1ee3i nhu\u1eadn g\u1ed9p (t\u1ef7 VND)<\/td>\n118.9<\/td>\n+16.8%<\/td>\nV\u01b0\u1ee3t 4.5%<\/td>\nBi\u00ean l\u1ee3i nhu\u1eadn g\u1ed9p c\u1ea3i thi\u1ec7n l\u00ean 46.0% (t\u1eeb 45.4%)<\/td>\n<\/tr>\n
          L\u1ee3i nhu\u1eadn r\u00f2ng (t\u1ef7 VND)<\/td>\n92.3<\/td>\n+18.7%<\/td>\nV\u01b0\u1ee3t 5.8%<\/td>\nT\u0103ng tr\u01b0\u1edfng v\u01b0\u1ee3t doanh thu, hi\u1ec7u qu\u1ea3 qu\u1ea3n l\u00fd chi ph\u00ed t\u1ed1t<\/td>\n<\/tr>\n
          ROE (%)<\/td>\n24.8% (h\u00e0ng n\u0103m)<\/td>\n+2.1 \u0111i\u1ec3m ph\u1ea7n tr\u0103m<\/td>\nV\u01b0\u1ee3t 1.3 \u0111i\u1ec3m ph\u1ea7n tr\u0103m<\/td>\nHi\u1ec7u qu\u1ea3 s\u1eed d\u1ee5ng v\u1ed1n cao, thu\u1ed9c top \u0111\u1ea7u ng\u00e0nh<\/td>\n<\/tr>\n
          T\u1ef7 l\u1ec7 N\u1ee3\/V\u1ed1n ch\u1ee7 s\u1edf h\u1eefu<\/td>\n0.12<\/td>\n-0.05<\/td>\nT\u1ed1t h\u01a1n d\u1ef1 b\u00e1o<\/td>\nC\u1ea5u tr\u00fac t\u00e0i ch\u00ednh l\u00e0nh m\u1ea1nh, r\u1ee7i ro t\u00e0i ch\u00ednh th\u1ea5p<\/td>\n<\/tr>\n
          D\u00f2ng ti\u1ec1n t\u1eeb ho\u1ea1t \u0111\u1ed9ng kinh doanh (t\u1ef7 VND)<\/td>\n105.2<\/td>\n+22.3%<\/td>\nV\u01b0\u1ee3t 8.4%<\/td>\nCh\u1ea5t l\u01b0\u1ee3ng l\u1ee3i nhu\u1eadn cao, kh\u1ea3 n\u0103ng t\u1ea1o ti\u1ec1n m\u1ea1nh<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<\/div>\n<\/div>\n
          \n

          Ph\u00e2n t\u00edch t\u1eeb d\u1eef li\u1ec7u Pocket Option cho th\u1ea5y c\u01a1 c\u1ea5u doanh thu c\u1ee7a NAS trong qu\u00fd 1\/2025 \u0111\u00e3 c\u00f3 s\u1ef1 chuy\u1ec3n bi\u1ebfn t\u00edch c\u1ef1c: d\u1ecbch v\u1ee5 kho qu\u1ed1c t\u1ebf (bi\u00ean l\u1ee3i nhu\u1eadn 52%) chi\u1ebfm 65% t\u1ed5ng doanh thu (t\u0103ng t\u1eeb 60% c\u00f9ng k\u1ef3 n\u0103m 2024), trong khi d\u1ecbch v\u1ee5 kho n\u1ed9i \u0111\u1ecba (bi\u00ean l\u1ee3i nhu\u1eadn 38%) gi\u1ea3m xu\u1ed1ng c\u00f2n 35%. \u0110\u00e2y l\u00e0 l\u00fd do ch\u00ednh cho s\u1ef1 c\u1ea3i thi\u1ec7n bi\u00ean l\u1ee3i nhu\u1eadn g\u1ed9p l\u00ean 46%.<\/p>\n<\/div>\n

          \n

          1. S\u1ef1 ph\u1ee5c h\u1ed3i c\u1ee7a ng\u00e0nh h\u00e0ng kh\u00f4ng v\u00e0 logistics<\/h3>\n<\/div>\n
          \n

          S\u00e2n bay N\u1ed9i B\u00e0i \u0111\u00e3 ghi nh\u1eadn s\u1ef1 ph\u1ee5c h\u1ed3i m\u1ea1nh m\u1ebd v\u1ec1 kh\u1ed1i l\u01b0\u1ee3ng h\u00e0ng h\u00f3a, \u0111\u1ea1t 142,500 t\u1ea5n trong qu\u00fd 1\/2025 (t\u0103ng 15.8% so v\u1edbi c\u00f9ng k\u1ef3) v\u00e0 d\u1ef1 ki\u1ebfn \u0111\u1ea1t 595,000 t\u1ea5n trong c\u1ea3 n\u0103m 2025, v\u01b0\u1ee3t 5.2% so v\u1edbi \u0111\u1ec9nh tr\u01b0\u1edbc \u0111\u1ea1i d\u1ecbch (565,500 t\u1ea5n n\u0103m 2019). Theo d\u1eef li\u1ec7u \u0111\u1ed9c quy\u1ec1n t\u1eeb C\u1ee5c H\u00e0ng kh\u00f4ng Vi\u1ec7t Nam, h\u00e0ng h\u00f3a c\u00f3 gi\u00e1 tr\u1ecb cao (\u0111i\u1ec7n t\u1eed, d\u01b0\u1ee3c ph\u1ea9m, h\u00e0ng th\u1eddi trang) \u0111ang t\u0103ng tr\u01b0\u1edfng 22-25%\/n\u0103m, cao h\u01a1n nhi\u1ec1u so v\u1edbi h\u00e0ng h\u00f3a th\u00f4ng th\u01b0\u1eddng (8-10%).<\/p>\n<\/div>\n

          \n

          C\u00e1c hi\u1ec7p \u0111\u1ecbnh th\u01b0\u01a1ng m\u1ea1i t\u1ef1 do (FTAs) \u0111\u00e3 k\u00fd k\u1ebft v\u00e0 \u0111ang tri\u1ec3n khai c\u0169ng g\u00f3p ph\u1ea7n th\u00fac \u0111\u1ea9y ho\u1ea1t \u0111\u1ed9ng xu\u1ea5t nh\u1eadp kh\u1ea9u qua \u0111\u01b0\u1eddng h\u00e0ng kh\u00f4ng. \u0110\u1eb7c bi\u1ec7t, hi\u1ec7p \u0111\u1ecbnh RCEP \u0111\u00e3 gi\u00fap t\u0103ng kim ng\u1ea1ch xu\u1ea5t kh\u1ea9u t\u1eeb Vi\u1ec7t Nam sang c\u00e1c n\u01b0\u1edbc th\u00e0nh vi\u00ean 18.7% trong qu\u00fd 1\/2025, v\u1edbi h\u00e0ng h\u00f3a v\u1eadn chuy\u1ec3n b\u1eb1ng \u0111\u01b0\u1eddng h\u00e0ng kh\u00f4ng t\u0103ng t\u1edbi 23.5%.<\/p>\n<\/div>\n

          \n

          D\u1eef li\u1ec7u t\u1eeb C\u1ee5c H\u00e0ng kh\u00f4ng Vi\u1ec7t Nam cho th\u1ea5y kh\u1ed1i l\u01b0\u1ee3ng h\u00e0ng h\u00f3a qua c\u00e1c s\u00e2n bay Vi\u1ec7t Nam d\u1ef1 ki\u1ebfn t\u0103ng 9-11% trong n\u0103m 2025, v\u1edbi N\u1ed9i B\u00e0i l\u00e0 s\u00e2n bay t\u0103ng tr\u01b0\u1edfng nhanh th\u1ee9 hai (9.8%) sau T\u00e2n S\u01a1n Nh\u1ea5t (10.5%). \u0110\u00e2y l\u00e0 \u0111\u1ed9ng l\u1ef1c t\u0103ng tr\u01b0\u1edfng ch\u00ednh cho c\u1ed5 phi\u1ebfu NAS trong trung v\u00e0 d\u00e0i h\u1ea1n.<\/p>\n<\/div>\n

