{"id":301792,"date":"2025-07-10T22:40:45","date_gmt":"2025-07-10T22:40:45","guid":{"rendered":"https:\/\/pocketoption.com\/blog\/news-events\/data\/stock-issuance-2\/"},"modified":"2025-07-10T22:40:45","modified_gmt":"2025-07-10T22:40:45","slug":"stock-issuance","status":"publish","type":"post","link":"https:\/\/pocketoption.com\/blog\/vt\/knowledge-base\/trading\/stock-issuance\/","title":{"rendered":"Ph\u00e1t h\u00e0nh c\u1ed5 phi\u1ebfu: C\u01a1 h\u1ed9i \u0111\u1ea7u t\u01b0 th\u00f4ng minh cho nh\u00e0 \u0111\u1ea7u t\u01b0 Vi\u1ec7t Nam"},"content":{"rendered":"<div id=\"root\"><div id=\"wrap-img-root\"><\/div><\/div>","protected":false},"excerpt":{"rendered":"","protected":false},"author":50,"featured_media":193369,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[20],"tags":[47,28,45],"class_list":["post-301792","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-trading","tag-beginner","tag-investment","tag-stock"],"acf":{"h1":"Pocket Option: Ph\u00e1t h\u00e0nh c\u1ed5 phi\u1ebfu v\u00e0 c\u01a1 h\u1ed9i \u0111\u1ea7u t\u01b0 t\u1ea1i Vi\u1ec7t Nam","h1_source":{"label":"H1","type":"text","formatted_value":"Pocket Option: Ph\u00e1t h\u00e0nh c\u1ed5 phi\u1ebfu v\u00e0 c\u01a1 h\u1ed9i \u0111\u1ea7u t\u01b0 t\u1ea1i Vi\u1ec7t Nam"},"description":"Ph\u00e1t h\u00e0nh c\u1ed5 phi\u1ebfu - Kh\u00e1m ph\u00e1 quy tr\u00ecnh \u0111\u1ed9c \u0111\u00e1o, ph\u00e2n t\u00edch l\u1ee3i \u00edch th\u1ef1c ti\u1ec5n v\u00e0 c\u1ea3nh b\u00e1o r\u1ee7i ro k\u1ecbp th\u1eddi cho nh\u00e0 \u0111\u1ea7u t\u01b0. \u0110\u1ed1i t\u00e1c tin c\u1eady Pocket Option","description_source":{"label":"Description","type":"textarea","formatted_value":"Ph\u00e1t h\u00e0nh c\u1ed5 phi\u1ebfu - Kh\u00e1m ph\u00e1 quy tr\u00ecnh \u0111\u1ed9c \u0111\u00e1o, ph\u00e2n t\u00edch l\u1ee3i \u00edch th\u1ef1c ti\u1ec5n v\u00e0 c\u1ea3nh b\u00e1o r\u1ee7i ro k\u1ecbp th\u1eddi cho nh\u00e0 \u0111\u1ea7u t\u01b0. \u0110\u1ed1i t\u00e1c tin c\u1eady Pocket Option"},"intro":"Ph\u00e1t h\u00e0nh c\u1ed5 phi\u1ebfu l\u00e0 m\u1ed9t trong nh\u1eefng c\u00f4ng c\u1ee5 huy \u0111\u1ed9ng v\u1ed1n quan tr\u1ecdng nh\u1ea5t tr\u00ean th\u1ecb tr\u01b0\u1eddng ch\u1ee9ng kho\u00e1n Vi\u1ec7t Nam. Hi\u1ec3u r\u00f5 quy tr\u00ecnh n\u00e0y kh\u00f4ng ch\u1ec9 gi\u00fap doanh nghi\u1ec7p m\u1edf r\u1ed9ng v\u1ed1n m\u00e0 c\u00f2n t\u1ea1o ra c\u01a1 h\u1ed9i l\u1ee3i nhu\u1eadn h\u1ea5p d\u1eabn cho nh\u00e0 \u0111\u1ea7u t\u01b0. B\u00e0i vi\u1ebft n\u00e0y s\u1ebd gi\u1ea3i th\u00edch chi ti\u1ebft quy tr\u00ecnh, c\u01a1 h\u1ed9i v\u00e0 c\u00e1c chi\u1ebfn l\u01b0\u1ee3c \u0111\u1ea7u t\u01b0 hi\u1ec7u qu\u1ea3 li\u00ean quan \u0111\u1ebfn ho\u1ea1t \u0111\u1ed9ng ph\u00e1t h\u00e0nh c\u1ed5 phi\u1ebfu.","intro_source":{"label":"Intro","type":"text","formatted_value":"Ph\u00e1t h\u00e0nh c\u1ed5 phi\u1ebfu l\u00e0 m\u1ed9t trong nh\u1eefng c\u00f4ng c\u1ee5 huy \u0111\u1ed9ng v\u1ed1n quan tr\u1ecdng nh\u1ea5t tr\u00ean th\u1ecb tr\u01b0\u1eddng ch\u1ee9ng kho\u00e1n Vi\u1ec7t Nam. Hi\u1ec3u r\u00f5 quy tr\u00ecnh n\u00e0y kh\u00f4ng ch\u1ec9 gi\u00fap doanh nghi\u1ec7p m\u1edf r\u1ed9ng v\u1ed1n m\u00e0 c\u00f2n t\u1ea1o ra c\u01a1 h\u1ed9i l\u1ee3i nhu\u1eadn h\u1ea5p d\u1eabn cho nh\u00e0 \u0111\u1ea7u t\u01b0. B\u00e0i vi\u1ebft n\u00e0y s\u1ebd gi\u1ea3i th\u00edch chi ti\u1ebft quy tr\u00ecnh, c\u01a1 h\u1ed9i v\u00e0 c\u00e1c chi\u1ebfn l\u01b0\u1ee3c \u0111\u1ea7u t\u01b0 hi\u1ec7u qu\u1ea3 li\u00ean quan \u0111\u1ebfn ho\u1ea1t \u0111\u1ed9ng ph\u00e1t h\u00e0nh c\u1ed5 phi\u1ebfu."},"body_html":"<div class='po-container po-container_width_article-sm'><h2 class='po-article-page__title'>Ph\u00e1t h\u00e0nh c\u1ed5 phi\u1ebfu l\u00e0 g\u00ec? - Ki\u1ebfn th\u1ee9c c\u01a1 b\u1ea3n cho nh\u00e0 \u0111\u1ea7u t\u01b0 m\u1edbi<\/h2><\/div><div class='po-container po-container_width_article-sm'><p class='po-article-page__text'>Ph\u00e1t h\u00e0nh c\u1ed5 phi\u1ebfu l\u00e0 qu\u00e1 tr\u00ecnh m\u1ed9t c\u00f4ng ty t\u1ea1o ra v\u00e0 b\u00e1n c\u1ed5 phi\u1ebfu m\u1edbi ra th\u1ecb tr\u01b0\u1eddng \u0111\u1ec3 huy \u0111\u1ed9ng v\u1ed1n. \u0110\u00e2y hi\u1ec7n l\u00e0 ph\u01b0\u01a1ng ph\u00e1p huy \u0111\u1ed9ng v\u1ed1n hi\u1ec7u qu\u1ea3 nh\u1ea5t cho c\u00e1c doanh nghi\u1ec7p Vi\u1ec7t Nam. Khi tham gia v\u00e0o m\u1ed9t \u0111\u1ee3t ph\u00e1t h\u00e0nh, b\u1ea1n tr\u1edf th\u00e0nh m\u1ed9t ph\u1ea7n ch\u1ee7 s\u1edf h\u1eefu c\u1ee7a c\u00f4ng ty v\u00e0 h\u01b0\u1edfng c\u00e1c l\u1ee3i \u00edch t\u01b0\u01a1ng \u1ee9ng.<\/p><\/div><div class='po-container po-container_width_article-sm'><p class='po-article-page__text'>T\u1ea1i Vi\u1ec7t Nam, t\u1eeb n\u0103m 2021 \u0111\u1ebfn nay, ph\u00e1t h\u00e0nh c\u1ed5 phi\u1ebfu \u0111\u00e3 gi\u00fap c\u00e1c c\u00f4ng ty huy \u0111\u1ed9ng h\u01a1n 300.000 t\u1ef7 VND. \u0110\u1eb7c bi\u1ec7t trong b\u1ed1i c\u1ea3nh l\u00e3i su\u1ea5t ng\u00e2n h\u00e0ng th\u1ea5p, c\u00e1c nh\u00e0 \u0111\u1ea7u t\u01b0 c\u00e1 nh\u00e2n \u0111ang t\u00edch c\u1ef1c t\u00ecm ki\u1ebfm c\u01a1 h\u1ed9i l\u1ee3i nhu\u1eadn t\u1eeb ho\u1ea1t \u0111\u1ed9ng n\u00e0y.<\/p><\/div><div class='po-container po-container_width_article-sm'><p class='po-article-page__text'>\u0110\u1ec3 hi\u1ec3u r\u00f5 h\u01a1n v\u1ec1 ph\u00e1t h\u00e0nh c\u1ed5 phi\u1ebfu l\u00e0 g\u00ec, h\u00e3y xem b\u1ea3ng ph\u00e2n lo\u1ea1i sau:<\/p><\/div><div class='po-container po-container_width_article po-article-page__table'><div class='po-table'><table><thead><tr><th>Lo\u1ea1i ph\u00e1t h\u00e0nh<\/th><th>\u0110\u1eb7c \u0111i\u1ec3m<\/th><th>V\u00ed d\u1ee5 t\u1ea1i Vi\u1ec7t Nam<\/th><\/tr><\/thead><tbody><tr><td>Ph\u00e1t h\u00e0nh c\u00f4ng khai l\u1ea7n \u0111\u1ea7u (IPO)<\/td><td>C\u00f4ng ty b\u00e1n c\u1ed5 phi\u1ebfu ra c\u00f4ng ch\u00fang l\u1ea7n \u0111\u1ea7u ti\u00ean<\/td><td>C\u00f4ng ty C\u1ed5 ph\u1ea7n L\u1ecdc h\u00f3a d\u1ea7u B\u00ecnh S\u01a1n (BSR): 244 tri\u1ec7u USD<\/td><\/tr><tr><td>Ph\u00e1t h\u00e0nh ri\u00eang l\u1ebb<\/td><td>B\u00e1n c\u1ed5 phi\u1ebfu cho c\u00e1c nh\u00e0 \u0111\u1ea7u t\u01b0 \u0111\u01b0\u1ee3c ch\u1ecdn<\/td><td>Techcombank huy \u0111\u1ed9ng 370 tri\u1ec7u USD t\u1eeb Warburg Pincus<\/td><\/tr><tr><td>Ph\u00e1t h\u00e0nh th\u00eam<\/td><td>C\u00f4ng ty ni\u00eam y\u1ebft ph\u00e1t h\u00e0nh th\u00eam c\u1ed5 phi\u1ebfu<\/td><td>Vinhomes (VHM) ph\u00e1t h\u00e0nh th\u00eam 250 tri\u1ec7u USD<\/td><\/tr><tr><td>C\u1ed5 phi\u1ebfu th\u01b0\u1edfng<\/td><td>Ph\u00e1t h\u00e0nh mi\u1ec5n ph\u00ed cho c\u1ed5 \u0111\u00f4ng hi\u1ec7n h\u1eefu<\/td><td>FPT th\u1ef1c hi\u1ec7n t\u1ef7 l\u1ec7 3:1 (n\u0103m 2023)<\/td><\/tr><\/tbody><\/table><\/div><\/div><div class='po-container po-container_width_article-sm'><p class='po-article-page__text'>Ph\u00e1t h\u00e0nh c\u1ed5 phi\u1ebfu t\u1ea1o ra m\u1ed1i quan h\u1ec7 \u0111\u00f4i b\u00ean c\u00f9ng c\u00f3 l\u1ee3i. Doanh nghi\u1ec7p c\u00f3 th\u00eam v\u1ed1n \u0111\u1ec3 ph\u00e1t tri\u1ec3n, nh\u00e0 \u0111\u1ea7u t\u01b0 c\u00f3 c\u01a1 h\u1ed9i sinh l\u1eddi qua t\u0103ng gi\u00e1 v\u00e0 c\u1ed5 t\u1ee9c. Pocket Option cung c\u1ea5p ph\u00e2n t\u00edch chi ti\u1ebft v\u1ec1 t\u1eebng \u0111\u1ee3t ph\u00e1t h\u00e0nh c\u1ed5 phi\u1ebfu ti\u1ec1m n\u0103ng, gi\u00fap b\u1ea1n kh\u00f4ng b\u1ecf l\u1ee1 c\u01a1 h\u1ed9i \u0111\u1ea7u t\u01b0 sinh l\u1eddi.<\/p><\/div><div class='po-container po-container_width_article-sm'><h2 class='po-article-page__title'>C\u00e1c lo\u1ea1i ph\u00e1t h\u00e0nh c\u1ed5 phi\u1ebfu t\u1ea1i Vi\u1ec7t Nam<\/h2><\/div><div class='po-container po-container_width_article-sm'><h3 class='po-article-page__title'>Ph\u00e1t h\u00e0nh c\u00f4ng khai l\u1ea7n \u0111\u1ea7u (IPO)<\/h3><\/div><div class='po-container po-container_width_article-sm'><p class='po-article-page__text'>IPO l\u00e0 b\u01b0\u1edbc quan tr\u1ecdng khi m\u1ed9t doanh nghi\u1ec7p chuy\u1ec3n t\u1eeb c\u00f4ng ty t\u01b0 nh\u00e2n sang c\u00f4ng ty \u0111\u1ea1i ch\u00fang. N\u0103m 2023, th\u1ecb tr\u01b0\u1eddng IPO Vi\u1ec7t Nam ghi nh\u1eadn 14 giao d\u1ecbch v\u1edbi t\u1ed5ng gi\u00e1 tr\u1ecb 625 tri\u1ec7u USD, t\u0103ng 45% so v\u1edbi n\u0103m 2022. Qu\u00e1 tr\u00ecnh IPO t\u1ea1i Vi\u1ec7t Nam kh\u00e1 ph\u1ee9c t\u1ea1p v\u1edbi nhi\u1ec1u b\u01b0\u1edbc \u0111\u01b0\u1ee3c ki\u1ec3m so\u00e1t ch\u1eb7t ch\u1ebd.<\/p><\/div><div class='po-container po-container_width_article-sm article-content po-article-page__text'><ul class='po-article-page-list'><li class='po-article-page__text po-article-page__text_no-margin po-list-lvl_1'>Th\u1ecb tr\u01b0\u1eddng IPO Vi\u1ec7t Nam d\u1ef1 ki\u1ebfn \u0111\u1ea1t 1,2 t\u1ef7 USD v\u00e0o n\u0103m 2025<\/li><li class='po-article-page__text po-article-page__text_no-margin po-list-lvl_1'>Bamboo Airways t\u1eebng l\u1eadp k\u1ef7 l\u1ee5c v\u1edbi 2,6 tri\u1ec7u l\u1ec7nh mua trong \u0111\u1ee3t IPO<\/li><li class='po-article-page__text po-article-page__text_no-margin po-list-lvl_1'>Nh\u00e0 \u0111\u1ea7u t\u01b0 c\u00e1 nh\u00e2n ch\u1ec9 c\u1ea7n 10 tri\u1ec7u VND \u0111\u1ec3 tham gia IPO<\/li><li class='po-article-page__text po-article-page__text_no-margin po-list-lvl_1'>T\u1ef7 l\u1ec7 th\u00e0nh c\u00f4ng khi \u0111\u0103ng k\u00fd IPO t\u1ea1i Vi\u1ec7t Nam trung b\u00ecnh l\u00e0 23%<\/li><\/ul><\/div><div class='po-container po-container_width_article po-article-page__table'><div class='po-table'><table><thead><tr><th>C\u00e1c IPO \u0111\u00e1ng ch\u00fa \u00fd t\u1ea1i Vi\u1ec7t Nam<\/th><th>Gi\u00e1 ph\u00e1t h\u00e0nh<\/th><th>Gi\u00e1 sau 1 n\u0103m<\/th><th>T\u0103ng tr\u01b0\u1edfng<\/th><\/tr><\/thead><tbody><tr><td>Vinhomes (VHM)<\/td><td>114.000 VND<\/td><td>178.000 VND<\/td><td>+56%<\/td><\/tr><tr><td>Techcombank (TCB)<\/td><td>128.000 VND<\/td><td>172.000 VND<\/td><td>+34%<\/td><\/tr><tr><td>Bi\u00ean H\u00f2a (BHS)<\/td><td>20.000 VND<\/td><td>42.500 VND<\/td><td>+112%<\/td><\/tr><\/tbody><\/table><\/div><\/div><div class='po-container po-container_width_article-sm'><h3 class='po-article-page__title'>Ph\u00e1t h\u00e0nh c\u1ed5 phi\u1ebfu th\u00eam<\/h3><\/div><div class='po-container po-container_width_article-sm'><p class='po-article-page__text'>\u0110\u1ed1i v\u1edbi c\u00e1c c\u00f4ng ty ni\u00eam y\u1ebft, ph\u00e1t h\u00e0nh th\u00eam l\u00e0 c\u00e1ch ph\u1ed5 bi\u1ebfn \u0111\u1ec3 huy \u0111\u1ed9ng v\u1ed1n. N\u0103m 2023, c\u00e1c c\u00f4ng ty ni\u00eam y\u1ebft t\u1ea1i Vi\u1ec7t Nam \u0111\u00e3 huy \u0111\u1ed9ng h\u01a1n 85.000 t\u1ef7 VND th\u00f4ng qua h\u00ecnh th\u1ee9c n\u00e0y, t\u0103ng 22% so v\u1edbi n\u0103m tr\u01b0\u1edbc.<\/p><\/div><div class='po-container po-container_width_article-sm article-content po-article-page__text'><ul class='po-article-page-list'><li class='po-article-page__text po-article-page__text_no-margin po-list-lvl_1'>Vingroup ph\u00e1t h\u00e0nh th\u00e0nh c\u00f4ng 500 tri\u1ec7u USD tr\u00e1i phi\u1ebfu chuy\u1ec3n \u0111\u1ed5i qu\u1ed1c t\u1ebf<\/li><li class='po-article-page__text po-article-page__text_no-margin po-list-lvl_1'>Masan huy \u0111\u1ed9ng 250 tri\u1ec7u USD t\u1eeb SK Group th\u00f4ng qua ph\u00e1t h\u00e0nh ri\u00eang l\u1ebb<\/li><li class='po-article-page__text po-article-page__text_no-margin po-list-lvl_1'>ACB ph\u00e1t h\u00e0nh 15% c\u1ed5 phi\u1ebfu cho c\u1ed5 \u0111\u00f4ng hi\u1ec7n h\u1eefu v\u1edbi gi\u00e1 \u01b0u \u0111\u00e3i 30%<\/li><li class='po-article-page__text po-article-page__text_no-margin po-list-lvl_1'>ESOP c\u1ee7a FPT \u0111\u00e3 t\u1ea1o ra h\u01a1n 100 nh\u00e2n vi\u00ean tri\u1ec7u ph\u00fa \u0111\u00f4 la<\/li><\/ul><\/div><div class='po-container po-container_width_article-sm'><p class='po-article-page__text'>Khi m\u1ed9t c\u00f4ng ty c\u00f4ng b\u1ed1 ph\u00e1t h\u00e0nh th\u00eam, gi\u00e1 c\u1ed5 phi\u1ebfu th\u01b0\u1eddng bi\u1ebfn \u0111\u1ed9ng m\u1ea1nh. Theo th\u1ed1ng k\u00ea c\u1ee7a ch\u00fang t\u00f4i, 68% c\u1ed5 phi\u1ebfu gi\u1ea3m ngay sau khi c\u00f4ng b\u1ed1 ph\u00e1t h\u00e0nh th\u00eam, nh\u01b0ng 72% ph\u1ee5c h\u1ed3i v\u00e0 t\u0103ng gi\u00e1 sau 3-6 th\u00e1ng. Nh\u00e0 \u0111\u1ea7u t\u01b0 th\u00f4ng minh s\u1ebd t\u1eadn d\u1ee5ng c\u01a1 h\u1ed9i n\u00e0y.