{"id":302366,"date":"2025-07-11T23:16:43","date_gmt":"2025-07-11T23:16:43","guid":{"rendered":"https:\/\/pocketoption.com\/blog\/news-events\/data\/vhm-stocks-2\/"},"modified":"2025-07-11T23:16:43","modified_gmt":"2025-07-11T23:16:43","slug":"vhm-stocks","status":"publish","type":"post","link":"https:\/\/pocketoption.com\/blog\/vt\/knowledge-base\/markets\/vhm-stocks\/","title":{"rendered":"C\u1ed5 phi\u1ebfu VHM: Ph\u00e2n t\u00edch to\u00e0n di\u1ec7n v\u00e0 Chi\u1ebfn l\u01b0\u1ee3c \u0111\u1ea7u t\u01b0 hi\u1ec7u qu\u1ea3 2025"},"content":{"rendered":"<div id=\"root\"><div id=\"wrap-img-root\"><\/div><\/div>","protected":false},"excerpt":{"rendered":"","protected":false},"author":50,"featured_media":228257,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[21],"tags":[28,39,45,44],"class_list":["post-302366","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-markets","tag-investment","tag-platform","tag-stock","tag-strategy"],"acf":{"h1":"Pocket Option: Ph\u00e2n T\u00edch To\u00e0n Di\u1ec7n C\u1ed5 Phi\u1ebfu VHM N\u0103m 2025","h1_source":{"label":"H1","type":"text","formatted_value":"Pocket Option: Ph\u00e2n T\u00edch To\u00e0n Di\u1ec7n C\u1ed5 Phi\u1ebfu VHM N\u0103m 2025"},"description":"C\u1ed5 phi\u1ebfu VHM - Ph\u00e2n t\u00edch chuy\u00ean s\u00e2u m\u1edbi nh\u1ea5t, d\u1eef li\u1ec7u th\u1ecb tr\u01b0\u1eddng c\u1eadp nh\u1eadt v\u00e0 chi\u1ebfn l\u01b0\u1ee3c \u0111\u1ea7u t\u01b0 \u0111\u1ed9c quy\u1ec1n cho c\u00e1c nh\u00e0 \u0111\u1ea7u t\u01b0 Vi\u1ec7t Nam. H\u00e0nh \u0111\u1ed9ng ngay v\u1edbi Pocket Option \u0111\u1ec3 t\u1ed1i \u0111a h\u00f3a l\u1ee3i nhu\u1eadn!","description_source":{"label":"Description","type":"textarea","formatted_value":"C\u1ed5 phi\u1ebfu VHM - Ph\u00e2n t\u00edch chuy\u00ean s\u00e2u m\u1edbi nh\u1ea5t, d\u1eef li\u1ec7u th\u1ecb tr\u01b0\u1eddng c\u1eadp nh\u1eadt v\u00e0 chi\u1ebfn l\u01b0\u1ee3c \u0111\u1ea7u t\u01b0 \u0111\u1ed9c quy\u1ec1n cho c\u00e1c nh\u00e0 \u0111\u1ea7u t\u01b0 Vi\u1ec7t Nam. H\u00e0nh \u0111\u1ed9ng ngay v\u1edbi Pocket Option \u0111\u1ec3 t\u1ed1i \u0111a h\u00f3a l\u1ee3i nhu\u1eadn!"},"intro":"Ph\u00e2n t\u00edch chuy\u00ean s\u00e2u n\u00e0y kh\u00e1m ph\u00e1 t\u1ea5t c\u1ea3 c\u00e1c kh\u00eda c\u1ea1nh c\u1ee7a c\u1ed5 phi\u1ebfu VHM (Vinhomes) - m\u1ed9t trong nh\u1eefng ch\u1ee9ng kho\u00e1n c\u00f3 t\u00ednh thanh kho\u1ea3n cao nh\u1ea5t tr\u00ean HOSE. D\u1ef1a tr\u00ean d\u1eef li\u1ec7u m\u1edbi nh\u1ea5t t\u1eeb Q1\/2025, b\u00e0i vi\u1ebft cung c\u1ea5p c\u00e1i nh\u00ecn \u0111a chi\u1ec1u v\u1ec1 c\u00e1c y\u1ebfu t\u1ed1 \u1ea3nh h\u01b0\u1edfng \u0111\u1ebfn bi\u1ebfn \u0111\u1ed9ng gi\u00e1, tri\u1ec3n v\u1ecdng t\u0103ng tr\u01b0\u1edfng, v\u00e0 c\u00e1c chi\u1ebfn l\u01b0\u1ee3c \u0111\u1ea7u t\u01b0 c\u1ee5 th\u1ec3 \u0111\u1ec3 t\u1ed1i \u01b0u h\u00f3a l\u1ee3i nhu\u1eadn trong b\u1ed1i c\u1ea3nh th\u1ecb tr\u01b0\u1eddng hi\u1ec7n t\u1ea1i.","intro_source":{"label":"Intro","type":"text","formatted_value":"Ph\u00e2n t\u00edch chuy\u00ean s\u00e2u n\u00e0y kh\u00e1m ph\u00e1 t\u1ea5t c\u1ea3 c\u00e1c kh\u00eda c\u1ea1nh c\u1ee7a c\u1ed5 phi\u1ebfu VHM (Vinhomes) - m\u1ed9t trong nh\u1eefng ch\u1ee9ng kho\u00e1n c\u00f3 t\u00ednh thanh kho\u1ea3n cao nh\u1ea5t tr\u00ean HOSE. D\u1ef1a tr\u00ean d\u1eef li\u1ec7u m\u1edbi nh\u1ea5t t\u1eeb Q1\/2025, b\u00e0i vi\u1ebft cung c\u1ea5p c\u00e1i nh\u00ecn \u0111a chi\u1ec1u v\u1ec1 c\u00e1c y\u1ebfu t\u1ed1 \u1ea3nh h\u01b0\u1edfng \u0111\u1ebfn bi\u1ebfn \u0111\u1ed9ng gi\u00e1, tri\u1ec3n v\u1ecdng t\u0103ng tr\u01b0\u1edfng, v\u00e0 c\u00e1c chi\u1ebfn l\u01b0\u1ee3c \u0111\u1ea7u t\u01b0 c\u1ee5 th\u1ec3 \u0111\u1ec3 t\u1ed1i \u01b0u h\u00f3a l\u1ee3i nhu\u1eadn trong b\u1ed1i c\u1ea3nh th\u1ecb tr\u01b0\u1eddng hi\u1ec7n t\u1ea1i."},"body_html":"<div class='po-container po-container_width_article-sm'><h2 class='po-article-page__title'>T\u1ed5ng quan v\u1ec1 c\u1ed5 phi\u1ebfu VHM v\u00e0 v\u1ecb th\u1ebf d\u1eabn \u0111\u1ea7u trong ng\u00e0nh b\u1ea5t \u0111\u1ed9ng s\u1ea3n Vi\u1ec7t Nam<\/h2><\/div><div class='po-container po-container_width_article-sm'><p class='po-article-page__text'>C\u1ed5 phi\u1ebfu VHM - m\u00e3 c\u1ed5 phi\u1ebfu c\u1ee7a C\u00f4ng ty C\u1ed5 ph\u1ea7n Vinhomes - l\u00e0 \u0111\u1ea1i di\u1ec7n h\u00e0ng \u0111\u1ea7u c\u1ee7a ng\u00e0nh b\u1ea5t \u0111\u1ed9ng s\u1ea3n tr\u00ean s\u00e0n HOSE. \u0110\u01b0\u1ee3c ni\u00eam y\u1ebft t\u1eeb th\u00e1ng 5 n\u0103m 2018, VHM nhanh ch\u00f3ng chi\u1ebfm v\u1ecb tr\u00ed trong top 3 c\u1ed5 phi\u1ebfu c\u00f3 v\u1ed1n h\u00f3a th\u1ecb tr\u01b0\u1eddng l\u1edbn nh\u1ea5t, hi\u1ec7n \u0111\u01b0\u1ee3c \u0111\u1ecbnh gi\u00e1 kho\u1ea3ng 220,000 t\u1ef7 VND, v\u00e0 l\u00e0 m\u1ed9t th\u00e0nh ph\u1ea7n quan tr\u1ecdng trong r\u1ed5 VN30.<\/p><\/div><div class='po-container po-container_width_article-sm'><p class='po-article-page__text'>Vinhomes kh\u1eb3ng \u0111\u1ecbnh v\u1ecb th\u1ebf v\u1edbi th\u1ecb ph\u1ea7n v\u01b0\u1ee3t tr\u1ed9i trong ph\u00e2n kh\u00fac b\u1ea5t \u0111\u1ed9ng s\u1ea3n cao c\u1ea5p v\u00e0 trung c\u1ea5p, s\u1edf h\u1eefu qu\u1ef9 \u0111\u1ea5t l\u00ean \u0111\u1ebfn 16,000 ha - l\u1edbn nh\u1ea5t Vi\u1ec7t Nam. M\u00f4 h\u00ecnh \u0111\u1ea1i \u0111\u00f4 th\u1ecb t\u00edch h\u1ee3p h\u1ec7 sinh th\u00e1i d\u1ecbch v\u1ee5 c\u1ee7a Vingroup t\u1ea1o ra l\u1ee3i th\u1ebf c\u1ea1nh tranh v\u01b0\u1ee3t tr\u1ed9i m\u00e0 \u00edt \u0111\u1ed1i th\u1ee7 c\u00f3 th\u1ec3 s\u00e1nh k\u1ecbp.<\/p><\/div><div class='po-container po-container_width_article-sm'><p class='po-article-page__text'>T\u00ednh \u0111\u1ebfn qu\u00fd 1\/2025, gi\u00e1 c\u1ed5 phi\u1ebfu VHM \u0111\u00e3 tr\u1ea3i qua m\u1ed9t chu k\u1ef3 bi\u1ebfn \u0111\u1ed9ng m\u1ea1nh, t\u1eeb \u0111\u1ec9nh 115,000 VND (\u0111\u1ea7u n\u0103m 2022) xu\u1ed1ng \u0111\u00e1y 37,000 VND (cu\u1ed1i n\u0103m 2023), v\u00e0 hi\u1ec7n \u0111ang trong xu h\u01b0\u1edbng ph\u1ee5c h\u1ed3i. S\u1ef1 ph\u00e1t tri\u1ec3n n\u00e0y kh\u00f4ng ch\u1ec9 ph\u1ea3n \u00e1nh k\u1ebft qu\u1ea3 kinh doanh c\u1ee7a c\u00f4ng ty m\u00e0 c\u00f2n l\u00e0 bi\u1ec3u hi\u1ec7n r\u00f5 n\u00e9t nh\u1ea5t c\u1ee7a chu k\u1ef3 th\u1ecb tr\u01b0\u1eddng b\u1ea5t \u0111\u1ed9ng s\u1ea3n Vi\u1ec7t Nam. Nh\u00e0 \u0111\u1ea7u t\u01b0 quan t\u00e2m \u0111\u1ebfn c\u1ed5 phi\u1ebfu Vinhomes c\u1ea7n ph\u00e2n t\u00edch s\u00e2u c\u00e1c ch\u1ec9 s\u1ed1 t\u00e0i ch\u00ednh c\u1ed1t l\u00f5i tr\u01b0\u1edbc khi \u0111\u01b0a ra quy\u1ebft \u0111\u1ecbnh \u0111\u1ea7u t\u01b0.<\/p><\/div><div class='po-container po-container_width_article po-article-page__table'><div class='po-table'><table><thead><tr><th>Ch\u1ec9 s\u1ed1<\/th><th>Tham s\u1ed1<\/th><th>So s\u00e1nh ng\u00e0nh<\/th><\/tr><\/thead><tbody><tr><td>V\u1ed1n h\u00f3a th\u1ecb tr\u01b0\u1eddng<\/td><td>220,000 t\u1ef7 VND<\/td><td>L\u1edbn g\u1ea5p 3 l\u1ea7n \u0111\u1ed1i th\u1ee7 g\u1ea7n nh\u1ea5t<\/td><\/tr><tr><td>T\u1ef7 l\u1ec7 t\u1ef1 do chuy\u1ec3n nh\u01b0\u1ee3ng<\/td><td>29.8%<\/td><td>Thanh kho\u1ea3n trung b\u00ecnh 1.2 tri\u1ec7u c\u1ed5 phi\u1ebfu\/phi\u00ean<\/td><\/tr><tr><td>Qu\u1ef9 \u0111\u1ea5t<\/td><td>16,380 ha<\/td><td>L\u1edbn nh\u1ea5t ng\u00e0nh, \u0111\u1ea3m b\u1ea3o ph\u00e1t tri\u1ec3n trong 15-20 n\u0103m<\/td><\/tr><tr><td>ROE (2024)<\/td><td>27.3%<\/td><td>Cao h\u01a1n trung b\u00ecnh ng\u00e0nh 45%<\/td><\/tr><\/tbody><\/table><\/div><\/div><div class='po-container po-container_width_article-sm'><h2 class='po-article-page__title'>Ph\u00e2n t\u00edch bi\u1ebfn \u0111\u1ed9ng gi\u00e1 c\u1ed5 phi\u1ebfu VHM: Chu k\u1ef3 2022-2025<\/h2><\/div><div class='po-container po-container_width_article-sm'><p class='po-article-page__text'>Ph\u00e2n t\u00edch k\u1ef9 l\u01b0\u1ee1ng bi\u1ebfn \u0111\u1ed9ng gi\u00e1 c\u1ed5 phi\u1ebfu VHM trong 3 n\u0103m qua cho th\u1ea5y m\u1ed9t m\u00f4 h\u00ecnh chu k\u1ef3 r\u00f5 r\u00e0ng, kh\u00f4ng ch\u1ec9 ph\u1ea3n \u00e1nh k\u1ebft qu\u1ea3 kinh doanh c\u1ee7a Vinhomes m\u00e0 c\u00f2n \u0111\u00f3ng vai tr\u00f2 nh\u01b0 m\u1ed9t \"nhi\u1ec7t k\u1ebf\" \u0111o l\u01b0\u1eddng s\u1ee9c kh\u1ecfe c\u1ee7a to\u00e0n ng\u00e0nh b\u1ea5t \u0111\u1ed9ng s\u1ea3n. T\u1eeb \u0111\u1ec9nh 115,000 VND v\u00e0o qu\u00fd 1\/2022, gi\u00e1 c\u1ed5 phi\u1ebfu VHM \u0111\u00e3 tr\u1ea3i qua m\u1ed9t \u0111\u1ee3t gi\u1ea3m k\u00e9o d\u00e0i khi th\u1ecb tr\u01b0\u1eddng b\u1ea5t \u0111\u1ed9ng s\u1ea3n \u0111\u00f3ng b\u0103ng, ch\u1ea1m \u0111\u00e1y 37,000 VND v\u00e0o qu\u00fd 4\/2023, tr\u01b0\u1edbc khi ph\u1ee5c h\u1ed3i v\u00e0o 2024-2025.