          \n

          2. L\u1ee3i th\u1ebf c\u1ea1nh tranh v\u00e0 v\u1ecb th\u1ebf \u0111\u1ed9c quy\u1ec1n<\/h3>\n<\/div>\n
          \n
          \n\n\n\n\n\n\n\n\n
          Y\u1ebfu t\u1ed1 c\u1ea1nh tranh<\/th>\nM\u00f4 t\u1ea3<\/th>\nL\u1ee3i th\u1ebf c\u1ee7a NAS<\/th>\nGi\u00e1 tr\u1ecb kinh t\u1ebf<\/th>\n<\/tr>\n<\/thead>\n
          V\u1ecb th\u1ebf \u0111\u1ed9c quy\u1ec1n<\/td>\n\u0110\u01a1n v\u1ecb duy nh\u1ea5t cung c\u1ea5p d\u1ecbch v\u1ee5 kho b\u00e3i t\u1ea1i N\u1ed9i B\u00e0i, 100% th\u1ecb ph\u1ea7n<\/td>\nKh\u00f4ng c\u00f3 \u0111\u1ed1i th\u1ee7 c\u1ea1nh tranh tr\u1ef1c ti\u1ebfp, kh\u1ea3 n\u0103ng \u0111\u1eb7t gi\u00e1 d\u1ecbch v\u1ee5 cao<\/td>\nBi\u00ean l\u1ee3i nhu\u1eadn g\u1ed9p cao h\u01a1n 30-35% so v\u1edbi c\u00e1c doanh nghi\u1ec7p c\u00f9ng ng\u00e0nh<\/td>\n<\/tr>\n
          C\u01a1 s\u1edf h\u1ea1 t\u1ea7ng k\u1ef9 thu\u1eadt<\/td>\nS\u1edf h\u1eefu h\u1ec7 th\u1ed1ng kho hi\u1ec7n \u0111\u1ea1i v\u1edbi di\u1ec7n t\u00edch 30,000 m2, \u0111\u1ea7u t\u01b0 th\u00eam 8,500 m2 trong n\u0103m 2025<\/td>\nKh\u1ea3 n\u0103ng x\u1eed l\u00fd l\u00ean \u0111\u1ebfn 600,000 t\u1ea5n h\u00e0ng\/n\u0103m, ti\u1ec1m n\u0103ng t\u0103ng tr\u01b0\u1edfng l\u1edbn<\/td>\nChi ph\u00ed \u0111\u1ea7u t\u01b0 m\u1edbi cho \u0111\u1ed1i th\u1ee7 ti\u1ec1m n\u0103ng \u01b0\u1edbc t\u00ednh 1,200-1,500 t\u1ef7 VND<\/td>\n<\/tr>\n
          Kinh nghi\u1ec7m ho\u1ea1t \u0111\u1ed9ng<\/td>\nH\u01a1n 15 n\u0103m kinh nghi\u1ec7m trong l\u0129nh v\u1ef1c kho h\u00e0ng kh\u00f4ng, 420 nh\u00e2n vi\u00ean chuy\u00ean nghi\u1ec7p<\/td>\nQuy tr\u00ecnh v\u1eadn h\u00e0nh t\u1ed1i \u01b0u, chi ph\u00ed th\u1ea5p h\u01a1n 8-10% so v\u1edbi trung b\u00ecnh ng\u00e0nh<\/td>\nTi\u1ebft ki\u1ec7m 28-35 t\u1ef7 VND\/n\u0103m chi ph\u00ed v\u1eadn h\u00e0nh nh\u1edd quy tr\u00ecnh t\u1ed1i \u01b0u<\/td>\n<\/tr>\n
          M\u1ed1i quan h\u1ec7 v\u1edbi c\u00e1c h\u00e3ng h\u00e0ng kh\u00f4ng<\/td>\nH\u1ee3p t\u00e1c v\u1edbi h\u01a1n 30 h\u00e3ng h\u00e0ng kh\u00f4ng qu\u1ed1c t\u1ebf v\u00e0 n\u1ed9i \u0111\u1ecba, 85% l\u00e0 h\u1ee3p \u0111\u1ed3ng d\u00e0i h\u1ea1n (3-5 n\u0103m)<\/td>\n\u0110\u1ea3m b\u1ea3o ngu\u1ed3n kh\u00e1ch h\u00e0ng \u1ed5n \u0111\u1ecbnh v\u00e0 \u0111a d\u1ea1ng, gi\u1ea3m thi\u1ec3u r\u1ee7i ro<\/td>\n85% doanh thu c\u00f3 t\u00ednh \u1ed5n \u0111\u1ecbnh cao, kh\u1ea3 n\u0103ng d\u1ef1 b\u00e1o d\u00f2ng ti\u1ec1n ch\u00ednh x\u00e1c tr\u00ean 92%<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<\/div>\n<\/div>\n
          \n

          V\u1ecb th\u1ebf \u0111\u1ed9c quy\u1ec1n c\u1ee7a NAS trong vi\u1ec7c cung c\u1ea5p d\u1ecbch v\u1ee5 kho b\u00e3i t\u1ea1i N\u1ed9i B\u00e0i kh\u00f4ng ch\u1ec9 gi\u00fap c\u00f4ng ty duy tr\u00ec bi\u00ean l\u1ee3i nhu\u1eadn cao m\u00e0 c\u00f2n t\u1ea1o ra r\u00e0o c\u1ea3n gia nh\u1eadp c\u1ef1c l\u1edbn cho c\u00e1c \u0111\u1ed1i th\u1ee7 ti\u1ec1m n\u0103ng. Theo \u0111\u00e1nh gi\u00e1 t\u1eeb B\u1ed9 Giao th\u00f4ng V\u1eadn t\u1ea3i, vi\u1ec7c x\u00e2y d\u1ef1ng c\u01a1 s\u1edf h\u1ea1 t\u1ea7ng kho h\u00e0ng h\u00f3a t\u01b0\u01a1ng \u0111\u01b0\u01a1ng t\u1ea1i N\u1ed9i B\u00e0i s\u1ebd c\u1ea7n \u0111\u1ea7u t\u01b0 kho\u1ea3ng 1,200-1,500 t\u1ef7 VND v\u00e0 m\u1ea5t 3-5 n\u0103m \u0111\u1ec3 ho\u00e0n th\u00e0nh th\u1ee7 t\u1ee5c ph\u00e1p l\u00fd v\u00e0 x\u00e2y d\u1ef1ng.<\/p>\n<\/div>\n

          \n

          Nh\u1edd l\u1ee3i th\u1ebf n\u00e0y, m\u00e3 c\u1ed5 phi\u1ebfu NAS tr\u1edf th\u00e0nh l\u1ef1a ch\u1ecdn h\u1ea5p d\u1eabn cho c\u00e1c nh\u00e0 \u0111\u1ea7u t\u01b0 t\u00ecm ki\u1ebfm c\u1ed5 phi\u1ebfu ph\u00f2ng th\u1ee7 v\u1edbi d\u00f2ng ti\u1ec1n \u1ed5n \u0111\u1ecbnh. \u0110i\u1ec1u n\u00e0y \u0111\u1eb7c bi\u1ec7t c\u00f3 gi\u00e1 tr\u1ecb trong b\u1ed1i c\u1ea3nh bi\u1ebfn \u0111\u1ed9ng m\u1ea1nh c\u1ee7a th\u1ecb tr\u01b0\u1eddng nh\u01b0 hi\u1ec7n nay.<\/p>\n<\/div>\n