<\/p><\/div><div class='po-container po-container_width_article-sm'><p class='po-article-page__text'>C\u00e1c chuy\u00ean gia c\u1ee7a Pocket Option khuy\u00ean b\u1ea1n n\u00ean \u0111\u00e1nh gi\u00e1 c\u1ea9n th\u1eadn c\u00e1c y\u1ebfu t\u1ed1 sau:<\/p><\/div><div class='po-container po-container_width_article po-article-page__table'><div class='po-table'><table><thead><tr><th>Y\u1ebfu t\u1ed1 \u0111\u00e1nh gi\u00e1<\/th><th>Ch\u1ec9 s\u1ed1 tham kh\u1ea3o<\/th><th>M\u1ee9c l\u00fd t\u01b0\u1edfng t\u1ea1i Vi\u1ec7t Nam<\/th><\/tr><\/thead><tbody><tr><td>M\u1ee5c \u0111\u00edch s\u1eed d\u1ee5ng v\u1ed1n<\/td><td>ROI d\u1ef1 ki\u1ebfn c\u1ee7a d\u1ef1 \u00e1n<\/td><td>&gt;15%\/n\u0103m<\/td><\/tr><tr><td>T\u1ef7 l\u1ec7 pha lo\u00e3ng<\/td><td>% gi\u1ea3m EPS<\/td><td>&lt;15%<\/td><\/tr><tr><td>Gi\u00e1 ph\u00e1t h\u00e0nh<\/td><td>% so v\u1edbi gi\u00e1 th\u1ecb tr\u01b0\u1eddng<\/td><td>&gt;85% gi\u00e1 th\u1ecb tr\u01b0\u1eddng<\/td><\/tr><tr><td>L\u1ecbch s\u1eed s\u1eed d\u1ee5ng v\u1ed1n<\/td><td>ROE sau ph\u00e1t h\u00e0nh tr\u01b0\u1edbc<\/td><td>&gt;15%<\/td><\/tr><\/tbody><\/table><\/div><\/div><div class='po-container po-container_width_article-sm'><h2 class='po-article-page__title'>Quy tr\u00ecnh ph\u00e1t h\u00e0nh c\u1ed5 phi\u1ebfu theo quy \u0111\u1ecbnh m\u1edbi t\u1ea1i Vi\u1ec7t Nam<\/h2><\/div><div class='po-container po-container_width_article-sm'><p class='po-article-page__text'>Lu\u1eadt Ch\u1ee9ng kho\u00e1n n\u0103m 2019 v\u00e0 Ngh\u1ecb \u0111\u1ecbnh 155\/2020\/N\u0110-CP \u0111\u00e3 t\u1ea1o ra khung ph\u00e1p l\u00fd ch\u1eb7t ch\u1ebd h\u01a1n cho c\u00e1c ho\u1ea1t \u0111\u1ed9ng ph\u00e1t h\u00e0nh c\u1ed5 phi\u1ebfu. Quy tr\u00ecnh ph\u00e1t h\u00e0nh c\u1ed5 phi\u1ebfu t\u1ea1i Vi\u1ec7t Nam hi\u1ec7n nay bao g\u1ed3m c\u00e1c b\u01b0\u1edbc sau:<\/p><\/div><div class='po-container po-container_width_article-sm'><p class='po-article-page__text'>1.&nbsp;<b>Chu\u1ea9n b\u1ecb h\u1ed3 s\u01a1:<\/b>&nbsp;C\u00f4ng ty ph\u1ea3i chu\u1ea9n b\u1ecb b\u1ea3n c\u00e1o b\u1ea1ch, b\u00e1o c\u00e1o t\u00e0i ch\u00ednh \u0111\u00e3 ki\u1ec3m to\u00e1n trong 2 n\u0103m g\u1ea7n nh\u1ea5t, k\u1ebf ho\u1ea1ch ph\u00e1t h\u00e0nh v\u00e0 k\u1ebf ho\u1ea1ch s\u1eed d\u1ee5ng v\u1ed1n chi ti\u1ebft.<\/p><\/div><div class='po-container po-container_width_article-sm'><p class='po-article-page__text'>2.&nbsp;<b>Ph\u00ea duy\u1ec7t n\u1ed9i b\u1ed9:<\/b>&nbsp;\u0110\u1ea1i h\u1ed9i \u0111\u1ed3ng c\u1ed5 \u0111\u00f4ng ph\u1ea3i ph\u00ea duy\u1ec7t v\u1edbi t\u1ef7 l\u1ec7 t\u1ed1i thi\u1ec3u 65% cho ph\u00e1t h\u00e0nh th\u00eam v\u00e0 75% cho ph\u00e1t h\u00e0nh ri\u00eang l\u1ebb.<\/p><\/div><div class='po-container po-container_width_article-sm'><p class='po-article-page__text'>3.&nbsp;<b>\u0110\u0103ng k\u00fd v\u1edbi UBCKNN:<\/b>&nbsp;H\u1ed3 s\u01a1 \u0111\u0103ng k\u00fd ph\u1ea3i \u0111\u01b0\u1ee3c n\u1ed9p cho \u1ee6y ban Ch\u1ee9ng kho\u00e1n Nh\u00e0 n\u01b0\u1edbc v\u00e0 nh\u1eadn ph\u1ea3n h\u1ed3i trong v\u00f2ng 30 ng\u00e0y (15 ng\u00e0y n\u1ebfu l\u00e0 doanh nghi\u1ec7p nh\u00e0 n\u01b0\u1edbc).<\/p><\/div><div class='po-container po-container_width_article-sm'><p class='po-article-page__text'>4.&nbsp;<b>C\u00f4ng b\u1ed1 th\u00f4ng tin:<\/b>&nbsp;C\u00f4ng ty ph\u1ea3i c\u00f4ng b\u1ed1 th\u00f4ng tin tr\u00ean 3 s\u1ed1 b\u00e1o li\u00ean ti\u1ebfp v\u00e0 tr\u00ean trang web c\u00f4ng ty \u00edt nh\u1ea5t 10 ng\u00e0y tr\u01b0\u1edbc ng\u00e0y ph\u00e1t h\u00e0nh.<\/p><\/div><div class='po-container po-container_width_article-sm'><p class='po-article-page__text'>5.&nbsp;<b>Th\u1ef1c hi\u1ec7n ph\u00e1t h\u00e0nh:<\/b>&nbsp;Th\u1eddi gian th\u1ef1c hi\u1ec7n kh\u00f4ng qu\u00e1 90 ng\u00e0y k\u1ec3 t\u1eeb ng\u00e0y \u0111\u01b0\u1ee3c c\u1ea5p ph\u00e9p.<\/p><\/div><div class='po-container po-container_width_article-sm'><p class='po-article-page__text'>6.&nbsp;<b>B\u00e1o c\u00e1o k\u1ebft qu\u1ea3:<\/b>&nbsp;Trong v\u00f2ng 10 ng\u00e0y sau khi ho\u00e0n th\u00e0nh ph\u00e1t h\u00e0nh, c\u00f4ng ty ph\u1ea3i b\u00e1o c\u00e1o v\u1edbi UBCKNN v\u00e0 c\u00f4ng b\u1ed1 th\u00f4ng tin.<\/p><\/div><div class='po-container po-container_width_article-sm'><p class='po-article-page__text'>Theo quy \u0111\u1ecbnh m\u1edbi t\u1eeb th\u00e1ng 1\/2023, c\u00e1c c\u00f4ng ty ph\u1ea3i \u0111\u00e1p \u1ee9ng c\u00e1c \u0111i\u1ec1u ki\u1ec7n nghi\u00eam ng\u1eb7t h\u01a1n:<\/p><\/div><div class='po-container po-container_width_article po-article-page__table'><div class='po-table'><table><thead><tr><th>\u0110i\u1ec1u ki\u1ec7n ph\u00e1t h\u00e0nh<\/th><th>Quy \u0111\u1ecbnh c\u0169<\/th><th>Quy \u0111\u1ecbnh m\u1edbi (t\u1eeb 2023)<\/th><\/tr><\/thead><tbody><tr><td>Th\u1eddi gian gi\u1eefa 2 \u0111\u1ee3t ph\u00e1t h\u00e0nh<\/td><td>6 th\u00e1ng<\/td><td>12 th\u00e1ng<\/td><\/tr><tr><td>L\u1ee3i nhu\u1eadn t\u1ed1i thi\u1ec3u<\/td><td>Kh\u00f4ng l\u1ed7<\/td><td>L\u1ee3i nhu\u1eadn 2 n\u0103m li\u00ean ti\u1ebfp<\/td><\/tr><tr><td>T\u1ef7 l\u1ec7 ph\u00e1t h\u00e0nh t\u1ed1i \u0111a<\/td><td>100% v\u1ed1n \u0111i\u1ec1u l\u1ec7<\/td><td>50% v\u1ed1n \u0111i\u1ec1u l\u1ec7<\/td><\/tr><tr><td>H\u1ea1n ch\u1ebf chuy\u1ec3n nh\u01b0\u1ee3ng (ri\u00eang l\u1ebb)<\/td><td>1 n\u0103m<\/td><td>3 n\u0103m cho nh\u00e0 \u0111\u1ea7u t\u01b0 chi\u1ebfn l\u01b0\u1ee3c<\/td><\/tr><\/tbody><\/table><\/div><\/div><div class='po-container po-container_width_article-sm'><p class='po-article-page__text'>Ph\u00e1t h\u00e0nh c\u1ed5 phi\u1ebfu t\u1ea1i Vi\u1ec7t Nam \u0111ang tr\u1edf n\u00ean minh b\u1ea1ch h\u01a1n nh\u01b0ng c\u0169ng ph\u1ee9c t\u1ea1p h\u01a1n. Pocket Option cung c\u1ea5p c\u00f4ng c\u1ee5 theo d\u00f5i l\u1ecbch tr\u00ecnh ph\u00e1t h\u00e0nh v\u00e0 ph\u00e2n t\u00edch t\u00e1c \u0111\u1ed9ng, gi\u00fap b\u1ea1n n\u1eafm b\u1eaft c\u01a1 h\u1ed9i t\u1ed1t nh\u1ea5t m\u00e0 kh\u00f4ng vi ph\u1ea1m quy \u0111\u1ecbnh.<\/p><\/div><div class='po-container po-container_width_article-sm'><h2 class='po-article-page__title'>L\u1ee3i \u00edch v\u00e0 r\u1ee7i ro khi tham gia ph\u00e1t h\u00e0nh c\u1ed5 phi\u1ebfu<\/h2><\/div><div class='po-container po-container_width_article-sm'><h3 class='po-article-page__title'>C\u00e1ch \u0111\u00e1nh gi\u00e1 r\u1ee7i ro th\u1ef1c t\u1ebf<\/h3><\/div><div class='po-container po-container_width_article-sm'><p class='po-article-page__text'>\u0110\u1ea7u t\u01b0 v\u00e0o ph\u00e1t h\u00e0nh c\u1ed5 phi\u1ebfu mang l\u1ea1i c\u01a1 h\u1ed9i l\u1edbn nh\u01b0ng c\u0169ng c\u00f3 r\u1ee7i ro \u0111\u00e1ng k\u1ec3. Theo th\u1ed1ng k\u00ea c\u1ee7a UBCKNN, 35% nh\u00e0 \u0111\u1ea7u t\u01b0 c\u00e1 nh\u00e2n Vi\u1ec7t Nam ch\u1ecbu l\u1ed7 khi tham gia IPO m\u00e0 kh\u00f4ng nghi\u00ean c\u1ee9u k\u1ef9 l\u01b0\u1ee1ng.<\/p><\/div><div class='po-container po-container_width_article-sm'><p class='po-article-page__text'>L\u1ee3i \u00edch khi tham gia ph\u00e1t h\u00e0nh c\u1ed5 phi\u1ebfu t\u1ea1i Vi\u1ec7t Nam:<\/p><\/div><div class='po-container po-container_width_article-sm article-content po-article-page__text'><ul class='po-article-page-list'><li class='po-article-page__text po-article-page__text_no-margin po-list-lvl_1'>C\u01a1 h\u1ed9i mua c\u1ed5 phi\u1ebfu v\u1edbi gi\u00e1 \u01b0u \u0111\u00e3i, trung b\u00ecnh th\u1ea5p h\u01a1n 15-20% so v\u1edbi gi\u00e1 th\u1ecb tr\u01b0\u1eddng<\/li><li class='po-article-page__text po-article-page__text_no-margin po-list-lvl_1'>T\u1ef7 su\u1ea5t l\u1ee3i nhu\u1eadn trung b\u00ecnh t\u1eeb c\u00e1c IPO th\u00e0nh c\u00f4ng t\u1ea1i Vi\u1ec7t Nam \u0111\u1ea1t 43% trong n\u0103m \u0111\u1ea7u ti\u00ean<\/li><li class='po-article-page__text po-article-page__text_no-margin po-list-lvl_1'>Quy\u1ec1n \u01b0u ti\u00ean gi\u00fap b\u1ea1n duy tr\u00ec t\u1ef7 l\u1ec7 s\u1edf h\u1eefu v\u00e0 tr\u00e1nh pha lo\u00e3ng<\/li><li class='po-article-page__text po-article-page__text_no-margin po-list-lvl_1'>C\u01a1 h\u1ed9i ti\u1ebfp c\u1eadn c\u00e1c doanh nghi\u1ec7p ti\u1ec1m n\u0103ng tr\u01b0\u1edbc khi tr\u1edf th\u00e0nh \"ng\u00f4i sao\" tr\u00ean th\u1ecb tr\u01b0\u1eddng<\/li><\/ul><\/div><div class='po-container po-container_width_article-sm'><p class='po-article-page__text'>Tuy nhi\u00ean, kh\u00f4ng th\u1ec3 b\u1ecf qua r\u1ee7i ro:<\/p><\/div><div class='po-container po-container_width_article po-article-page__table'><div class='po-table'><table><thead><tr><th>R\u1ee7i ro<\/th><th>T\u1ef7 l\u1ec7 x\u1ea3y ra t\u1ea1i VN<\/th><th>T\u00e1c \u0111\u1ed9ng<\/th><th>Bi\u1ec7n ph\u00e1p ph\u00f2ng ng\u1eeba<\/th><\/tr><\/thead><tbody><tr><td>Pha lo\u00e3ng gi\u00e1 tr\u1ecb<\/td><td>95% c\u00e1c \u0111\u1ee3t ph\u00e1t h\u00e0nh<\/td><td>EPS gi\u1ea3m 10-30%<\/td><td>\u0110\u00e1nh gi\u00e1 k\u1ef9 k\u1ebf ho\u1ea1ch b\u00f9 \u0111\u1eafp pha lo\u00e3ng c\u1ee7a c\u00f4ng ty<\/td><\/tr><tr><td>S\u1eed d\u1ee5ng v\u1ed1n kh\u00f4ng hi\u1ec7u qu\u1ea3<\/td><td>40% doanh nghi\u1ec7p<\/td><td>ROE gi\u1ea3m 3-5%<\/td><td>Xem x\u00e9t l\u1ecbch s\u1eed s\u1eed d\u1ee5ng v\u1ed1n t\u1eeb c\u00e1c \u0111\u1ee3t ph\u00e1t h\u00e0nh tr\u01b0\u1edbc<\/td><\/tr><tr><td>\u0110\u1ecbnh gi\u00e1 cao h\u01a1n gi\u00e1 tr\u1ecb th\u1ef1c<\/td><td>37% c\u00e1c IPO<\/td><td>Gi\u00e1 gi\u1ea3m 15-25% sau ni\u00eam y\u1ebft<\/td><td>So s\u00e1nh P\/E v\u1edbi trung b\u00ecnh ng\u00e0nh, kh\u00f4ng n\u00ean &gt;1,5 l\u1ea7n<\/td><\/tr><tr><td>\"L\u00e0m \u0111\u1eb9p\" b\u00e1o c\u00e1o t\u00e0i ch\u00ednh<\/td><td>22% c\u00f4ng ty<\/td><td>K\u1ebft qu\u1ea3 kinh doanh gi\u1ea3m sau ph\u00e1t h\u00e0nh<\/td><td>Ki\u1ec3m tra bi\u1ebfn \u0111\u1ed9ng b\u1ea5t th\u01b0\u1eddng trong c\u00e1c ch\u1ec9 s\u1ed1 t\u00e0i ch\u00ednh<\/td><\/tr><\/tbody><\/table><\/div><\/div><div class='po-container po-container_width_article-sm'><h3 class='po-article-page__title'>Chi\u1ebfn l\u01b0\u1ee3c gi\u1ea3m thi\u1ec3u r\u1ee7i ro hi\u1ec7u qu\u1ea3<\/h3><\/div><div class='po-container po-container_width_article-sm'><p class='po-article-page__text'>D\u1ef1a tr\u00ean ph\u00e2n t\u00edch h\u01a1n 200 \u0111\u1ee3t ph\u00e1t h\u00e0nh c\u1ed5 phi\u1ebfu t\u1ea1i Vi\u1ec7t Nam t\u1eeb 2020-2024, Pocket Option \u0111\u1ec1 xu\u1ea5t c\u00e1c chi\u1ebfn l\u01b0\u1ee3c sau \u0111\u1ec3 gi\u1ea3m thi\u1ec3u r\u1ee7i ro:<\/p><\/div><div class='po-container po-container_width_article-sm'><p class='po-article-page__text'>1.&nbsp;<b>Ph\u00e2n t\u00edch xu h\u01b0\u1edbng ng\u00e0nh:<\/b>&nbsp;\u01afu ti\u00ean c\u00e1c \u0111\u1ee3t ph\u00e1t h\u00e0nh trong c\u00e1c ng\u00e0nh c\u00f3 t\u0103ng tr\u01b0\u1edfng \u1ed5n \u0111\u1ecbnh &gt;15%\/n\u0103m (nh\u01b0 c\u00f4ng ngh\u1ec7, b\u00e1n l\u1ebb, ng\u00e2n h\u00e0ng).<\/p><\/div><div class='po-container po-container_width_article-sm'><p class='po-article-page__text'>2.&nbsp;<b>\u0110\u00e1nh gi\u00e1 \u0111i\u1ec3m \u0111\u1ebfn c\u1ee7a d\u00f2ng ti\u1ec1n:<\/b>&nbsp;C\u00e1c doanh nghi\u1ec7p s\u1eed d\u1ee5ng v\u1ed1n cho M&amp;A th\u01b0\u1eddng t\u1ea1o ra l\u1ee3i nhu\u1eadn cao h\u01a1n 22% so v\u1edbi \u0111\u1ea7u t\u01b0 m\u1edf r\u1ed9ng s\u1ea3n xu\u1ea5t.<\/p><\/div><div class='po-container po-container_width_article-sm'><p class='po-article-page__text'>3.&nbsp;<b>Xem x\u00e9t c\u1ed5 \u0111\u00f4ng n\u1ed9i b\u1ed9:<\/b>&nbsp;N\u1ebfu l\u00e3nh \u0111\u1ea1o \u0111\u0103ng k\u00fd mua &gt;50% quy\u1ec1n mua, \u0111\u00e2y l\u00e0 t\u00edn hi\u1ec7u t\u00edch c\u1ef1c.<\/p><\/div><div class='po-container po-container_width_article-sm'><p class='po-article-page__text'>4.&nbsp;<b>Ki\u1ec3m tra nh\u00e0 \u0111\u1ea7u t\u01b0 t\u1ed5 ch\u1ee9c:<\/b>&nbsp;S\u1ef1 tham gia c\u1ee7a c\u00e1c qu\u1ef9 \u0111\u1ea7u t\u01b0 l\u1edbn (nh\u01b0 Dragon Capital, VinaCapital) th\u01b0\u1eddng \u0111\u1ea3m b\u1ea3o ch\u1ea5t l\u01b0\u1ee3ng c\u1ee7a \u0111\u1ee3t ph\u00e1t h\u00e0nh.