<\/p><\/div><div class='po-container po-container_width_article-sm'><h3 class='po-article-page__title'>M\u00f4 h\u00ecnh chu k\u1ef3 v\u00e0 c\u00e1c \u0111i\u1ec3m chuy\u1ec3n ti\u1ebfp quan tr\u1ecdng<\/h3><\/div><div class='po-container po-container_width_article po-article-page__table'><div class='po-table'><table><thead><tr><th>Giai \u0111o\u1ea1n<\/th><th>Bi\u1ebfn \u0111\u1ed9ng gi\u00e1<\/th><th>Nguy\u00ean nh\u00e2n v\u00e0 t\u00e1c \u0111\u1ed9ng<\/th><\/tr><\/thead><tbody><tr><td>Q1-Q2\/2022<\/td><td>Gi\u1ea3m 48% (115,000\u0111 \u2192 60,000\u0111)<\/td><td>Th\u00f4ng t\u01b0 16\/2021\/TT-NHNN th\u1eaft ch\u1eb7t t\u00edn d\u1ee5ng b\u1ea5t \u0111\u1ed9ng s\u1ea3n, l\u00e3i su\u1ea5t t\u0103ng t\u1eeb 7% l\u00ean 9.5%<\/td><\/tr><tr><td>Q3-Q4\/2022<\/td><td>Gi\u1ea3m th\u00eam 21% (60,000\u0111 \u2192 47,500\u0111)<\/td><td>Doanh s\u1ed1 Q3\/2022 gi\u1ea3m 38% so v\u1edbi c\u00f9ng k\u1ef3, thanh kho\u1ea3n th\u1ecb tr\u01b0\u1eddng gi\u1ea3m 60%<\/td><\/tr><tr><td>Q1-Q3\/2023<\/td><td>Gi\u1ea3m th\u00eam 22% (47,500\u0111 \u2192 37,000\u0111)<\/td><td>Kh\u1ee7ng ho\u1ea3ng tr\u00e1i phi\u1ebfu doanh nghi\u1ec7p b\u1ea5t \u0111\u1ed9ng s\u1ea3n, Ngh\u1ecb \u0111\u1ecbnh 08\/2023\/N\u0110-CP ch\u01b0a t\u1ea1o hi\u1ec7u qu\u1ea3<\/td><\/tr><tr><td>Q4\/2023-Q1\/2024<\/td><td>Ph\u1ee5c h\u1ed3i 27% (37,000\u0111 \u2192 47,000\u0111)<\/td><td>Ng\u00e2n h\u00e0ng Nh\u00e0 n\u01b0\u1edbc Vi\u1ec7t Nam gi\u1ea3m l\u00e3i su\u1ea5t 4 l\u1ea7n li\u00ean ti\u1ebfp, Lu\u1eadt \u0110\u1ea5t \u0111ai m\u1edbi \u0111\u01b0\u1ee3c th\u00f4ng qua<\/td><\/tr><tr><td>Q2-Q3\/2024<\/td><td>T\u0103ng 32% (47,000\u0111 \u2192 62,000\u0111)<\/td><td>K\u1ebft qu\u1ea3 kinh doanh Q2\/2024 t\u0103ng 42% so v\u1edbi c\u00f9ng k\u1ef3, d\u1ef1 \u00e1n Ocean City m\u1edf b\u00e1n th\u00e0nh c\u00f4ng<\/td><\/tr><tr><td>Q4\/2024-Q1\/2025<\/td><td>Xu h\u01b0\u1edbng t\u0103ng c\u1ee7ng c\u1ed1 (62,000\u0111 \u2192 68,000\u0111)<\/td><td>Th\u1ecb tr\u01b0\u1eddng b\u1ea5t \u0111\u1ed9ng s\u1ea3n ph\u1ee5c h\u1ed3i, v\u1ed1n ngo\u1ea1i quay tr\u1edf l\u1ea1i, t\u1ef7 l\u1ec7 h\u1ea5p th\u1ee5 c\u0103n h\u1ed9 t\u0103ng 35%<\/td><\/tr><\/tbody><\/table><\/div><\/div><div class='po-container po-container_width_article-sm'><p class='po-article-page__text'>M\u1ed9t \u0111i\u1ec3m \u0111\u00e1ng ch\u00fa \u00fd trong chu k\u1ef3 bi\u1ebfn \u0111\u1ed9ng c\u1ee7a c\u1ed5 phi\u1ebfu VHM l\u00e0 m\u1ed1i t\u01b0\u01a1ng quan ch\u1eb7t ch\u1ebd v\u1edbi c\u00e1c ch\u00ednh s\u00e1ch kinh t\u1ebf v\u0129 m\u00f4. M\u1ed7i \u0111i\u1ec1u ch\u1ec9nh trong ch\u00ednh s\u00e1ch t\u00edn d\u1ee5ng, l\u00e3i su\u1ea5t, hay khung ph\u00e1p l\u00fd \u0111\u1ec1u t\u1ea1o ra ph\u1ea3n \u1ee9ng th\u1ecb tr\u01b0\u1eddng t\u1ee9c th\u00ec. V\u00ed d\u1ee5, khi Ng\u00e2n h\u00e0ng Nh\u00e0 n\u01b0\u1edbc Vi\u1ec7t Nam b\u1eaft \u0111\u1ea7u chu k\u1ef3 gi\u1ea3m l\u00e3i su\u1ea5t v\u00e0o qu\u00fd 4\/2023, VHM b\u1eaft \u0111\u1ea7u xu h\u01b0\u1edbng ph\u1ee5c h\u1ed3i m\u1eb7c d\u00f9 k\u1ebft qu\u1ea3 kinh doanh qu\u00fd 4\/2023 ch\u01b0a c\u00f3 s\u1ef1 c\u1ea3i thi\u1ec7n \u0111\u00e1ng k\u1ec3.<\/p><\/div><div class='po-container po-container_width_article-sm'><p class='po-article-page__text'>\u0110\u1eb7c bi\u1ec7t, kh\u1ed1i l\u01b0\u1ee3ng giao d\u1ecbch c\u1ee7a VHM c\u0169ng l\u00e0 m\u1ed9t ch\u1ec9 b\u00e1o quan tr\u1ecdng. C\u00e1c phi\u00ean gi\u1ea3m m\u1ea1nh th\u01b0\u1eddng \u0111i k\u00e8m v\u1edbi kh\u1ed1i l\u01b0\u1ee3ng giao d\u1ecbch l\u1edbn (tr\u00ean 3 tri\u1ec7u c\u1ed5 phi\u1ebfu\/phi\u00ean), trong khi c\u00e1c \u0111\u1ee3t t\u0103ng b\u1ec1n v\u1eefng th\u01b0\u1eddng c\u00f3 kh\u1ed1i l\u01b0\u1ee3ng \u1ed5n \u0111\u1ecbnh kho\u1ea3ng 1-1.5 tri\u1ec7u c\u1ed5 phi\u1ebfu\/phi\u00ean v\u1edbi xu h\u01b0\u1edbng t\u0103ng d\u1ea7n.<\/p><\/div><div class='po-container po-container_width_article-sm'><h2 class='po-article-page__title'>Ph\u00e2n t\u00edch c\u01a1 b\u1ea3n: Gi\u1ea3i m\u00e3 ti\u1ec1m n\u0103ng c\u1ed5 phi\u1ebfu VHM<\/h2><\/div><div class='po-container po-container_width_article-sm'><p class='po-article-page__text'>Ph\u00e2n t\u00edch c\u01a1 b\u1ea3n l\u00e0 ch\u00eca kh\u00f3a \u0111\u1ec3 x\u00e1c \u0111\u1ecbnh gi\u00e1 tr\u1ecb n\u1ed9i t\u1ea1i v\u00e0 ti\u1ec1m n\u0103ng t\u0103ng tr\u01b0\u1edfng d\u00e0i h\u1ea1n c\u1ee7a c\u1ed5 phi\u1ebfu VHM. V\u1ec1 hi\u1ec7u qu\u1ea3 kinh doanh, Vinhomes duy tr\u00ec bi\u00ean l\u1ee3i nhu\u1eadn g\u1ed9p 35-45% - cao nh\u1ea5t trong ng\u00e0nh b\u1ea5t \u0111\u1ed9ng s\u1ea3n nh\u00e0 \u1edf Vi\u1ec7t Nam v\u00e0 c\u1ea1nh tranh so v\u1edbi c\u00e1c c\u00f4ng ty b\u1ea5t \u0111\u1ed9ng s\u1ea3n h\u00e0ng \u0111\u1ea7u \u0110\u00f4ng Nam \u00c1.<\/p><\/div><div class='po-container po-container_width_article-sm'><h3 class='po-article-page__title'>L\u1ee3i th\u1ebf c\u1ea1nh tranh v\u00e0 m\u00f4 h\u00ecnh kinh doanh \u0111\u1ed9c \u0111\u00e1o<\/h3><\/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'>Qu\u1ef9 \u0111\u1ea5t 16,380 ha tr\u1ea3i r\u1ed9ng 22 t\u1ec9nh th\u00e0nh, \u0111\u1ea3m b\u1ea3o ngu\u1ed3n cung d\u1ef1 \u00e1n trong 15-20 n\u0103m t\u1edbi<\/li><li class='po-article-page__text po-article-page__text_no-margin po-list-lvl_1'>Kh\u1ea3 n\u0103ng tri\u1ec3n khai c\u00e1c d\u1ef1 \u00e1n l\u1edbn v\u1edbi t\u1ed1c \u0111\u1ed9 x\u00e2y d\u1ef1ng v\u01b0\u1ee3t tr\u1ed9i (18-24 th\u00e1ng so v\u1edbi 36-48 th\u00e1ng c\u1ee7a \u0111\u1ed1i th\u1ee7)<\/li><li class='po-article-page__text po-article-page__text_no-margin po-list-lvl_1'>H\u1ec7 sinh th\u00e1i kh\u00e9p k\u00edn t\u1eeb Vingroup (gi\u00e1o d\u1ee5c, y t\u1ebf, th\u01b0\u01a1ng m\u1ea1i, d\u1ecbch v\u1ee5) t\u1ea1o gi\u00e1 tr\u1ecb gia t\u0103ng 15-20% cho d\u1ef1 \u00e1n<\/li><li class='po-article-page__text po-article-page__text_no-margin po-list-lvl_1'>C\u01a1 c\u1ea5u t\u00e0i ch\u00ednh an to\u00e0n v\u1edbi t\u1ef7 l\u1ec7 n\u1ee3\/v\u1ed1n ch\u1ee7 s\u1edf h\u1eefu 0.48x (th\u1ea5p h\u01a1n trung b\u00ecnh ng\u00e0nh 60%)<\/li><li class='po-article-page__text po-article-page__text_no-margin po-list-lvl_1'>M\u00f4 h\u00ecnh b\u00e1n h\u00e0ng \u0111\u1eb7c bi\u1ec7t v\u1edbi ch\u00ednh s\u00e1ch \u0111\u1eb7t c\u1ecdc s\u1edbm, gi\u00fap t\u1ed1i \u01b0u h\u00f3a d\u00f2ng ti\u1ec1n v\u00e0 gi\u1ea3m \u00e1p l\u1ef1c vay ng\u00e2n h\u00e0ng<\/li><\/ul><\/div><div class='po-container po-container_width_article po-article-page__table'><div class='po-table'><table><thead><tr><th>Ch\u1ec9 s\u1ed1 t\u00e0i ch\u00ednh<\/th><th>2022<\/th><th>2023<\/th><th>2024<\/th><th>2025 (d\u1ef1 b\u00e1o)<\/th><\/tr><\/thead><tbody><tr><td>Doanh thu (t\u1ef7 VND)<\/td><td>62,376<\/td><td>75,835<\/td><td>87,452<\/td><td>98,000-102,000<\/td><\/tr><tr><td>L\u1ee3i nhu\u1eadn sau thu\u1ebf (t\u1ef7 VND)<\/td><td>29,145<\/td><td>33,622<\/td><td>37,283<\/td><td>40,000-42,500<\/td><\/tr><tr><td>Bi\u00ean l\u1ee3i nhu\u1eadn g\u1ed9p<\/td><td>42.3%<\/td><td>40.1%<\/td><td>39.4%<\/td><td>38.5-40%<\/td><\/tr><tr><td>ROE<\/td><td>28.1%<\/td><td>27.3%<\/td><td>26.8%<\/td><td>25-26.5%<\/td><\/tr><tr><td>EPS (VND)<\/td><td>6,745<\/td><td>7,235<\/td><td>7,893<\/td><td>8,400-8,900<\/td><\/tr><tr><td>P\/E<\/td><td>8.5x<\/td><td>6.2x<\/td><td>8.1x<\/td><td>7.5-8.2x<\/td><\/tr><\/tbody><\/table><\/div><\/div><div class='po-container po-container_width_article-sm'><p class='po-article-page__text'>D\u00f9 c\u00f3 nhi\u1ec1u l\u1ee3i th\u1ebf n\u1ed5i b\u1eadt, c\u1ed5 phi\u1ebfu Vinhomes v\u1eabn \u0111\u1ed1i m\u1eb7t v\u1edbi nh\u1eefng th\u00e1ch th\u1ee9c c\u1ee5 th\u1ec3. Chu k\u1ef3 th\u1eaft ch\u1eb7t t\u00edn d\u1ee5ng b\u1ea5t \u0111\u1ed9ng s\u1ea3n khi\u1ebfn t\u1ed5ng gi\u00e1 tr\u1ecb b\u00e1n h\u00e0ng n\u0103m 2023 gi\u1ea3m 27% so v\u1edbi n\u0103m 2022. Lu\u1eadt \u0110\u1ea5t \u0111ai 2024 (c\u00f3 hi\u1ec7u l\u1ef1c t\u1eeb ng\u00e0y 1 th\u00e1ng 8 n\u0103m 2024) \u0111\u00e3 t\u0103ng chi ph\u00ed \u0111\u1ec1n b\u00f9 v\u00e0 gi\u1ea3i ph\u00f3ng m\u1eb7t b\u1eb1ng l\u00ean 15-20%, t\u1ea1o \u00e1p l\u1ef1c l\u00ean bi\u00ean l\u1ee3i nhu\u1eadn cho c\u00e1c d\u1ef1 \u00e1n m\u1edbi.<\/p><\/div><div class='po-container po-container_width_article-sm'><p class='po-article-page__text'>Tuy nhi\u00ean, v\u1edbi n\u0103ng l\u1ef1c t\u00e0i ch\u00ednh m\u1ea1nh m\u1ebd (27,200 t\u1ef7 VND ti\u1ec1n m\u1eb7t t\u00ednh \u0111\u1ebfn ng\u00e0y 31 th\u00e1ng 3 n\u0103m 2025), Vinhomes c\u00f3 th\u1ec3 v\u01b0\u1ee3t qua c\u00e1c giai \u0111o\u1ea1n kh\u00f3 kh\u0103n t\u1ed1t h\u01a1n so v\u1edbi \u0111\u1ed1i th\u1ee7. Chi\u1ebfn l\u01b0\u1ee3c \u0111a d\u1ea1ng h\u00f3a s\u1ea3n ph\u1ea9m v\u1edbi c\u00e1c d\u00f2ng nh\u00e0 \u1edf gi\u00e1 trung b\u00ecnh (The Standard, The New City) nh\u1eafm v\u00e0o c\u00e1c ph\u00e2n kh\u00fac c\u00f3 nhu c\u1ea7u nh\u00e0 \u1edf th\u1ef1c \u0111ang mang l\u1ea1i k\u1ebft qu\u1ea3 t\u00edch c\u1ef1c, v\u1edbi t\u1ef7 l\u1ec7 h\u1ea5p th\u1ee5 \u0111\u1ea1t 78% trong qu\u00fd 1\/2025.<\/p><\/div><div class='po-container po-container_width_article-sm'><p class='po-article-page__text'>V\u1ec1 \u0111\u1ecbnh gi\u00e1, P\/E hi\u1ec7n t\u1ea1i kho\u1ea3ng 8.1x th\u1ea5p h\u01a1n 25% so v\u1edbi trung b\u00ecnh l\u1ecbch s\u1eed 5 n\u0103m (10.8x) v\u00e0 th\u1ea5p h\u01a1n 30-40% so v\u1edbi c\u00e1c c\u00f4ng ty b\u1ea5t \u0111\u1ed9ng s\u1ea3n h\u00e0ng \u0111\u1ea7u trong khu v\u1ef1c nh\u01b0 SM Prime Holdings (Philippines) hay Sansiri (Th\u00e1i Lan), cho th\u1ea5y d\u01b0 \u0111\u1ecba t\u0103ng gi\u00e1 khi th\u1ecb tr\u01b0\u1eddng b\u1ea5t \u0111\u1ed9ng s\u1ea3n Vi\u1ec7t Nam ph\u1ee5c h\u1ed3i ho\u00e0n to\u00e0n.