          \n

          Theo c\u00e1c chuy\u00ean gia t\u1eeb Pocket Option, vi\u1ec7c gia nh\u1eadp th\u1ecb tr\u01b0\u1eddng kho h\u00e0ng kh\u00f4ng t\u1ea1i Vi\u1ec7t Nam c\u00f3 r\u00e0o c\u1ea3n r\u1ea5t cao v\u1ec1 v\u1ed1n v\u00e0 c\u1ea5p ph\u00e9p, do \u0111\u00f3 v\u1ecb th\u1ebf c\u1ee7a NAS kh\u00f3 c\u00f3 th\u1ec3 b\u1ecb lung lay trong \u00edt nh\u1ea5t 5 n\u0103m t\u1edbi. Th\u1ef1c t\u1ebf, trong 15 n\u0103m ho\u1ea1t \u0111\u1ed9ng, ch\u01b0a c\u00f3 \u0111\u1ed1i th\u1ee7 n\u00e0o th\u00e0nh c\u00f4ng trong vi\u1ec7c gia nh\u1eadp th\u1ecb tr\u01b0\u1eddng n\u00e0y t\u1ea1i N\u1ed9i B\u00e0i.<\/p>\n<\/div>\n

          \n

          C\u00e1c y\u1ebfu t\u1ed1 v\u0129 m\u00f4 \u1ea3nh h\u01b0\u1edfng \u0111\u1ebfn tri\u1ec3n v\u1ecdng c\u1ee7a c\u1ed5 phi\u1ebfu NAS<\/h2>\n<\/div>\n
          \n

          B\u00ean c\u1ea1nh c\u00e1c y\u1ebfu t\u1ed1 n\u1ed9i t\u1ea1i, c\u1ed5 phi\u1ebfu NAS c\u0169ng ch\u1ecbu \u1ea3nh h\u01b0\u1edfng m\u1ea1nh m\u1ebd t\u1eeb c\u00e1c y\u1ebfu t\u1ed1 v\u0129 m\u00f4. D\u01b0\u1edbi \u0111\u00e2y l\u00e0 ph\u00e2n t\u00edch v\u1ec1 t\u00e1c \u0111\u1ed9ng c\u1ee7a c\u00e1c y\u1ebfu t\u1ed1 n\u00e0y \u0111\u1ebfn tri\u1ec3n v\u1ecdng c\u1ee7a NAS trong giai \u0111o\u1ea1n 2025-2026.<\/p>\n<\/div>\n

          \n
          \n\n\n\n\n\n\n\n\n\n\n
          Y\u1ebfu t\u1ed1 v\u0129 m\u00f4<\/th>\nD\u1ef1 b\u00e1o 2025-2026<\/th>\nT\u00e1c \u0111\u1ed9ng \u0111\u1ebfn NAS<\/th>\nM\u1ee9c \u0111\u1ed9 \u1ea3nh h\u01b0\u1edfng<\/th>\n<\/tr>\n<\/thead>\n
          T\u0103ng tr\u01b0\u1edfng GDP c\u1ee7a Vi\u1ec7t Nam<\/td>\n6.5-7.0% (2025)6.8-7.2% (2026)<\/td>\nT\u00edch c\u1ef1c: M\u1ed7i 1% t\u0103ng GDP t\u01b0\u01a1ng \u1ee9ng v\u1edbi 1.2-1.5% t\u0103ng kh\u1ed1i l\u01b0\u1ee3ng h\u00e0ng h\u00f3a xu\u1ea5t nh\u1eadp kh\u1ea9u<\/td>\nCao (+++)<\/td>\n<\/tr>\n
          L\u1ea1m ph\u00e1t<\/td>\n3.5-4.0% (2025)3.2-3.8% (2026)<\/td>\nTrung l\u1eadp: NAS c\u00f3 th\u1ec3 \u0111i\u1ec1u ch\u1ec9nh gi\u00e1 d\u1ecbch v\u1ee5 theo l\u1ea1m ph\u00e1t, h\u1ee3p \u0111\u1ed3ng th\u01b0\u1eddng c\u00f3 \u0111i\u1ec1u kho\u1ea3n t\u0103ng gi\u00e1 2-3%\/n\u0103m<\/td>\nTh\u1ea5p (+)<\/td>\n<\/tr>\n
          T\u1ef7 gi\u00e1 USD\/VND<\/td>\nT\u0103ng 2-3%\/n\u0103m<\/td>\nH\u01a1i t\u00edch c\u1ef1c: NAS c\u00f3 kho\u1ea3ng 32% doanh thu b\u1eb1ng USD, h\u01b0\u1edfng l\u1ee3i t\u1eeb t\u1ef7 gi\u00e1 t\u0103ng<\/td>\nTrung b\u00ecnh (++)<\/td>\n<\/tr>\n
          Gi\u00e1 nhi\u00ean li\u1ec7u h\u00e0ng kh\u00f4ng<\/td>\n\u1ed4n \u0111\u1ecbnh ho\u1eb7c gi\u1ea3m nh\u1eb9 2-5%<\/td>\nGi\u00e1n ti\u1ebfp t\u00edch c\u1ef1c: Gi\u1ea3m chi ph\u00ed ho\u1ea1t \u0111\u1ed9ng cho c\u00e1c h\u00e3ng h\u00e0ng kh\u00f4ng, th\u00fac \u0111\u1ea9y t\u1ea7n su\u1ea5t v\u00e0 kh\u1ed1i l\u01b0\u1ee3ng v\u1eadn chuy\u1ec3n<\/td>\nTrung b\u00ecnh (++)<\/td>\n<\/tr>\n
          Ch\u00ednh s\u00e1ch m\u1edf r\u1ed9ng s\u00e2n bay N\u1ed9i B\u00e0i<\/td>\nKh\u1edfi c\u00f4ng giai \u0111o\u1ea1n 2 t\u1eeb 15\/8\/2025, ho\u00e0n th\u00e0nh 70% v\u00e0o cu\u1ed1i 2026<\/td>\nR\u1ea5t t\u00edch c\u1ef1c: M\u1edf r\u1ed9ng kh\u1ea3 n\u0103ng ti\u1ebfp nh\u1eadn t\u1eeb 600,000 l\u00ean 1,000,000 t\u1ea5n\/n\u0103m v\u00e0o 2030, t\u1ea1o ti\u1ec1m n\u0103ng t\u0103ng tr\u01b0\u1edfng 67% cho NAS<\/td>\nR\u1ea5t cao (++++)<\/td>\n<\/tr>\n
          C\u00e1c hi\u1ec7p \u0111\u1ecbnh th\u01b0\u01a1ng m\u1ea1i (RCEP, CPTPP, EVFTA)<\/td>\nTi\u1ebfp t\u1ee5c c\u00f3 hi\u1ec7u l\u1ef1c, t\u0103ng kim ng\u1ea1ch xu\u1ea5t nh\u1eadp kh\u1ea9u 12-15%\/n\u0103m<\/td>\nT\u00edch c\u1ef1c: Th\u00fac \u0111\u1ea9y th\u01b0\u01a1ng m\u1ea1i qu\u1ed1c t\u1ebf, \u0111\u1eb7c bi\u1ec7t l\u00e0 h\u00e0ng h\u00f3a gi\u00e1 tr\u1ecb cao v\u1eadn chuy\u1ec3n b\u1eb1ng \u0111\u01b0\u1eddng h\u00e0ng kh\u00f4ng<\/td>\nCao (+++)<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<\/div>\n<\/div>\n
          \n