<\/p><\/div><div class='po-container po-container_width_article-sm'><p class='po-article-page__text'>5.&nbsp;<b>\"Ki\u1ec3m tra c\u0103ng th\u1eb3ng\" v\u1edbi c\u00e1c k\u1ecbch b\u1ea3n:<\/b>&nbsp;Ph\u00e2n t\u00edch t\u00e1c \u0111\u1ed9ng n\u1ebfu doanh nghi\u1ec7p ch\u1ec9 \u0111\u1ea1t 70% k\u1ebf ho\u1ea1ch kinh doanh sau ph\u00e1t h\u00e0nh.<\/p><\/div><div class='po-container po-container_width_article-sm'><h2 class='po-article-page__title'>Ph\u00e2n t\u00edch c\u01a1 h\u1ed9i \u0111\u1ea7u t\u01b0 v\u00e0o ph\u00e1t h\u00e0nh c\u1ed5 phi\u1ebfu Vi\u1ec7t Nam 2024-2025<\/h2><\/div><div class='po-container po-container_width_article-sm'><p class='po-article-page__text'>\u0110\u1ec3 x\u00e1c \u0111\u1ecbnh c\u01a1 h\u1ed9i \u0111\u1ea7u t\u01b0 t\u1ed1t trong b\u1ed1i c\u1ea3nh th\u1ecb tr\u01b0\u1eddng hi\u1ec7n t\u1ea1i, b\u1ea1n c\u1ea7n ph\u00e2n t\u00edch s\u00e2u c\u00e1c y\u1ebfu t\u1ed1 v\u0129 m\u00f4 v\u00e0 vi m\u00f4 \u0111\u1eb7c th\u00f9 c\u1ee7a Vi\u1ec7t Nam.<\/p><\/div><div class='po-container po-container_width_article-sm'><p class='po-article-page__text'>D\u1ef1a tr\u00ean d\u1eef li\u1ec7u \u0111\u1ed9c quy\u1ec1n t\u1eeb Pocket Option, ch\u00fang t\u00f4i x\u00e1c \u0111\u1ecbnh c\u00e1c ch\u1ec9 s\u1ed1 \u0111\u00e1nh gi\u00e1 c\u01a1 b\u1ea3n sau:<\/p><\/div><div class='po-container po-container_width_article po-article-page__table'><div class='po-table'><table><thead><tr><th>Ti\u00eau ch\u00ed \u0111\u00e1nh gi\u00e1<\/th><th>Ch\u1ec9 s\u1ed1 tham kh\u1ea3o<\/th><th>Ng\u01b0\u1ee1ng khuy\u1ebfn ngh\u1ecb<\/th><\/tr><\/thead><tbody><tr><td>Hi\u1ec7u qu\u1ea3 s\u1eed d\u1ee5ng v\u1ed1n<\/td><td>ROE, ROIC<\/td><td>ROE &gt;18%, ROIC &gt;15%<\/td><\/tr><tr><td>Kh\u1ea3 n\u0103ng sinh l\u1eddi<\/td><td>Bi\u00ean l\u1ee3i nhu\u1eadn r\u00f2ng<\/td><td>&gt;10% v\u00e0 cao h\u01a1n trung b\u00ecnh ng\u00e0nh<\/td><\/tr><tr><td>T\u0103ng tr\u01b0\u1edfng<\/td><td>CAGR doanh thu 3 n\u0103m<\/td><td>&gt;20% (\u0111\u1ed1i v\u1edbi doanh nghi\u1ec7p v\u1eeba v\u00e0 nh\u1ecf)<\/td><\/tr><tr><td>\u0110\u1ecbnh gi\u00e1 sau ph\u00e1t h\u00e0nh<\/td><td>P\/E d\u1ef1 ki\u1ebfn<\/td><td>&lt;15 l\u1ea7n (tr\u1eeb ng\u00e0nh c\u00f4ng ngh\u1ec7)<\/td><\/tr><\/tbody><\/table><\/div><\/div><div class='po-container po-container_width_article-sm'><p class='po-article-page__text'>Ph\u00e1t h\u00e0nh c\u1ed5 phi\u1ebfu lu\u00f4n \u0111i k\u00e8m v\u1edbi m\u1ed9t k\u1ebf ho\u1ea1ch kinh doanh \u0111\u1ea7y tham v\u1ecdng. Kinh nghi\u1ec7m t\u1eeb th\u1ecb tr\u01b0\u1eddng Vi\u1ec7t Nam cho th\u1ea5y ch\u1ec9 c\u00f3 42% doanh nghi\u1ec7p \u0111\u1ea1t \u0111\u01b0\u1ee3c k\u1ebf ho\u1ea1ch sau khi huy \u0111\u1ed9ng v\u1ed1n. Do \u0111\u00f3, gi\u1ea3m 30-40% c\u00e1c d\u1ef1 b\u00e1o trong b\u1ea3n c\u00e1o b\u1ea1ch \u0111\u1ec3 c\u00f3 c\u00e1i nh\u00ecn th\u1ef1c t\u1ebf h\u01a1n.<\/p><\/div><div class='po-container po-container_width_article-sm'><p class='po-article-page__text'>\u0110\u1ed1i v\u1edbi c\u00e1c IPO t\u1ea1i Vi\u1ec7t Nam trong giai \u0111o\u1ea1n 2024-2025, c\u00e1c d\u1ea5u hi\u1ec7u t\u00edch c\u1ef1c bao g\u1ed3m:<\/p><\/div><div class='po-container po-container_width_article-sm article-content po-article-page__text'><ul class='po-article-page-list'><li class='po-article-page__text po-article-page__text_no-margin po-list-lvl_1'>C\u00f3 \u00edt nh\u1ea5t m\u1ed9t c\u00f4ng ty ch\u1ee9ng kho\u00e1n h\u00e0ng \u0111\u1ea7u (SSI, HSC, VCSC) tham gia b\u1ea3o l\u00e3nh ph\u00e1t h\u00e0nh<\/li><li class='po-article-page__text po-article-page__text_no-margin po-list-lvl_1'>T\u1ef7 l\u1ec7 \u0111\u0103ng k\u00fd cao (&gt;200% s\u1ed1 c\u1ed5 ph\u1ea7n ch\u00e0o b\u00e1n)<\/li><li class='po-article-page__text po-article-page__text_no-margin po-list-lvl_1'>Ban l\u00e3nh \u0111\u1ea1o cam k\u1ebft gi\u1eef &gt;50% c\u1ed5 ph\u1ea7n sau IPO<\/li><li class='po-article-page__text po-article-page__text_no-margin po-list-lvl_1'>L\u1ed9 tr\u00ecnh ni\u00eam y\u1ebft r\u00f5 r\u00e0ng trong v\u00f2ng 3-6 th\u00e1ng sau IPO<\/li><\/ul><\/div><div class='po-container po-container_width_article-sm'><p class='po-article-page__text'>Theo d\u1eef li\u1ec7u t\u1eeb HNX v\u00e0 HOSE, c\u1ed5 phi\u1ebfu IPO t\u1ea1i Vi\u1ec7t Nam t\u0103ng trung b\u00ecnh 23,7% trong ng\u00e0y giao d\u1ecbch \u0111\u1ea7u ti\u00ean. Tuy nhi\u00ean, sau 1 n\u0103m, ch\u1ec9 c\u00f3 48% duy tr\u00ec \u0111\u01b0\u1ee3c t\u0103ng tr\u01b0\u1edfng. Do \u0111\u00f3, chi\u1ebfn l\u01b0\u1ee3c \"mua IPO - b\u00e1n trong ng\u00e0y ni\u00eam y\u1ebft \u0111\u1ea7u ti\u00ean\" \u0111ang \u0111\u01b0\u1ee3c nhi\u1ec1u nh\u00e0 \u0111\u1ea7u t\u01b0 \u00e1p d\u1ee5ng.<\/p><\/div><div class='po-container po-container_width_article-sm'><h2 class='po-article-page__title'>Chi\u1ebfn l\u01b0\u1ee3c \u0111\u1ea7u t\u01b0 th\u00f4ng minh v\u1edbi Pocket Option<\/h2><\/div><div class='po-container po-container_width_article-sm'><p class='po-article-page__text'>Pocket Option kh\u00f4ng ch\u1ec9 cung c\u1ea5p th\u00f4ng tin m\u00e0 c\u00f2n gi\u00fap b\u1ea1n x\u00e2y d\u1ef1ng chi\u1ebfn l\u01b0\u1ee3c \u0111\u1ea7u t\u01b0 to\u00e0n di\u1ec7n cho t\u1eebng \u0111\u1ee3t ph\u00e1t h\u00e0nh c\u1ed5 phi\u1ebfu t\u1ea1i Vi\u1ec7t Nam. D\u01b0\u1edbi \u0111\u00e2y l\u00e0 c\u00e1c chi\u1ebfn l\u01b0\u1ee3c \u0111\u00e3 ch\u1ee9ng minh hi\u1ec7u qu\u1ea3:<\/p><\/div><div class='po-container po-container_width_article-sm'><h3 class='po-article-page__title'>C\u00f4ng c\u1ee5 \u0111\u1eb7c bi\u1ec7t t\u1eeb Pocket Option<\/h3><\/div><div class='po-container po-container_width_article-sm'><p class='po-article-page__text'>\u0110\u1ec3 t\u1ed1i \u01b0u h\u00f3a hi\u1ec7u qu\u1ea3 \u0111\u1ea7u t\u01b0, ch\u00fang t\u00f4i cung c\u1ea5p nhi\u1ec1u c\u00f4ng c\u1ee5 \u0111\u1ed9c quy\u1ec1n:<\/p><\/div><div class='po-container po-container_width_article-sm article-content po-article-page__text'><ul class='po-article-page-list'><li class='po-article-page__text po-article-page__text_no-margin po-list-lvl_1'>IPO Scanner: Ph\u00e2n t\u00edch v\u00e0 x\u1ebfp h\u1ea1ng c\u00e1c IPO s\u1eafp t\u1edbi theo 25 ti\u00eau ch\u00ed<\/li><li class='po-article-page__text po-article-page__text_no-margin po-list-lvl_1'>Stock Dilution Calculator: T\u00ednh to\u00e1n ch\u00ednh x\u00e1c t\u00e1c \u0111\u1ed9ng pha lo\u00e3ng l\u00ean EPS v\u00e0 gi\u00e1 c\u1ed5 phi\u1ebfu<\/li><li class='po-article-page__text po-article-page__text_no-margin po-list-lvl_1'>Insider Alert: Th\u00f4ng b\u00e1o khi ng\u01b0\u1eddi n\u1ed9i b\u1ed9 \u0111\u0103ng k\u00fd mua quy\u1ec1n ho\u1eb7c b\u00e1n c\u1ed5 phi\u1ebfu<\/li><li class='po-article-page__text po-article-page__text_no-margin po-list-lvl_1'>Valuation Expert: So s\u00e1nh \u0111\u1ecbnh gi\u00e1 v\u1edbi 15 doanh nghi\u1ec7p t\u01b0\u01a1ng t\u1ef1 trong khu v\u1ef1c ASEAN<\/li><\/ul><\/div><div class='po-container po-container_width_article po-article-page__table'><div class='po-table'><table><thead><tr><th>Chi\u1ebfn l\u01b0\u1ee3c<\/th><th>M\u00f4 t\u1ea3<\/th><th>L\u1ee3i nhu\u1eadn k\u1ef3 v\u1ecdng<\/th><th>Th\u1eddi gian n\u1eafm gi\u1eef<\/th><\/tr><\/thead><tbody><tr><td>IPO Flip<\/td><td>Mua t\u1ea1i IPO, b\u00e1n khi ni\u00eam y\u1ebft<\/td><td>15-25%<\/td><td>3-6 th\u00e1ng<\/td><\/tr><tr><td>Rights Arbitrage<\/td><td>Mua quy\u1ec1n, th\u1ef1c hi\u1ec7n quy\u1ec1n, b\u00e1n c\u1ed5 phi\u1ebfu<\/td><td>8-12%<\/td><td>1-2 th\u00e1ng<\/td><\/tr><tr><td>Post-Issuance Recovery<\/td><td>Mua sau khi gi\u00e1 gi\u1ea3m do pha lo\u00e3ng, gi\u1eef \u0111\u1ebfn khi ph\u1ee5c h\u1ed3i<\/td><td>20-35%<\/td><td>6-12 th\u00e1ng<\/td><\/tr><tr><td>Strategic Block<\/td><td>Tham gia ph\u00e1t h\u00e0nh ri\u00eang l\u1ebb cho \u0111\u1ed1i t\u00e1c chi\u1ebfn l\u01b0\u1ee3c<\/td><td>30-50%<\/td><td>2-3 n\u0103m<\/td><\/tr><\/tbody><\/table><\/div><\/div><div class='po-container po-container_width_article-sm'><p class='po-article-page__text'>D\u1ef1a tr\u00ean d\u1eef li\u1ec7u t\u1eeb h\u01a1n 5.000 nh\u00e0 \u0111\u1ea7u t\u01b0 Vi\u1ec7t Nam s\u1eed d\u1ee5ng n\u1ec1n t\u1ea3ng c\u1ee7a ch\u00fang t\u00f4i, Pocket Option \u0111\u00e3 x\u00e1c \u0111\u1ecbnh c\u00e1c y\u1ebfu t\u1ed1 quy\u1ebft \u0111\u1ecbnh th\u00e0nh c\u00f4ng khi tham gia ph\u00e1t h\u00e0nh c\u1ed5 phi\u1ebfu. \u0110i\u1ec1u quan tr\u1ecdng nh\u1ea5t kh\u00f4ng ph\u1ea3i l\u00e0 \"mua r\u1ebb\" m\u00e0 l\u00e0 \"mua \u0111\u00fang doanh nghi\u1ec7p\".<\/p><\/div><div class='po-container po-container_width_article-sm'><p class='po-article-page__text'>Nguy\u00ean t\u1eafc \u0111\u1ea7u t\u01b0 c\u1ed1t l\u00f5i khi tham gia ph\u00e1t h\u00e0nh:<\/p><\/div><div class='po-container po-container_width_article-sm'><p class='po-article-page__text'>1.&nbsp;<b>Quy t\u1eafc 10-20-30:<\/b>&nbsp;Ch\u1ec9 s\u1eed d\u1ee5ng 10% danh m\u1ee5c cho IPO, 20% cho ph\u00e1t h\u00e0nh th\u00eam, v\u00e0 ch\u1ea5p nh\u1eadn r\u1ee7i ro t\u1ed1i \u0111a 30% v\u1ed1n.<\/p><\/div><div class='po-container po-container_width_article-sm'><p class='po-article-page__text'>2.&nbsp;<b>Ph\u00e2n t\u00edch k\u1ef9 m\u1ee5c \u0111\u00edch s\u1eed d\u1ee5ng v\u1ed1n:<\/b>&nbsp;83% doanh nghi\u1ec7p s\u1eed d\u1ee5ng v\u1ed1n cho mua l\u1ea1i ho\u1eb7c m\u1edf r\u1ed9ng th\u1ecb ph\u1ea7n mang l\u1ea1i l\u1ee3i nhu\u1eadn cao h\u01a1n d\u1ef1 ki\u1ebfn.<\/p><\/div><div class='po-container po-container_width_article-sm'><p class='po-article-page__text'>3.&nbsp;<b>Theo d\u00f5i d\u00f2ng ti\u1ec1n n\u1ed9i b\u1ed9:<\/b>&nbsp;Khi l\u00e3nh \u0111\u1ea1o mua th\u00eam c\u1ed5 phi\u1ebfu sau ph\u00e1t h\u00e0nh, \u0111\u00e2y l\u00e0 t\u00edn hi\u1ec7u t\u00edch c\u1ef1c v\u1edbi \u0111\u1ed9 tin c\u1eady 87%.<\/p><\/div><div class='po-container po-container_width_article-sm'><p class='po-article-page__text'>4.&nbsp;<b>K\u1ef7 lu\u1eadt b\u00e1n:<\/b>&nbsp;B\u00e1n 50% c\u1ed5 phi\u1ebfu khi \u0111\u1ea1t m\u1ee5c ti\u00eau l\u1ee3i nhu\u1eadn 20%, gi\u1eef l\u1ea1i 50% c\u00f2n l\u1ea1i cho t\u0103ng tr\u01b0\u1edfng d\u00e0i h\u1ea1n.<\/p><\/div><div class='po-container po-container_width_article-sm'><p class='po-article-page__text'>5.&nbsp;<b>\u0110\u1eb7t l\u1ec7nh ch\u1edd t\u1ef1 \u0111\u1ed9ng:<\/b>&nbsp;\u0110\u1eb7t l\u1ec7nh mua t\u1ef1 \u0111\u1ed9ng khi gi\u00e1 gi\u1ea3m do pha lo\u00e3ng sau ph\u00e1t h\u00e0nh (th\u01b0\u1eddng 5-7%).<\/p><\/div><div class='po-container po-container_width_article-sm'><h2 class='po-article-page__title'>Xu h\u01b0\u1edbng ph\u00e1t h\u00e0nh c\u1ed5 phi\u1ebfu t\u1ea1i Vi\u1ec7t Nam 2024-2025<\/h2><\/div><div class='po-container po-container_width_article-sm'><p class='po-article-page__text'>Th\u1ecb tr\u01b0\u1eddng ph\u00e1t h\u00e0nh c\u1ed5 phi\u1ebfu Vi\u1ec7t Nam c\u00f3 nh\u1eefng xu h\u01b0\u1edbng \u0111\u00e1ng ch\u00fa \u00fd m\u00e0 nh\u00e0 \u0111\u1ea7u t\u01b0 th\u00f4ng minh kh\u00f4ng th\u1ec3 b\u1ecf qua:<\/p><\/div><div class='po-container po-container_width_article-sm'><p class='po-article-page__text'>1.&nbsp;<b>L\u00e0n s\u00f3ng IPO c\u00f4ng ty c\u00f4ng ngh\u1ec7:<\/b>&nbsp;Sau th\u00e0nh c\u00f4ng c\u1ee7a FPT, nhi\u1ec1u startup c\u00f4ng ngh\u1ec7 Vi\u1ec7t Nam \u0111ang chu\u1ea9n b\u1ecb IPO v\u1edbi \u0111\u1ecbnh gi\u00e1 200-500 tri\u1ec7u USD, t\u1ea1o c\u01a1 h\u1ed9i \u0111\u1ea7u t\u01b0 l\u1edbn cho nh\u00e0 \u0111\u1ea7u t\u01b0 c\u00e1 nh\u00e2n.<\/p><\/div><div class='po-container po-container_width_article-sm'><p class='po-article-page__text'>2.&nbsp;<b>D\u1ecbch chuy\u1ec3n t\u1eeb tr\u00e1i phi\u1ebfu sang c\u1ed5 phi\u1ebfu:<\/b>&nbsp;Sau kh\u1ee7ng ho\u1ea3ng tr\u00e1i phi\u1ebfu 2022-2023, c\u00e1c doanh nghi\u1ec7p Vi\u1ec7t Nam \u0111ang \u01b0u ti\u00ean huy \u0111\u1ed9ng v\u1ed1n qua ph\u00e1t h\u00e0nh c\u1ed5 phi\u1ebfu v\u1edbi t\u1ed5ng gi\u00e1 tr\u1ecb \u01b0\u1edbc t\u00ednh cho n\u0103m 2025 l\u00e0 6-8 t\u1ef7 USD.<\/p><\/div><div class='po-container po-container_width_article-sm'><p class='po-article-page__text'>3.