<\/p><\/div><div class='po-container po-container_width_article-sm'><h2 class='po-article-page__title'>Ph\u00e2n t\u00edch k\u1ef9 thu\u1eadt v\u00e0 t\u00edn hi\u1ec7u giao d\u1ecbch cho c\u1ed5 phi\u1ebfu VHM<\/h2><\/div><div class='po-container po-container_width_article-sm'><p class='po-article-page__text'>Ph\u00e2n t\u00edch k\u1ef9 thu\u1eadt \u0111\u00f3ng vai tr\u00f2 quy\u1ebft \u0111\u1ecbnh trong vi\u1ec7c x\u00e1c \u0111\u1ecbnh th\u1eddi \u0111i\u1ec3m v\u00e0o v\u00e0 ra cho nh\u00e0 \u0111\u1ea7u t\u01b0 c\u1ed5 phi\u1ebfu VHM. Kh\u00e1c v\u1edbi ph\u00e2n t\u00edch c\u01a1 b\u1ea3n, ph\u00e2n t\u00edch k\u1ef9 thu\u1eadt gi\u00fap x\u00e1c \u0111\u1ecbnh ch\u00ednh x\u00e1c c\u00e1c m\u00f4 h\u00ecnh gi\u00e1, xu h\u01b0\u1edbng v\u00e0 c\u00e1c \u0111i\u1ec3m \u0111\u1ea3o chi\u1ec1u quan tr\u1ecdng.<\/p><\/div><div class='po-container po-container_width_article-sm'><p class='po-article-page__text'>Bi\u1ec3u \u0111\u1ed3 gi\u00e1 c\u1ed5 phi\u1ebfu VHM trong 12 th\u00e1ng qua cho th\u1ea5y ba giai \u0111o\u1ea1n r\u00f5 r\u1ec7t: (1) h\u00ecnh th\u00e0nh \u0111\u00e1y \u0111\u00f4i trong kho\u1ea3ng 36,000-38,000 VND v\u00e0o qu\u00fd 4\/2023; (2) xu h\u01b0\u1edbng t\u0103ng m\u1ea1nh 35% trong qu\u00fd 1-qu\u00fd 2\/2024; v\u00e0 (3) t\u00edch l\u0169y \u0111i ngang trong kho\u1ea3ng 62,000-68,000 VND t\u1eeb qu\u00fd 3\/2024 \u0111\u1ebfn nay. C\u00e1c ch\u1ec9 b\u00e1o MACD v\u00e0 RSI \u0111ang cho th\u1ea5y t\u00edn hi\u1ec7u k\u1ef9 thu\u1eadt t\u00edch c\u1ef1c v\u1ec1 kh\u1ea3 n\u0103ng \u0111\u1ed9t ph\u00e1 l\u00ean c\u00e1c v\u00f9ng gi\u00e1 m\u1edbi.<\/p><\/div><div class='po-container po-container_width_article po-article-page__table'><div class='po-table'><table><thead><tr><th>Ch\u1ec9 b\u00e1o k\u1ef9 thu\u1eadt<\/th><th>Gi\u00e1 tr\u1ecb hi\u1ec7n t\u1ea1i (28\/3\/2025)<\/th><th>T\u00edn hi\u1ec7u giao d\u1ecbch<\/th><\/tr><\/thead><tbody><tr><td>MA 50 ng\u00e0y<\/td><td>64,850 VND<\/td><td>T\u0103ng - Gi\u00e1 duy tr\u00ec tr\u00ean MA50 li\u00ean t\u1ee5c trong 47 phi\u00ean<\/td><\/tr><tr><td>MA 200 ng\u00e0y<\/td><td>58,370 VND<\/td><td>T\u0103ng m\u1ea1nh - Golden Cross xu\u1ea5t hi\u1ec7n t\u1eeb 15\/01\/2025<\/td><\/tr><tr><td>RSI (14)<\/td><td>58.3<\/td><td>Trung t\u00ednh-t\u00edch c\u1ef1c, ch\u01b0a v\u00e0o v\u00f9ng qu\u00e1 mua (&gt;70)<\/td><\/tr><tr><td>MACD (12,26,9)<\/td><td>+2.14 (Histogram +0.47)<\/td><td>T\u0103ng - MACD c\u1eaft l\u00ean tr\u00ean Signal Line t\u1eeb 05\/03\/2025<\/td><\/tr><tr><td>Bollinger Bands<\/td><td>65,200 VND (Gi\u1eefa), 73,400 VND (Tr\u00ean), 57,000 VND (D\u01b0\u1edbi)<\/td><td>Thu h\u1eb9p v\u1edbi \u0111\u1ed9 r\u1ed9ng d\u1ea3i gi\u1ea3m 28%, th\u01b0\u1eddng d\u1eabn \u0111\u1ebfn \u0111\u1ed9t ph\u00e1 m\u1ea1nh<\/td><\/tr><\/tbody><\/table><\/div><\/div><div class='po-container po-container_width_article-sm'><p class='po-article-page__text'>C\u00e1c v\u00f9ng h\u1ed7 tr\u1ee3 v\u00e0 kh\u00e1ng c\u1ef1 c\u1ee5 th\u1ec3 \u0111\u00e3 \u0111\u01b0\u1ee3c x\u00e1c \u0111\u1ecbnh d\u1ef1a tr\u00ean ph\u00e2n t\u00edch Fibonacci v\u00e0 kh\u1ed1i l\u01b0\u1ee3ng giao d\u1ecbch:<\/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'>H\u1ed7 tr\u1ee3 m\u1ea1nh #1: 62,500-63,800 VND (kh\u1ed1i l\u01b0\u1ee3ng t\u00edch l\u0169y cao v\u00e0 m\u1ee9c v\u1edbi Fibonacci 38.2%)<\/li><li class='po-article-page__text po-article-page__text_no-margin po-list-lvl_1'>H\u1ed7 tr\u1ee3 m\u1ea1nh #2: 57,000-58,500 VND (tr\u00f9ng v\u1edbi MA200 v\u00e0 Fibonacci 50%)<\/li><li class='po-article-page__text po-article-page__text_no-margin po-list-lvl_1'>Kh\u00e1ng c\u1ef1 #1: 68,000-70,000 VND (\u0111\u1ec9nh g\u1ea7n \u0111\u00e2y v\u00e0 v\u00f9ng t\u00e2m l\u00fd quan tr\u1ecdng)<\/li><li class='po-article-page__text po-article-page__text_no-margin po-list-lvl_1'>Kh\u00e1ng c\u1ef1 #2: 78,000-80,000 VND (m\u1ee9c Fibonacci 78.6% v\u00e0 v\u00f9ng cung l\u1edbn t\u1eeb qu\u00fd 2\/2022)<\/li><\/ul><\/div><div class='po-container po-container_width_article-sm'><p class='po-article-page__text'>Nh\u00e0 \u0111\u1ea7u t\u01b0 s\u1eed d\u1ee5ng n\u1ec1n t\u1ea3ng Pocket Option c\u00f3 l\u1ee3i th\u1ebf r\u00f5 r\u1ec7t v\u1edbi c\u00e1c c\u00f4ng c\u1ee5 ph\u00e2n t\u00edch k\u1ef9 thu\u1eadt chuy\u00ean s\u00e2u. C\u00e1c t\u00ednh n\u0103ng n\u1ed5i b\u1eadt bao g\u1ed3m Market Scanner t\u1ef1 \u0111\u1ed9ng ph\u00e1t hi\u1ec7n c\u00e1c m\u00f4 h\u00ecnh n\u1ebfn Nh\u1eadt, Volume Profile x\u00e1c \u0111\u1ecbnh c\u00e1c v\u00f9ng t\u00edch l\u0169y m\u1ea1nh, v\u00e0 H\u1ec7 th\u1ed1ng C\u1ea3nh b\u00e1o th\u00f4ng b\u00e1o khi gi\u00e1 \u0111\u1ea1t c\u00e1c ng\u01b0\u1ee1ng k\u1ef9 thu\u1eadt quan tr\u1ecdng. Theo th\u1ed1ng k\u00ea t\u1eeb Pocket Option, 78% nh\u00e0 \u0111\u1ea7u t\u01b0 th\u00e0nh c\u00f4ng s\u1eed d\u1ee5ng k\u1ebft h\u1ee3p 3-4 ch\u1ec9 b\u00e1o k\u1ef9 thu\u1eadt, kh\u00f4ng d\u1ef1a v\u00e0o m\u1ed9t ch\u1ec9 b\u00e1o duy nh\u1ea5t.<\/p><\/div><div class='po-container po-container_width_article-sm'><p class='po-article-page__text'>Ph\u00e2n t\u00edch kh\u1ed1i l\u01b0\u1ee3ng giao d\u1ecbch cho th\u1ea5y xu h\u01b0\u1edbng t\u00edch c\u1ef1c: c\u00e1c phi\u00ean t\u0103ng gi\u00e1 th\u01b0\u1eddng \u0111i k\u00e8m v\u1edbi kh\u1ed1i l\u01b0\u1ee3ng cao h\u01a1n 15-20% so v\u1edbi trung b\u00ecnh 20 phi\u00ean, trong khi c\u00e1c phi\u00ean gi\u1ea3m gi\u00e1 c\u00f3 kh\u1ed1i l\u01b0\u1ee3ng th\u1ea5p h\u01a1n 25-30%. \u0110\u00e2y l\u00e0 t\u00edn hi\u1ec7u cho th\u1ea5y \u00e1p l\u1ef1c b\u00e1n \u0111ang y\u1ebfu \u0111i v\u00e0 l\u1ef1c mua \u0111ang d\u1ea7n chi\u1ebfm \u01b0u th\u1ebf.<\/p><\/div><div class='po-container po-container_width_article-sm'><h2 class='po-article-page__title'>T\u00e1c \u0111\u1ed9ng c\u1ee7a c\u00e1c y\u1ebfu t\u1ed1 kinh t\u1ebf v\u0129 m\u00f4 \u0111\u1ebfn tri\u1ec3n v\u1ecdng c\u1ed5 phi\u1ebfu VHM 2025-2026<\/h2><\/div><div class='po-container po-container_width_article-sm'><p class='po-article-page__text'>\u0110\u1ec3 \u0111\u00e1nh gi\u00e1 to\u00e0n di\u1ec7n tri\u1ec3n v\u1ecdng c\u1ed5 phi\u1ebfu VHM, c\u1ea7n ph\u00e2n t\u00edch k\u1ef9 l\u01b0\u1ee1ng c\u00e1c y\u1ebfu t\u1ed1 kinh t\u1ebf v\u0129 m\u00f4 trong n\u01b0\u1edbc v\u00e0 qu\u1ed1c t\u1ebf. C\u1ed5 phi\u1ebfu b\u1ea5t \u0111\u1ed9ng s\u1ea3n n\u00f3i chung v\u00e0 VHM n\u00f3i ri\u00eang lu\u00f4n nh\u1ea1y c\u1ea3m cao v\u1edbi ch\u00ednh s\u00e1ch ti\u1ec1n t\u1ec7, ch\u00ednh s\u00e1ch t\u00edn d\u1ee5ng v\u00e0 quy \u0111\u1ecbnh ph\u00e1p l\u00fd.<\/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 kinh t\u1ebf v\u0129 m\u00f4<\/th><th>Tr\u1ea1ng th\u00e1i hi\u1ec7n t\u1ea1i (Q1\/2025)<\/th><th>D\u1ef1 b\u00e1o 2025-2026<\/th><th>T\u00e1c \u0111\u1ed9ng \u0111\u1ebfn VHM<\/th><\/tr><\/thead><tbody><tr><td>L\u00e3i su\u1ea5t cho vay b\u1ea5t \u0111\u1ed9ng s\u1ea3n<\/td><td>8.5-9.5%\/n\u0103m<\/td><td>Gi\u1ea3m th\u00eam 0.5-1%\/n\u0103m<\/td><td>R\u1ea5t t\u00edch c\u1ef1c (+++) - K\u00edch th\u00edch nhu c\u1ea7u mua nh\u00e0, gi\u1ea3m chi ph\u00ed v\u1ed1n<\/td><\/tr><tr><td>Room t\u00edn d\u1ee5ng b\u1ea5t \u0111\u1ed9ng s\u1ea3n<\/td><td>T\u0103ng t\u1eeb 9.5% l\u00ean 12.3%<\/td><td>N\u1edbi l\u1ecfng l\u00ean 14-15%<\/td><td>T\u00edch c\u1ef1c (++) - T\u0103ng kh\u1ea3 n\u0103ng ti\u1ebfp c\u1eadn v\u1ed1n cho c\u1ea3 doanh nghi\u1ec7p v\u00e0 ng\u01b0\u1eddi mua<\/td><\/tr><tr><td>Lu\u1eadt \u0110\u1ea5t \u0111ai 2024<\/td><td>C\u00f3 hi\u1ec7u l\u1ef1c t\u1eeb 1\/8\/2024<\/td><td>Ho\u00e0n thi\u1ec7n c\u00e1c ngh\u1ecb \u0111\u1ecbnh h\u01b0\u1edbng d\u1eabn<\/td><td>Trung t\u00ednh (+\/-) - Th\u1ee7 t\u1ee5c minh b\u1ea1ch h\u01a1n nh\u01b0ng chi ph\u00ed \u0111\u1ec1n b\u00f9 t\u0103ng<\/td><\/tr><tr><td>GDP Vi\u1ec7t Nam<\/td><td>6.2% (Q1\/2025)<\/td><td>6.5-7% (2025), 6.8-7.2% (2026)<\/td><td>T\u00edch c\u1ef1c (++) - T\u0103ng thu nh\u1eadp v\u00e0 nhu c\u1ea7u nh\u00e0 \u1edf<\/td><\/tr><tr><td>L\u1ea1m ph\u00e1t<\/td><td>3.8% (Q1\/2025)<\/td><td>4-4.5% (2025), 3.5-4% (2026)<\/td><td>Trung t\u00ednh (+\/-) - H\u1ed7 tr\u1ee3 t\u0103ng gi\u00e1 b\u1ea5t \u0111\u1ed9ng s\u1ea3n nh\u01b0ng g\u00e2y \u00e1p l\u1ef1c l\u00ean l\u00e3i su\u1ea5t<\/td><\/tr><tr><td>\u0110\u1ea7u t\u01b0 c\u00f4ng<\/td><td>151,000 t\u1ef7 VND (Q1\/2025)<\/td><td>700,000 t\u1ef7 VND (2025), t\u1eadp trung v\u00e0o h\u1ea1 t\u1ea7ng<\/td><td>R\u1ea5t t\u00edch c\u1ef1c (+++) - N\u00e2ng cao gi\u00e1 tr\u1ecb c\u00e1c d\u1ef1 \u00e1n g\u1ea7n h\u1ea1 t\u1ea7ng m\u1edbi<\/td><\/tr><tr><td>FDI v\u00e0o b\u1ea5t \u0111\u1ed9ng s\u1ea3n<\/td><td>1.7 t\u1ef7 USD (Q1\/2025)<\/td><td>7-8 t\u1ef7 USD (2025), t\u0103ng 25-30% (2026)<\/td><td>T\u00edch c\u1ef1c (++) - T\u0103ng c\u01a1 h\u1ed9i chuy\u1ec3n nh\u01b0\u1ee3ng d\u1ef1 \u00e1n gi\u00e1 tr\u1ecb cao<\/td><\/tr><\/tbody><\/table><\/div><\/div><div class='po-container po-container_width_article-sm'><p class='po-article-page__text'>T\u1eeb g\u00f3c \u0111\u1ed9 kinh t\u1ebf qu\u1ed1c t\u1ebf, hai y\u1ebfu t\u1ed1 c\u00f3 t\u00e1c \u0111\u1ed9ng m\u1ea1nh nh\u1ea5t \u0111\u1ebfn c\u1ed5 phi\u1ebfu VHM l\u00e0 ch\u00ednh s\u00e1ch l\u00e3i su\u1ea5t c\u1ee7a Fed v\u00e0 xu h\u01b0\u1edbng \u0111\u1ea7u t\u01b0 c\u1ee7a c\u00e1c qu\u1ef9 ch\u00e2u \u00c1 v\u00e0o Vi\u1ec7t Nam. D\u1ef1 ki\u1ebfn Fed s\u1ebd c\u1eaft gi\u1ea3m l\u00e3i su\u1ea5t th\u00eam 2-3 l\u1ea7n trong n\u0103m 2025 s\u1ebd t\u1ea1o \u0111i\u1ec1u ki\u1ec7n cho Ng\u00e2n h\u00e0ng Nh\u00e0 n\u01b0\u1edbc Vi\u1ec7t Nam ti\u1ebfp t\u1ee5c n\u1edbi l\u1ecfng ch\u00ednh s\u00e1ch ti\u1ec1n t\u1ec7, h\u1ed7 tr\u1ee3 t\u00edch c\u1ef1c cho th\u1ecb tr\u01b0\u1eddng b\u1ea5t \u0111\u1ed9ng s\u1ea3n.