          M\u1ed9t trong nh\u1eefng y\u1ebfu t\u1ed1 v\u0129 m\u00f4 quan tr\u1ecdng nh\u1ea5t \u1ea3nh h\u01b0\u1edfng \u0111\u1ebfn c\u1ed5 phi\u1ebfu NAS l\u00e0 k\u1ebf ho\u1ea1ch m\u1edf r\u1ed9ng giai \u0111o\u1ea1n 2 c\u1ee7a S\u00e2n bay N\u1ed9i B\u00e0i, d\u1ef1 ki\u1ebfn ch\u00ednh th\u1ee9c kh\u1edfi c\u00f4ng v\u00e0o ng\u00e0y 15 th\u00e1ng 8 n\u0103m 2025, v\u1edbi t\u1ed5ng m\u1ee9c \u0111\u1ea7u t\u01b0 35,000 t\u1ef7 VND. Theo k\u1ebf ho\u1ea1ch chi ti\u1ebft \u0111\u01b0\u1ee3c Th\u1ee7 t\u01b0\u1edbng Ch\u00ednh ph\u1ee7 ph\u00ea duy\u1ec7t v\u00e0o ng\u00e0y 22 th\u00e1ng 3 n\u0103m 2025, kh\u1ea3 n\u0103ng x\u1eed l\u00fd h\u00e0ng h\u00f3a c\u1ee7a s\u00e2n bay s\u1ebd t\u0103ng t\u1eeb 600,000 t\u1ea5n\/n\u0103m l\u00ean 800,000 t\u1ea5n\/n\u0103m v\u00e0o n\u0103m 2027 v\u00e0 \u0111\u1ea1t 1,000,000 t\u1ea5n\/n\u0103m v\u00e0o n\u0103m 2030.<\/p>\n<\/div>\n

          \n

          D\u1ef1 \u00e1n n\u00e0y s\u1ebd mang l\u1ea1i l\u1ee3i \u00edch k\u00e9p cho NAS: (1) T\u0103ng kh\u1ea3 n\u0103ng x\u1eed l\u00fd h\u00e0ng h\u00f3a, m\u1edf r\u1ed9ng quy m\u00f4 kinh doanh; v\u00e0 (2) T\u1ea1o c\u01a1 h\u1ed9i \u0111\u1ea7u t\u01b0 m\u1edf r\u1ed9ng c\u01a1 s\u1edf h\u1ea1 t\u1ea7ng kho b\u00e3i v\u00e0 \u00e1p d\u1ee5ng c\u00f4ng ngh\u1ec7 m\u1edbi. Theo k\u1ebf ho\u1ea1ch \u0111\u01b0\u1ee3c H\u1ed9i \u0111\u1ed3ng qu\u1ea3n tr\u1ecb NAS ph\u00ea duy\u1ec7t v\u00e0o ng\u00e0y 25 th\u00e1ng 3 n\u0103m 2025, c\u00f4ng ty s\u1ebd \u0111\u1ea7u t\u01b0 380 t\u1ef7 VND \u0111\u1ec3 m\u1edf r\u1ed9ng th\u00eam 8,500 m2 kho v\u00e0 n\u00e2ng c\u1ea5p h\u1ec7 th\u1ed1ng t\u1ef1 \u0111\u1ed9ng h\u00f3a trong giai \u0111o\u1ea1n 2025-2027.<\/p>\n<\/div>\n

          \n

          Ngo\u00e0i ra, xu h\u01b0\u1edbng chuy\u1ec3n d\u1ecbch chu\u1ed7i cung \u1ee9ng t\u1eeb Trung Qu\u1ed1c sang c\u00e1c n\u01b0\u1edbc \u0110\u00f4ng Nam \u00c1, bao g\u1ed3m Vi\u1ec7t Nam, c\u0169ng mang l\u1ea1i c\u01a1 h\u1ed9i l\u1edbn cho ng\u00e0nh logistics h\u00e0ng kh\u00f4ng n\u00f3i chung v\u00e0 NAS n\u00f3i ri\u00eang. Theo b\u00e1o c\u00e1o m\u1edbi nh\u1ea5t c\u1ee7a Pocket Option (ng\u00e0y 24 th\u00e1ng 4 n\u0103m 2025), kh\u1ed1i l\u01b0\u1ee3ng h\u00e0ng h\u00f3a xu\u1ea5t nh\u1eadp kh\u1ea9u b\u1eb1ng \u0111\u01b0\u1eddng h\u00e0ng kh\u00f4ng c\u1ee7a Vi\u1ec7t Nam d\u1ef1 ki\u1ebfn t\u0103ng tr\u01b0\u1edfng v\u1edbi t\u1ed1c \u0111\u1ed9 t\u0103ng tr\u01b0\u1edfng h\u00e0ng n\u0103m k\u00e9p (CAGR) 8-10% trong giai \u0111o\u1ea1n 2025-2030, cao h\u01a1n m\u1ee9c trung b\u00ecnh th\u1ebf gi\u1edbi (5-6%).<\/p>\n<\/div>\n

          \n

          Tuy nhi\u00ean, c\u0169ng c\u1ea7n l\u01b0u \u00fd m\u1ed9t s\u1ed1 r\u1ee7i ro v\u0129 m\u00f4 c\u00f3 th\u1ec3 \u1ea3nh h\u01b0\u1edfng \u0111\u1ebfn m\u00e3 c\u1ed5 phi\u1ebfu NAS. C\u0103ng th\u1eb3ng th\u01b0\u01a1ng m\u1ea1i M\u1ef9-Trung c\u00f3 th\u1ec3 gia t\u0103ng sau cu\u1ed9c b\u1ea7u c\u1eed M\u1ef9 v\u00e0o th\u00e1ng 11 n\u0103m 2024, l\u00e0m gi\u00e1n \u0111o\u1ea1n chu\u1ed7i cung \u1ee9ng to\u00e0n c\u1ea7u. C\u00e1c t\u00ecnh hu\u1ed1ng xung \u0111\u1ed9t \u1edf Bi\u1ec3n \u0110\u1ecf v\u00e0 Ukraine ti\u1ebfp t\u1ee5c g\u00e2y \u00e1p l\u1ef1c l\u00ean chi ph\u00ed v\u1eadn chuy\u1ec3n, m\u1eb7c d\u00f9 \u0111i\u1ec1u n\u00e0y c\u00f3 th\u1ec3 l\u00e0m cho v\u1eadn t\u1ea3i h\u00e0ng kh\u00f4ng c\u1ea1nh tranh h\u01a1n so v\u1edbi v\u1eadn t\u1ea3i bi\u1ec3n. \u0110\u00e2y l\u00e0 nh\u1eefng y\u1ebfu t\u1ed1 c\u1ea7n \u0111\u01b0\u1ee3c theo d\u00f5i ch\u1eb7t ch\u1ebd khi \u0111\u1ea7u t\u01b0 v\u00e0o c\u1ed5 phi\u1ebfu n\u00e0y.<\/p>\n<\/div>\n

          \n

          Ph\u00e2n t\u00edch k\u1ef9 thu\u1eadt v\u00e0 xu h\u01b0\u1edbng gi\u00e1 c\u1ee7a c\u1ed5 phi\u1ebfu NAS<\/h2>\n<\/div>\n
          \n

          \u0110\u1ec3 c\u00f3 c\u00e1i nh\u00ecn to\u00e0n di\u1ec7n v\u1ec1 c\u1ed5 phi\u1ebfu NAS, b\u00ean c\u1ea1nh ph\u00e2n t\u00edch c\u01a1 b\u1ea3n, ch\u00fang ta c\u1ea7n ch\u00fa \u00fd \u0111\u1ebfn ph\u00e2n t\u00edch k\u1ef9 thu\u1eadt v\u00e0 xu h\u01b0\u1edbng gi\u00e1. D\u1eef li\u1ec7u t\u1eeb 250 phi\u00ean g\u1ea7n nh\u1ea5t cho th\u1ea5y m\u00e3 c\u1ed5 phi\u1ebfu NAS l\u00e0 m\u1ed9t c\u1ed5 phi\u1ebfu c\u00f3 bi\u1ebfn \u0111\u1ed9ng ch\u1ec9 75% so v\u1edbi VN-Index, ph\u00f9 h\u1ee3p v\u1edbi t\u00ednh ch\u1ea5t ph\u00f2ng th\u1ee7 c\u1ee7a doanh nghi\u1ec7p.<\/p>\n<\/div>\n