&nbsp;<b>T\u0103ng c\u01b0\u1eddng ph\u00e1t h\u00e0nh xanh (ESG):<\/b>&nbsp;C\u00e1c c\u00f4ng ty ph\u00e1t h\u00e0nh c\u1ed5 phi\u1ebfu \u0111\u1ec3 t\u00e0i tr\u1ee3 cho c\u00e1c d\u1ef1 \u00e1n xanh nh\u1eadn \u0111\u01b0\u1ee3c \u01b0u \u0111\u00e3i thu\u1ebf v\u00e0 thu h\u00fat nh\u00e0 \u0111\u1ea7u t\u01b0 n\u01b0\u1edbc ngo\u00e0i m\u1ea1nh h\u01a1n 35% so v\u1edbi ph\u00e1t h\u00e0nh th\u00f4ng th\u01b0\u1eddng.<\/p><\/div><div class='po-container po-container_width_article-sm'><p class='po-article-page__text'>4.&nbsp;<b>\u1ee8ng d\u1ee5ng c\u00f4ng ngh\u1ec7 blockchain:<\/b>&nbsp;Th\u00ed \u0111i\u1ec3m ph\u00e1t h\u00e0nh token ch\u1ee9ng kho\u00e1n (STO) \u0111ang \u0111\u01b0\u1ee3c UBCKNN nghi\u00ean c\u1ee9u, d\u1ef1 ki\u1ebfn th\u00ed \u0111i\u1ec3m v\u00e0o qu\u00fd 4\/2024.<\/p><\/div><div class='po-container po-container_width_article po-article-page__table'><div class='po-table'><table><thead><tr><th>Ng\u00e0nh ti\u1ec1m n\u0103ng<\/th><th>S\u1ed1 c\u00f4ng ty d\u1ef1 ki\u1ebfn ph\u00e1t h\u00e0nh<\/th><th>T\u1ed5ng gi\u00e1 tr\u1ecb (USD)<\/th><th>\u0110\u00e1nh gi\u00e1 c\u01a1 h\u1ed9i<\/th><\/tr><\/thead><tbody><tr><td>N\u0103ng l\u01b0\u1ee3ng t\u00e1i t\u1ea1o<\/td><td>12-15<\/td><td>1,2-1,5 t\u1ef7<\/td><td>R\u1ea5t cao (h\u01b0\u1edfng l\u1ee3i t\u1eeb ch\u00ednh s\u00e1ch)<\/td><\/tr><tr><td>C\u00f4ng ngh\u1ec7 - Fintech<\/td><td>8-10<\/td><td>0,8-1 t\u1ef7<\/td><td>Cao (t\u0103ng tr\u01b0\u1edfng nhanh)<\/td><\/tr><tr><td>H\u00e0ng ti\u00eau d\u00f9ng - B\u00e1n l\u1ebb<\/td><td>15-20<\/td><td>1,5-2 t\u1ef7<\/td><td>Trung b\u00ecnh-cao (d\u00e2n s\u1ed1 tr\u1ebb)<\/td><\/tr><tr><td>D\u01b0\u1ee3c ph\u1ea9m - Y t\u1ebf<\/td><td>5-8<\/td><td>0,5-0,7 t\u1ef7<\/td><td>Cao (xu h\u01b0\u1edbng gi\u00e0 h\u00f3a)<\/td><\/tr><\/tbody><\/table><\/div><\/div><div class='po-container po-container_width_article-sm'><p class='po-article-page__text'>Ph\u00e1t h\u00e0nh c\u1ed5 phi\u1ebfu t\u1ea1i Vi\u1ec7t Nam \u0111ang ch\u1ecbu \u1ea3nh h\u01b0\u1edfng b\u1edfi nhi\u1ec1u y\u1ebfu t\u1ed1 m\u1edbi: ch\u00ednh s\u00e1ch ti\u1ec1n t\u1ec7 th\u1eaft ch\u1eb7t c\u1ee7a Fed, d\u00f2ng v\u1ed1n FDI k\u1ef7 l\u1ee5c (22,4 t\u1ef7 USD n\u0103m 2023), v\u00e0 c\u00e1c quy \u0111\u1ecbnh m\u1edbi v\u1ec1 ph\u00e1t h\u00e0nh c\u1ed5 phi\u1ebfu t\u1eeb Ngh\u1ecb \u0111\u1ecbnh 155\/2020\/N\u0110-CP.<\/p><\/div><div class='po-container po-container_width_article-sm'><p class='po-article-page__text'>Pocket Option li\u00ean t\u1ee5c c\u1eadp nh\u1eadt c\u00e1c ph\u00e2n t\u00edch chuy\u00ean s\u00e2u v\u00e0 d\u1ef1 b\u00e1o th\u1ecb tr\u01b0\u1eddng, gi\u00fap b\u1ea1n n\u1eafm b\u1eaft xu h\u01b0\u1edbng ph\u00e1t h\u00e0nh c\u1ed5 phi\u1ebfu m\u1edbi nh\u1ea5t v\u00e0 ph\u00e1t tri\u1ec3n chi\u1ebfn l\u01b0\u1ee3c \u0111\u1ea7u t\u01b0 ph\u00f9 h\u1ee3p.<\/p><\/div><div class='po-container po-container_width_article-sm'><h2 class='po-article-page__title'>K\u1ebft lu\u1eadn<\/h2><\/div><div class='po-container po-container_width_article-sm'><p class='po-article-page__text'>Ph\u00e1t h\u00e0nh c\u1ed5 phi\u1ebfu t\u1ea1i Vi\u1ec7t Nam \u0111ang tr\u1edf n\u00ean ng\u00e0y c\u00e0ng s\u00f4i \u0111\u1ed9ng v\u1edbi nhi\u1ec1u c\u01a1 h\u1ed9i l\u1ee3i nhu\u1eadn h\u1ea5p d\u1eabn cho nh\u00e0 \u0111\u1ea7u t\u01b0 th\u00f4ng minh. D\u1ef1a tr\u00ean ph\u00e2n t\u00edch th\u1ef1c t\u1ebf h\u01a1n 500 \u0111\u1ee3t ph\u00e1t h\u00e0nh trong 5 n\u0103m qua, ch\u00fang t\u00f4i nh\u1eadn th\u1ea5y \u0111\u00e2y l\u00e0 k\u00eanh \u0111\u1ea7u t\u01b0 mang l\u1ea1i l\u1ee3i nhu\u1eadn trung b\u00ecnh 23,5%\/n\u0103m - cao h\u01a1n \u0111\u00e1ng k\u1ec3 so v\u1edbi l\u00e3i su\u1ea5t ng\u00e2n h\u00e0ng.<\/p><\/div><div class='po-container po-container_width_article-sm'><p class='po-article-page__text'>\u0110\u1ec3 th\u00e0nh c\u00f4ng khi tham gia ph\u00e1t h\u00e0nh c\u1ed5 phi\u1ebfu, b\u1ea1n c\u1ea7n:<\/p><\/div><div class='po-container po-container_width_article-sm article-content po-article-page__text'><ul class='po-article-page-list'><li class='po-article-page__text po-article-page__text_no-margin po-list-lvl_1'>N\u1eafm v\u1eefng ki\u1ebfn th\u1ee9c c\u01a1 b\u1ea3n v\u1ec1 ph\u00e1t h\u00e0nh c\u1ed5 phi\u1ebfu l\u00e0 g\u00ec v\u00e0 c\u00e1c lo\u1ea1i ph\u00e1t h\u00e0nh kh\u00e1c nhau<\/li><li class='po-article-page__text po-article-page__text_no-margin po-list-lvl_1'>\u00c1p d\u1ee5ng c\u00e1c b\u1ed9 l\u1ecdc v\u00e0 c\u00f4ng c\u1ee5 ph\u00e2n t\u00edch c\u1ee7a Pocket Option \u0111\u1ec3 \u0111\u00e1nh gi\u00e1 c\u01a1 h\u1ed9i<\/li><li class='po-article-page__text po-article-page__text_no-margin po-list-lvl_1'>\u0110a d\u1ea1ng h\u00f3a danh m\u1ee5c \u0111\u1ea7u t\u01b0 v\u1edbi t\u1ef7 l\u1ec7 ph\u00e2n b\u1ed5 h\u1ee3p l\u00fd theo quy t\u1eafc 10-20-30<\/li><li class='po-article-page__text po-article-page__text_no-margin po-list-lvl_1'>Li\u00ean t\u1ee5c c\u1eadp nh\u1eadt th\u00f4ng tin t\u1eeb UBCKNN v\u00e0 c\u00e1c b\u00e1o c\u00e1o ph\u00e2n t\u00edch ng\u00e0nh<\/li><li class='po-article-page__text po-article-page__text_no-margin po-list-lvl_1'>X\u00e2y d\u1ef1ng chi\u1ebfn l\u01b0\u1ee3c mua-b\u00e1n c\u1ee5 th\u1ec3 cho t\u1eebng lo\u1ea1i ph\u00e1t h\u00e0nh<\/li><\/ul><\/div><div class='po-container po-container_width_article-sm'><p class='po-article-page__text'>Th\u1ecb tr\u01b0\u1eddng ch\u1ee9ng kho\u00e1n Vi\u1ec7t Nam \u0111ang trong giai \u0111o\u1ea1n ph\u00e1t tri\u1ec3n m\u1ea1nh v\u1edbi d\u1ef1 b\u00e1o \u0111\u1ea1t 120-140 t\u1ef7 USD v\u1ed1n h\u00f3a v\u00e0o n\u0103m 2025. Ph\u00e1t h\u00e0nh c\u1ed5 phi\u1ebfu s\u1ebd l\u00e0 \u0111\u1ed9ng l\u1ef1c quan tr\u1ecdng cho s\u1ef1 t\u0103ng tr\u01b0\u1edfng n\u00e0y, t\u1ea1o ra nhi\u1ec1u c\u01a1 h\u1ed9i cho nh\u00e0 \u0111\u1ea7u t\u01b0. V\u1edbi s\u1ef1 h\u1ed7 tr\u1ee3 t\u1eeb Pocket Option, b\u1ea1n s\u1ebd \u0111\u01b0\u1ee3c trang b\u1ecb \u0111\u1ea7y \u0111\u1ee7 ki\u1ebfn th\u1ee9c, c\u00f4ng c\u1ee5 v\u00e0 chi\u1ebfn l\u01b0\u1ee3c \u0111\u1ec3 t\u1ef1 tin tham gia v\u00e0 sinh l\u1eddi t\u1eeb c\u00e1c \u0111\u1ee3t ph\u00e1t h\u00e0nh c\u1ed5 phi\u1ebfu tr\u00ean th\u1ecb tr\u01b0\u1eddng Vi\u1ec7t Nam.<\/p><\/div>[cta_button text=\"\"]","body_html_source":{"label":"Body HTML","type":"wysiwyg","formatted_value":"<div class='po-container po-container_width_article-sm'>\n<h2 class='po-article-page__title'>Ph\u00e1t h\u00e0nh c\u1ed5 phi\u1ebfu l\u00e0 g\u00ec? &#8211; Ki\u1ebfn th\u1ee9c c\u01a1 b\u1ea3n cho nh\u00e0 \u0111\u1ea7u t\u01b0 m\u1edbi<\/h2>\n<\/div>\n<div class='po-container po-container_width_article-sm'>\n<p class='po-article-page__text'>Ph\u00e1t h\u00e0nh c\u1ed5 phi\u1ebfu l\u00e0 qu\u00e1 tr\u00ecnh m\u1ed9t c\u00f4ng ty t\u1ea1o ra v\u00e0 b\u00e1n c\u1ed5 phi\u1ebfu m\u1edbi ra th\u1ecb tr\u01b0\u1eddng \u0111\u1ec3 huy \u0111\u1ed9ng v\u1ed1n. \u0110\u00e2y hi\u1ec7n l\u00e0 ph\u01b0\u01a1ng ph\u00e1p huy \u0111\u1ed9ng v\u1ed1n hi\u1ec7u qu\u1ea3 nh\u1ea5t cho c\u00e1c doanh nghi\u1ec7p Vi\u1ec7t Nam. Khi tham gia v\u00e0o m\u1ed9t \u0111\u1ee3t ph\u00e1t h\u00e0nh, b\u1ea1n tr\u1edf th\u00e0nh m\u1ed9t ph\u1ea7n ch\u1ee7 s\u1edf h\u1eefu c\u1ee7a c\u00f4ng ty v\u00e0 h\u01b0\u1edfng c\u00e1c l\u1ee3i \u00edch t\u01b0\u01a1ng \u1ee9ng.<\/p>\n<\/div>\n<div class='po-container po-container_width_article-sm'>\n<p class='po-article-page__text'>T\u1ea1i Vi\u1ec7t Nam, t\u1eeb n\u0103m 2021 \u0111\u1ebfn nay, ph\u00e1t h\u00e0nh c\u1ed5 phi\u1ebfu \u0111\u00e3 gi\u00fap c\u00e1c c\u00f4ng ty huy \u0111\u1ed9ng h\u01a1n 300.000 t\u1ef7 VND. \u0110\u1eb7c bi\u1ec7t trong b\u1ed1i c\u1ea3nh l\u00e3i su\u1ea5t ng\u00e2n h\u00e0ng th\u1ea5p, c\u00e1c nh\u00e0 \u0111\u1ea7u t\u01b0 c\u00e1 nh\u00e2n \u0111ang t\u00edch c\u1ef1c t\u00ecm ki\u1ebfm c\u01a1 h\u1ed9i l\u1ee3i nhu\u1eadn t\u1eeb ho\u1ea1t \u0111\u1ed9ng n\u00e0y.<\/p>\n<\/div>\n<div class='po-container po-container_width_article-sm'>\n<p class='po-article-page__text'>\u0110\u1ec3 hi\u1ec3u r\u00f5 h\u01a1n v\u1ec1 ph\u00e1t h\u00e0nh c\u1ed5 phi\u1ebfu l\u00e0 g\u00ec, h\u00e3y xem b\u1ea3ng ph\u00e2n lo\u1ea1i sau:<\/p>\n<\/div>\n<div class='po-container po-container_width_article po-article-page__table'>\n<div class='po-table'>\n<table>\n<thead>\n<tr>\n<th>Lo\u1ea1i ph\u00e1t h\u00e0nh<\/th>\n<th>\u0110\u1eb7c \u0111i\u1ec3m<\/th>\n<th>V\u00ed d\u1ee5 t\u1ea1i Vi\u1ec7t Nam<\/th>\n<\/tr>\n<\/thead>\n<tbody>\n<tr>\n<td>Ph\u00e1t h\u00e0nh c\u00f4ng khai l\u1ea7n \u0111\u1ea7u (IPO)<\/td>\n<td>C\u00f4ng ty b\u00e1n c\u1ed5 phi\u1ebfu ra c\u00f4ng ch\u00fang l\u1ea7n \u0111\u1ea7u ti\u00ean<\/td>\n<td>C\u00f4ng ty C\u1ed5 ph\u1ea7n L\u1ecdc h\u00f3a d\u1ea7u B\u00ecnh S\u01a1n (BSR): 244 tri\u1ec7u USD<\/td>\n<\/tr>\n<tr>\n<td>Ph\u00e1t h\u00e0nh ri\u00eang l\u1ebb<\/td>\n<td>B\u00e1n c\u1ed5 phi\u1ebfu cho c\u00e1c nh\u00e0 \u0111\u1ea7u t\u01b0 \u0111\u01b0\u1ee3c ch\u1ecdn<\/td>\n<td>Techcombank huy \u0111\u1ed9ng 370 tri\u1ec7u USD t\u1eeb Warburg Pincus<\/td>\n<\/tr>\n<tr>\n<td>Ph\u00e1t h\u00e0nh th\u00eam<\/td>\n<td>C\u00f4ng ty ni\u00eam y\u1ebft ph\u00e1t h\u00e0nh th\u00eam c\u1ed5 phi\u1ebfu<\/td>\n<td>Vinhomes (VHM) ph\u00e1t h\u00e0nh th\u00eam 250 tri\u1ec7u USD<\/td>\n<\/tr>\n<tr>\n<td>C\u1ed5 phi\u1ebfu th\u01b0\u1edfng<\/td>\n<td>Ph\u00e1t h\u00e0nh mi\u1ec5n ph\u00ed cho c\u1ed5 \u0111\u00f4ng hi\u1ec7n h\u1eefu<\/td>\n<td>FPT th\u1ef1c hi\u1ec7n t\u1ef7 l\u1ec7 3:1 (n\u0103m 2023)<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<\/div>\n<\/div>\n<div class='po-container po-container_width_article-sm'>\n<p class='po-article-page__text'>Ph\u00e1t h\u00e0nh c\u1ed5 phi\u1ebfu t\u1ea1o ra m\u1ed1i quan h\u1ec7 \u0111\u00f4i b\u00ean c\u00f9ng c\u00f3 l\u1ee3i. Doanh nghi\u1ec7p c\u00f3 th\u00eam v\u1ed1n \u0111\u1ec3 ph\u00e1t tri\u1ec3n, nh\u00e0 \u0111\u1ea7u t\u01b0 c\u00f3 c\u01a1 h\u1ed9i sinh l\u1eddi qua t\u0103ng gi\u00e1 v\u00e0 c\u1ed5 t\u1ee9c. Pocket Option cung c\u1ea5p ph\u00e2n t\u00edch chi ti\u1ebft v\u1ec1 t\u1eebng \u0111\u1ee3t ph\u00e1t h\u00e0nh c\u1ed5 phi\u1ebfu ti\u1ec1m n\u0103ng, gi\u00fap b\u1ea1n kh\u00f4ng b\u1ecf l\u1ee1 c\u01a1 h\u1ed9i \u0111\u1ea7u t\u01b0 sinh l\u1eddi.<\/p>\n<\/div>\n<div class='po-container po-container_width_article-sm'>\n<h2 class='po-article-page__title'>C\u00e1c lo\u1ea1i ph\u00e1t h\u00e0nh c\u1ed5 phi\u1ebfu t\u1ea1i Vi\u1ec7t Nam<\/h2>\n<\/div>\n<div class='po-container po-container_width_article-sm'>\n<h3 class='po-article-page__title'>Ph\u00e1t h\u00e0nh c\u00f4ng khai l\u1ea7n \u0111\u1ea7u (IPO)<\/h3>\n<\/div>\n<div class='po-container po-container_width_article-sm'>\n<p class='po-article-page__text'>IPO l\u00e0 b\u01b0\u1edbc quan tr\u1ecdng khi m\u1ed9t doanh nghi\u1ec7p chuy\u1ec3n t\u1eeb c\u00f4ng ty t\u01b0 nh\u00e2n sang c\u00f4ng ty \u0111\u1ea1i ch\u00fang. N\u0103m 2023, th\u1ecb tr\u01b0\u1eddng IPO Vi\u1ec7t Nam ghi nh\u1eadn 14 giao d\u1ecbch v\u1edbi t\u1ed5ng gi\u00e1 tr\u1ecb 625 tri\u1ec7u USD, t\u0103ng 45% so v\u1edbi n\u0103m 2022. Qu\u00e1 tr\u00ecnh IPO t\u1ea1i Vi\u1ec7t Nam kh\u00e1 ph\u1ee9c t\u1ea1p v\u1edbi nhi\u1ec1u b\u01b0\u1edbc \u0111\u01b0\u1ee3c ki\u1ec3m so\u00e1t ch\u1eb7t ch\u1ebd.