<\/p><\/div><div class='po-container po-container_width_article-sm'><p class='po-article-page__text'>\u0110\u00e1ng ch\u00fa \u00fd, d\u1eef li\u1ec7u t\u1eeb JLL v\u00e0 Savills cho th\u1ea5y chu k\u1ef3 ph\u1ee5c h\u1ed3i c\u1ee7a th\u1ecb tr\u01b0\u1eddng b\u1ea5t \u0111\u1ed9ng s\u1ea3n Vi\u1ec7t Nam \u0111ang di\u1ec5n ra v\u1edbi t\u1ed1c \u0111\u1ed9 nhanh h\u01a1n so v\u1edbi c\u00e1c th\u1ecb tr\u01b0\u1eddng l\u00e2n c\u1eadn nh\u01b0 Th\u00e1i Lan hay Malaysia. T\u1ef7 l\u1ec7 h\u1ea5p th\u1ee5 c\u0103n h\u1ed9 t\u1ea1i H\u00e0 N\u1ed9i v\u00e0 TP.HCM \u0111\u00e3 c\u1ea3i thi\u1ec7n t\u1eeb 15-20% (Q1\/2024) l\u00ean 45-50% (Q1\/2025), cho th\u1ea5y nhu c\u1ea7u th\u1ef1c \u0111ang quay tr\u1edf l\u1ea1i.<\/p><\/div><div class='po-container po-container_width_article-sm'><p class='po-article-page__text'>V\u1edbi danh m\u1ee5c d\u1ef1 \u00e1n \u0111a d\u1ea1ng v\u00e0 qu\u1ef9 \u0111\u1ea5t l\u1edbn t\u1ea1i nhi\u1ec1u v\u1ecb tr\u00ed chi\u1ebfn l\u01b0\u1ee3c, Vinhomes c\u00f3 c\u01a1 h\u1ed9i t\u1ed1i \u0111a h\u00f3a c\u00e1c ch\u00ednh s\u00e1ch kinh t\u1ebf v\u0129 m\u00f4 thu\u1eadn l\u1ee3i. Trong khi c\u00e1c \u0111\u1ed1i th\u1ee7 v\u1eabn \u0111ang g\u1eb7p kh\u00f3 kh\u0103n v\u1edbi v\u1ea5n \u0111\u1ec1 thanh kho\u1ea3n, Vinhomes \u0111\u00e3 ch\u1ee7 \u0111\u1ed9ng tri\u1ec3n khai 6 d\u1ef1 \u00e1n l\u1edbn trong n\u0103m 2025 v\u1edbi t\u1ed5ng v\u1ed1n \u0111\u1ea7u t\u01b0 125,000 t\u1ef7 VND, mang l\u1ea1i l\u1ee3i th\u1ebf ti\u00ean phong trong chu k\u1ef3 t\u0103ng tr\u01b0\u1edfng m\u1edbi c\u1ee7a th\u1ecb tr\u01b0\u1eddng b\u1ea5t \u0111\u1ed9ng s\u1ea3n.<\/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 t\u1ed1i \u01b0u cho c\u1ed5 phi\u1ebfu VHM d\u00e0nh cho nh\u00e0 \u0111\u1ea7u t\u01b0 Vi\u1ec7t Nam<\/h2><\/div><div class='po-container po-container_width_article-sm'><p class='po-article-page__text'>D\u1ef1a tr\u00ean ph\u00e2n t\u00edch c\u01a1 b\u1ea3n, k\u1ef9 thu\u1eadt v\u00e0 kinh t\u1ebf v\u0129 m\u00f4 to\u00e0n di\u1ec7n, ch\u00fang t\u00f4i \u0111\u1ec1 xu\u1ea5t c\u00e1c chi\u1ebfn l\u01b0\u1ee3c \u0111\u1ea7u t\u01b0 c\u1ee5 th\u1ec3 cho c\u1ed5 phi\u1ebfu VHM, ph\u00f9 h\u1ee3p v\u1edbi c\u00e1c nh\u00f3m nh\u00e0 \u0111\u1ea7u t\u01b0 Vi\u1ec7t Nam kh\u00e1c nhau. M\u1ed7i chi\u1ebfn l\u01b0\u1ee3c \u0111\u01b0\u1ee3c thi\u1ebft k\u1ebf d\u1ef1a tr\u00ean m\u1ee5c ti\u00eau l\u1ee3i nhu\u1eadn, kh\u1ea3 n\u0103ng ch\u1ea5p nh\u1eadn r\u1ee7i ro v\u00e0 khung th\u1eddi gian \u0111\u1ea7u t\u01b0.<\/p><\/div><div class='po-container po-container_width_article-sm'><h3 class='po-article-page__title'>Chi\u1ebfn l\u01b0\u1ee3c \u0111\u1ea7u t\u01b0 theo m\u1ee5c ti\u00eau v\u00e0 th\u1eddi gian<\/h3><\/div><div class='po-container po-container_width_article-sm'><p class='po-article-page__text'>\u0110\u1ed1i v\u1edbi nh\u00e0 \u0111\u1ea7u t\u01b0 d\u00e0i h\u1ea1n, c\u1ed5 phi\u1ebfu VHM cho th\u1ea5y ti\u1ec1m n\u0103ng v\u01b0\u1ee3t tr\u1ed9i v\u1edbi l\u1ee3i th\u1ebf c\u1ea1nh tranh b\u1ec1n v\u1eefng v\u00e0 \u0111\u1ecbnh gi\u00e1 h\u1ea5p d\u1eabn:<\/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'>V\u1ecb th\u1ebf d\u1eabn \u0111\u1ea7u kh\u00f4ng th\u1ec3 thay th\u1ebf v\u1edbi th\u01b0\u01a1ng hi\u1ec7u cao c\u1ea5p v\u00e0 qu\u1ef9 \u0111\u1ea5t l\u1edbn nh\u1ea5t th\u1ecb tr\u01b0\u1eddng<\/li><li class='po-article-page__text po-article-page__text_no-margin po-list-lvl_1'>M\u00f4 h\u00ecnh kinh doanh hi\u1ec7u qu\u1ea3 v\u1edbi bi\u00ean l\u1ee3i nhu\u1eadn cao nh\u1ea5t ng\u00e0nh (38-42%)<\/li><li class='po-article-page__text po-article-page__text_no-margin po-list-lvl_1'>P\/E hi\u1ec7n t\u1ea1i (~8.1x) th\u1ea5p h\u01a1n 25% so v\u1edbi trung b\u00ecnh 5 n\u0103m v\u00e0 th\u1ea5p h\u01a1n 30-40% so v\u1edbi c\u00e1c \u0111\u1ed1i th\u1ee7 trong khu v\u1ef1c<\/li><li class='po-article-page__text po-article-page__text_no-margin po-list-lvl_1'>D\u1ef1 ki\u1ebfn tr\u1ea3 c\u1ed5 t\u1ee9c ti\u1ec1n m\u1eb7t t\u1eeb n\u0103m 2025 v\u1edbi t\u1ef7 l\u1ec7 3-5%\/n\u0103m<\/li><li class='po-article-page__text po-article-page__text_no-margin po-list-lvl_1'>Ti\u1ec1m n\u0103ng t\u0103ng gi\u00e1 35-50% trong 18-24 th\u00e1ng khi th\u1ecb tr\u01b0\u1eddng b\u1ea5t \u0111\u1ed9ng s\u1ea3n ph\u1ee5c h\u1ed3i ho\u00e0n to\u00e0n<\/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>\u0110i\u1ec3m v\u00e0o t\u1ed1i \u01b0u<\/th><th>Qu\u1ea3n l\u00fd r\u1ee7i ro<\/th><th>M\u1ee5c ti\u00eau c\u1ee5 th\u1ec3<\/th><\/tr><\/thead><tbody><tr><td>\u0110\u1ea7u t\u01b0 gi\u00e1 tr\u1ecb d\u00e0i h\u1ea1n (2-5 n\u0103m)<\/td><td>Mua khi P\/E &lt; 7.5 ho\u1eb7c P\/B &lt; 1.8 (kho\u1ea3ng gi\u00e1 62,000-65,000 VND)<\/td><td>Ph\u00e2n b\u1ed5 10-15% danh m\u1ee5c, th\u00eam 5% khi gi\u00e1 gi\u1ea3m 10%<\/td><td>L\u1ee3i nhu\u1eadn k\u00e9p 80-100% (bao g\u1ed3m c\u1ed5 t\u1ee9c) trong 3 n\u0103m, m\u1ee5c ti\u00eau gi\u00e1 95,000-105,000 VND<\/td><\/tr><tr><td>DCA (\u0110\u1ea7u t\u01b0 trung b\u00ecnh gi\u00e1)<\/td><td>\u0110\u1ea7u t\u01b0 \u0111\u1ecbnh k\u1ef3 h\u00e0ng th\u00e1ng\/qu\u00fd, kh\u00f4ng ph\u1ee5 thu\u1ed9c gi\u00e1<\/td><td>\u0110\u1ea7u t\u01b0 s\u1ed1 ti\u1ec1n c\u1ed1 \u0111\u1ecbnh, t\u0103ng 50% khi gi\u00e1 gi\u1ea3m &gt;15%<\/td><td>Gi\u1ea3m gi\u00e1 trung b\u00ecnh 8-12% so v\u1edbi gi\u00e1 th\u1ecb tr\u01b0\u1eddng, l\u1ee3i nhu\u1eadn 15-20%\/n\u0103m<\/td><\/tr><tr><td>Giao d\u1ecbch trung h\u1ea1n (3-6 th\u00e1ng)<\/td><td>Mua t\u1ea1i h\u1ed7 tr\u1ee3 62,500-63,800 VND khi RSI &lt; 35, kh\u1ed1i l\u01b0\u1ee3ng t\u0103ng<\/td><td>C\u1eaft l\u1ed7 khi h\u1ed7 tr\u1ee3 b\u1ecb ph\u00e1 v\u1ee1 5%, trailing stop 8%, t\u1ed1i \u0111a 12% v\u1ed1n<\/td><td>M\u1ee5c ti\u00eau l\u1ee3i nhu\u1eadn 18-25%\/chu k\u1ef3, b\u00e1n khi \u0111\u1ea1t kh\u00e1ng c\u1ef1 78,000-80,000 VND<\/td><\/tr><tr><td>Giao d\u1ecbch ng\u1eafn h\u1ea1n (1-15 ng\u00e0y)<\/td><td>Mua t\u1ea1i \u0111\u01b0\u1eddng MA10 khi MACD t\u1ea1o t\u00edn hi\u1ec7u Golden Cross tr\u00ean khung H4<\/td><td>C\u1eaft l\u1ed7 ch\u1eb7t ch\u1ebd 3%, t\u1ef7 l\u1ec7 R:R t\u1ed1i thi\u1ec3u 1:2.5, kh\u1ed1i l\u01b0\u1ee3ng t\u1ed1i \u0111a 5% v\u1ed1n<\/td><td>L\u1ee3i nhu\u1eadn 6-10%\/giao d\u1ecbch, 30-50 giao d\u1ecbch\/n\u0103m, hi\u1ec7u su\u1ea5t 60-65%<\/td><\/tr><\/tbody><\/table><\/div><\/div><div class='po-container po-container_width_article-sm'><p class='po-article-page__text'>Pocket Option cung c\u1ea5p b\u1ed9 c\u00f4ng c\u1ee5 \u0111\u1ea7u t\u01b0 to\u00e0n di\u1ec7n \u0111\u1ec3 theo d\u00f5i v\u00e0 ph\u00e2n t\u00edch hi\u1ec7u qu\u1ea3 c\u1ed5 phi\u1ebfu VHM. V\u1edbi giao di\u1ec7n tr\u1ef1c quan, bi\u1ec3u \u0111\u1ed3 \u0111a khung th\u1eddi gian v\u00e0 h\u01a1n 85 ch\u1ec9 b\u00e1o k\u1ef9 thu\u1eadt, nh\u00e0 \u0111\u1ea7u t\u01b0 c\u00f3 th\u1ec3 x\u00e1c \u0111\u1ecbnh ch\u00ednh x\u00e1c c\u00e1c \u0111i\u1ec3m v\u00e0o t\u1ed1i \u01b0u. \u0110\u1eb7c bi\u1ec7t, Pocket Option's Risk Calculator gi\u00fap x\u00e1c \u0111\u1ecbnh k\u00edch th\u01b0\u1edbc v\u1ecb th\u1ebf ph\u00f9 h\u1ee3p d\u1ef1a tr\u00ean kh\u1ea9u v\u1ecb r\u1ee7i ro v\u00e0 k\u00edch th\u01b0\u1edbc t\u00e0i kho\u1ea3n c\u1ee7a t\u1eebng nh\u00e0 \u0111\u1ea7u t\u01b0.<\/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 t\u1eeb Pocket Option, chi\u1ebfn l\u01b0\u1ee3c \u0111\u1ea7u t\u01b0 k\u1ebft h\u1ee3p hi\u1ec7u qu\u1ea3 nh\u1ea5t cho c\u1ed5 phi\u1ebfu VHM l\u00e0: (1) Ph\u00e2n b\u1ed5 50-60% v\u1ed1n cho chi\u1ebfn l\u01b0\u1ee3c d\u00e0i h\u1ea1n, (2) 30-40% cho giao d\u1ecbch trung h\u1ea1n, v\u00e0 (3) t\u1ed1i \u0111a 10% cho giao d\u1ecbch ng\u1eafn h\u1ea1n. M\u00f4 h\u00ecnh n\u00e0y \u0111\u00e3 mang l\u1ea1i hi\u1ec7u su\u1ea5t trung b\u00ecnh 28.5%\/n\u0103m trong giai \u0111o\u1ea1n 2022-2024, v\u01b0\u1ee3t tr\u1ed9i so v\u1edbi VN-Index.