          \n
          \n\n\n\n\n\n\n\n\n\n\n
          Ch\u1ec9 b\u00e1o k\u1ef9 thu\u1eadt<\/th>\nGi\u00e1 tr\u1ecb hi\u1ec7n t\u1ea1i (30\/4\/2025)<\/th>\nT\u00edn hi\u1ec7u<\/th>\n\u0110\u00e1nh gi\u00e1<\/th>\n\u0110\u1ed9 tin c\u1eady<\/th>\n<\/tr>\n<\/thead>\n
          \u0110\u01b0\u1eddng trung b\u00ecnh \u0111\u1ed9ng (MA50)<\/td>\n75,200 VND<\/td>\nGi\u00e1 tr\u00ean MA50 (76,800 so v\u1edbi 75,200)<\/td>\nXu h\u01b0\u1edbng t\u0103ng ng\u1eafn h\u1ea1n \u0111ang \u0111\u01b0\u1ee3c x\u00e1c nh\u1eadn<\/td>\n85%<\/td>\n<\/tr>\n
          \u0110\u01b0\u1eddng trung b\u00ecnh \u0111\u1ed9ng (MA200)<\/td>\n72,100 VND<\/td>\nGi\u00e1 tr\u00ean MA200 (76,800 so v\u1edbi 72,100)<\/td>\nXu h\u01b0\u1edbng t\u0103ng trung h\u1ea1n v\u1eefng ch\u1eafc<\/td>\n90%<\/td>\n<\/tr>\n
          RSI (14 ng\u00e0y)<\/td>\n58.5<\/td>\nTrung l\u1eadp (v\u00f9ng 30-70)<\/td>\nKh\u00f4ng qu\u00e1 mua ho\u1eb7c qu\u00e1 b\u00e1n, c\u00f2n d\u01b0 \u0111\u1ecba t\u0103ng<\/td>\n70%<\/td>\n<\/tr>\n
          MACD<\/td>\n+1.35 (MACD: 1.35; T\u00edn hi\u1ec7u: 0.82)<\/td>\nMACD > \u0110\u01b0\u1eddng t\u00edn hi\u1ec7u<\/td>\n\u0110\u1ed9ng l\u01b0\u1ee3ng \u0111ang m\u1ea1nh l\u00ean, t\u00edn hi\u1ec7u mua ng\u1eafn h\u1ea1n<\/td>\n80%<\/td>\n<\/tr>\n
          D\u1ea3i Bollinger<\/td>\nTr\u00ean: 82,500Gi\u1eefa: 75,200D\u01b0\u1edbi: 67,900<\/td>\nGi\u00e1 g\u1ea7n d\u1ea3i gi\u1eefa, h\u01b0\u1edbng t\u1edbi d\u1ea3i tr\u00ean<\/td>\nXu h\u01b0\u1edbng t\u0103ng \u1ed5n \u0111\u1ecbnh, ch\u01b0a qu\u00e1 mua<\/td>\n75%<\/td>\n<\/tr>\n
          Kh\u1ed1i l\u01b0\u1ee3ng giao d\u1ecbch trung b\u00ecnh 10 phi\u00ean<\/td>\n285,000 c\u1ed5 phi\u1ebfu\/phi\u00ean<\/td>\nCao h\u01a1n 15% so v\u1edbi trung b\u00ecnh 30 phi\u00ean (248,000 c\u1ed5 phi\u1ebfu)<\/td>\nThanh kho\u1ea3n c\u1ea3i thi\u1ec7n, t\u00edn hi\u1ec7u c\u1ea7u t\u1ed1t<\/td>\n85%<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<\/div>\n<\/div>\n
          \n

          D\u1ef1a tr\u00ean ph\u00e2n t\u00edch k\u1ef9 thu\u1eadt t\u1eeb n\u1ec1n t\u1ea3ng Pocket Option, c\u00f3 th\u1ec3 th\u1ea5y r\u1eb1ng c\u1ed5 phi\u1ebfu NAS \u0111ang trong xu h\u01b0\u1edbng t\u0103ng trung h\u1ea1n v\u1edbi s\u1ef1 h\u1ed7 tr\u1ee3 t\u1eeb c\u1ea3 \u0111\u01b0\u1eddng MA50 v\u00e0 MA200. \u0110\u1eb7c bi\u1ec7t, \u0111\u01b0\u1eddng MA50 c\u1eaft l\u00ean tr\u00ean \u0111\u01b0\u1eddng MA200 k\u1ec3 t\u1eeb ng\u00e0y 28 th\u00e1ng 2 n\u0103m 2025 (Golden Cross) l\u00e0 m\u1ed9t t\u00edn hi\u1ec7u k\u1ef9 thu\u1eadt t\u00edch c\u1ef1c, th\u01b0\u1eddng b\u00e1o hi\u1ec7u m\u1ed9t xu h\u01b0\u1edbng t\u0103ng k\u00e9o d\u00e0i 6-12 th\u00e1ng v\u1edbi t\u1ef7 l\u1ec7 th\u00e0nh c\u00f4ng 78.5% theo th\u1ed1ng k\u00ea l\u1ecbch s\u1eed c\u1ee7a NAS.<\/p>\n<\/div>\n

          \n

          C\u00e1c m\u1ee9c gi\u00e1 quan tr\u1ecdng c\u1ea7n theo d\u00f5i<\/h3>\n<\/div>\n
          \n
            \n
          • V\u00f9ng h\u1ed7 tr\u1ee3 m\u1ea1nh: 72,000 – 73,500 VND (tr\u00f9ng v\u1edbi MA200 v\u00e0 Fibonacci 38.2% t\u1eeb \u0111\u00e1y 62,300 \u0111\u1ebfn \u0111\u1ec9nh 80,200)<\/li>\n
          • V\u00f9ng h\u1ed7 tr\u1ee3 \u0111\u1ed9ng: MA50 hi\u1ec7n t\u1ea1i \u1edf m\u1ee9c 75,200 VND, t\u0103ng kho\u1ea3ng 150-180 VND\/tu\u1ea7n<\/li>\n
          • V\u00f9ng kh\u00e1ng c\u1ef1 g\u1ea7n: 78,500 – 80,000 VND (\u0111\u1ec9nh ng\u00e0y 18\/3\/2025 v\u00e0 Fibonacci 61.8% t\u1eeb \u0111\u1ec9nh 87,500 \u0111\u1ebfn \u0111\u00e1y 68,200)<\/li>\n
          • V\u00f9ng kh\u00e1ng c\u1ef1 xa: 85,000 – 87,000 VND (\u0111\u1ec9nh l\u1ecbch s\u1eed 87,500 VND t\u1eeb ng\u00e0y 15\/12\/2022)<\/li>\n
          • V\u00f9ng c\u1eaft l\u1ed7 k\u1ef9 thu\u1eadt: 70,000 – 71,000 VND (d\u01b0\u1edbi MA200 kho\u1ea3ng 1.5-2.0% v\u00e0 Fibonacci 23.6%)<\/li>\n
          • M\u1ee5c ti\u00eau gi\u00e1 trung h\u1ea1n (6-12 th\u00e1ng): 88,000 – 92,000 VND d\u1ef1a tr\u00ean m\u00f4 h\u00ecnh “Tam gi\u00e1c t\u0103ng” v\u00e0 \u0111\u1ecbnh gi\u00e1 P\/E 2026 d\u1ef1 ph\u00f3ng 9.5 l\u1ea7n<\/li>\n<\/ul>\n<\/div>\n
            \n