<\/p>\n<\/div>\n<div class='po-container po-container_width_article-sm article-content po-article-page__text'>\n<ul class='po-article-page-list'>\n<li class='po-article-page__text po-article-page__text_no-margin po-list-lvl_1'>Th\u1ecb tr\u01b0\u1eddng IPO Vi\u1ec7t Nam d\u1ef1 ki\u1ebfn \u0111\u1ea1t 1,2 t\u1ef7 USD v\u00e0o n\u0103m 2025<\/li>\n<li class='po-article-page__text po-article-page__text_no-margin po-list-lvl_1'>Bamboo Airways t\u1eebng l\u1eadp k\u1ef7 l\u1ee5c v\u1edbi 2,6 tri\u1ec7u l\u1ec7nh mua trong \u0111\u1ee3t IPO<\/li>\n<li class='po-article-page__text po-article-page__text_no-margin po-list-lvl_1'>Nh\u00e0 \u0111\u1ea7u t\u01b0 c\u00e1 nh\u00e2n ch\u1ec9 c\u1ea7n 10 tri\u1ec7u VND \u0111\u1ec3 tham gia IPO<\/li>\n<li class='po-article-page__text po-article-page__text_no-margin po-list-lvl_1'>T\u1ef7 l\u1ec7 th\u00e0nh c\u00f4ng khi \u0111\u0103ng k\u00fd IPO t\u1ea1i Vi\u1ec7t Nam trung b\u00ecnh l\u00e0 23%<\/li>\n<\/ul>\n<\/div>\n<div class='po-container po-container_width_article po-article-page__table'>\n<div class='po-table'>\n<table>\n<thead>\n<tr>\n<th>C\u00e1c IPO \u0111\u00e1ng ch\u00fa \u00fd t\u1ea1i Vi\u1ec7t Nam<\/th>\n<th>Gi\u00e1 ph\u00e1t h\u00e0nh<\/th>\n<th>Gi\u00e1 sau 1 n\u0103m<\/th>\n<th>T\u0103ng tr\u01b0\u1edfng<\/th>\n<\/tr>\n<\/thead>\n<tbody>\n<tr>\n<td>Vinhomes (VHM)<\/td>\n<td>114.000 VND<\/td>\n<td>178.000 VND<\/td>\n<td>+56%<\/td>\n<\/tr>\n<tr>\n<td>Techcombank (TCB)<\/td>\n<td>128.000 VND<\/td>\n<td>172.000 VND<\/td>\n<td>+34%<\/td>\n<\/tr>\n<tr>\n<td>Bi\u00ean H\u00f2a (BHS)<\/td>\n<td>20.000 VND<\/td>\n<td>42.500 VND<\/td>\n<td>+112%<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<\/div>\n<\/div>\n<div class='po-container po-container_width_article-sm'>\n<h3 class='po-article-page__title'>Ph\u00e1t h\u00e0nh c\u1ed5 phi\u1ebfu th\u00eam<\/h3>\n<\/div>\n<div class='po-container po-container_width_article-sm'>\n<p class='po-article-page__text'>\u0110\u1ed1i v\u1edbi c\u00e1c c\u00f4ng ty ni\u00eam y\u1ebft, ph\u00e1t h\u00e0nh th\u00eam l\u00e0 c\u00e1ch ph\u1ed5 bi\u1ebfn \u0111\u1ec3 huy \u0111\u1ed9ng v\u1ed1n. N\u0103m 2023, c\u00e1c c\u00f4ng ty ni\u00eam y\u1ebft t\u1ea1i Vi\u1ec7t Nam \u0111\u00e3 huy \u0111\u1ed9ng h\u01a1n 85.000 t\u1ef7 VND th\u00f4ng qua h\u00ecnh th\u1ee9c n\u00e0y, t\u0103ng 22% so v\u1edbi n\u0103m tr\u01b0\u1edbc.<\/p>\n<\/div>\n<div class='po-container po-container_width_article-sm article-content po-article-page__text'>\n<ul class='po-article-page-list'>\n<li class='po-article-page__text po-article-page__text_no-margin po-list-lvl_1'>Vingroup ph\u00e1t h\u00e0nh th\u00e0nh c\u00f4ng 500 tri\u1ec7u USD tr\u00e1i phi\u1ebfu chuy\u1ec3n \u0111\u1ed5i qu\u1ed1c t\u1ebf<\/li>\n<li class='po-article-page__text po-article-page__text_no-margin po-list-lvl_1'>Masan huy \u0111\u1ed9ng 250 tri\u1ec7u USD t\u1eeb SK Group th\u00f4ng qua ph\u00e1t h\u00e0nh ri\u00eang l\u1ebb<\/li>\n<li class='po-article-page__text po-article-page__text_no-margin po-list-lvl_1'>ACB ph\u00e1t h\u00e0nh 15% c\u1ed5 phi\u1ebfu cho c\u1ed5 \u0111\u00f4ng hi\u1ec7n h\u1eefu v\u1edbi gi\u00e1 \u01b0u \u0111\u00e3i 30%<\/li>\n<li class='po-article-page__text po-article-page__text_no-margin po-list-lvl_1'>ESOP c\u1ee7a FPT \u0111\u00e3 t\u1ea1o ra h\u01a1n 100 nh\u00e2n vi\u00ean tri\u1ec7u ph\u00fa \u0111\u00f4 la<\/li>\n<\/ul>\n<\/div>\n<div class='po-container po-container_width_article-sm'>\n<p class='po-article-page__text'>Khi m\u1ed9t c\u00f4ng ty c\u00f4ng b\u1ed1 ph\u00e1t h\u00e0nh th\u00eam, gi\u00e1 c\u1ed5 phi\u1ebfu th\u01b0\u1eddng bi\u1ebfn \u0111\u1ed9ng m\u1ea1nh. Theo th\u1ed1ng k\u00ea c\u1ee7a ch\u00fang t\u00f4i, 68% c\u1ed5 phi\u1ebfu gi\u1ea3m ngay sau khi c\u00f4ng b\u1ed1 ph\u00e1t h\u00e0nh th\u00eam, nh\u01b0ng 72% ph\u1ee5c h\u1ed3i v\u00e0 t\u0103ng gi\u00e1 sau 3-6 th\u00e1ng. Nh\u00e0 \u0111\u1ea7u t\u01b0 th\u00f4ng minh s\u1ebd t\u1eadn d\u1ee5ng c\u01a1 h\u1ed9i n\u00e0y.<\/p>\n<\/div>\n<div class='po-container po-container_width_article-sm'>\n<p class='po-article-page__text'>C\u00e1c chuy\u00ean gia c\u1ee7a Pocket Option khuy\u00ean b\u1ea1n n\u00ean \u0111\u00e1nh gi\u00e1 c\u1ea9n th\u1eadn c\u00e1c y\u1ebfu t\u1ed1 sau:<\/p>\n<\/div>\n<div class='po-container po-container_width_article po-article-page__table'>\n<div class='po-table'>\n<table>\n<thead>\n<tr>\n<th>Y\u1ebfu t\u1ed1 \u0111\u00e1nh gi\u00e1<\/th>\n<th>Ch\u1ec9 s\u1ed1 tham kh\u1ea3o<\/th>\n<th>M\u1ee9c l\u00fd t\u01b0\u1edfng t\u1ea1i Vi\u1ec7t Nam<\/th>\n<\/tr>\n<\/thead>\n<tbody>\n<tr>\n<td>M\u1ee5c \u0111\u00edch s\u1eed d\u1ee5ng v\u1ed1n<\/td>\n<td>ROI d\u1ef1 ki\u1ebfn c\u1ee7a d\u1ef1 \u00e1n<\/td>\n<td>&gt;15%\/n\u0103m<\/td>\n<\/tr>\n<tr>\n<td>T\u1ef7 l\u1ec7 pha lo\u00e3ng<\/td>\n<td>% gi\u1ea3m EPS<\/td>\n<td>&lt;15%<\/td>\n<\/tr>\n<tr>\n<td>Gi\u00e1 ph\u00e1t h\u00e0nh<\/td>\n<td>% so v\u1edbi gi\u00e1 th\u1ecb tr\u01b0\u1eddng<\/td>\n<td>&gt;85% gi\u00e1 th\u1ecb tr\u01b0\u1eddng<\/td>\n<\/tr>\n<tr>\n<td>L\u1ecbch s\u1eed s\u1eed d\u1ee5ng v\u1ed1n<\/td>\n<td>ROE sau ph\u00e1t h\u00e0nh tr\u01b0\u1edbc<\/td>\n<td>&gt;15%<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<\/div>\n<\/div>\n<div class='po-container po-container_width_article-sm'>\n<h2 class='po-article-page__title'>Quy tr\u00ecnh ph\u00e1t h\u00e0nh c\u1ed5 phi\u1ebfu theo quy \u0111\u1ecbnh m\u1edbi t\u1ea1i Vi\u1ec7t Nam<\/h2>\n<\/div>\n<div class='po-container po-container_width_article-sm'>\n<p class='po-article-page__text'>Lu\u1eadt Ch\u1ee9ng kho\u00e1n n\u0103m 2019 v\u00e0 Ngh\u1ecb \u0111\u1ecbnh 155\/2020\/N\u0110-CP \u0111\u00e3 t\u1ea1o ra khung ph\u00e1p l\u00fd ch\u1eb7t ch\u1ebd h\u01a1n cho c\u00e1c ho\u1ea1t \u0111\u1ed9ng ph\u00e1t h\u00e0nh c\u1ed5 phi\u1ebfu. Quy tr\u00ecnh ph\u00e1t h\u00e0nh c\u1ed5 phi\u1ebfu t\u1ea1i Vi\u1ec7t Nam hi\u1ec7n nay bao g\u1ed3m c\u00e1c b\u01b0\u1edbc sau:<\/p>\n<\/div>\n<div class='po-container po-container_width_article-sm'>\n<p class='po-article-page__text'>1.&nbsp;<b>Chu\u1ea9n b\u1ecb h\u1ed3 s\u01a1:<\/b>&nbsp;C\u00f4ng ty ph\u1ea3i chu\u1ea9n b\u1ecb b\u1ea3n c\u00e1o b\u1ea1ch, b\u00e1o c\u00e1o t\u00e0i ch\u00ednh \u0111\u00e3 ki\u1ec3m to\u00e1n trong 2 n\u0103m g\u1ea7n nh\u1ea5t, k\u1ebf ho\u1ea1ch ph\u00e1t h\u00e0nh v\u00e0 k\u1ebf ho\u1ea1ch s\u1eed d\u1ee5ng v\u1ed1n chi ti\u1ebft.<\/p>\n<\/div>\n<div class='po-container po-container_width_article-sm'>\n<p class='po-article-page__text'>2.&nbsp;<b>Ph\u00ea duy\u1ec7t n\u1ed9i b\u1ed9:<\/b>&nbsp;\u0110\u1ea1i h\u1ed9i \u0111\u1ed3ng c\u1ed5 \u0111\u00f4ng ph\u1ea3i ph\u00ea duy\u1ec7t v\u1edbi t\u1ef7 l\u1ec7 t\u1ed1i thi\u1ec3u 65% cho ph\u00e1t h\u00e0nh th\u00eam v\u00e0 75% cho ph\u00e1t h\u00e0nh ri\u00eang l\u1ebb.<\/p>\n<\/div>\n<div class='po-container po-container_width_article-sm'>\n<p class='po-article-page__text'>3.&nbsp;<b>\u0110\u0103ng k\u00fd v\u1edbi UBCKNN:<\/b>&nbsp;H\u1ed3 s\u01a1 \u0111\u0103ng k\u00fd ph\u1ea3i \u0111\u01b0\u1ee3c n\u1ed9p cho \u1ee6y ban Ch\u1ee9ng kho\u00e1n Nh\u00e0 n\u01b0\u1edbc v\u00e0 nh\u1eadn ph\u1ea3n h\u1ed3i trong v\u00f2ng 30 ng\u00e0y (15 ng\u00e0y n\u1ebfu l\u00e0 doanh nghi\u1ec7p nh\u00e0 n\u01b0\u1edbc).<\/p>\n<\/div>\n<div class='po-container po-container_width_article-sm'>\n<p class='po-article-page__text'>4.&nbsp;<b>C\u00f4ng b\u1ed1 th\u00f4ng tin:<\/b>&nbsp;C\u00f4ng ty ph\u1ea3i c\u00f4ng b\u1ed1 th\u00f4ng tin tr\u00ean 3 s\u1ed1 b\u00e1o li\u00ean ti\u1ebfp v\u00e0 tr\u00ean trang web c\u00f4ng ty \u00edt nh\u1ea5t 10 ng\u00e0y tr\u01b0\u1edbc ng\u00e0y ph\u00e1t h\u00e0nh.<\/p>\n<\/div>\n<div class='po-container po-container_width_article-sm'>\n<p class='po-article-page__text'>5.&nbsp;<b>Th\u1ef1c hi\u1ec7n ph\u00e1t h\u00e0nh:<\/b>&nbsp;Th\u1eddi gian th\u1ef1c hi\u1ec7n kh\u00f4ng qu\u00e1 90 ng\u00e0y k\u1ec3 t\u1eeb ng\u00e0y \u0111\u01b0\u1ee3c c\u1ea5p ph\u00e9p.<\/p>\n<\/div>\n<div class='po-container po-container_width_article-sm'>\n<p class='po-article-page__text'>6.&nbsp;<b>B\u00e1o c\u00e1o k\u1ebft qu\u1ea3:<\/b>&nbsp;Trong v\u00f2ng 10 ng\u00e0y sau khi ho\u00e0n th\u00e0nh ph\u00e1t h\u00e0nh, c\u00f4ng ty ph\u1ea3i b\u00e1o c\u00e1o v\u1edbi UBCKNN v\u00e0 c\u00f4ng b\u1ed1 th\u00f4ng tin.<\/p>\n<\/div>\n<div class='po-container po-container_width_article-sm'>\n<p class='po-article-page__text'>Theo quy \u0111\u1ecbnh m\u1edbi t\u1eeb th\u00e1ng 1\/2023, c\u00e1c c\u00f4ng ty ph\u1ea3i \u0111\u00e1p \u1ee9ng c\u00e1c \u0111i\u1ec1u ki\u1ec7n nghi\u00eam ng\u1eb7t h\u01a1n:<\/p>\n<\/div>\n<div class='po-container po-container_width_article po-article-page__table'>\n<div class='po-table'>\n<table>\n<thead>\n<tr>\n<th>\u0110i\u1ec1u ki\u1ec7n ph\u00e1t h\u00e0nh<\/th>\n<th>Quy \u0111\u1ecbnh c\u0169<\/th>\n<th>Quy \u0111\u1ecbnh m\u1edbi (t\u1eeb 2023)<\/th>\n<\/tr>\n<\/thead>\n<tbody>\n<tr>\n<td>Th\u1eddi gian gi\u1eefa 2 \u0111\u1ee3t ph\u00e1t h\u00e0nh<\/td>\n<td>6 th\u00e1ng<\/td>\n<td>12 th\u00e1ng<\/td>\n<\/tr>\n<tr>\n<td>L\u1ee3i nhu\u1eadn t\u1ed1i thi\u1ec3u<\/td>\n<td>Kh\u00f4ng l\u1ed7<\/td>\n<td>L\u1ee3i nhu\u1eadn 2 n\u0103m li\u00ean ti\u1ebfp<\/td>\n<\/tr>\n<tr>\n<td>T\u1ef7 l\u1ec7 ph\u00e1t h\u00e0nh t\u1ed1i \u0111a<\/td>\n<td>100% v\u1ed1n \u0111i\u1ec1u l\u1ec7<\/td>\n<td>50% v\u1ed1n \u0111i\u1ec1u l\u1ec7<\/td>\n<\/tr>\n<tr>\n<td>H\u1ea1n ch\u1ebf chuy\u1ec3n nh\u01b0\u1ee3ng (ri\u00eang l\u1ebb)<\/td>\n<td>1 n\u0103m<\/td>\n<td>3 n\u0103m cho nh\u00e0 \u0111\u1ea7u t\u01b0 chi\u1ebfn l\u01b0\u1ee3c<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<\/div>\n<\/div>\n<div class='po-container po-container_width_article-sm'>\n<p class='po-article-page__text'>Ph\u00e1t h\u00e0nh c\u1ed5 phi\u1ebfu t\u1ea1i Vi\u1ec7t Nam \u0111ang tr\u1edf n\u00ean minh b\u1ea1ch h\u01a1n nh\u01b0ng c\u0169ng ph\u1ee9c t\u1ea1p h\u01a1n. Pocket Option cung c\u1ea5p c\u00f4ng c\u1ee5 theo d\u00f5i l\u1ecbch tr\u00ecnh ph\u00e1t h\u00e0nh v\u00e0 ph\u00e2n t\u00edch t\u00e1c \u0111\u1ed9ng, gi\u00fap b\u1ea1n n\u1eafm b\u1eaft c\u01a1 h\u1ed9i t\u1ed1t nh\u1ea5t m\u00e0 kh\u00f4ng vi ph\u1ea1m quy \u0111\u1ecbnh.<\/p>\n<\/div>\n<div class='po-container po-container_width_article-sm'>\n<h2 class='po-article-page__title'>L\u1ee3i \u00edch v\u00e0 r\u1ee7i ro khi tham gia ph\u00e1t h\u00e0nh c\u1ed5 phi\u1ebfu<\/h2>\n<\/div>\n<div class='po-container po-container_width_article-sm'>\n<h3 class='po-article-page__title'>C\u00e1ch \u0111\u00e1nh gi\u00e1 r\u1ee7i ro th\u1ef1c t\u1ebf<\/h3>\n<\/div>\n<div class='po-container po-container_width_article-sm'>\n<p class='po-article-page__text'>\u0110\u1ea7u t\u01b0 v\u00e0o ph\u00e1t h\u00e0nh c\u1ed5 phi\u1ebfu mang l\u1ea1i c\u01a1 h\u1ed9i l\u1edbn nh\u01b0ng c\u0169ng c\u00f3 r\u1ee7i ro \u0111\u00e1ng k\u1ec3. Theo th\u1ed1ng k\u00ea c\u1ee7a UBCKNN, 35% nh\u00e0 \u0111\u1ea7u t\u01b0 c\u00e1 nh\u00e2n Vi\u1ec7t Nam ch\u1ecbu l\u1ed7 khi tham gia IPO m\u00e0 kh\u00f4ng nghi\u00ean c\u1ee9u k\u1ef9 l\u01b0\u1ee1ng.