<\/p><\/div>[cta_button text=\"\"]<div class='po-container po-container_width_article-sm'><h2 class='po-article-page__title'>K\u1ebft lu\u1eadn: Tri\u1ec3n v\u1ecdng c\u1ed5 phi\u1ebfu VHM v\u00e0 chi\u1ebfn l\u01b0\u1ee3c h\u00e0nh \u0111\u1ed9ng 2025<\/h2><\/div><div class='po-container po-container_width_article-sm'><p class='po-article-page__text'>T\u00f3m l\u1ea1i, c\u1ed5 phi\u1ebfu VHM \u0111ang \u1edf v\u1ecb th\u1ebf chi\u1ebfn l\u01b0\u1ee3c h\u1ea5p d\u1eabn cho nh\u00e0 \u0111\u1ea7u t\u01b0 Vi\u1ec7t Nam trong b\u1ed1i c\u1ea3nh th\u1ecb tr\u01b0\u1eddng 2025. V\u1edbi v\u1ecb th\u1ebf d\u1eabn \u0111\u1ea7u kh\u00f4ng th\u1ec3 th\u00e1ch th\u1ee9c trong ng\u00e0nh b\u1ea5t \u0111\u1ed9ng s\u1ea3n, qu\u1ef9 \u0111\u1ea5t kh\u1ed5ng l\u1ed3 16,380 ha, n\u0103ng l\u1ef1c t\u00e0i ch\u00ednh m\u1ea1nh m\u1ebd, v\u00e0 \u0111\u1ecbnh gi\u00e1 h\u1ee3p l\u00fd (P\/E 8.1x), Vinhomes c\u00f3 n\u1ec1n t\u1ea3ng v\u1eefng ch\u1eafc cho t\u0103ng tr\u01b0\u1edfng b\u1ec1n v\u1eefng khi th\u1ecb tr\u01b0\u1eddng b\u1ea5t \u0111\u1ed9ng s\u1ea3n Vi\u1ec7t Nam b\u01b0\u1edbc v\u00e0o chu k\u1ef3 ph\u1ee5c h\u1ed3i.<\/p><\/div><div class='po-container po-container_width_article-sm'><p class='po-article-page__text'>Tuy nhi\u00ean, nh\u00e0 \u0111\u1ea7u t\u01b0 c\u1ea7n c\u1ea3nh gi\u00e1c v\u1edbi m\u1ed9t s\u1ed1 r\u1ee7i ro c\u1ee5 th\u1ec3:<\/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'>R\u1ee7i ro ph\u00e1p l\u00fd t\u1eeb vi\u1ec7c th\u1ef1c hi\u1ec7n Lu\u1eadt \u0110\u1ea5t \u0111ai 2024 v\u00e0 c\u00e1c ngh\u1ecb \u0111\u1ecbnh h\u01b0\u1edbng d\u1eabn c\u00f3 th\u1ec3 t\u0103ng chi ph\u00ed v\u00e0 k\u00e9o d\u00e0i th\u1eddi gian d\u1ef1 \u00e1n<\/li><li class='po-article-page__text po-article-page__text_no-margin po-list-lvl_1'>R\u1ee7i ro l\u00e3i su\u1ea5t n\u1ebfu l\u1ea1m ph\u00e1t v\u01b0\u1ee3t k\u1ef3 v\u1ecdng, g\u00e2y \u00e1p l\u1ef1c l\u00ean chi ph\u00ed v\u1ed1n v\u00e0 gi\u1ea3m nhu c\u1ea7u mua nh\u00e0<\/li><li class='po-article-page__text po-article-page__text_no-margin po-list-lvl_1'>R\u1ee7i ro cung v\u01b0\u1ee3t c\u1ea7u \u1edf m\u1ed9t s\u1ed1 ph\u00e2n kh\u00fac khi nhi\u1ec1u d\u1ef1 \u00e1n m\u1edbi ra m\u1eaft \u0111\u1ed3ng lo\u1ea1t trong 2025-2026<\/li><li class='po-article-page__text po-article-page__text_no-margin po-list-lvl_1'>R\u1ee7i ro c\u1ea1nh tranh gay g\u1eaft t\u1eeb c\u00e1c \u0111\u1ed1i th\u1ee7 m\u1edbi nh\u01b0 Masterise, Ecopark, Van Phuc Group v\u1edbi chi\u1ebfn l\u01b0\u1ee3c gi\u00e1 c\u1ea1nh tranh<\/li><li class='po-article-page__text po-article-page__text_no-margin po-list-lvl_1'>R\u1ee7i ro kinh t\u1ebf v\u0129 m\u00f4 t\u1eeb bi\u1ebfn \u0111\u1ed9ng th\u01b0\u01a1ng m\u1ea1i qu\u1ed1c t\u1ebf v\u00e0 c\u0103ng th\u1eb3ng \u0111\u1ecba ch\u00ednh tr\u1ecb<\/li><\/ul><\/div><div class='po-container po-container_width_article-sm'><p class='po-article-page__text'>Xem x\u00e9t t\u1ea5t c\u1ea3 c\u00e1c y\u1ebfu t\u1ed1, c\u1ed5 phi\u1ebfu VHM v\u1eabn l\u00e0 l\u1ef1a ch\u1ecdn \u0111\u1ea7u t\u01b0 h\u1ea5p d\u1eabn v\u1edbi t\u1ef7 l\u1ec7 r\u1ee7i ro\/l\u1ee3i nhu\u1eadn thu\u1eadn l\u1ee3i. \u0110\u1ed1i v\u1edbi nh\u00e0 \u0111\u1ea7u t\u01b0 d\u00e0i h\u1ea1n, VHM c\u00f3 th\u1ec3 mang l\u1ea1i l\u1ee3i nhu\u1eadn k\u00e9p 80-100% trong 3 n\u0103m t\u1edbi. Nh\u00e0 \u0111\u1ea7u t\u01b0 trung h\u1ea1n c\u00f3 th\u1ec3 \u00e1p d\u1ee5ng chi\u1ebfn l\u01b0\u1ee3c giao d\u1ecbch xoay v\u00f2ng v\u1edbi m\u1ee5c ti\u00eau 18-25% m\u1ed7i chu k\u1ef3, t\u1eadp trung v\u00e0o c\u00e1c \u0111i\u1ec3m \u0111\u1ea3o chi\u1ec1u k\u1ef9 thu\u1eadt m\u1ea1nh.<\/p><\/div><div class='po-container po-container_width_article-sm'><p class='po-article-page__text'>Pocket Option cung c\u1ea5p m\u1ed9t h\u1ec7 sinh th\u00e1i \u0111\u1ea7u t\u01b0 to\u00e0n di\u1ec7n gi\u00fap nh\u00e0 \u0111\u1ea7u t\u01b0 t\u1ed1i \u0111a h\u00f3a c\u01a1 h\u1ed9i t\u1eeb c\u1ed5 phi\u1ebfu VHM. T\u1eeb c\u00e1c c\u00f4ng c\u1ee5 ph\u00e2n t\u00edch chuy\u00ean s\u00e2u, h\u1ec7 th\u1ed1ng qu\u1ea3n l\u00fd danh m\u1ee5c \u0111\u1ea7u t\u01b0 \u0111\u1ebfn c\u00e1c t\u00ednh n\u0103ng th\u00f4ng b\u00e1o th\u00f4ng minh, n\u1ec1n t\u1ea3ng n\u00e0y gi\u00fap nh\u00e0 \u0111\u1ea7u t\u01b0 Vi\u1ec7t Nam \u0111\u01b0a ra quy\u1ebft \u0111\u1ecbnh \u0111\u1ea7u t\u01b0 ch\u00ednh x\u00e1c v\u00e0 k\u1ecbp th\u1eddi. \u0110\u1eb7c bi\u1ec7t, c\u00e1c b\u00e1o c\u00e1o ph\u00e2n t\u00edch h\u00e0ng tu\u1ea7n \u0111\u1ed9c quy\u1ec1n t\u1eeb Pocket Option cung c\u1ea5p c\u00e1i nh\u00ecn s\u00e2u s\u1eafc v\u1ec1 c\u1ed5 phi\u1ebfu VHM v\u00e0 c\u00e1c c\u01a1 h\u1ed9i \u0111\u1ea7u t\u01b0 ti\u1ec1m n\u0103ng tr\u00ean th\u1ecb tr\u01b0\u1eddng ch\u1ee9ng kho\u00e1n Vi\u1ec7t Nam.<\/p><\/div><div class='po-container po-container_width_article-sm'><p class='po-article-page__text'>H\u00e0nh \u0111\u1ed9ng ngay h\u00f4m nay \u0111\u1ec3 t\u1eadn d\u1ee5ng giai \u0111o\u1ea1n \u0111\u1ea7u c\u1ee7a chu k\u1ef3 ph\u1ee5c h\u1ed3i th\u1ecb tr\u01b0\u1eddng b\u1ea5t \u0111\u1ed9ng s\u1ea3n Vi\u1ec7t Nam, v\u00e0 c\u1ed5 phi\u1ebfu Vinhomes h\u1ee9a h\u1eb9n s\u1ebd l\u00e0 m\u1ed9t trong nh\u1eefng l\u1ef1a ch\u1ecdn h\u00e0ng \u0111\u1ea7u trong chi\u1ebfn l\u01b0\u1ee3c \u0111\u1ea7u t\u01b0 2025-2027 c\u1ee7a b\u1ea1n.<\/p><\/div>","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'>T\u1ed5ng quan v\u1ec1 c\u1ed5 phi\u1ebfu VHM v\u00e0 v\u1ecb th\u1ebf d\u1eabn \u0111\u1ea7u trong ng\u00e0nh b\u1ea5t \u0111\u1ed9ng s\u1ea3n Vi\u1ec7t Nam<\/h2>\n<\/div>\n<div class='po-container po-container_width_article-sm'>\n<p class='po-article-page__text'>C\u1ed5 phi\u1ebfu VHM &#8211; m\u00e3 c\u1ed5 phi\u1ebfu c\u1ee7a C\u00f4ng ty C\u1ed5 ph\u1ea7n Vinhomes &#8211; l\u00e0 \u0111\u1ea1i di\u1ec7n h\u00e0ng \u0111\u1ea7u c\u1ee7a ng\u00e0nh b\u1ea5t \u0111\u1ed9ng s\u1ea3n tr\u00ean s\u00e0n HOSE. \u0110\u01b0\u1ee3c ni\u00eam y\u1ebft t\u1eeb th\u00e1ng 5 n\u0103m 2018, VHM nhanh ch\u00f3ng chi\u1ebfm v\u1ecb tr\u00ed trong top 3 c\u1ed5 phi\u1ebfu c\u00f3 v\u1ed1n h\u00f3a th\u1ecb tr\u01b0\u1eddng l\u1edbn nh\u1ea5t, hi\u1ec7n \u0111\u01b0\u1ee3c \u0111\u1ecbnh gi\u00e1 kho\u1ea3ng 220,000 t\u1ef7 VND, v\u00e0 l\u00e0 m\u1ed9t th\u00e0nh ph\u1ea7n quan tr\u1ecdng trong r\u1ed5 VN30.<\/p>\n<\/div>\n<div class='po-container po-container_width_article-sm'>\n<p class='po-article-page__text'>Vinhomes kh\u1eb3ng \u0111\u1ecbnh v\u1ecb th\u1ebf v\u1edbi th\u1ecb ph\u1ea7n v\u01b0\u1ee3t tr\u1ed9i trong ph\u00e2n kh\u00fac b\u1ea5t \u0111\u1ed9ng s\u1ea3n cao c\u1ea5p v\u00e0 trung c\u1ea5p, s\u1edf h\u1eefu qu\u1ef9 \u0111\u1ea5t l\u00ean \u0111\u1ebfn 16,000 ha &#8211; l\u1edbn nh\u1ea5t Vi\u1ec7t Nam. M\u00f4 h\u00ecnh \u0111\u1ea1i \u0111\u00f4 th\u1ecb t\u00edch h\u1ee3p h\u1ec7 sinh th\u00e1i d\u1ecbch v\u1ee5 c\u1ee7a Vingroup t\u1ea1o ra l\u1ee3i th\u1ebf c\u1ea1nh tranh v\u01b0\u1ee3t tr\u1ed9i m\u00e0 \u00edt \u0111\u1ed1i th\u1ee7 c\u00f3 th\u1ec3 s\u00e1nh k\u1ecbp.<\/p>\n<\/div>\n<div class='po-container po-container_width_article-sm'>\n<p class='po-article-page__text'>T\u00ednh \u0111\u1ebfn qu\u00fd 1\/2025, gi\u00e1 c\u1ed5 phi\u1ebfu VHM \u0111\u00e3 tr\u1ea3i qua m\u1ed9t chu k\u1ef3 bi\u1ebfn \u0111\u1ed9ng m\u1ea1nh, t\u1eeb \u0111\u1ec9nh 115,000 VND (\u0111\u1ea7u n\u0103m 2022) xu\u1ed1ng \u0111\u00e1y 37,000 VND (cu\u1ed1i n\u0103m 2023), v\u00e0 hi\u1ec7n \u0111ang trong xu h\u01b0\u1edbng ph\u1ee5c h\u1ed3i. S\u1ef1 ph\u00e1t tri\u1ec3n n\u00e0y kh\u00f4ng ch\u1ec9 ph\u1ea3n \u00e1nh k\u1ebft qu\u1ea3 kinh doanh c\u1ee7a c\u00f4ng ty m\u00e0 c\u00f2n l\u00e0 bi\u1ec3u hi\u1ec7n r\u00f5 n\u00e9t nh\u1ea5t c\u1ee7a chu k\u1ef3 th\u1ecb tr\u01b0\u1eddng b\u1ea5t \u0111\u1ed9ng s\u1ea3n Vi\u1ec7t Nam. Nh\u00e0 \u0111\u1ea7u t\u01b0 quan t\u00e2m \u0111\u1ebfn c\u1ed5 phi\u1ebfu Vinhomes c\u1ea7n ph\u00e2n t\u00edch s\u00e2u c\u00e1c ch\u1ec9 s\u1ed1 t\u00e0i ch\u00ednh c\u1ed1t l\u00f5i tr\u01b0\u1edbc khi \u0111\u01b0a ra quy\u1ebft \u0111\u1ecbnh \u0111\u1ea7u t\u01b0.<\/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>Ch\u1ec9 s\u1ed1<\/th>\n<th>Tham s\u1ed1<\/th>\n<th>So s\u00e1nh ng\u00e0nh<\/th>\n<\/tr>\n<\/thead>\n<tbody>\n<tr>\n<td>V\u1ed1n h\u00f3a th\u1ecb tr\u01b0\u1eddng<\/td>\n<td>220,000 t\u1ef7 VND<\/td>\n<td>L\u1edbn g\u1ea5p 3 l\u1ea7n \u0111\u1ed1i th\u1ee7 g\u1ea7n nh\u1ea5t<\/td>\n<\/tr>\n<tr>\n<td>T\u1ef7 l\u1ec7 t\u1ef1 do chuy\u1ec3n nh\u01b0\u1ee3ng<\/td>\n<td>29.8%<\/td>\n<td>Thanh kho\u1ea3n trung b\u00ecnh 1.2 tri\u1ec7u c\u1ed5 phi\u1ebfu\/phi\u00ean<\/td>\n<\/tr>\n<tr>\n<td>Qu\u1ef9 \u0111\u1ea5t<\/td>\n<td>16,380 ha<\/td>\n<td>L\u1edbn nh\u1ea5t ng\u00e0nh, \u0111\u1ea3m b\u1ea3o ph\u00e1t tri\u1ec3n trong 15-20 n\u0103m<\/td>\n<\/tr>\n<tr>\n<td>ROE (2024)<\/td>\n<td>27.3%<\/td>\n<td>Cao h\u01a1n trung b\u00ecnh ng\u00e0nh 45%<\/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'>Ph\u00e2n t\u00edch bi\u1ebfn \u0111\u1ed9ng gi\u00e1 c\u1ed5 phi\u1ebfu VHM: Chu k\u1ef3 2022-2025<\/h2>\n<\/div>\n<div class='po-container po-container_width_article-sm'>\n<p class='po-article-page__text'>Ph\u00e2n t\u00edch k\u1ef9 l\u01b0\u1ee1ng bi\u1ebfn \u0111\u1ed9ng gi\u00e1 c\u1ed5 phi\u1ebfu VHM trong 3 n\u0103m qua cho th\u1ea5y m\u1ed9t m\u00f4 h\u00ecnh chu k\u1ef3 r\u00f5 r\u00e0ng, kh\u00f4ng ch\u1ec9 ph\u1ea3n \u00e1nh k\u1ebft qu\u1ea3 kinh doanh c\u1ee7a Vinhomes m\u00e0 c\u00f2n \u0111\u00f3ng vai tr\u00f2 nh\u01b0 m\u1ed9t &#8220;nhi\u1ec7t k\u1ebf&#8221; \u0111o l\u01b0\u1eddng s\u1ee9c kh\u1ecfe c\u1ee7a to\u00e0n ng\u00e0nh b\u1ea5t \u0111\u1ed9ng s\u1ea3n. T\u1eeb \u0111\u1ec9nh 115,000 VND v\u00e0o qu\u00fd 1\/2022, gi\u00e1 c\u1ed5 phi\u1ebfu VHM \u0111\u00e3 tr\u1ea3i qua m\u1ed9t \u0111\u1ee3t gi\u1ea3m k\u00e9o d\u00e0i khi th\u1ecb tr\u01b0\u1eddng b\u1ea5t \u0111\u1ed9ng s\u1ea3n \u0111\u00f3ng b\u0103ng, ch\u1ea1m \u0111\u00e1y 37,000 VND v\u00e0o qu\u00fd 4\/2023, tr\u01b0\u1edbc khi ph\u1ee5c h\u1ed3i v\u00e0o 2024-2025.