            Theo c\u00e1c chuy\u00ean gia k\u1ef9 thu\u1eadt t\u1eeb Pocket Option, c\u1ed5 phi\u1ebfu NAS \u0111ang di chuy\u1ec3n theo m\u00f4 h\u00ecnh “Tam gi\u00e1c t\u0103ng” – m\u1ed9t m\u00f4 h\u00ecnh gi\u00e1 t\u00edch c\u1ef1c v\u1edbi m\u1ed7i \u0111\u00e1y sau cao h\u01a1n \u0111\u00e1y tr\u01b0\u1edbc (68,200 \u2192 70,500 \u2192 72,800) v\u00e0 c\u00f3 \u0111\u01b0\u1eddng kh\u00e1ng c\u1ef1 ngang \u1edf v\u00f9ng 80,000 VND. M\u00f4 h\u00ecnh n\u00e0y \u0111\u00e3 h\u00ecnh th\u00e0nh t\u1eeb th\u00e1ng 1 n\u0103m 2025 v\u00e0 ti\u1ebfp t\u1ee5c ph\u00e1t tri\u1ec3n.<\/p>\n<\/div>\n

            \n

            N\u1ebfu gi\u00e1 ph\u00e1 v\u1ee1 v\u00f9ng kh\u00e1ng c\u1ef1 78,500 – 80,000 VND v\u1edbi kh\u1ed1i l\u01b0\u1ee3ng giao d\u1ecbch t\u0103ng \u00edt nh\u1ea5t 50% so v\u1edbi trung b\u00ecnh 20 phi\u00ean (>375,000 c\u1ed5 phi\u1ebfu\/phi\u00ean), m\u1ee5c ti\u00eau gi\u00e1 ti\u1ebfp theo s\u1ebd l\u00e0 88,000 – 92,000 VND (t\u00ednh theo chi\u1ec1u cao c\u1ee7a m\u00f4 h\u00ecnh tam gi\u00e1c: 80,000 – 68,200 = 11,800 VND), t\u01b0\u01a1ng \u0111\u01b0\u01a1ng v\u1edbi m\u1ee9c t\u0103ng ti\u1ec1m n\u0103ng 15-20% t\u1eeb m\u1ee9c gi\u00e1 hi\u1ec7n t\u1ea1i.<\/p>\n<\/div>\n

            \n

            M\u1ed9t \u0111i\u1ec3m \u0111\u00e1ng ch\u00fa \u00fd l\u00e0 m\u00e3 c\u1ed5 phi\u1ebfu NAS th\u01b0\u1eddng c\u00f3 xu h\u01b0\u1edbng t\u0103ng gi\u00e1 m\u1ea1nh trong giai \u0111o\u1ea1n cu\u1ed1i qu\u00fd 2 v\u00e0 \u0111\u1ea7u qu\u00fd 3 m\u1ed7i n\u0103m. Ph\u00e2n t\u00edch theo m\u00f9a trong 5 n\u0103m (2020-2024) cho th\u1ea5y NAS c\u00f3 xu h\u01b0\u1edbng t\u0103ng trung b\u00ecnh 8.5-12.3% trong giai \u0111o\u1ea1n t\u1eeb th\u00e1ng 5 \u0111\u1ebfn th\u00e1ng 7 m\u1ed7i n\u0103m, tr\u00f9ng v\u1edbi m\u00f9a cao \u0111i\u1ec3m v\u1eadn chuy\u1ec3n h\u00e0ng h\u00f3a v\u00e0 th\u1eddi \u0111i\u1ec3m c\u00f4ng b\u1ed1 k\u1ebft qu\u1ea3 kinh doanh 6 th\u00e1ng \u0111\u1ea7u n\u0103m. Nh\u00e0 \u0111\u1ea7u t\u01b0 c\u00f3 th\u1ec3 t\u1eadn d\u1ee5ng y\u1ebfu t\u1ed1 m\u00f9a v\u1ee5 n\u00e0y khi l\u00ean k\u1ebf ho\u1ea1ch giao d\u1ecbch.<\/p>\n<\/div>\n

            \n

            Chi\u1ebfn l\u01b0\u1ee3c \u0111\u1ea7u t\u01b0 hi\u1ec7u qu\u1ea3 cho c\u1ed5 phi\u1ebfu NAS trong n\u0103m 2025<\/h2>\n<\/div>\n
            \n

            D\u1ef1a tr\u00ean ph\u00e2n t\u00edch c\u01a1 b\u1ea3n v\u00e0 k\u1ef9 thu\u1eadt, ch\u00fang t\u00f4i \u0111\u1ec1 xu\u1ea5t 5 chi\u1ebfn l\u01b0\u1ee3c \u0111\u1ea7u t\u01b0 hi\u1ec7u qu\u1ea3 cho c\u1ed5 phi\u1ebfu NAS trong n\u0103m 2025, ph\u00f9 h\u1ee3p v\u1edbi c\u00e1c lo\u1ea1i nh\u00e0 \u0111\u1ea7u t\u01b0 v\u00e0 m\u1ee5c ti\u00eau \u0111\u1ea7u t\u01b0 kh\u00e1c nhau.<\/p>\n<\/div>\n

            \n
            \n\n\n\n\n\n\n\n\n\n
            Lo\u1ea1i nh\u00e0 \u0111\u1ea7u t\u01b0<\/th>\nChi\u1ebfn l\u01b0\u1ee3c ph\u00f9 h\u1ee3p<\/th>\nTh\u1eddi gian n\u1eafm gi\u1eef<\/th>\nT\u1ef7 tr\u1ecdng khuy\u1ebfn ngh\u1ecb<\/th>\nL\u1ee3i nhu\u1eadn k\u1ef3 v\u1ecdng<\/th>\n<\/tr>\n<\/thead>\n
            Nh\u00e0 \u0111\u1ea7u t\u01b0 gi\u00e1 tr\u1ecb<\/td>\nMua & Gi\u1eef, t\u1eadn d\u1ee5ng c\u1ed5 t\u1ee9c \u0111\u1ec1u \u0111\u1eb7n (l\u1ee3i su\u1ea5t 4-5%\/n\u0103m) v\u00e0 t\u0103ng tr\u01b0\u1edfng gi\u00e1<\/td>\n2-3 n\u0103m ho\u1eb7c h\u01a1n<\/td>\n5-10% danh m\u1ee5c<\/td>\n12-15%\/n\u0103m (bao g\u1ed3m c\u1ed5 t\u1ee9c)<\/td>\n<\/tr>\n
            Nh\u00e0 \u0111\u1ea7u t\u01b0 t\u0103ng tr\u01b0\u1edfng<\/td>\nT\u00edch l\u0169y theo giai \u0111o\u1ea1n, t\u1eadn d\u1ee5ng \u0111\u1ed9ng l\u1ef1c t\u0103ng tr\u01b0\u1edfng t\u1eeb m\u1edf r\u1ed9ng s\u00e2n bay, ESOP (2025-2027)<\/td>\n1-2 n\u0103m<\/td>\n3-7% danh m\u1ee5c<\/td>\n15-18%\/n\u0103m<\/td>\n<\/tr>\n
            Nh\u00e0 \u0111\u1ea7u t\u01b0 ph\u00f2ng th\u1ee7<\/td>\nK\u1ebft h\u1ee3p NAS (beta 0.75) v\u1edbi c\u1ed5 phi\u1ebfu chu k\u1ef3 (beta >1.2) \u0111\u1ec3 c\u00e2n b\u1eb1ng danh m\u1ee5c, t\u1eadn d\u1ee5ng bi\u1ebfn \u0111\u1ed9ng th\u1ea5p<\/td>\n1-3 n\u0103m<\/td>\n10-15% danh m\u1ee5c<\/td>\n10-12%\/n\u0103m v\u1edbi bi\u1ebfn \u0111\u1ed9ng th\u1ea5p<\/td>\n<\/tr>\n
            Nh\u00e0 giao d\u1ecbch ng\u1eafn-trung h\u1ea1n<\/td>\nGiao d\u1ecbch theo xu h\u01b0\u1edbng k\u1ef9 thu\u1eadt, mua t\u1ea1i v\u00f9ng h\u1ed7 tr\u1ee3 72,000-73,500, b\u00e1n t\u1ea1i v\u00f9ng kh\u00e1ng c\u1ef1 78,500-80,000<\/td>\n1-6 th\u00e1ng<\/td>\n3-5% danh m\u1ee5c<\/td>\n18-25%\/chu k\u1ef3 giao d\u1ecbch<\/td>\n<\/tr>\n
            Nh\u00e0 giao d\u1ecbch trong ng\u00e0y<\/td>\nKh\u00f4ng ph\u00f9 h\u1ee3p do thanh kho\u1ea3n th\u1ea5p (285,000 c\u1ed5 phi\u1ebfu\/ng\u00e0y) v\u00e0 bi\u00ean \u0111\u1ed9 giao d\u1ecbch h\u1eb9p (1.2-1.5%\/ng\u00e0y)<\/td>\n–<\/td>\n–<\/td>\n–<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<\/div>\n<\/div>\n
            \n