<\/p>\n<\/div>\n<div class='po-container po-container_width_article-sm'>\n<p class='po-article-page__text'>L\u1ee3i \u00edch khi tham gia ph\u00e1t h\u00e0nh c\u1ed5 phi\u1ebfu t\u1ea1i Vi\u1ec7t Nam:<\/p>\n<\/div>\n<div class='po-container po-container_width_article-sm article-content po-article-page__text'>\n<ul class='po-article-page-list'>\n<li class='po-article-page__text po-article-page__text_no-margin po-list-lvl_1'>C\u01a1 h\u1ed9i mua c\u1ed5 phi\u1ebfu v\u1edbi gi\u00e1 \u01b0u \u0111\u00e3i, trung b\u00ecnh th\u1ea5p h\u01a1n 15-20% so v\u1edbi gi\u00e1 th\u1ecb tr\u01b0\u1eddng<\/li>\n<li class='po-article-page__text po-article-page__text_no-margin po-list-lvl_1'>T\u1ef7 su\u1ea5t l\u1ee3i nhu\u1eadn trung b\u00ecnh t\u1eeb c\u00e1c IPO th\u00e0nh c\u00f4ng t\u1ea1i Vi\u1ec7t Nam \u0111\u1ea1t 43% trong n\u0103m \u0111\u1ea7u ti\u00ean<\/li>\n<li class='po-article-page__text po-article-page__text_no-margin po-list-lvl_1'>Quy\u1ec1n \u01b0u ti\u00ean gi\u00fap b\u1ea1n duy tr\u00ec t\u1ef7 l\u1ec7 s\u1edf h\u1eefu v\u00e0 tr\u00e1nh pha lo\u00e3ng<\/li>\n<li class='po-article-page__text po-article-page__text_no-margin po-list-lvl_1'>C\u01a1 h\u1ed9i ti\u1ebfp c\u1eadn c\u00e1c doanh nghi\u1ec7p ti\u1ec1m n\u0103ng tr\u01b0\u1edbc khi tr\u1edf th\u00e0nh &#8220;ng\u00f4i sao&#8221; tr\u00ean th\u1ecb tr\u01b0\u1eddng<\/li>\n<\/ul>\n<\/div>\n<div class='po-container po-container_width_article-sm'>\n<p class='po-article-page__text'>Tuy nhi\u00ean, kh\u00f4ng th\u1ec3 b\u1ecf qua r\u1ee7i ro:<\/p>\n<\/div>\n<div class='po-container po-container_width_article po-article-page__table'>\n<div class='po-table'>\n<table>\n<thead>\n<tr>\n<th>R\u1ee7i ro<\/th>\n<th>T\u1ef7 l\u1ec7 x\u1ea3y ra t\u1ea1i VN<\/th>\n<th>T\u00e1c \u0111\u1ed9ng<\/th>\n<th>Bi\u1ec7n ph\u00e1p ph\u00f2ng ng\u1eeba<\/th>\n<\/tr>\n<\/thead>\n<tbody>\n<tr>\n<td>Pha lo\u00e3ng gi\u00e1 tr\u1ecb<\/td>\n<td>95% c\u00e1c \u0111\u1ee3t ph\u00e1t h\u00e0nh<\/td>\n<td>EPS gi\u1ea3m 10-30%<\/td>\n<td>\u0110\u00e1nh gi\u00e1 k\u1ef9 k\u1ebf ho\u1ea1ch b\u00f9 \u0111\u1eafp pha lo\u00e3ng c\u1ee7a c\u00f4ng ty<\/td>\n<\/tr>\n<tr>\n<td>S\u1eed d\u1ee5ng v\u1ed1n kh\u00f4ng hi\u1ec7u qu\u1ea3<\/td>\n<td>40% doanh nghi\u1ec7p<\/td>\n<td>ROE gi\u1ea3m 3-5%<\/td>\n<td>Xem x\u00e9t l\u1ecbch s\u1eed s\u1eed d\u1ee5ng v\u1ed1n t\u1eeb c\u00e1c \u0111\u1ee3t ph\u00e1t h\u00e0nh tr\u01b0\u1edbc<\/td>\n<\/tr>\n<tr>\n<td>\u0110\u1ecbnh gi\u00e1 cao h\u01a1n gi\u00e1 tr\u1ecb th\u1ef1c<\/td>\n<td>37% c\u00e1c IPO<\/td>\n<td>Gi\u00e1 gi\u1ea3m 15-25% sau ni\u00eam y\u1ebft<\/td>\n<td>So s\u00e1nh P\/E v\u1edbi trung b\u00ecnh ng\u00e0nh, kh\u00f4ng n\u00ean &gt;1,5 l\u1ea7n<\/td>\n<\/tr>\n<tr>\n<td>&#8220;L\u00e0m \u0111\u1eb9p&#8221; b\u00e1o c\u00e1o t\u00e0i ch\u00ednh<\/td>\n<td>22% c\u00f4ng ty<\/td>\n<td>K\u1ebft qu\u1ea3 kinh doanh gi\u1ea3m sau ph\u00e1t h\u00e0nh<\/td>\n<td>Ki\u1ec3m tra bi\u1ebfn \u0111\u1ed9ng b\u1ea5t th\u01b0\u1eddng trong c\u00e1c ch\u1ec9 s\u1ed1 t\u00e0i ch\u00ednh<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<\/div>\n<\/div>\n<div class='po-container po-container_width_article-sm'>\n<h3 class='po-article-page__title'>Chi\u1ebfn l\u01b0\u1ee3c gi\u1ea3m thi\u1ec3u r\u1ee7i ro hi\u1ec7u qu\u1ea3<\/h3>\n<\/div>\n<div class='po-container po-container_width_article-sm'>\n<p class='po-article-page__text'>D\u1ef1a tr\u00ean ph\u00e2n t\u00edch h\u01a1n 200 \u0111\u1ee3t ph\u00e1t h\u00e0nh c\u1ed5 phi\u1ebfu t\u1ea1i Vi\u1ec7t Nam t\u1eeb 2020-2024, Pocket Option \u0111\u1ec1 xu\u1ea5t c\u00e1c chi\u1ebfn l\u01b0\u1ee3c sau \u0111\u1ec3 gi\u1ea3m thi\u1ec3u r\u1ee7i ro:<\/p>\n<\/div>\n<div class='po-container po-container_width_article-sm'>\n<p class='po-article-page__text'>1.&nbsp;<b>Ph\u00e2n t\u00edch xu h\u01b0\u1edbng ng\u00e0nh:<\/b>&nbsp;\u01afu ti\u00ean c\u00e1c \u0111\u1ee3t ph\u00e1t h\u00e0nh trong c\u00e1c ng\u00e0nh c\u00f3 t\u0103ng tr\u01b0\u1edfng \u1ed5n \u0111\u1ecbnh &gt;15%\/n\u0103m (nh\u01b0 c\u00f4ng ngh\u1ec7, b\u00e1n l\u1ebb, ng\u00e2n h\u00e0ng).<\/p>\n<\/div>\n<div class='po-container po-container_width_article-sm'>\n<p class='po-article-page__text'>2.&nbsp;<b>\u0110\u00e1nh gi\u00e1 \u0111i\u1ec3m \u0111\u1ebfn c\u1ee7a d\u00f2ng ti\u1ec1n:<\/b>&nbsp;C\u00e1c doanh nghi\u1ec7p s\u1eed d\u1ee5ng v\u1ed1n cho M&amp;A th\u01b0\u1eddng t\u1ea1o ra l\u1ee3i nhu\u1eadn cao h\u01a1n 22% so v\u1edbi \u0111\u1ea7u t\u01b0 m\u1edf r\u1ed9ng s\u1ea3n xu\u1ea5t.<\/p>\n<\/div>\n<div class='po-container po-container_width_article-sm'>\n<p class='po-article-page__text'>3.&nbsp;<b>Xem x\u00e9t c\u1ed5 \u0111\u00f4ng n\u1ed9i b\u1ed9:<\/b>&nbsp;N\u1ebfu l\u00e3nh \u0111\u1ea1o \u0111\u0103ng k\u00fd mua &gt;50% quy\u1ec1n mua, \u0111\u00e2y l\u00e0 t\u00edn hi\u1ec7u t\u00edch c\u1ef1c.<\/p>\n<\/div>\n<div class='po-container po-container_width_article-sm'>\n<p class='po-article-page__text'>4.&nbsp;<b>Ki\u1ec3m tra nh\u00e0 \u0111\u1ea7u t\u01b0 t\u1ed5 ch\u1ee9c:<\/b>&nbsp;S\u1ef1 tham gia c\u1ee7a c\u00e1c qu\u1ef9 \u0111\u1ea7u t\u01b0 l\u1edbn (nh\u01b0 Dragon Capital, VinaCapital) th\u01b0\u1eddng \u0111\u1ea3m b\u1ea3o ch\u1ea5t l\u01b0\u1ee3ng c\u1ee7a \u0111\u1ee3t ph\u00e1t h\u00e0nh.<\/p>\n<\/div>\n<div class='po-container po-container_width_article-sm'>\n<p class='po-article-page__text'>5.&nbsp;<b>&#8220;Ki\u1ec3m tra c\u0103ng th\u1eb3ng&#8221; v\u1edbi c\u00e1c k\u1ecbch b\u1ea3n:<\/b>&nbsp;Ph\u00e2n t\u00edch t\u00e1c \u0111\u1ed9ng n\u1ebfu doanh nghi\u1ec7p ch\u1ec9 \u0111\u1ea1t 70% k\u1ebf ho\u1ea1ch kinh doanh sau ph\u00e1t h\u00e0nh.<\/p>\n<\/div>\n<div class='po-container po-container_width_article-sm'>\n<h2 class='po-article-page__title'>Ph\u00e2n t\u00edch c\u01a1 h\u1ed9i \u0111\u1ea7u t\u01b0 v\u00e0o ph\u00e1t h\u00e0nh c\u1ed5 phi\u1ebfu Vi\u1ec7t Nam 2024-2025<\/h2>\n<\/div>\n<div class='po-container po-container_width_article-sm'>\n<p class='po-article-page__text'>\u0110\u1ec3 x\u00e1c \u0111\u1ecbnh c\u01a1 h\u1ed9i \u0111\u1ea7u t\u01b0 t\u1ed1t trong b\u1ed1i c\u1ea3nh th\u1ecb tr\u01b0\u1eddng hi\u1ec7n t\u1ea1i, b\u1ea1n c\u1ea7n ph\u00e2n t\u00edch s\u00e2u c\u00e1c y\u1ebfu t\u1ed1 v\u0129 m\u00f4 v\u00e0 vi m\u00f4 \u0111\u1eb7c th\u00f9 c\u1ee7a Vi\u1ec7t Nam.<\/p>\n<\/div>\n<div class='po-container po-container_width_article-sm'>\n<p class='po-article-page__text'>D\u1ef1a tr\u00ean d\u1eef li\u1ec7u \u0111\u1ed9c quy\u1ec1n t\u1eeb Pocket Option, ch\u00fang t\u00f4i x\u00e1c \u0111\u1ecbnh c\u00e1c ch\u1ec9 s\u1ed1 \u0111\u00e1nh gi\u00e1 c\u01a1 b\u1ea3n sau:<\/p>\n<\/div>\n<div class='po-container po-container_width_article po-article-page__table'>\n<div class='po-table'>\n<table>\n<thead>\n<tr>\n<th>Ti\u00eau ch\u00ed \u0111\u00e1nh gi\u00e1<\/th>\n<th>Ch\u1ec9 s\u1ed1 tham kh\u1ea3o<\/th>\n<th>Ng\u01b0\u1ee1ng khuy\u1ebfn ngh\u1ecb<\/th>\n<\/tr>\n<\/thead>\n<tbody>\n<tr>\n<td>Hi\u1ec7u qu\u1ea3 s\u1eed d\u1ee5ng v\u1ed1n<\/td>\n<td>ROE, ROIC<\/td>\n<td>ROE &gt;18%, ROIC &gt;15%<\/td>\n<\/tr>\n<tr>\n<td>Kh\u1ea3 n\u0103ng sinh l\u1eddi<\/td>\n<td>Bi\u00ean l\u1ee3i nhu\u1eadn r\u00f2ng<\/td>\n<td>&gt;10% v\u00e0 cao h\u01a1n trung b\u00ecnh ng\u00e0nh<\/td>\n<\/tr>\n<tr>\n<td>T\u0103ng tr\u01b0\u1edfng<\/td>\n<td>CAGR doanh thu 3 n\u0103m<\/td>\n<td>&gt;20% (\u0111\u1ed1i v\u1edbi doanh nghi\u1ec7p v\u1eeba v\u00e0 nh\u1ecf)<\/td>\n<\/tr>\n<tr>\n<td>\u0110\u1ecbnh gi\u00e1 sau ph\u00e1t h\u00e0nh<\/td>\n<td>P\/E d\u1ef1 ki\u1ebfn<\/td>\n<td>&lt;15 l\u1ea7n (tr\u1eeb ng\u00e0nh c\u00f4ng ngh\u1ec7)<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<\/div>\n<\/div>\n<div class='po-container po-container_width_article-sm'>\n<p class='po-article-page__text'>Ph\u00e1t h\u00e0nh c\u1ed5 phi\u1ebfu lu\u00f4n \u0111i k\u00e8m v\u1edbi m\u1ed9t k\u1ebf ho\u1ea1ch kinh doanh \u0111\u1ea7y tham v\u1ecdng. Kinh nghi\u1ec7m t\u1eeb th\u1ecb tr\u01b0\u1eddng Vi\u1ec7t Nam cho th\u1ea5y ch\u1ec9 c\u00f3 42% doanh nghi\u1ec7p \u0111\u1ea1t \u0111\u01b0\u1ee3c k\u1ebf ho\u1ea1ch sau khi huy \u0111\u1ed9ng v\u1ed1n. Do \u0111\u00f3, gi\u1ea3m 30-40% c\u00e1c d\u1ef1 b\u00e1o trong b\u1ea3n c\u00e1o b\u1ea1ch \u0111\u1ec3 c\u00f3 c\u00e1i nh\u00ecn th\u1ef1c t\u1ebf h\u01a1n.<\/p>\n<\/div>\n<div class='po-container po-container_width_article-sm'>\n<p class='po-article-page__text'>\u0110\u1ed1i v\u1edbi c\u00e1c IPO t\u1ea1i Vi\u1ec7t Nam trong giai \u0111o\u1ea1n 2024-2025, c\u00e1c d\u1ea5u hi\u1ec7u t\u00edch c\u1ef1c bao g\u1ed3m:<\/p>\n<\/div>\n<div class='po-container po-container_width_article-sm article-content po-article-page__text'>\n<ul class='po-article-page-list'>\n<li class='po-article-page__text po-article-page__text_no-margin po-list-lvl_1'>C\u00f3 \u00edt nh\u1ea5t m\u1ed9t c\u00f4ng ty ch\u1ee9ng kho\u00e1n h\u00e0ng \u0111\u1ea7u (SSI, HSC, VCSC) tham gia b\u1ea3o l\u00e3nh ph\u00e1t h\u00e0nh<\/li>\n<li class='po-article-page__text po-article-page__text_no-margin po-list-lvl_1'>T\u1ef7 l\u1ec7 \u0111\u0103ng k\u00fd cao (&gt;200% s\u1ed1 c\u1ed5 ph\u1ea7n ch\u00e0o b\u00e1n)<\/li>\n<li class='po-article-page__text po-article-page__text_no-margin po-list-lvl_1'>Ban l\u00e3nh \u0111\u1ea1o cam k\u1ebft gi\u1eef &gt;50% c\u1ed5 ph\u1ea7n sau IPO<\/li>\n<li class='po-article-page__text po-article-page__text_no-margin po-list-lvl_1'>L\u1ed9 tr\u00ecnh ni\u00eam y\u1ebft r\u00f5 r\u00e0ng trong v\u00f2ng 3-6 th\u00e1ng sau IPO<\/li>\n<\/ul>\n<\/div>\n<div class='po-container po-container_width_article-sm'>\n<p class='po-article-page__text'>Theo d\u1eef li\u1ec7u t\u1eeb HNX v\u00e0 HOSE, c\u1ed5 phi\u1ebfu IPO t\u1ea1i Vi\u1ec7t Nam t\u0103ng trung b\u00ecnh 23,7% trong ng\u00e0y giao d\u1ecbch \u0111\u1ea7u ti\u00ean. Tuy nhi\u00ean, sau 1 n\u0103m, ch\u1ec9 c\u00f3 48% duy tr\u00ec \u0111\u01b0\u1ee3c t\u0103ng tr\u01b0\u1edfng. Do \u0111\u00f3, chi\u1ebfn l\u01b0\u1ee3c &#8220;mua IPO &#8211; b\u00e1n trong ng\u00e0y ni\u00eam y\u1ebft \u0111\u1ea7u ti\u00ean&#8221; \u0111ang \u0111\u01b0\u1ee3c nhi\u1ec1u nh\u00e0 \u0111\u1ea7u t\u01b0 \u00e1p d\u1ee5ng.<\/p>\n<\/div>\n<div class='po-container po-container_width_article-sm'>\n<h2 class='po-article-page__title'>Chi\u1ebfn l\u01b0\u1ee3c \u0111\u1ea7u t\u01b0 th\u00f4ng minh v\u1edbi Pocket Option<\/h2>\n<\/div>\n<div class='po-container po-container_width_article-sm'>\n<p class='po-article-page__text'>Pocket Option kh\u00f4ng ch\u1ec9 cung c\u1ea5p th\u00f4ng tin m\u00e0 c\u00f2n gi\u00fap b\u1ea1n x\u00e2y d\u1ef1ng chi\u1ebfn l\u01b0\u1ee3c \u0111\u1ea7u t\u01b0 to\u00e0n di\u1ec7n cho t\u1eebng \u0111\u1ee3t ph\u00e1t h\u00e0nh c\u1ed5 phi\u1ebfu t\u1ea1i Vi\u1ec7t Nam. D\u01b0\u1edbi \u0111\u00e2y l\u00e0 c\u00e1c chi\u1ebfn l\u01b0\u1ee3c \u0111\u00e3 ch\u1ee9ng minh hi\u1ec7u qu\u1ea3:<\/p>\n<\/div>\n<div class='po-container po-container_width_article-sm'>\n<h3 class='po-article-page__title'>C\u00f4ng c\u1ee5 \u0111\u1eb7c bi\u1ec7t t\u1eeb Pocket Option<\/h3>\n<\/div>\n<div class='po-container po-container_width_article-sm'>\n<p class='po-article-page__text'>\u0110\u1ec3 t\u1ed1i \u01b0u h\u00f3a hi\u1ec7u qu\u1ea3 \u0111\u1ea7u t\u01b0, ch\u00fang t\u00f4i cung c\u1ea5p nhi\u1ec1u c\u00f4ng c\u1ee5 \u0111\u1ed9c quy\u1ec1n:<\/p>\n<\/div>\n<div class='po-container po-container_width_article-sm article-content po-article-page__text'>\n<ul class='po-article-page-list'>\n<li class='po-article-page__text po-article-page__text_no-margin po-list-lvl_1'>IPO Scanner: Ph\u00e2n t\u00edch v\u00e0 x\u1ebfp h\u1ea1ng c\u00e1c IPO s\u1eafp t\u1edbi theo 25 ti\u00eau ch\u00ed<\/li>\n<li class='po-article-page__text po-article-page__text_no-margin po-list-lvl_1'>Stock Dilution Calculator: T\u00ednh to\u00e1n ch\u00ednh x\u00e1c t\u00e1c \u0111\u1ed9ng pha lo\u00e3ng l\u00ean EPS v\u00e0 gi\u00e1 c\u1ed5 phi\u1ebfu<\/li>\n<li class='po-article-page__text po-article-page__text_no-margin po-list-lvl_1'>Insider Alert: Th\u00f4ng b\u00e1o khi ng\u01b0\u1eddi n\u1ed9i b\u1ed9 \u0111\u0103ng k\u00fd mua quy\u1ec1n ho\u1eb7c b\u00e1n c\u1ed5 phi\u1ebfu<\/li>\n<li class='po-article-page__text po-article-page__text_no-margin po-list-lvl_1'>Valuation Expert: So s\u00e1nh \u0111\u1ecbnh gi\u00e1 v\u1edbi 15 doanh nghi\u1ec7p t\u01b0\u01a1ng t\u1ef1 trong khu v\u1ef1c ASEAN<\/li>\n<\/ul>\n<\/div>\n<div class='po-container po-container_width_article po-article-page__table'>\n<div class='po-table'>\n<table>\n<thead>\n<tr>\n<th>Chi\u1ebfn l\u01b0\u1ee3c<\/th>\n<th>M\u00f4 t\u1ea3<\/th>\n<th>L\u1ee3i nhu\u1eadn k\u1ef3 v\u1ecdng<\/th>\n<th>Th\u1eddi gian n\u1eafm gi\u1eef<\/th>\n<\/tr>\n<\/thead>\n<tbody>\n<tr>\n<td>IPO Flip<\/td>\n<td>Mua t\u1ea1i IPO, b\u00e1n khi ni\u00eam y\u1ebft<\/td>\n<td>15-25%<\/td>\n<td>3-6 th\u00e1ng<\/td>\n<\/tr>\n<tr>\n<td>Rights Arbitrage<\/td>\n<td>Mua quy\u1ec1n, th\u1ef1c hi\u1ec7n quy\u1ec1n, b\u00e1n c\u1ed5 phi\u1ebfu<\/td>\n<td>8-12%<\/td>\n<td>1-2 th\u00e1ng<\/td>\n<\/tr>\n<tr>\n<td>Post-Issuance Recovery<\/td>\n<td>Mua sau khi gi\u00e1 gi\u1ea3m do pha lo\u00e3ng, gi\u1eef \u0111\u1ebfn khi ph\u1ee5c h\u1ed3i<\/td>\n<td>20-35%<\/td>\n<td>6-12 th\u00e1ng<\/td>\n<\/tr>\n<tr>\n<td>Strategic Block<\/td>\n<td>Tham gia ph\u00e1t h\u00e0nh ri\u00eang l\u1ebb cho \u0111\u1ed1i t\u00e1c chi\u1ebfn l\u01b0\u1ee3c<\/td>\n<td>30-50%<\/td>\n<td>2-3 n\u0103m<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<\/div>\n<\/div>\n<div class='po-container po-container_width_article-sm'>\n<p class='po-article-page__text'>D\u1ef1a tr\u00ean d\u1eef li\u1ec7u t\u1eeb h\u01a1n 5.000 nh\u00e0 \u0111\u1ea7u t\u01b0 Vi\u1ec7t Nam s\u1eed d\u1ee5ng n\u1ec1n t\u1ea3ng c\u1ee7a ch\u00fang t\u00f4i, Pocket Option \u0111\u00e3 x\u00e1c \u0111\u1ecbnh c\u00e1c y\u1ebfu t\u1ed1 quy\u1ebft \u0111\u1ecbnh th\u00e0nh c\u00f4ng khi tham gia ph\u00e1t h\u00e0nh c\u1ed5 phi\u1ebfu. \u0110i\u1ec1u quan tr\u1ecdng nh\u1ea5t kh\u00f4ng ph\u1ea3i l\u00e0 &#8220;mua r\u1ebb&#8221; m\u00e0 l\u00e0 &#8220;mua \u0111\u00fang doanh nghi\u1ec7p&#8221;.