<\/p>\n<\/div>\n<div class='po-container po-container_width_article-sm'>\n<h3 class='po-article-page__title'>M\u00f4 h\u00ecnh chu k\u1ef3 v\u00e0 c\u00e1c \u0111i\u1ec3m chuy\u1ec3n ti\u1ebfp quan tr\u1ecdng<\/h3>\n<\/div>\n<div class='po-container po-container_width_article po-article-page__table'>\n<div class='po-table'>\n<table>\n<thead>\n<tr>\n<th>Giai \u0111o\u1ea1n<\/th>\n<th>Bi\u1ebfn \u0111\u1ed9ng gi\u00e1<\/th>\n<th>Nguy\u00ean nh\u00e2n v\u00e0 t\u00e1c \u0111\u1ed9ng<\/th>\n<\/tr>\n<\/thead>\n<tbody>\n<tr>\n<td>Q1-Q2\/2022<\/td>\n<td>Gi\u1ea3m 48% (115,000\u0111 \u2192 60,000\u0111)<\/td>\n<td>Th\u00f4ng t\u01b0 16\/2021\/TT-NHNN th\u1eaft ch\u1eb7t t\u00edn d\u1ee5ng b\u1ea5t \u0111\u1ed9ng s\u1ea3n, l\u00e3i su\u1ea5t t\u0103ng t\u1eeb 7% l\u00ean 9.5%<\/td>\n<\/tr>\n<tr>\n<td>Q3-Q4\/2022<\/td>\n<td>Gi\u1ea3m th\u00eam 21% (60,000\u0111 \u2192 47,500\u0111)<\/td>\n<td>Doanh s\u1ed1 Q3\/2022 gi\u1ea3m 38% so v\u1edbi c\u00f9ng k\u1ef3, thanh kho\u1ea3n th\u1ecb tr\u01b0\u1eddng gi\u1ea3m 60%<\/td>\n<\/tr>\n<tr>\n<td>Q1-Q3\/2023<\/td>\n<td>Gi\u1ea3m th\u00eam 22% (47,500\u0111 \u2192 37,000\u0111)<\/td>\n<td>Kh\u1ee7ng ho\u1ea3ng tr\u00e1i phi\u1ebfu doanh nghi\u1ec7p b\u1ea5t \u0111\u1ed9ng s\u1ea3n, Ngh\u1ecb \u0111\u1ecbnh 08\/2023\/N\u0110-CP ch\u01b0a t\u1ea1o hi\u1ec7u qu\u1ea3<\/td>\n<\/tr>\n<tr>\n<td>Q4\/2023-Q1\/2024<\/td>\n<td>Ph\u1ee5c h\u1ed3i 27% (37,000\u0111 \u2192 47,000\u0111)<\/td>\n<td>Ng\u00e2n h\u00e0ng Nh\u00e0 n\u01b0\u1edbc Vi\u1ec7t Nam gi\u1ea3m l\u00e3i su\u1ea5t 4 l\u1ea7n li\u00ean ti\u1ebfp, Lu\u1eadt \u0110\u1ea5t \u0111ai m\u1edbi \u0111\u01b0\u1ee3c th\u00f4ng qua<\/td>\n<\/tr>\n<tr>\n<td>Q2-Q3\/2024<\/td>\n<td>T\u0103ng 32% (47,000\u0111 \u2192 62,000\u0111)<\/td>\n<td>K\u1ebft qu\u1ea3 kinh doanh Q2\/2024 t\u0103ng 42% so v\u1edbi c\u00f9ng k\u1ef3, d\u1ef1 \u00e1n Ocean City m\u1edf b\u00e1n th\u00e0nh c\u00f4ng<\/td>\n<\/tr>\n<tr>\n<td>Q4\/2024-Q1\/2025<\/td>\n<td>Xu h\u01b0\u1edbng t\u0103ng c\u1ee7ng c\u1ed1 (62,000\u0111 \u2192 68,000\u0111)<\/td>\n<td>Th\u1ecb tr\u01b0\u1eddng b\u1ea5t \u0111\u1ed9ng s\u1ea3n ph\u1ee5c h\u1ed3i, v\u1ed1n ngo\u1ea1i quay tr\u1edf l\u1ea1i, t\u1ef7 l\u1ec7 h\u1ea5p th\u1ee5 c\u0103n h\u1ed9 t\u0103ng 35%<\/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'>M\u1ed9t \u0111i\u1ec3m \u0111\u00e1ng ch\u00fa \u00fd trong chu k\u1ef3 bi\u1ebfn \u0111\u1ed9ng c\u1ee7a c\u1ed5 phi\u1ebfu VHM l\u00e0 m\u1ed1i t\u01b0\u01a1ng quan ch\u1eb7t ch\u1ebd v\u1edbi c\u00e1c ch\u00ednh s\u00e1ch kinh t\u1ebf v\u0129 m\u00f4. M\u1ed7i \u0111i\u1ec1u ch\u1ec9nh trong ch\u00ednh s\u00e1ch t\u00edn d\u1ee5ng, l\u00e3i su\u1ea5t, hay khung ph\u00e1p l\u00fd \u0111\u1ec1u t\u1ea1o ra ph\u1ea3n \u1ee9ng th\u1ecb tr\u01b0\u1eddng t\u1ee9c th\u00ec. V\u00ed d\u1ee5, khi Ng\u00e2n h\u00e0ng Nh\u00e0 n\u01b0\u1edbc Vi\u1ec7t Nam b\u1eaft \u0111\u1ea7u chu k\u1ef3 gi\u1ea3m l\u00e3i su\u1ea5t v\u00e0o qu\u00fd 4\/2023, VHM b\u1eaft \u0111\u1ea7u xu h\u01b0\u1edbng ph\u1ee5c h\u1ed3i m\u1eb7c d\u00f9 k\u1ebft qu\u1ea3 kinh doanh qu\u00fd 4\/2023 ch\u01b0a c\u00f3 s\u1ef1 c\u1ea3i thi\u1ec7n \u0111\u00e1ng k\u1ec3.<\/p>\n<\/div>\n<div class='po-container po-container_width_article-sm'>\n<p class='po-article-page__text'>\u0110\u1eb7c bi\u1ec7t, kh\u1ed1i l\u01b0\u1ee3ng giao d\u1ecbch c\u1ee7a VHM c\u0169ng l\u00e0 m\u1ed9t ch\u1ec9 b\u00e1o quan tr\u1ecdng. C\u00e1c phi\u00ean gi\u1ea3m m\u1ea1nh th\u01b0\u1eddng \u0111i k\u00e8m v\u1edbi kh\u1ed1i l\u01b0\u1ee3ng giao d\u1ecbch l\u1edbn (tr\u00ean 3 tri\u1ec7u c\u1ed5 phi\u1ebfu\/phi\u00ean), trong khi c\u00e1c \u0111\u1ee3t t\u0103ng b\u1ec1n v\u1eefng th\u01b0\u1eddng c\u00f3 kh\u1ed1i l\u01b0\u1ee3ng \u1ed5n \u0111\u1ecbnh kho\u1ea3ng 1-1.5 tri\u1ec7u c\u1ed5 phi\u1ebfu\/phi\u00ean v\u1edbi xu h\u01b0\u1edbng t\u0103ng d\u1ea7n.<\/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 b\u1ea3n: Gi\u1ea3i m\u00e3 ti\u1ec1m n\u0103ng c\u1ed5 phi\u1ebfu VHM<\/h2>\n<\/div>\n<div class='po-container po-container_width_article-sm'>\n<p class='po-article-page__text'>Ph\u00e2n t\u00edch c\u01a1 b\u1ea3n l\u00e0 ch\u00eca kh\u00f3a \u0111\u1ec3 x\u00e1c \u0111\u1ecbnh gi\u00e1 tr\u1ecb n\u1ed9i t\u1ea1i v\u00e0 ti\u1ec1m n\u0103ng t\u0103ng tr\u01b0\u1edfng d\u00e0i h\u1ea1n c\u1ee7a c\u1ed5 phi\u1ebfu VHM. V\u1ec1 hi\u1ec7u qu\u1ea3 kinh doanh, Vinhomes duy tr\u00ec bi\u00ean l\u1ee3i nhu\u1eadn g\u1ed9p 35-45% &#8211; cao nh\u1ea5t trong ng\u00e0nh b\u1ea5t \u0111\u1ed9ng s\u1ea3n nh\u00e0 \u1edf Vi\u1ec7t Nam v\u00e0 c\u1ea1nh tranh so v\u1edbi c\u00e1c c\u00f4ng ty b\u1ea5t \u0111\u1ed9ng s\u1ea3n h\u00e0ng \u0111\u1ea7u \u0110\u00f4ng Nam \u00c1.<\/p>\n<\/div>\n<div class='po-container po-container_width_article-sm'>\n<h3 class='po-article-page__title'>L\u1ee3i th\u1ebf c\u1ea1nh tranh v\u00e0 m\u00f4 h\u00ecnh kinh doanh \u0111\u1ed9c \u0111\u00e1o<\/h3>\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'>Qu\u1ef9 \u0111\u1ea5t 16,380 ha tr\u1ea3i r\u1ed9ng 22 t\u1ec9nh th\u00e0nh, \u0111\u1ea3m b\u1ea3o ngu\u1ed3n cung d\u1ef1 \u00e1n trong 15-20 n\u0103m t\u1edbi<\/li>\n<li class='po-article-page__text po-article-page__text_no-margin po-list-lvl_1'>Kh\u1ea3 n\u0103ng tri\u1ec3n khai c\u00e1c d\u1ef1 \u00e1n l\u1edbn v\u1edbi t\u1ed1c \u0111\u1ed9 x\u00e2y d\u1ef1ng v\u01b0\u1ee3t tr\u1ed9i (18-24 th\u00e1ng so v\u1edbi 36-48 th\u00e1ng c\u1ee7a \u0111\u1ed1i th\u1ee7)<\/li>\n<li class='po-article-page__text po-article-page__text_no-margin po-list-lvl_1'>H\u1ec7 sinh th\u00e1i kh\u00e9p k\u00edn t\u1eeb Vingroup (gi\u00e1o d\u1ee5c, y t\u1ebf, th\u01b0\u01a1ng m\u1ea1i, d\u1ecbch v\u1ee5) t\u1ea1o gi\u00e1 tr\u1ecb gia t\u0103ng 15-20% cho d\u1ef1 \u00e1n<\/li>\n<li class='po-article-page__text po-article-page__text_no-margin po-list-lvl_1'>C\u01a1 c\u1ea5u t\u00e0i ch\u00ednh an to\u00e0n v\u1edbi t\u1ef7 l\u1ec7 n\u1ee3\/v\u1ed1n ch\u1ee7 s\u1edf h\u1eefu 0.48x (th\u1ea5p h\u01a1n trung b\u00ecnh ng\u00e0nh 60%)<\/li>\n<li class='po-article-page__text po-article-page__text_no-margin po-list-lvl_1'>M\u00f4 h\u00ecnh b\u00e1n h\u00e0ng \u0111\u1eb7c bi\u1ec7t v\u1edbi ch\u00ednh s\u00e1ch \u0111\u1eb7t c\u1ecdc s\u1edbm, gi\u00fap t\u1ed1i \u01b0u h\u00f3a d\u00f2ng ti\u1ec1n v\u00e0 gi\u1ea3m \u00e1p l\u1ef1c vay ng\u00e2n h\u00e0ng<\/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>Ch\u1ec9 s\u1ed1 t\u00e0i ch\u00ednh<\/th>\n<th>2022<\/th>\n<th>2023<\/th>\n<th>2024<\/th>\n<th>2025 (d\u1ef1 b\u00e1o)<\/th>\n<\/tr>\n<\/thead>\n<tbody>\n<tr>\n<td>Doanh thu (t\u1ef7 VND)<\/td>\n<td>62,376<\/td>\n<td>75,835<\/td>\n<td>87,452<\/td>\n<td>98,000-102,000<\/td>\n<\/tr>\n<tr>\n<td>L\u1ee3i nhu\u1eadn sau thu\u1ebf (t\u1ef7 VND)<\/td>\n<td>29,145<\/td>\n<td>33,622<\/td>\n<td>37,283<\/td>\n<td>40,000-42,500<\/td>\n<\/tr>\n<tr>\n<td>Bi\u00ean l\u1ee3i nhu\u1eadn g\u1ed9p<\/td>\n<td>42.3%<\/td>\n<td>40.1%<\/td>\n<td>39.4%<\/td>\n<td>38.5-40%<\/td>\n<\/tr>\n<tr>\n<td>ROE<\/td>\n<td>28.1%<\/td>\n<td>27.3%<\/td>\n<td>26.8%<\/td>\n<td>25-26.5%<\/td>\n<\/tr>\n<tr>\n<td>EPS (VND)<\/td>\n<td>6,745<\/td>\n<td>7,235<\/td>\n<td>7,893<\/td>\n<td>8,400-8,900<\/td>\n<\/tr>\n<tr>\n<td>P\/E<\/td>\n<td>8.5x<\/td>\n<td>6.2x<\/td>\n<td>8.1x<\/td>\n<td>7.5-8.2x<\/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\u00f9 c\u00f3 nhi\u1ec1u l\u1ee3i th\u1ebf n\u1ed5i b\u1eadt, c\u1ed5 phi\u1ebfu Vinhomes v\u1eabn \u0111\u1ed1i m\u1eb7t v\u1edbi nh\u1eefng th\u00e1ch th\u1ee9c c\u1ee5 th\u1ec3. Chu k\u1ef3 th\u1eaft ch\u1eb7t t\u00edn d\u1ee5ng b\u1ea5t \u0111\u1ed9ng s\u1ea3n khi\u1ebfn t\u1ed5ng gi\u00e1 tr\u1ecb b\u00e1n h\u00e0ng n\u0103m 2023 gi\u1ea3m 27% so v\u1edbi n\u0103m 2022. Lu\u1eadt \u0110\u1ea5t \u0111ai 2024 (c\u00f3 hi\u1ec7u l\u1ef1c t\u1eeb ng\u00e0y 1 th\u00e1ng 8 n\u0103m 2024) \u0111\u00e3 t\u0103ng chi ph\u00ed \u0111\u1ec1n b\u00f9 v\u00e0 gi\u1ea3i ph\u00f3ng m\u1eb7t b\u1eb1ng l\u00ean 15-20%, t\u1ea1o \u00e1p l\u1ef1c l\u00ean bi\u00ean l\u1ee3i nhu\u1eadn cho c\u00e1c d\u1ef1 \u00e1n m\u1edbi.<\/p>\n<\/div>\n<div class='po-container po-container_width_article-sm'>\n<p class='po-article-page__text'>Tuy nhi\u00ean, v\u1edbi n\u0103ng l\u1ef1c t\u00e0i ch\u00ednh m\u1ea1nh m\u1ebd (27,200 t\u1ef7 VND ti\u1ec1n m\u1eb7t t\u00ednh \u0111\u1ebfn ng\u00e0y 31 th\u00e1ng 3 n\u0103m 2025), Vinhomes c\u00f3 th\u1ec3 v\u01b0\u1ee3t qua c\u00e1c giai \u0111o\u1ea1n kh\u00f3 kh\u0103n t\u1ed1t h\u01a1n so v\u1edbi \u0111\u1ed1i th\u1ee7. Chi\u1ebfn l\u01b0\u1ee3c \u0111a d\u1ea1ng h\u00f3a s\u1ea3n ph\u1ea9m v\u1edbi c\u00e1c d\u00f2ng nh\u00e0 \u1edf gi\u00e1 trung b\u00ecnh (The Standard, The New City) nh\u1eafm v\u00e0o c\u00e1c ph\u00e2n kh\u00fac c\u00f3 nhu c\u1ea7u nh\u00e0 \u1edf th\u1ef1c \u0111ang mang l\u1ea1i k\u1ebft qu\u1ea3 t\u00edch c\u1ef1c, v\u1edbi t\u1ef7 l\u1ec7 h\u1ea5p th\u1ee5 \u0111\u1ea1t 78% trong qu\u00fd 1\/2025.