            Chi\u1ebfn l\u01b0\u1ee3c “Mua trong v\u00f9ng t\u00edch l\u0169y, b\u00e1n trong v\u00f9ng ph\u00e1 v\u1ee1”<\/h3>\n<\/div>\n
            \n

            \u0110\u00e2y l\u00e0 chi\u1ebfn l\u01b0\u1ee3c \u0111\u01b0\u1ee3c \u0111\u00e1nh gi\u00e1 cao nh\u1ea5t tr\u00ean n\u1ec1n t\u1ea3ng Pocket Option v\u1edbi t\u1ef7 l\u1ec7 th\u00e0nh c\u00f4ng 78% qua 50 l\u1ea7n ki\u1ec3m tra l\u1ea1i v\u1edbi c\u1ed5 phi\u1ebfu NAS. Ph\u00e2n t\u00edch l\u1ecbch s\u1eed gi\u00e1 t\u1eeb 2020-2025 cho th\u1ea5y NAS th\u01b0\u1eddng dao \u0111\u1ed9ng theo chu k\u1ef3 “t\u00edch l\u0169y – ph\u00e1 v\u1ee1 – \u0111i\u1ec1u ch\u1ec9nh”, v\u1edbi giai \u0111o\u1ea1n t\u00edch l\u0169y k\u00e9o d\u00e0i 2-3 th\u00e1ng tr\u01b0\u1edbc khi t\u0103ng m\u1ea1nh 15-20% trong 6-8 tu\u1ea7n.<\/p>\n<\/div>\n

            \n

            C\u00e1c b\u01b0\u1edbc th\u1ef1c hi\u1ec7n chi\u1ebfn l\u01b0\u1ee3c:<\/p>\n<\/div>\n

            \n
              \n
            1. X\u00e1c \u0111\u1ecbnh v\u00f9ng t\u00edch l\u0169y: Khi gi\u00e1 dao \u0111\u1ed9ng trong bi\u00ean \u0111\u1ed9 h\u1eb9p 5-7% v\u00e0 duy tr\u00ec g\u1ea7n MA50 ho\u1eb7c MA200 \u00edt nh\u1ea5t 15-20 phi\u00ean, MACD \u0111i ngang, RSI dao \u0111\u1ed9ng quanh v\u00f9ng 40-50<\/li>\n
            2. Mua t\u00edch l\u0169y: Ph\u00e2n b\u1ed5 v\u1ed1n th\u00e0nh 3-4 ph\u1ea7n v\u00e0 mua d\u1ea7n trong v\u00f9ng t\u00edch l\u0169y – 30% \u1edf \u0111\u00e1y v\u00f9ng t\u00edch l\u0169y, 40% \u1edf v\u00f9ng gi\u1eefa, 30% khi c\u00f3 d\u1ea5u hi\u1ec7u ph\u00e1 v\u1ee1 \u0111\u1ea7u ti\u00ean<\/li>\n
            3. X\u00e1c \u0111\u1ecbnh d\u1ea5u hi\u1ec7u ph\u00e1 v\u1ee1: Gi\u00e1 ph\u00e1 v\u1ee1 v\u00f9ng t\u00edch l\u0169y v\u1edbi kh\u1ed1i l\u01b0\u1ee3ng t\u0103ng \u00edt nh\u1ea5t 50% so v\u1edbi trung b\u00ecnh 20 phi\u00ean, MACD c\u1eaft l\u00ean tr\u00ean \u0110\u01b0\u1eddng t\u00edn hi\u1ec7u, RSI v\u01b0\u1ee3t 55-60<\/li>\n
            4. B\u00e1n t\u1eebng ph\u1ea7n: B\u00e1n 30% khi gi\u00e1 t\u0103ng 10%, 30% khi gi\u00e1 t\u0103ng 15%, gi\u1eef l\u1ea1i 40% cho m\u1ee5c ti\u00eau d\u00e0i h\u1ea1n ho\u1eb7c b\u00e1n khi c\u00f3 d\u1ea5u hi\u1ec7u \u0111\u1ea3o chi\u1ec1u (MACD c\u1eaft xu\u1ed1ng \u0110\u01b0\u1eddng t\u00edn hi\u1ec7u, gi\u00e1 ph\u00e1 v\u1ee1 d\u01b0\u1edbi MA20)<\/li>\n
            5. Qu\u1ea3n l\u00fd r\u1ee7i ro: \u0110\u1eb7t c\u1eaft l\u1ed7 \u1edf m\u1ee9c 3-5% d\u01b0\u1edbi v\u00f9ng t\u00edch l\u0169y, \u0111\u1ea3m b\u1ea3o t\u1ef7 l\u1ec7 r\u1ee7i ro:l\u1ee3i nhu\u1eadn t\u1ed1i thi\u1ec3u 1:2.5 (r\u1ee7i ro 5% cho l\u1ee3i nhu\u1eadn ti\u1ec1m n\u0103ng 12.5% tr\u1edf l\u00ean)<\/li>\n<\/ol>\n<\/div>\n
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              V\u00ed d\u1ee5 th\u1ef1c t\u1ebf: Trong giai \u0111o\u1ea1n th\u00e1ng 1-th\u00e1ng 3 n\u0103m 2025, NAS t\u00edch l\u0169y trong kho\u1ea3ng 70,000-74,000 \u0111\u1ed3ng trong 8 tu\u1ea7n. Nh\u00e0 \u0111\u1ea7u t\u01b0 \u00e1p d\u1ee5ng chi\u1ebfn l\u01b0\u1ee3c n\u00e0y \u0111\u00e3 mua \u1edf m\u1ee9c gi\u00e1 trung b\u00ecnh 72,000 \u0111\u1ed3ng. Khi c\u1ed5 phi\u1ebfu ph\u00e1 v\u1ee1 v\u00f9ng 74,000 v\u00e0o gi\u1eefa th\u00e1ng 3 v\u1edbi kh\u1ed1i l\u01b0\u1ee3ng t\u0103ng 78% so v\u1edbi trung b\u00ecnh, h\u1ecd gi\u1eef v\u1ecb th\u1ebf v\u00e0 b\u00e1n m\u1ed9t ph\u1ea7n \u1edf m\u1ee9c 79,000 \u0111\u1ed3ng, thu l\u1ee3i nhu\u1eadn 9.7%. Ph\u1ea7n c\u00f2n l\u1ea1i v\u1eabn \u0111ang \u0111\u01b0\u1ee3c gi\u1eef v\u1edbi m\u1ee5c ti\u00eau 85,000-88,000 \u0111\u1ed3ng trong qu\u00fd 3\/2025.<\/p>\n<\/div>\n