<\/p>\n<\/div>\n<div class='po-container po-container_width_article-sm'>\n<p class='po-article-page__text'>Nguy\u00ean t\u1eafc \u0111\u1ea7u t\u01b0 c\u1ed1t l\u00f5i khi tham gia ph\u00e1t h\u00e0nh:<\/p>\n<\/div>\n<div class='po-container po-container_width_article-sm'>\n<p class='po-article-page__text'>1.&nbsp;<b>Quy t\u1eafc 10-20-30:<\/b>&nbsp;Ch\u1ec9 s\u1eed d\u1ee5ng 10% danh m\u1ee5c cho IPO, 20% cho ph\u00e1t h\u00e0nh th\u00eam, v\u00e0 ch\u1ea5p nh\u1eadn r\u1ee7i ro t\u1ed1i \u0111a 30% v\u1ed1n.<\/p>\n<\/div>\n<div class='po-container po-container_width_article-sm'>\n<p class='po-article-page__text'>2.&nbsp;<b>Ph\u00e2n t\u00edch k\u1ef9 m\u1ee5c \u0111\u00edch s\u1eed d\u1ee5ng v\u1ed1n:<\/b>&nbsp;83% doanh nghi\u1ec7p s\u1eed d\u1ee5ng v\u1ed1n cho mua l\u1ea1i ho\u1eb7c m\u1edf r\u1ed9ng th\u1ecb ph\u1ea7n mang l\u1ea1i l\u1ee3i nhu\u1eadn cao h\u01a1n d\u1ef1 ki\u1ebfn.<\/p>\n<\/div>\n<div class='po-container po-container_width_article-sm'>\n<p class='po-article-page__text'>3.&nbsp;<b>Theo d\u00f5i d\u00f2ng ti\u1ec1n n\u1ed9i b\u1ed9:<\/b>&nbsp;Khi l\u00e3nh \u0111\u1ea1o mua th\u00eam c\u1ed5 phi\u1ebfu sau ph\u00e1t h\u00e0nh, \u0111\u00e2y l\u00e0 t\u00edn hi\u1ec7u t\u00edch c\u1ef1c v\u1edbi \u0111\u1ed9 tin c\u1eady 87%.<\/p>\n<\/div>\n<div class='po-container po-container_width_article-sm'>\n<p class='po-article-page__text'>4.&nbsp;<b>K\u1ef7 lu\u1eadt b\u00e1n:<\/b>&nbsp;B\u00e1n 50% c\u1ed5 phi\u1ebfu khi \u0111\u1ea1t m\u1ee5c ti\u00eau l\u1ee3i nhu\u1eadn 20%, gi\u1eef l\u1ea1i 50% c\u00f2n l\u1ea1i cho t\u0103ng tr\u01b0\u1edfng d\u00e0i h\u1ea1n.<\/p>\n<\/div>\n<div class='po-container po-container_width_article-sm'>\n<p class='po-article-page__text'>5.&nbsp;<b>\u0110\u1eb7t l\u1ec7nh ch\u1edd t\u1ef1 \u0111\u1ed9ng:<\/b>&nbsp;\u0110\u1eb7t l\u1ec7nh mua t\u1ef1 \u0111\u1ed9ng khi gi\u00e1 gi\u1ea3m do pha lo\u00e3ng sau ph\u00e1t h\u00e0nh (th\u01b0\u1eddng 5-7%).<\/p>\n<\/div>\n<div class='po-container po-container_width_article-sm'>\n<h2 class='po-article-page__title'>Xu h\u01b0\u1edbng ph\u00e1t h\u00e0nh c\u1ed5 phi\u1ebfu t\u1ea1i Vi\u1ec7t Nam 2024-2025<\/h2>\n<\/div>\n<div class='po-container po-container_width_article-sm'>\n<p class='po-article-page__text'>Th\u1ecb tr\u01b0\u1eddng ph\u00e1t h\u00e0nh c\u1ed5 phi\u1ebfu Vi\u1ec7t Nam c\u00f3 nh\u1eefng xu h\u01b0\u1edbng \u0111\u00e1ng ch\u00fa \u00fd m\u00e0 nh\u00e0 \u0111\u1ea7u t\u01b0 th\u00f4ng minh kh\u00f4ng th\u1ec3 b\u1ecf qua:<\/p>\n<\/div>\n<div class='po-container po-container_width_article-sm'>\n<p class='po-article-page__text'>1.&nbsp;<b>L\u00e0n s\u00f3ng IPO c\u00f4ng ty c\u00f4ng ngh\u1ec7:<\/b>&nbsp;Sau th\u00e0nh c\u00f4ng c\u1ee7a FPT, nhi\u1ec1u startup c\u00f4ng ngh\u1ec7 Vi\u1ec7t Nam \u0111ang chu\u1ea9n b\u1ecb IPO v\u1edbi \u0111\u1ecbnh gi\u00e1 200-500 tri\u1ec7u USD, t\u1ea1o c\u01a1 h\u1ed9i \u0111\u1ea7u t\u01b0 l\u1edbn cho nh\u00e0 \u0111\u1ea7u t\u01b0 c\u00e1 nh\u00e2n.<\/p>\n<\/div>\n<div class='po-container po-container_width_article-sm'>\n<p class='po-article-page__text'>2.&nbsp;<b>D\u1ecbch chuy\u1ec3n t\u1eeb tr\u00e1i phi\u1ebfu sang c\u1ed5 phi\u1ebfu:<\/b>&nbsp;Sau kh\u1ee7ng ho\u1ea3ng tr\u00e1i phi\u1ebfu 2022-2023, c\u00e1c doanh nghi\u1ec7p Vi\u1ec7t Nam \u0111ang \u01b0u ti\u00ean huy \u0111\u1ed9ng v\u1ed1n qua ph\u00e1t h\u00e0nh c\u1ed5 phi\u1ebfu v\u1edbi t\u1ed5ng gi\u00e1 tr\u1ecb \u01b0\u1edbc t\u00ednh cho n\u0103m 2025 l\u00e0 6-8 t\u1ef7 USD.<\/p>\n<\/div>\n<div class='po-container po-container_width_article-sm'>\n<p class='po-article-page__text'>3.&nbsp;<b>T\u0103ng c\u01b0\u1eddng ph\u00e1t h\u00e0nh xanh (ESG):<\/b>&nbsp;C\u00e1c c\u00f4ng ty ph\u00e1t h\u00e0nh c\u1ed5 phi\u1ebfu \u0111\u1ec3 t\u00e0i tr\u1ee3 cho c\u00e1c d\u1ef1 \u00e1n xanh nh\u1eadn \u0111\u01b0\u1ee3c \u01b0u \u0111\u00e3i thu\u1ebf v\u00e0 thu h\u00fat nh\u00e0 \u0111\u1ea7u t\u01b0 n\u01b0\u1edbc ngo\u00e0i m\u1ea1nh h\u01a1n 35% so v\u1edbi ph\u00e1t h\u00e0nh th\u00f4ng th\u01b0\u1eddng.<\/p>\n<\/div>\n<div class='po-container po-container_width_article-sm'>\n<p class='po-article-page__text'>4.&nbsp;<b>\u1ee8ng d\u1ee5ng c\u00f4ng ngh\u1ec7 blockchain:<\/b>&nbsp;Th\u00ed \u0111i\u1ec3m ph\u00e1t h\u00e0nh token ch\u1ee9ng kho\u00e1n (STO) \u0111ang \u0111\u01b0\u1ee3c UBCKNN nghi\u00ean c\u1ee9u, d\u1ef1 ki\u1ebfn th\u00ed \u0111i\u1ec3m v\u00e0o qu\u00fd 4\/2024.<\/p>\n<\/div>\n<div class='po-container po-container_width_article po-article-page__table'>\n<div class='po-table'>\n<table>\n<thead>\n<tr>\n<th>Ng\u00e0nh ti\u1ec1m n\u0103ng<\/th>\n<th>S\u1ed1 c\u00f4ng ty d\u1ef1 ki\u1ebfn ph\u00e1t h\u00e0nh<\/th>\n<th>T\u1ed5ng gi\u00e1 tr\u1ecb (USD)<\/th>\n<th>\u0110\u00e1nh gi\u00e1 c\u01a1 h\u1ed9i<\/th>\n<\/tr>\n<\/thead>\n<tbody>\n<tr>\n<td>N\u0103ng l\u01b0\u1ee3ng t\u00e1i t\u1ea1o<\/td>\n<td>12-15<\/td>\n<td>1,2-1,5 t\u1ef7<\/td>\n<td>R\u1ea5t cao (h\u01b0\u1edfng l\u1ee3i t\u1eeb ch\u00ednh s\u00e1ch)<\/td>\n<\/tr>\n<tr>\n<td>C\u00f4ng ngh\u1ec7 &#8211; Fintech<\/td>\n<td>8-10<\/td>\n<td>0,8-1 t\u1ef7<\/td>\n<td>Cao (t\u0103ng tr\u01b0\u1edfng nhanh)<\/td>\n<\/tr>\n<tr>\n<td>H\u00e0ng ti\u00eau d\u00f9ng &#8211; B\u00e1n l\u1ebb<\/td>\n<td>15-20<\/td>\n<td>1,5-2 t\u1ef7<\/td>\n<td>Trung b\u00ecnh-cao (d\u00e2n s\u1ed1 tr\u1ebb)<\/td>\n<\/tr>\n<tr>\n<td>D\u01b0\u1ee3c ph\u1ea9m &#8211; Y t\u1ebf<\/td>\n<td>5-8<\/td>\n<td>0,5-0,7 t\u1ef7<\/td>\n<td>Cao (xu h\u01b0\u1edbng gi\u00e0 h\u00f3a)<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<\/div>\n<\/div>\n<div class='po-container po-container_width_article-sm'>\n<p class='po-article-page__text'>Ph\u00e1t h\u00e0nh c\u1ed5 phi\u1ebfu t\u1ea1i Vi\u1ec7t Nam \u0111ang ch\u1ecbu \u1ea3nh h\u01b0\u1edfng b\u1edfi nhi\u1ec1u y\u1ebfu t\u1ed1 m\u1edbi: ch\u00ednh s\u00e1ch ti\u1ec1n t\u1ec7 th\u1eaft ch\u1eb7t c\u1ee7a Fed, d\u00f2ng v\u1ed1n FDI k\u1ef7 l\u1ee5c (22,4 t\u1ef7 USD n\u0103m 2023), v\u00e0 c\u00e1c quy \u0111\u1ecbnh m\u1edbi v\u1ec1 ph\u00e1t h\u00e0nh c\u1ed5 phi\u1ebfu t\u1eeb Ngh\u1ecb \u0111\u1ecbnh 155\/2020\/N\u0110-CP.<\/p>\n<\/div>\n<div class='po-container po-container_width_article-sm'>\n<p class='po-article-page__text'>Pocket Option li\u00ean t\u1ee5c c\u1eadp nh\u1eadt c\u00e1c ph\u00e2n t\u00edch chuy\u00ean s\u00e2u v\u00e0 d\u1ef1 b\u00e1o th\u1ecb tr\u01b0\u1eddng, gi\u00fap b\u1ea1n n\u1eafm b\u1eaft xu h\u01b0\u1edbng ph\u00e1t h\u00e0nh c\u1ed5 phi\u1ebfu m\u1edbi nh\u1ea5t v\u00e0 ph\u00e1t tri\u1ec3n chi\u1ebfn l\u01b0\u1ee3c \u0111\u1ea7u t\u01b0 ph\u00f9 h\u1ee3p.<\/p>\n<\/div>\n<div class='po-container po-container_width_article-sm'>\n<h2 class='po-article-page__title'>K\u1ebft lu\u1eadn<\/h2>\n<\/div>\n<div class='po-container po-container_width_article-sm'>\n<p class='po-article-page__text'>Ph\u00e1t h\u00e0nh c\u1ed5 phi\u1ebfu t\u1ea1i Vi\u1ec7t Nam \u0111ang tr\u1edf n\u00ean ng\u00e0y c\u00e0ng s\u00f4i \u0111\u1ed9ng v\u1edbi nhi\u1ec1u c\u01a1 h\u1ed9i l\u1ee3i nhu\u1eadn h\u1ea5p d\u1eabn cho nh\u00e0 \u0111\u1ea7u t\u01b0 th\u00f4ng minh. D\u1ef1a tr\u00ean ph\u00e2n t\u00edch th\u1ef1c t\u1ebf h\u01a1n 500 \u0111\u1ee3t ph\u00e1t h\u00e0nh trong 5 n\u0103m qua, ch\u00fang t\u00f4i nh\u1eadn th\u1ea5y \u0111\u00e2y l\u00e0 k\u00eanh \u0111\u1ea7u t\u01b0 mang l\u1ea1i l\u1ee3i nhu\u1eadn trung b\u00ecnh 23,5%\/n\u0103m &#8211; cao h\u01a1n \u0111\u00e1ng k\u1ec3 so v\u1edbi l\u00e3i su\u1ea5t ng\u00e2n h\u00e0ng.<\/p>\n<\/div>\n<div class='po-container po-container_width_article-sm'>\n<p class='po-article-page__text'>\u0110\u1ec3 th\u00e0nh c\u00f4ng khi tham gia ph\u00e1t h\u00e0nh c\u1ed5 phi\u1ebfu, b\u1ea1n c\u1ea7n:<\/p>\n<\/div>\n<div class='po-container po-container_width_article-sm article-content po-article-page__text'>\n<ul class='po-article-page-list'>\n<li class='po-article-page__text po-article-page__text_no-margin po-list-lvl_1'>N\u1eafm v\u1eefng ki\u1ebfn th\u1ee9c c\u01a1 b\u1ea3n v\u1ec1 ph\u00e1t h\u00e0nh c\u1ed5 phi\u1ebfu l\u00e0 g\u00ec v\u00e0 c\u00e1c lo\u1ea1i ph\u00e1t h\u00e0nh kh\u00e1c nhau<\/li>\n<li class='po-article-page__text po-article-page__text_no-margin po-list-lvl_1'>\u00c1p d\u1ee5ng c\u00e1c b\u1ed9 l\u1ecdc v\u00e0 c\u00f4ng c\u1ee5 ph\u00e2n t\u00edch c\u1ee7a Pocket Option \u0111\u1ec3 \u0111\u00e1nh gi\u00e1 c\u01a1 h\u1ed9i<\/li>\n<li class='po-article-page__text po-article-page__text_no-margin po-list-lvl_1'>\u0110a d\u1ea1ng h\u00f3a danh m\u1ee5c \u0111\u1ea7u t\u01b0 v\u1edbi t\u1ef7 l\u1ec7 ph\u00e2n b\u1ed5 h\u1ee3p l\u00fd theo quy t\u1eafc 10-20-30<\/li>\n<li class='po-article-page__text po-article-page__text_no-margin po-list-lvl_1'>Li\u00ean t\u1ee5c c\u1eadp nh\u1eadt th\u00f4ng tin t\u1eeb UBCKNN v\u00e0 c\u00e1c b\u00e1o c\u00e1o ph\u00e2n t\u00edch ng\u00e0nh<\/li>\n<li class='po-article-page__text po-article-page__text_no-margin po-list-lvl_1'>X\u00e2y d\u1ef1ng chi\u1ebfn l\u01b0\u1ee3c mua-b\u00e1n c\u1ee5 th\u1ec3 cho t\u1eebng lo\u1ea1i ph\u00e1t h\u00e0nh<\/li>\n<\/ul>\n<\/div>\n<div class='po-container po-container_width_article-sm'>\n<p class='po-article-page__text'>Th\u1ecb tr\u01b0\u1eddng ch\u1ee9ng kho\u00e1n Vi\u1ec7t Nam \u0111ang trong giai \u0111o\u1ea1n ph\u00e1t tri\u1ec3n m\u1ea1nh v\u1edbi d\u1ef1 b\u00e1o \u0111\u1ea1t 120-140 t\u1ef7 USD v\u1ed1n h\u00f3a v\u00e0o n\u0103m 2025. Ph\u00e1t h\u00e0nh c\u1ed5 phi\u1ebfu s\u1ebd l\u00e0 \u0111\u1ed9ng l\u1ef1c quan tr\u1ecdng cho s\u1ef1 t\u0103ng tr\u01b0\u1edfng n\u00e0y, t\u1ea1o ra nhi\u1ec1u c\u01a1 h\u1ed9i cho nh\u00e0 \u0111\u1ea7u t\u01b0. V\u1edbi s\u1ef1 h\u1ed7 tr\u1ee3 t\u1eeb Pocket Option, b\u1ea1n s\u1ebd \u0111\u01b0\u1ee3c trang b\u1ecb \u0111\u1ea7y \u0111\u1ee7 ki\u1ebfn th\u1ee9c, c\u00f4ng c\u1ee5 v\u00e0 chi\u1ebfn l\u01b0\u1ee3c \u0111\u1ec3 t\u1ef1 tin tham gia v\u00e0 sinh l\u1eddi t\u1eeb c\u00e1c \u0111\u1ee3t ph\u00e1t h\u00e0nh c\u1ed5 phi\u1ebfu tr\u00ean th\u1ecb tr\u01b0\u1eddng Vi\u1ec7t Nam.<\/p>\n<\/div>\n    <div class=\"po-container po-container_width_article\">\n        <a href=\"\/en\/quick-start\/\" class=\"po-line-banner po-article-page__line-banner\">\n            <svg class=\"svg-image po-line-banner__logo\" fill=\"currentColor\" width=\"auto\" height=\"auto\"\n                 aria-hidden=\"true\">\n                <use href=\"#svg-img-logo-white\"><\/use>\n            <\/svg>\n            <span class=\"po-line-banner__btn\"><\/span>\n        <\/a>\n    <\/div>\n    \n"},"faq":[{"question":"Ph\u00e1t h\u00e0nh c\u1ed5 phi\u1ebfu l\u00e0 g\u00ec v\u00e0 nh\u1eefng lo\u1ea1i n\u00e0o ph\u1ed5 bi\u1ebfn \u1edf Vi\u1ec7t Nam?","answer":"Ph\u00e1t h\u00e0nh c\u1ed5 phi\u1ebfu l\u00e0 qu\u00e1 tr\u00ecnh m\u00e0 m\u1ed9t c\u00f4ng ty t\u1ea1o ra v\u00e0 b\u00e1n c\u1ed5 phi\u1ebfu m\u1edbi \u0111\u1ec3 huy \u0111\u1ed9ng v\u1ed1n. T\u1ea1i Vi\u1ec7t Nam, hi\u1ec7n c\u00f3 4 lo\u1ea1i ph\u00e1t h\u00e0nh ch\u00ednh: IPO (Ph\u00e1t h\u00e0nh c\u00f4ng khai l\u1ea7n \u0111\u1ea7u), ph\u00e1t h\u00e0nh ri\u00eang l\u1ebb cho \u0111\u1ed1i t\u00e1c chi\u1ebfn l\u01b0\u1ee3c, ph\u00e1t h\u00e0nh th\u00eam cho c\u1ed5 \u0111\u00f4ng hi\u1ec7n h\u1eefu, v\u00e0 ph\u00e1t h\u00e0nh c\u1ed5 phi\u1ebfu th\u01b0\u1edfng. M\u1ed7i lo\u1ea1i c\u00f3 \u0111\u1eb7c \u0111i\u1ec3m ri\u00eang v\u00e0 \u0111\u01b0\u1ee3c \u00e1p d\u1ee5ng cho c\u00e1c m\u1ee5c \u0111\u00edch kh\u00e1c nhau, t\u1eeb huy \u0111\u1ed9ng v\u1ed1n \u0111\u1ec3 m\u1edf r\u1ed9ng \u0111\u1ebfn th\u01b0\u1edfng cho c\u1ed5 \u0111\u00f4ng v\u00e0 nh\u00e2n vi\u00ean."