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              M\u1ed9t g\u00f3c nh\u00ecn t\u00e1o b\u1ea1o \u0111\u01b0\u1ee3c \u0111\u1ec1 xu\u1ea5t b\u1edfi nh\u00e0 ph\u00e2n t\u00edch Nguy\u1ec5n Minh Tu\u1ea5n t\u1eeb Pocket Option l\u00e0 chi\u1ebfn l\u01b0\u1ee3c “\u0110\u1ea7u t\u01b0 ng\u01b0\u1ee3c chu k\u1ef3” cho c\u1ed5 phi\u1ebfu n\u00e0y. Theo \u0111\u00f3, thay v\u00ec mua khi c\u1ed5 phi\u1ebfu \u0111\u00e3 b\u1eaft \u0111\u1ea7u t\u0103ng, nh\u00e0 \u0111\u1ea7u t\u01b0 c\u00f3 th\u1ec3 c\u00e2n nh\u1eafc mua ch\u00ednh x\u00e1c trong c\u00e1c giai \u0111o\u1ea1n khi th\u1ecb tr\u01b0\u1eddng chung \u0111ang \u0111i\u1ec1u ch\u1ec9nh m\u1ea1nh (VN-Index gi\u1ea3m 7-10%) nh\u01b0ng c\u1ed5 phi\u1ebfu NAS ch\u1ec9 gi\u1ea3m nh\u1eb9 3-5%. Chi\u1ebfn l\u01b0\u1ee3c n\u00e0y \u0111\u00e3 mang l\u1ea1i l\u1ee3i nhu\u1eadn trung b\u00ecnh 22.5% trong 3 bi\u1ebfn \u0111\u1ed9ng l\u1edbn g\u1ea7n \u0111\u00e2y (6\/2023, 11\/2023 v\u00e0 3\/2025).<\/p>\n<\/div>\n

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              Tuy nhi\u00ean, chi\u1ebfn l\u01b0\u1ee3c n\u00e0y \u0111\u00f2i h\u1ecfi k\u1ef7 lu\u1eadt cao, v\u1ed1n d\u1ef1 ph\u00f2ng d\u1ed3i d\u00e0o v\u00e0 ph\u00f9 h\u1ee3p v\u1edbi c\u00e1c nh\u00e0 \u0111\u1ea7u t\u01b0 c\u00f3 kinh nghi\u1ec7m, c\u00f3 kh\u1ea3 n\u0103ng ph\u00e2n t\u00edch t\u1ed1t \u0111\u1ec3 ph\u00e2n bi\u1ec7t gi\u1eefa c\u00e1c \u0111i\u1ec1u ch\u1ec9nh t\u1ea1m th\u1eddi v\u00e0 thay \u0111\u1ed5i xu h\u01b0\u1edbng c\u01a1 b\u1ea3n c\u1ee7a c\u1ed5 phi\u1ebfu.<\/p>\n<\/div>\n

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              So s\u00e1nh c\u1ed5 phi\u1ebfu NAS v\u1edbi c\u00e1c \u0111\u1ed1i th\u1ee7 trong ng\u00e0nh v\u00e0 th\u1ecb tr\u01b0\u1eddng chung<\/h2>\n<\/div>\n
              \n

              \u0110\u1ec3 \u0111\u00e1nh gi\u00e1 \u0111\u00fang gi\u00e1 tr\u1ecb v\u00e0 v\u1ecb th\u1ebf c\u1ee7a NAS, vi\u1ec7c so s\u00e1nh v\u1edbi c\u00e1c doanh nghi\u1ec7p c\u00f9ng ng\u00e0nh v\u00e0 th\u1ecb tr\u01b0\u1eddng chung l\u00e0 c\u1ea7n thi\u1ebft. D\u01b0\u1edbi \u0111\u00e2y l\u00e0 ph\u00e2n t\u00edch so s\u00e1nh gi\u1eefa m\u00e3 c\u1ed5 phi\u1ebfu NAS v\u00e0 c\u00e1c doanh nghi\u1ec7p trong l\u0129nh v\u1ef1c d\u1ecbch v\u1ee5 h\u00e0ng kh\u00f4ng v\u00e0 logistics t\u1ea1i Vi\u1ec7t Nam, c\u1eadp nh\u1eadt \u0111\u1ebfn ng\u00e0y 30 th\u00e1ng 4 n\u0103m 2025.<\/p>\n<\/div>\n

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              \n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
              Ch\u1ec9 s\u1ed1<\/th>\nNAS<\/th>\nAST<\/th>\nSCS<\/th>\nSGN<\/th>\nVN-Index<\/th>\n<\/tr>\n<\/thead>\n
              P\/E hi\u1ec7n t\u1ea1i<\/td>\n11.8<\/td>\n13.5<\/td>\n12.3<\/td>\n14.2<\/td>\n15.8<\/td>\n<\/tr>\n
              P\/E d\u1ef1 ph\u00f3ng 2025<\/td>\n10.2<\/td>\n12.3<\/td>\n11.1<\/td>\n13.5<\/td>\n14.2<\/td>\n<\/tr>\n
              P\/B hi\u1ec7n t\u1ea1i<\/td>\n2.9<\/td>\n3.2<\/td>\n3.7<\/td>\n2.7<\/td>\n2.5<\/td>\n<\/tr>\n
              ROE (%)<\/td>\n24.8<\/td>\n23.5<\/td>\n30.2<\/td>\n19.3<\/td>\n15.2<\/td>\n<\/tr>\n
              T\u0103ng tr\u01b0\u1edfng EPS 2024 (%)<\/td>\n21.4<\/td>\n18.2<\/td>\n25.3<\/td>\n15.8<\/td>\n12.5<\/td>\n<\/tr>\n
              T\u0103ng tr\u01b0\u1edfng EPS d\u1ef1 ph\u00f3ng 2025 (%)<\/td>\n16.4<\/td>\n14.5<\/td>\n18.2<\/td>\n12.7<\/td>\n11.3<\/td>\n<\/tr>\n
              L\u1ee3i su\u1ea5t c\u1ed5 t\u1ee9c (%)<\/td>\n4.5<\/td>\n3.8<\/td>\n4.2<\/td>\n4.7<\/td>\n2.3<\/td>\n<\/tr>\n
              Beta (bi\u1ebfn \u0111\u1ed9ng so v\u1edbi th\u1ecb tr\u01b0\u1eddng)<\/td>\n0.75<\/td>\n0.92<\/td>\n0.88<\/td>\n0.82<\/td>\n1.00<\/td>\n<\/tr>\n
              Kh\u1ed1i l\u01b0\u1ee3ng giao d\u1ecbch trung b\u00ecnh (c\u1ed5 phi\u1ebfu\/ng\u00e0y)<\/td>\n285,000<\/td>\n348,000<\/td>\n520,000<\/td>\n215,000<\/td>\n850 tri\u1ec7u<\/td>\n<\/tr>\n
              V\u1ed1n h\u00f3a th\u1ecb tr\u01b0\u1eddng (t\u1ef7 VND)<\/td>\n3,850<\/td>\n2,750<\/td>\n8,520<\/td>\n2,280<\/td>\n5,620,000<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<\/div>\n<\/div>\n
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              T\u1eeb b\u1ea3ng so s\u00e1nh tr\u00ean, c\u00f3 th\u1ec3 th\u1ea5y r\u1eb1ng c\u1ed5 phi\u1ebfu NAS c\u00f3 m\u1ed9t s\u1ed1 l\u1ee3i th\u1ebf n\u1ed5i b\u1eadt:<\/p>\n<\/div>\n

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