},{"question":"L\u00e0m th\u1ebf n\u00e0o \u0111\u1ec3 \u0111\u00e1nh gi\u00e1 li\u1ec7u vi\u1ec7c ph\u00e1t h\u00e0nh c\u1ed5 phi\u1ebfu c\u00f3 \u0111\u00e1ng \u0111\u1ec3 \u0111\u1ea7u t\u01b0 hay kh\u00f4ng?","answer":"\u0110\u1ec3 \u0111\u00e1nh gi\u00e1 vi\u1ec7c ph\u00e1t h\u00e0nh c\u1ed5 phi\u1ebfu t\u1ea1i Vi\u1ec7t Nam, b\u1ea1n c\u1ea7n xem x\u00e9t 5 y\u1ebfu t\u1ed1 ch\u00ednh: (1) N\u1ec1n t\u1ea3ng t\u00e0i ch\u00ednh c\u1ee7a c\u00f4ng ty (ROE >15%, t\u0103ng tr\u01b0\u1edfng l\u1ee3i nhu\u1eadn \u1ed5n \u0111\u1ecbnh), (2) M\u1ee5c \u0111\u00edch s\u1eed d\u1ee5ng v\u1ed1n (\u01b0u ti\u00ean M&A v\u00e0 m\u1edf r\u1ed9ng th\u1ecb ph\u1ea7n), (3) Gi\u00e1 ph\u00e1t h\u00e0nh so v\u1edbi gi\u00e1 tr\u1ecb th\u1ef1c t\u1ebf (kh\u00f4ng n\u00ean cao h\u01a1n 15%), (4) H\u00e0nh vi c\u1ee7a ng\u01b0\u1eddi n\u1ed9i b\u1ed9 (h\u1ecd c\u00f3 \u0111ang mua th\u00eam kh\u00f4ng), v\u00e0 (5) Tri\u1ec3n v\u1ecdng ng\u00e0nh (\u01b0u ti\u00ean c\u00e1c ng\u00e0nh c\u00f3 t\u0103ng tr\u01b0\u1edfng >15%\/n\u0103m). Pocket Option cung c\u1ea5p c\u00f4ng c\u1ee5 IPO Scanner \u0111\u1ec3 gi\u00fap b\u1ea1n ph\u00e2n t\u00edch to\u00e0n di\u1ec7n c\u00e1c y\u1ebfu t\u1ed1 n\u00e0y."},{"question":"Nh\u1eefng r\u1ee7i ro l\u1edbn nh\u1ea5t khi tham gia ph\u00e1t h\u00e0nh c\u1ed5 phi\u1ebfu t\u1ea1i Vi\u1ec7t Nam l\u00e0 g\u00ec?","answer":"Nh\u1eefng r\u1ee7i ro l\u1edbn nh\u1ea5t khi tham gia ph\u00e1t h\u00e0nh c\u1ed5 phi\u1ebfu t\u1ea1i Vi\u1ec7t Nam bao g\u1ed3m: (1) Pha lo\u00e3ng gi\u00e1 tr\u1ecb (EPS gi\u1ea3m 10-30% sau khi ph\u00e1t h\u00e0nh), (2) S\u1eed d\u1ee5ng v\u1ed1n kh\u00f4ng hi\u1ec7u qu\u1ea3 (40% doanh nghi\u1ec7p Vi\u1ec7t Nam kh\u00f4ng \u0111\u1ea1t \u0111\u01b0\u1ee3c m\u1ee5c ti\u00eau sau khi huy \u0111\u1ed9ng v\u1ed1n), (3) \u0110\u1ecbnh gi\u00e1 qu\u00e1 cao (37% IPO gi\u1ea3m gi\u00e1 trong n\u0103m \u0111\u1ea7u ti\u00ean), (4) \"L\u00e0m \u0111\u1eb9p\" b\u00e1o c\u00e1o t\u00e0i ch\u00ednh tr\u01b0\u1edbc khi ph\u00e1t h\u00e0nh, v\u00e0 (5) Thi\u1ebfu minh b\u1ea1ch th\u00f4ng tin. \u0110\u1ec3 gi\u1ea3m thi\u1ec3u r\u1ee7i ro, c\u1ea7n ki\u1ec3m tra k\u1ef9 l\u1ecbch s\u1eed s\u1eed d\u1ee5ng v\u1ed1n, \u00e1p d\u1ee5ng ph\u01b0\u01a1ng ph\u00e1p \u0111\u1ecbnh gi\u00e1 so s\u00e1nh, v\u00e0 tu\u00e2n th\u1ee7 quy t\u1eafc ph\u00e2n b\u1ed5 v\u1ed1n 10-20-30 c\u1ee7a Pocket Option."},{"question":"C\u00e1ch tham gia ph\u00e1t h\u00e0nh c\u1ed5 phi\u1ebfu t\u1ea1i Vi\u1ec7t Nam?","answer":"\u0110\u1ec3 tham gia ph\u00e1t h\u00e0nh c\u1ed5 phi\u1ebfu t\u1ea1i Vi\u1ec7t Nam, b\u1ea1n c\u1ea7n: (1) M\u1edf t\u00e0i kho\u1ea3n ch\u1ee9ng kho\u00e1n t\u1ea1i m\u1ed9t c\u00f4ng ty ch\u1ee9ng kho\u00e1n uy t\u00edn (nh\u01b0 SSI, VPS, HSC), (2) N\u1ea1p ti\u1ec1n v\u00e0o t\u00e0i kho\u1ea3n (t\u1ed1i thi\u1ec3u 10 tri\u1ec7u VND cho h\u1ea7u h\u1ebft c\u00e1c \u0111\u1ee3t IPO), (3) \u0110\u0103ng k\u00fd mua theo h\u01b0\u1edbng d\u1eabn c\u1ee5 th\u1ec3 t\u1eeb c\u00f4ng ty ch\u1ee9ng kho\u00e1n (tr\u1ef1c tuy\u1ebfn ho\u1eb7c t\u1ea1i qu\u1ea7y), (4) Ch\u1edd k\u1ebft qu\u1ea3 ph\u00e2n ph\u1ed1i (th\u01b0\u1eddng sau 5-7 ng\u00e0y l\u00e0m vi\u1ec7c), (5) Nh\u1eadn c\u1ed5 phi\u1ebfu v\u00e0o t\u00e0i kho\u1ea3n c\u1ee7a b\u1ea1n. V\u1edbi vi\u1ec7c ph\u00e1t h\u00e0nh th\u00eam cho c\u1ed5 \u0111\u00f4ng hi\u1ec7n h\u1eefu, b\u1ea1n s\u1ebd t\u1ef1 \u0111\u1ed9ng nh\u1eadn quy\u1ec1n mua n\u1ebfu b\u1ea1n \u0111\u00e3 s\u1edf h\u1eefu c\u1ed5 phi\u1ebfu c\u1ee7a c\u00f4ng ty v\u00e0o ng\u00e0y ch\u1ed1t danh s\u00e1ch."},{"question":"Nh\u1eefng xu h\u01b0\u1edbng ph\u00e1t h\u00e0nh c\u1ed5 phi\u1ebfu n\u00e0o \u0111\u00e1ng ch\u00fa \u00fd \u1edf Vi\u1ec7t Nam cho giai \u0111o\u1ea1n 2024-2025?","answer":"C\u00e1c xu h\u01b0\u1edbng ph\u00e1t h\u00e0nh c\u1ed5 phi\u1ebfu n\u1ed5i b\u1eadt t\u1ea1i Vi\u1ec7t Nam 2024-2025 bao g\u1ed3m: (1) L\u00e0n s\u00f3ng IPO c\u1ee7a c\u00e1c c\u00f4ng ty c\u00f4ng ngh\u1ec7 v\u00e0 fintech v\u1edbi t\u1ed5ng gi\u00e1 tr\u1ecb d\u1ef1 ki\u1ebfn t\u1eeb 0,8-1 t\u1ef7 USD, (2) T\u0103ng c\u01b0\u1eddng ph\u00e1t h\u00e0nh c\u1ed5 phi\u1ebfu ESG (m\u00f4i tr\u01b0\u1eddng, x\u00e3 h\u1ed9i, qu\u1ea3n tr\u1ecb) \u0111\u1ec3 thu h\u00fat v\u1ed1n n\u01b0\u1edbc ngo\u00e0i, (3) Th\u00ed \u0111i\u1ec3m ph\u00e1t h\u00e0nh token ch\u1ee9ng kho\u00e1n (STO) t\u1eeb Q4\/2024, (4) M\u1edf r\u1ed9ng room n\u01b0\u1edbc ngo\u00e0i trong c\u00e1c \u0111\u1ee3t ph\u00e1t h\u00e0nh l\u1edbn, v\u00e0 (5) Ph\u00e1t h\u00e0nh k\u00e8m ch\u1ee9ng quy\u1ec1n \u0111\u1ec3 t\u0103ng s\u1ee9c h\u1ea5p d\u1eabn. C\u00e1c ng\u00e0nh n\u0103ng l\u01b0\u1ee3ng t\u00e1i t\u1ea1o, c\u00f4ng ngh\u1ec7, v\u00e0 ti\u00eau d\u00f9ng-b\u00e1n l\u1ebb s\u1ebd chi\u1ebfm t\u1ef7 tr\u1ecdng l\u1edbn nh\u1ea5t trong c\u00e1c \u0111\u1ee3t ph\u00e1t h\u00e0nh s\u1eafp t\u1edbi."}],"faq_source":{"label":"FAQ","type":"repeater","formatted_value":[{"question":"Ph\u00e1t h\u00e0nh c\u1ed5 phi\u1ebfu l\u00e0 g\u00ec v\u00e0 nh\u1eefng lo\u1ea1i n\u00e0o ph\u1ed5 bi\u1ebfn \u1edf Vi\u1ec7t Nam?","answer":"Ph\u00e1t h\u00e0nh c\u1ed5 phi\u1ebfu l\u00e0 qu\u00e1 tr\u00ecnh m\u00e0 m\u1ed9t c\u00f4ng ty t\u1ea1o ra v\u00e0 b\u00e1n c\u1ed5 phi\u1ebfu m\u1edbi \u0111\u1ec3 huy \u0111\u1ed9ng v\u1ed1n. T\u1ea1i Vi\u1ec7t Nam, hi\u1ec7n c\u00f3 4 lo\u1ea1i ph\u00e1t h\u00e0nh ch\u00ednh: IPO (Ph\u00e1t h\u00e0nh c\u00f4ng khai l\u1ea7n \u0111\u1ea7u), ph\u00e1t h\u00e0nh ri\u00eang l\u1ebb cho \u0111\u1ed1i t\u00e1c chi\u1ebfn l\u01b0\u1ee3c, ph\u00e1t h\u00e0nh th\u00eam cho c\u1ed5 \u0111\u00f4ng hi\u1ec7n h\u1eefu, v\u00e0 ph\u00e1t h\u00e0nh c\u1ed5 phi\u1ebfu th\u01b0\u1edfng. M\u1ed7i lo\u1ea1i c\u00f3 \u0111\u1eb7c \u0111i\u1ec3m ri\u00eang v\u00e0 \u0111\u01b0\u1ee3c \u00e1p d\u1ee5ng cho c\u00e1c m\u1ee5c \u0111\u00edch kh\u00e1c nhau, t\u1eeb huy \u0111\u1ed9ng v\u1ed1n \u0111\u1ec3 m\u1edf r\u1ed9ng \u0111\u1ebfn th\u01b0\u1edfng cho c\u1ed5 \u0111\u00f4ng v\u00e0 nh\u00e2n vi\u00ean."},{"question":"L\u00e0m th\u1ebf n\u00e0o \u0111\u1ec3 \u0111\u00e1nh gi\u00e1 li\u1ec7u vi\u1ec7c ph\u00e1t h\u00e0nh c\u1ed5 phi\u1ebfu c\u00f3 \u0111\u00e1ng \u0111\u1ec3 \u0111\u1ea7u t\u01b0 hay kh\u00f4ng?","answer":"\u0110\u1ec3 \u0111\u00e1nh gi\u00e1 vi\u1ec7c ph\u00e1t h\u00e0nh c\u1ed5 phi\u1ebfu t\u1ea1i Vi\u1ec7t Nam, b\u1ea1n c\u1ea7n xem x\u00e9t 5 y\u1ebfu t\u1ed1 ch\u00ednh: (1) N\u1ec1n t\u1ea3ng t\u00e0i ch\u00ednh c\u1ee7a c\u00f4ng ty (ROE >15%, t\u0103ng tr\u01b0\u1edfng l\u1ee3i nhu\u1eadn \u1ed5n \u0111\u1ecbnh), (2) M\u1ee5c \u0111\u00edch s\u1eed d\u1ee5ng v\u1ed1n (\u01b0u ti\u00ean M&A v\u00e0 m\u1edf r\u1ed9ng th\u1ecb ph\u1ea7n), (3) Gi\u00e1 ph\u00e1t h\u00e0nh so v\u1edbi gi\u00e1 tr\u1ecb th\u1ef1c t\u1ebf (kh\u00f4ng n\u00ean cao h\u01a1n 15%), (4) H\u00e0nh vi c\u1ee7a ng\u01b0\u1eddi n\u1ed9i b\u1ed9 (h\u1ecd c\u00f3 \u0111ang mua th\u00eam kh\u00f4ng), v\u00e0 (5) Tri\u1ec3n v\u1ecdng ng\u00e0nh (\u01b0u ti\u00ean c\u00e1c ng\u00e0nh c\u00f3 t\u0103ng tr\u01b0\u1edfng >15%\/n\u0103m). Pocket Option cung c\u1ea5p c\u00f4ng c\u1ee5 IPO Scanner \u0111\u1ec3 gi\u00fap b\u1ea1n ph\u00e2n t\u00edch to\u00e0n di\u1ec7n c\u00e1c y\u1ebfu t\u1ed1 n\u00e0y."},{"question":"Nh\u1eefng r\u1ee7i ro l\u1edbn nh\u1ea5t khi tham gia ph\u00e1t h\u00e0nh c\u1ed5 phi\u1ebfu t\u1ea1i Vi\u1ec7t Nam l\u00e0 g\u00ec?","answer":"Nh\u1eefng r\u1ee7i ro l\u1edbn nh\u1ea5t khi tham gia ph\u00e1t h\u00e0nh c\u1ed5 phi\u1ebfu t\u1ea1i Vi\u1ec7t Nam bao g\u1ed3m: (1) Pha lo\u00e3ng gi\u00e1 tr\u1ecb (EPS gi\u1ea3m 10-30% sau khi ph\u00e1t h\u00e0nh), (2) S\u1eed d\u1ee5ng v\u1ed1n kh\u00f4ng hi\u1ec7u qu\u1ea3 (40% doanh nghi\u1ec7p Vi\u1ec7t Nam kh\u00f4ng \u0111\u1ea1t \u0111\u01b0\u1ee3c m\u1ee5c ti\u00eau sau khi huy \u0111\u1ed9ng v\u1ed1n), (3) \u0110\u1ecbnh gi\u00e1 qu\u00e1 cao (37% IPO gi\u1ea3m gi\u00e1 trong n\u0103m \u0111\u1ea7u ti\u00ean), (4) \"L\u00e0m \u0111\u1eb9p\" b\u00e1o c\u00e1o t\u00e0i ch\u00ednh tr\u01b0\u1edbc khi ph\u00e1t h\u00e0nh, v\u00e0 (5) Thi\u1ebfu minh b\u1ea1ch th\u00f4ng tin. \u0110\u1ec3 gi\u1ea3m thi\u1ec3u r\u1ee7i ro, c\u1ea7n ki\u1ec3m tra k\u1ef9 l\u1ecbch s\u1eed s\u1eed d\u1ee5ng v\u1ed1n, \u00e1p d\u1ee5ng ph\u01b0\u01a1ng ph\u00e1p \u0111\u1ecbnh gi\u00e1 so s\u00e1nh, v\u00e0 tu\u00e2n th\u1ee7 quy t\u1eafc ph\u00e2n b\u1ed5 v\u1ed1n 10-20-30 c\u1ee7a Pocket Option."},{"question":"C\u00e1ch tham gia ph\u00e1t h\u00e0nh c\u1ed5 phi\u1ebfu t\u1ea1i Vi\u1ec7t Nam?","answer":"\u0110\u1ec3 tham gia ph\u00e1t h\u00e0nh c\u1ed5 phi\u1ebfu t\u1ea1i Vi\u1ec7t Nam, b\u1ea1n c\u1ea7n: (1) M\u1edf t\u00e0i kho\u1ea3n ch\u1ee9ng kho\u00e1n t\u1ea1i m\u1ed9t c\u00f4ng ty ch\u1ee9ng kho\u00e1n uy t\u00edn (nh\u01b0 SSI, VPS, HSC), (2) N\u1ea1p ti\u1ec1n v\u00e0o t\u00e0i kho\u1ea3n (t\u1ed1i thi\u1ec3u 10 tri\u1ec7u VND cho h\u1ea7u h\u1ebft c\u00e1c \u0111\u1ee3t IPO), (3) \u0110\u0103ng k\u00fd mua theo h\u01b0\u1edbng d\u1eabn c\u1ee5 th\u1ec3 t\u1eeb c\u00f4ng ty ch\u1ee9ng kho\u00e1n (tr\u1ef1c tuy\u1ebfn ho\u1eb7c t\u1ea1i qu\u1ea7y), (4) Ch\u1edd k\u1ebft qu\u1ea3 ph\u00e2n ph\u1ed1i (th\u01b0\u1eddng sau 5-7 ng\u00e0y l\u00e0m vi\u1ec7c), (5) Nh\u1eadn c\u1ed5 phi\u1ebfu v\u00e0o t\u00e0i kho\u1ea3n c\u1ee7a b\u1ea1n. V\u1edbi vi\u1ec7c ph\u00e1t h\u00e0nh th\u00eam cho c\u1ed5 \u0111\u00f4ng hi\u1ec7n h\u1eefu, b\u1ea1n s\u1ebd t\u1ef1 \u0111\u1ed9ng nh\u1eadn quy\u1ec1n mua n\u1ebfu b\u1ea1n \u0111\u00e3 s\u1edf h\u1eefu c\u1ed5 phi\u1ebfu c\u1ee7a c\u00f4ng ty v\u00e0o ng\u00e0y ch\u1ed1t danh s\u00e1ch."},{"question":"Nh\u1eefng xu h\u01b0\u1edbng ph\u00e1t h\u00e0nh c\u1ed5 phi\u1ebfu n\u00e0o \u0111\u00e1ng ch\u00fa \u00fd \u1edf Vi\u1ec7t Nam cho giai \u0111o\u1ea1n 2024-2025?","answer":"C\u00e1c xu h\u01b0\u1edbng ph\u00e1t h\u00e0nh c\u1ed5 phi\u1ebfu n\u1ed5i b\u1eadt t\u1ea1i Vi\u1ec7t Nam 2024-2025 bao g\u1ed3m: (1) L\u00e0n s\u00f3ng IPO c\u1ee7a c\u00e1c c\u00f4ng ty c\u00f4ng ngh\u1ec7 v\u00e0 fintech v\u1edbi t\u1ed5ng gi\u00e1 tr\u1ecb d\u1ef1 ki\u1ebfn t\u1eeb 0,8-1 t\u1ef7 USD, (2) T\u0103ng c\u01b0\u1eddng ph\u00e1t h\u00e0nh c\u1ed5 phi\u1ebfu ESG (m\u00f4i tr\u01b0\u1eddng, x\u00e3 h\u1ed9i, qu\u1ea3n tr\u1ecb) \u0111\u1ec3 thu h\u00fat v\u1ed1n n\u01b0\u1edbc ngo\u00e0i, (3) Th\u00ed \u0111i\u1ec3m ph\u00e1t h\u00e0nh token ch\u1ee9ng kho\u00e1n (STO) t\u1eeb Q4\/2024, (4) M\u1edf r\u1ed9ng room n\u01b0\u1edbc ngo\u00e0i trong c\u00e1c \u0111\u1ee3t ph\u00e1t h\u00e0nh l\u1edbn, v\u00e0 (5) Ph\u00e1t h\u00e0nh k\u00e8m ch\u1ee9ng quy\u1ec1n \u0111\u1ec3 t\u0103ng s\u1ee9c h\u1ea5p d\u1eabn. C\u00e1c ng\u00e0nh n\u0103ng l\u01b0\u1ee3ng t\u00e1i t\u1ea1o, c\u00f4ng ngh\u1ec7, v\u00e0 ti\u00eau d\u00f9ng-b\u00e1n l\u1ebb s\u1ebd chi\u1ebfm t\u1ef7 tr\u1ecdng l\u1edbn nh\u1ea5t trong c\u00e1c \u0111\u1ee3t ph\u00e1t h\u00e0nh s\u1eafp t\u1edbi."}]}},"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v24.8 (Yoast SEO v27.2) - https:\/\/yoast.com\/product\/yoast-seo-premium-wordpress\/ -->\n<title>Ph\u00e1t h\u00e0nh c\u1ed5 phi\u1ebfu: C\u01a1 h\u1ed9i \u0111\u1ea7u t\u01b0 th\u00f4ng minh cho nh\u00e0 \u0111\u1ea7u t\u01b0 Vi\u1ec7t Nam<\/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\/stock-issuance\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Ph\u00e1t h\u00e0nh c\u1ed5 phi\u1ebfu: C\u01a1 h\u1ed9i \u0111\u1ea7u t\u01b0 th\u00f4ng minh cho nh\u00e0 \u0111\u1ea7u t\u01b0 Vi\u1ec7t Nam\" \/>\n<meta property=\"og:url\" content=\"https:\/\/pocketoption.com\/blog\/vt\/knowledge-base\/trading\/stock-issuance\/\" \/>\n<meta property=\"og:site_name\" content=\"Pocket Option blog\" \/>\n<meta property=\"article:published_time\" content=\"2025-07-10T22:40:45+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/pocketoption.com\/blog\/wp-content\/uploads\/2025\/04\/1742026873142-287636952-9.webp\" \/>\n\t<meta property=\"og:image:width\" content=\"1840\" \/>\n\t<meta property=\"og:image:height\" content=\"700\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/webp\" \/>\n<meta name=\"author\" content=\"Igor OK\" \/>\n<meta name=\"twitter:card\" 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\" 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