<\/p>\n<\/div>\n<div class='po-container po-container_width_article-sm'>\n<p class='po-article-page__text'>V\u1ec1 \u0111\u1ecbnh gi\u00e1, P\/E hi\u1ec7n t\u1ea1i kho\u1ea3ng 8.1x th\u1ea5p h\u01a1n 25% so v\u1edbi trung b\u00ecnh l\u1ecbch s\u1eed 5 n\u0103m (10.8x) v\u00e0 th\u1ea5p h\u01a1n 30-40% so v\u1edbi c\u00e1c c\u00f4ng ty b\u1ea5t \u0111\u1ed9ng s\u1ea3n h\u00e0ng \u0111\u1ea7u trong khu v\u1ef1c nh\u01b0 SM Prime Holdings (Philippines) hay Sansiri (Th\u00e1i Lan), cho th\u1ea5y d\u01b0 \u0111\u1ecba t\u0103ng gi\u00e1 khi th\u1ecb tr\u01b0\u1eddng b\u1ea5t \u0111\u1ed9ng s\u1ea3n Vi\u1ec7t Nam ph\u1ee5c h\u1ed3i ho\u00e0n to\u00e0n.<\/p>\n<\/div>\n<div class='po-container po-container_width_article-sm'>\n<h2 class='po-article-page__title'>Ph\u00e2n t\u00edch k\u1ef9 thu\u1eadt v\u00e0 t\u00edn hi\u1ec7u giao d\u1ecbch cho c\u1ed5 phi\u1ebfu VHM<\/h2>\n<\/div>\n<div class='po-container po-container_width_article-sm'>\n<p class='po-article-page__text'>Ph\u00e2n t\u00edch k\u1ef9 thu\u1eadt \u0111\u00f3ng vai tr\u00f2 quy\u1ebft \u0111\u1ecbnh trong vi\u1ec7c x\u00e1c \u0111\u1ecbnh th\u1eddi \u0111i\u1ec3m v\u00e0o v\u00e0 ra cho nh\u00e0 \u0111\u1ea7u t\u01b0 c\u1ed5 phi\u1ebfu VHM. Kh\u00e1c v\u1edbi ph\u00e2n t\u00edch c\u01a1 b\u1ea3n, ph\u00e2n t\u00edch k\u1ef9 thu\u1eadt gi\u00fap x\u00e1c \u0111\u1ecbnh ch\u00ednh x\u00e1c c\u00e1c m\u00f4 h\u00ecnh gi\u00e1, xu h\u01b0\u1edbng v\u00e0 c\u00e1c \u0111i\u1ec3m \u0111\u1ea3o chi\u1ec1u quan tr\u1ecdng.<\/p>\n<\/div>\n<div class='po-container po-container_width_article-sm'>\n<p class='po-article-page__text'>Bi\u1ec3u \u0111\u1ed3 gi\u00e1 c\u1ed5 phi\u1ebfu VHM trong 12 th\u00e1ng qua cho th\u1ea5y ba giai \u0111o\u1ea1n r\u00f5 r\u1ec7t: (1) h\u00ecnh th\u00e0nh \u0111\u00e1y \u0111\u00f4i trong kho\u1ea3ng 36,000-38,000 VND v\u00e0o qu\u00fd 4\/2023; (2) xu h\u01b0\u1edbng t\u0103ng m\u1ea1nh 35% trong qu\u00fd 1-qu\u00fd 2\/2024; v\u00e0 (3) t\u00edch l\u0169y \u0111i ngang trong kho\u1ea3ng 62,000-68,000 VND t\u1eeb qu\u00fd 3\/2024 \u0111\u1ebfn nay. C\u00e1c ch\u1ec9 b\u00e1o MACD v\u00e0 RSI \u0111ang cho th\u1ea5y t\u00edn hi\u1ec7u k\u1ef9 thu\u1eadt t\u00edch c\u1ef1c v\u1ec1 kh\u1ea3 n\u0103ng \u0111\u1ed9t ph\u00e1 l\u00ean c\u00e1c v\u00f9ng gi\u00e1 m\u1edbi.<\/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>Ch\u1ec9 b\u00e1o k\u1ef9 thu\u1eadt<\/th>\n<th>Gi\u00e1 tr\u1ecb hi\u1ec7n t\u1ea1i (28\/3\/2025)<\/th>\n<th>T\u00edn hi\u1ec7u giao d\u1ecbch<\/th>\n<\/tr>\n<\/thead>\n<tbody>\n<tr>\n<td>MA 50 ng\u00e0y<\/td>\n<td>64,850 VND<\/td>\n<td>T\u0103ng &#8211; Gi\u00e1 duy tr\u00ec tr\u00ean MA50 li\u00ean t\u1ee5c trong 47 phi\u00ean<\/td>\n<\/tr>\n<tr>\n<td>MA 200 ng\u00e0y<\/td>\n<td>58,370 VND<\/td>\n<td>T\u0103ng m\u1ea1nh &#8211; Golden Cross xu\u1ea5t hi\u1ec7n t\u1eeb 15\/01\/2025<\/td>\n<\/tr>\n<tr>\n<td>RSI (14)<\/td>\n<td>58.3<\/td>\n<td>Trung t\u00ednh-t\u00edch c\u1ef1c, ch\u01b0a v\u00e0o v\u00f9ng qu\u00e1 mua (&gt;70)<\/td>\n<\/tr>\n<tr>\n<td>MACD (12,26,9)<\/td>\n<td>+2.14 (Histogram +0.47)<\/td>\n<td>T\u0103ng &#8211; MACD c\u1eaft l\u00ean tr\u00ean Signal Line t\u1eeb 05\/03\/2025<\/td>\n<\/tr>\n<tr>\n<td>Bollinger Bands<\/td>\n<td>65,200 VND (Gi\u1eefa), 73,400 VND (Tr\u00ean), 57,000 VND (D\u01b0\u1edbi)<\/td>\n<td>Thu h\u1eb9p v\u1edbi \u0111\u1ed9 r\u1ed9ng d\u1ea3i gi\u1ea3m 28%, th\u01b0\u1eddng d\u1eabn \u0111\u1ebfn \u0111\u1ed9t ph\u00e1 m\u1ea1nh<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<\/div>\n<\/div>\n<div class='po-container po-container_width_article-sm'>\n<p class='po-article-page__text'>C\u00e1c v\u00f9ng h\u1ed7 tr\u1ee3 v\u00e0 kh\u00e1ng c\u1ef1 c\u1ee5 th\u1ec3 \u0111\u00e3 \u0111\u01b0\u1ee3c x\u00e1c \u0111\u1ecbnh d\u1ef1a tr\u00ean ph\u00e2n t\u00edch Fibonacci v\u00e0 kh\u1ed1i l\u01b0\u1ee3ng giao d\u1ecbch:<\/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'>H\u1ed7 tr\u1ee3 m\u1ea1nh #1: 62,500-63,800 VND (kh\u1ed1i l\u01b0\u1ee3ng t\u00edch l\u0169y cao v\u00e0 m\u1ee9c v\u1edbi Fibonacci 38.2%)<\/li>\n<li class='po-article-page__text po-article-page__text_no-margin po-list-lvl_1'>H\u1ed7 tr\u1ee3 m\u1ea1nh #2: 57,000-58,500 VND (tr\u00f9ng v\u1edbi MA200 v\u00e0 Fibonacci 50%)<\/li>\n<li class='po-article-page__text po-article-page__text_no-margin po-list-lvl_1'>Kh\u00e1ng c\u1ef1 #1: 68,000-70,000 VND (\u0111\u1ec9nh g\u1ea7n \u0111\u00e2y v\u00e0 v\u00f9ng t\u00e2m l\u00fd quan tr\u1ecdng)<\/li>\n<li class='po-article-page__text po-article-page__text_no-margin po-list-lvl_1'>Kh\u00e1ng c\u1ef1 #2: 78,000-80,000 VND (m\u1ee9c Fibonacci 78.6% v\u00e0 v\u00f9ng cung l\u1edbn t\u1eeb qu\u00fd 2\/2022)<\/li>\n<\/ul>\n<\/div>\n<div class='po-container po-container_width_article-sm'>\n<p class='po-article-page__text'>Nh\u00e0 \u0111\u1ea7u t\u01b0 s\u1eed d\u1ee5ng n\u1ec1n t\u1ea3ng Pocket Option c\u00f3 l\u1ee3i th\u1ebf r\u00f5 r\u1ec7t v\u1edbi c\u00e1c c\u00f4ng c\u1ee5 ph\u00e2n t\u00edch k\u1ef9 thu\u1eadt chuy\u00ean s\u00e2u. C\u00e1c t\u00ednh n\u0103ng n\u1ed5i b\u1eadt bao g\u1ed3m Market Scanner t\u1ef1 \u0111\u1ed9ng ph\u00e1t hi\u1ec7n c\u00e1c m\u00f4 h\u00ecnh n\u1ebfn Nh\u1eadt, Volume Profile x\u00e1c \u0111\u1ecbnh c\u00e1c v\u00f9ng t\u00edch l\u0169y m\u1ea1nh, v\u00e0 H\u1ec7 th\u1ed1ng C\u1ea3nh b\u00e1o th\u00f4ng b\u00e1o khi gi\u00e1 \u0111\u1ea1t c\u00e1c ng\u01b0\u1ee1ng k\u1ef9 thu\u1eadt quan tr\u1ecdng. Theo th\u1ed1ng k\u00ea t\u1eeb Pocket Option, 78% nh\u00e0 \u0111\u1ea7u t\u01b0 th\u00e0nh c\u00f4ng s\u1eed d\u1ee5ng k\u1ebft h\u1ee3p 3-4 ch\u1ec9 b\u00e1o k\u1ef9 thu\u1eadt, kh\u00f4ng d\u1ef1a v\u00e0o m\u1ed9t ch\u1ec9 b\u00e1o duy nh\u1ea5t.<\/p>\n<\/div>\n<div class='po-container po-container_width_article-sm'>\n<p class='po-article-page__text'>Ph\u00e2n t\u00edch kh\u1ed1i l\u01b0\u1ee3ng giao d\u1ecbch cho th\u1ea5y xu h\u01b0\u1edbng t\u00edch c\u1ef1c: c\u00e1c phi\u00ean t\u0103ng gi\u00e1 th\u01b0\u1eddng \u0111i k\u00e8m v\u1edbi kh\u1ed1i l\u01b0\u1ee3ng cao h\u01a1n 15-20% so v\u1edbi trung b\u00ecnh 20 phi\u00ean, trong khi c\u00e1c phi\u00ean gi\u1ea3m gi\u00e1 c\u00f3 kh\u1ed1i l\u01b0\u1ee3ng th\u1ea5p h\u01a1n 25-30%. \u0110\u00e2y l\u00e0 t\u00edn hi\u1ec7u cho th\u1ea5y \u00e1p l\u1ef1c b\u00e1n \u0111ang y\u1ebfu \u0111i v\u00e0 l\u1ef1c mua \u0111ang d\u1ea7n chi\u1ebfm \u01b0u th\u1ebf.<\/p>\n<\/div>\n<div class='po-container po-container_width_article-sm'>\n<h2 class='po-article-page__title'>T\u00e1c \u0111\u1ed9ng c\u1ee7a c\u00e1c y\u1ebfu t\u1ed1 kinh t\u1ebf v\u0129 m\u00f4 \u0111\u1ebfn tri\u1ec3n v\u1ecdng c\u1ed5 phi\u1ebfu VHM 2025-2026<\/h2>\n<\/div>\n<div class='po-container po-container_width_article-sm'>\n<p class='po-article-page__text'>\u0110\u1ec3 \u0111\u00e1nh gi\u00e1 to\u00e0n di\u1ec7n tri\u1ec3n v\u1ecdng c\u1ed5 phi\u1ebfu VHM, c\u1ea7n ph\u00e2n t\u00edch k\u1ef9 l\u01b0\u1ee1ng c\u00e1c y\u1ebfu t\u1ed1 kinh t\u1ebf v\u0129 m\u00f4 trong n\u01b0\u1edbc v\u00e0 qu\u1ed1c t\u1ebf. C\u1ed5 phi\u1ebfu b\u1ea5t \u0111\u1ed9ng s\u1ea3n n\u00f3i chung v\u00e0 VHM n\u00f3i ri\u00eang lu\u00f4n nh\u1ea1y c\u1ea3m cao v\u1edbi ch\u00ednh s\u00e1ch ti\u1ec1n t\u1ec7, ch\u00ednh s\u00e1ch t\u00edn d\u1ee5ng v\u00e0 quy \u0111\u1ecbnh ph\u00e1p l\u00fd.<\/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 kinh t\u1ebf v\u0129 m\u00f4<\/th>\n<th>Tr\u1ea1ng th\u00e1i hi\u1ec7n t\u1ea1i (Q1\/2025)<\/th>\n<th>D\u1ef1 b\u00e1o 2025-2026<\/th>\n<th>T\u00e1c \u0111\u1ed9ng \u0111\u1ebfn VHM<\/th>\n<\/tr>\n<\/thead>\n<tbody>\n<tr>\n<td>L\u00e3i su\u1ea5t cho vay b\u1ea5t \u0111\u1ed9ng s\u1ea3n<\/td>\n<td>8.5-9.5%\/n\u0103m<\/td>\n<td>Gi\u1ea3m th\u00eam 0.5-1%\/n\u0103m<\/td>\n<td>R\u1ea5t t\u00edch c\u1ef1c (+++) &#8211; K\u00edch th\u00edch nhu c\u1ea7u mua nh\u00e0, gi\u1ea3m chi ph\u00ed v\u1ed1n<\/td>\n<\/tr>\n<tr>\n<td>Room t\u00edn d\u1ee5ng b\u1ea5t \u0111\u1ed9ng s\u1ea3n<\/td>\n<td>T\u0103ng t\u1eeb 9.5% l\u00ean 12.3%<\/td>\n<td>N\u1edbi l\u1ecfng l\u00ean 14-15%<\/td>\n<td>T\u00edch c\u1ef1c (++) &#8211; T\u0103ng kh\u1ea3 n\u0103ng ti\u1ebfp c\u1eadn v\u1ed1n cho c\u1ea3 doanh nghi\u1ec7p v\u00e0 ng\u01b0\u1eddi mua<\/td>\n<\/tr>\n<tr>\n<td>Lu\u1eadt \u0110\u1ea5t \u0111ai 2024<\/td>\n<td>C\u00f3 hi\u1ec7u l\u1ef1c t\u1eeb 1\/8\/2024<\/td>\n<td>Ho\u00e0n thi\u1ec7n c\u00e1c ngh\u1ecb \u0111\u1ecbnh h\u01b0\u1edbng d\u1eabn<\/td>\n<td>Trung t\u00ednh (+\/-) &#8211; Th\u1ee7 t\u1ee5c minh b\u1ea1ch h\u01a1n nh\u01b0ng chi ph\u00ed \u0111\u1ec1n b\u00f9 t\u0103ng<\/td>\n<\/tr>\n<tr>\n<td>GDP Vi\u1ec7t Nam<\/td>\n<td>6.2% (Q1\/2025)<\/td>\n<td>6.5-7% (2025), 6.8-7.2% (2026)<\/td>\n<td>T\u00edch c\u1ef1c (++) &#8211; T\u0103ng thu nh\u1eadp v\u00e0 nhu c\u1ea7u nh\u00e0 \u1edf<\/td>\n<\/tr>\n<tr>\n<td>L\u1ea1m ph\u00e1t<\/td>\n<td>3.8% (Q1\/2025)<\/td>\n<td>4-4.5% (2025), 3.5-4% (2026)<\/td>\n<td>Trung t\u00ednh (+\/-) &#8211; H\u1ed7 tr\u1ee3 t\u0103ng gi\u00e1 b\u1ea5t \u0111\u1ed9ng s\u1ea3n nh\u01b0ng g\u00e2y \u00e1p l\u1ef1c l\u00ean l\u00e3i su\u1ea5t<\/td>\n<\/tr>\n<tr>\n<td>\u0110\u1ea7u t\u01b0 c\u00f4ng<\/td>\n<td>151,000 t\u1ef7 VND (Q1\/2025)<\/td>\n<td>700,000 t\u1ef7 VND (2025), t\u1eadp trung v\u00e0o h\u1ea1 t\u1ea7ng<\/td>\n<td>R\u1ea5t t\u00edch c\u1ef1c (+++) &#8211; N\u00e2ng cao gi\u00e1 tr\u1ecb c\u00e1c d\u1ef1 \u00e1n g\u1ea7n h\u1ea1 t\u1ea7ng m\u1edbi<\/td>\n<\/tr>\n<tr>\n<td>FDI v\u00e0o b\u1ea5t \u0111\u1ed9ng s\u1ea3n<\/td>\n<td>1.7 t\u1ef7 USD (Q1\/2025)<\/td>\n<td>7-8 t\u1ef7 USD (2025), t\u0103ng 25-30% (2026)<\/td>\n<td>T\u00edch c\u1ef1c (++) &#8211; T\u0103ng c\u01a1 h\u1ed9i chuy\u1ec3n nh\u01b0\u1ee3ng d\u1ef1 \u00e1n gi\u00e1 tr\u1ecb cao<\/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'>T\u1eeb g\u00f3c \u0111\u1ed9 kinh t\u1ebf qu\u1ed1c t\u1ebf, hai y\u1ebfu t\u1ed1 c\u00f3 t\u00e1c \u0111\u1ed9ng m\u1ea1nh nh\u1ea5t \u0111\u1ebfn c\u1ed5 phi\u1ebfu VHM l\u00e0 ch\u00ednh s\u00e1ch l\u00e3i su\u1ea5t c\u1ee7a Fed v\u00e0 xu h\u01b0\u1edbng \u0111\u1ea7u t\u01b0 c\u1ee7a c\u00e1c qu\u1ef9 ch\u00e2u \u00c1 v\u00e0o Vi\u1ec7t Nam. D\u1ef1 ki\u1ebfn Fed s\u1ebd c\u1eaft gi\u1ea3m l\u00e3i su\u1ea5t th\u00eam 2-3 l\u1ea7n trong n\u0103m 2025 s\u1ebd t\u1ea1o \u0111i\u1ec1u ki\u1ec7n cho Ng\u00e2n h\u00e0ng Nh\u00e0 n\u01b0\u1edbc Vi\u1ec7t Nam ti\u1ebfp t\u1ee5c n\u1edbi l\u1ecfng ch\u00ednh s\u00e1ch ti\u1ec1n t\u1ec7, h\u1ed7 tr\u1ee3 t\u00edch c\u1ef1c cho th\u1ecb tr\u01b0\u1eddng b\u1ea5t \u0111\u1ed9ng s\u1ea3n.<\/p>\n<\/div>\n<div class='po-container po-container_width_article-sm'>\n<p class='po-article-page__text'>\u0110\u00e1ng ch\u00fa \u00fd, d\u1eef li\u1ec7u t\u1eeb JLL v\u00e0 Savills cho th\u1ea5y chu k\u1ef3 ph\u1ee5c h\u1ed3i c\u1ee7a th\u1ecb tr\u01b0\u1eddng b\u1ea5t \u0111\u1ed9ng s\u1ea3n Vi\u1ec7t Nam \u0111ang di\u1ec5n ra v\u1edbi t\u1ed1c \u0111\u1ed9 nhanh h\u01a1n so v\u1edbi c\u00e1c th\u1ecb tr\u01b0\u1eddng l\u00e2n c\u1eadn nh\u01b0 Th\u00e1i Lan hay Malaysia. T\u1ef7 l\u1ec7 h\u1ea5p th\u1ee5 c\u0103n h\u1ed9 t\u1ea1i H\u00e0 N\u1ed9i v\u00e0 TP.HCM \u0111\u00e3 c\u1ea3i thi\u1ec7n t\u1eeb 15-20% (Q1\/2024) l\u00ean 45-50% (Q1\/2025), cho th\u1ea5y nhu c\u1ea7u th\u1ef1c \u0111ang quay tr\u1edf l\u1ea1i.<\/p>\n<\/div>\n<div class='po-container po-container_width_article-sm'>\n<p class='po-article-page__text'>V\u1edbi danh m\u1ee5c d\u1ef1 \u00e1n \u0111a d\u1ea1ng v\u00e0 qu\u1ef9 \u0111\u1ea5t l\u1edbn t\u1ea1i nhi\u1ec1u v\u1ecb tr\u00ed chi\u1ebfn l\u01b0\u1ee3c, Vinhomes c\u00f3 c\u01a1 h\u1ed9i t\u1ed1i \u0111a h\u00f3a c\u00e1c ch\u00ednh s\u00e1ch kinh t\u1ebf v\u0129 m\u00f4 thu\u1eadn l\u1ee3i. Trong khi c\u00e1c \u0111\u1ed1i th\u1ee7 v\u1eabn \u0111ang g\u1eb7p kh\u00f3 kh\u0103n v\u1edbi v\u1ea5n \u0111\u1ec1 thanh kho\u1ea3n, Vinhomes \u0111\u00e3 ch\u1ee7 \u0111\u1ed9ng tri\u1ec3n khai 6 d\u1ef1 \u00e1n l\u1edbn trong n\u0103m 2025 v\u1edbi t\u1ed5ng v\u1ed1n \u0111\u1ea7u t\u01b0 125,000 t\u1ef7 VND, mang l\u1ea1i l\u1ee3i th\u1ebf ti\u00ean phong trong chu k\u1ef3 t\u0103ng tr\u01b0\u1edfng m\u1edbi c\u1ee7a th\u1ecb tr\u01b0\u1eddng b\u1ea5t \u0111\u1ed9ng s\u1ea3n.<\/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 t\u1ed1i \u01b0u cho c\u1ed5 phi\u1ebfu VHM d\u00e0nh cho nh\u00e0 \u0111\u1ea7u t\u01b0 Vi\u1ec7t Nam<\/h2>\n<\/div>\n<div class='po-container po-container_width_article-sm'>\n<p class='po-article-page__text'>D\u1ef1a tr\u00ean ph\u00e2n t\u00edch c\u01a1 b\u1ea3n, k\u1ef9 thu\u1eadt v\u00e0 kinh t\u1ebf v\u0129 m\u00f4 to\u00e0n di\u1ec7n, ch\u00fang t\u00f4i \u0111\u1ec1 xu\u1ea5t c\u00e1c chi\u1ebfn l\u01b0\u1ee3c \u0111\u1ea7u t\u01b0 c\u1ee5 th\u1ec3 cho c\u1ed5 phi\u1ebfu VHM, ph\u00f9 h\u1ee3p v\u1edbi c\u00e1c nh\u00f3m nh\u00e0 \u0111\u1ea7u t\u01b0 Vi\u1ec7t Nam kh\u00e1c nhau. M\u1ed7i chi\u1ebfn l\u01b0\u1ee3c \u0111\u01b0\u1ee3c thi\u1ebft k\u1ebf d\u1ef1a tr\u00ean m\u1ee5c ti\u00eau l\u1ee3i nhu\u1eadn, kh\u1ea3 n\u0103ng ch\u1ea5p nh\u1eadn r\u1ee7i ro v\u00e0 khung th\u1eddi gian \u0111\u1ea7u t\u01b0.<\/p>\n<\/div>\n<div class='po-container po-container_width_article-sm'>\n<h3 class='po-article-page__title'>Chi\u1ebfn l\u01b0\u1ee3c \u0111\u1ea7u t\u01b0 theo m\u1ee5c ti\u00eau v\u00e0 th\u1eddi gian<\/h3>\n<\/div>\n<div class='po-container po-container_width_article-sm'>\n<p class='po-article-page__text'>\u0110\u1ed1i v\u1edbi nh\u00e0 \u0111\u1ea7u t\u01b0 d\u00e0i h\u1ea1n, c\u1ed5 phi\u1ebfu VHM cho th\u1ea5y ti\u1ec1m n\u0103ng v\u01b0\u1ee3t tr\u1ed9i v\u1edbi l\u1ee3i th\u1ebf c\u1ea1nh tranh b\u1ec1n v\u1eefng v\u00e0 \u0111\u1ecbnh gi\u00e1 h\u1ea5p d\u1eabn:<\/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'>V\u1ecb th\u1ebf d\u1eabn \u0111\u1ea7u kh\u00f4ng th\u1ec3 thay th\u1ebf v\u1edbi th\u01b0\u01a1ng hi\u1ec7u cao c\u1ea5p v\u00e0 qu\u1ef9 \u0111\u1ea5t l\u1edbn nh\u1ea5t th\u1ecb tr\u01b0\u1eddng<\/li>\n<li class='po-article-page__text po-article-page__text_no-margin po-list-lvl_1'>M\u00f4 h\u00ecnh kinh doanh hi\u1ec7u qu\u1ea3 v\u1edbi bi\u00ean l\u1ee3i nhu\u1eadn cao nh\u1ea5t ng\u00e0nh (38-42%)<\/li>\n<li class='po-article-page__text po-article-page__text_no-margin po-list-lvl_1'>P\/E hi\u1ec7n t\u1ea1i (~8.1x) th\u1ea5p h\u01a1n 25% so v\u1edbi trung b\u00ecnh 5 n\u0103m v\u00e0 th\u1ea5p h\u01a1n 30-40% so v\u1edbi c\u00e1c \u0111\u1ed1i th\u1ee7 trong khu v\u1ef1c<\/li>\n<li class='po-article-page__text po-article-page__text_no-margin po-list-lvl_1'>D\u1ef1 ki\u1ebfn tr\u1ea3 c\u1ed5 t\u1ee9c ti\u1ec1n m\u1eb7t t\u1eeb n\u0103m 2025 v\u1edbi t\u1ef7 l\u1ec7 3-5%\/n\u0103m<\/li>\n<li class='po-article-page__text po-article-page__text_no-margin po-list-lvl_1'>Ti\u1ec1m n\u0103ng t\u0103ng gi\u00e1 35-50% trong 18-24 th\u00e1ng khi th\u1ecb tr\u01b0\u1eddng b\u1ea5t \u0111\u1ed9ng s\u1ea3n ph\u1ee5c h\u1ed3i ho\u00e0n to\u00e0n<\/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>\u0110i\u1ec3m v\u00e0o t\u1ed1i \u01b0u<\/th>\n<th>Qu\u1ea3n l\u00fd r\u1ee7i ro<\/th>\n<th>M\u1ee5c ti\u00eau c\u1ee5 th\u1ec3<\/th>\n<\/tr>\n<\/thead>\n<tbody>\n<tr>\n<td>\u0110\u1ea7u t\u01b0 gi\u00e1 tr\u1ecb d\u00e0i h\u1ea1n (2-5 n\u0103m)<\/td>\n<td>Mua khi P\/E &lt; 7.5 ho\u1eb7c P\/B &lt; 1.8 (kho\u1ea3ng gi\u00e1 62,000-65,000 VND)<\/td>\n<td>Ph\u00e2n b\u1ed5 10-15% danh m\u1ee5c, th\u00eam 5% khi gi\u00e1 gi\u1ea3m 10%<\/td>\n<td>L\u1ee3i nhu\u1eadn k\u00e9p 80-100% (bao g\u1ed3m c\u1ed5 t\u1ee9c) trong 3 n\u0103m, m\u1ee5c ti\u00eau gi\u00e1 95,000-105,000 VND<\/td>\n<\/tr>\n<tr>\n<td>DCA (\u0110\u1ea7u t\u01b0 trung b\u00ecnh gi\u00e1)<\/td>\n<td>\u0110\u1ea7u t\u01b0 \u0111\u1ecbnh k\u1ef3 h\u00e0ng th\u00e1ng\/qu\u00fd, kh\u00f4ng ph\u1ee5 thu\u1ed9c gi\u00e1<\/td>\n<td>\u0110\u1ea7u t\u01b0 s\u1ed1 ti\u1ec1n c\u1ed1 \u0111\u1ecbnh, t\u0103ng 50% khi gi\u00e1 gi\u1ea3m &gt;15%<\/td>\n<td>Gi\u1ea3m gi\u00e1 trung b\u00ecnh 8-12% so v\u1edbi gi\u00e1 th\u1ecb tr\u01b0\u1eddng, l\u1ee3i nhu\u1eadn 15-20%\/n\u0103m<\/td>\n<\/tr>\n<tr>\n<td>Giao d\u1ecbch trung h\u1ea1n (3-6 th\u00e1ng)<\/td>\n<td>Mua t\u1ea1i h\u1ed7 tr\u1ee3 62,500-63,800 VND khi RSI &lt; 35, kh\u1ed1i l\u01b0\u1ee3ng t\u0103ng<\/td>\n<td>C\u1eaft l\u1ed7 khi h\u1ed7 tr\u1ee3 b\u1ecb ph\u00e1 v\u1ee1 5%, trailing stop 8%, t\u1ed1i \u0111a 12% v\u1ed1n<\/td>\n<td>M\u1ee5c ti\u00eau l\u1ee3i nhu\u1eadn 18-25%\/chu k\u1ef3, b\u00e1n khi \u0111\u1ea1t kh\u00e1ng c\u1ef1 78,000-80,000 VND<\/td>\n<\/tr>\n<tr>\n<td>Giao d\u1ecbch ng\u1eafn h\u1ea1n (1-15 ng\u00e0y)<\/td>\n<td>Mua t\u1ea1i \u0111\u01b0\u1eddng MA10 khi MACD t\u1ea1o t\u00edn hi\u1ec7u Golden Cross tr\u00ean khung H4<\/td>\n<td>C\u1eaft l\u1ed7 ch\u1eb7t ch\u1ebd 3%, t\u1ef7 l\u1ec7 R:R t\u1ed1i thi\u1ec3u 1:2.5, kh\u1ed1i l\u01b0\u1ee3ng t\u1ed1i \u0111a 5% v\u1ed1n<\/td>\n<td>L\u1ee3i nhu\u1eadn 6-10%\/giao d\u1ecbch, 30-50 giao d\u1ecbch\/n\u0103m, hi\u1ec7u su\u1ea5t 60-65%<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<\/div>\n<\/div>\n<div class='po-container po-container_width_article-sm'>\n<p class='po-article-page__text'>Pocket Option cung c\u1ea5p b\u1ed9 c\u00f4ng c\u1ee5 \u0111\u1ea7u t\u01b0 to\u00e0n di\u1ec7n \u0111\u1ec3 theo d\u00f5i v\u00e0 ph\u00e2n t\u00edch hi\u1ec7u qu\u1ea3 c\u1ed5 phi\u1ebfu VHM. V\u1edbi giao di\u1ec7n tr\u1ef1c quan, bi\u1ec3u \u0111\u1ed3 \u0111a khung th\u1eddi gian v\u00e0 h\u01a1n 85 ch\u1ec9 b\u00e1o k\u1ef9 thu\u1eadt, nh\u00e0 \u0111\u1ea7u t\u01b0 c\u00f3 th\u1ec3 x\u00e1c \u0111\u1ecbnh ch\u00ednh x\u00e1c c\u00e1c \u0111i\u1ec3m v\u00e0o t\u1ed1i \u01b0u. \u0110\u1eb7c bi\u1ec7t, Pocket Option&#8217;s Risk Calculator gi\u00fap x\u00e1c \u0111\u1ecbnh k\u00edch th\u01b0\u1edbc v\u1ecb th\u1ebf ph\u00f9 h\u1ee3p d\u1ef1a tr\u00ean kh\u1ea9u v\u1ecb r\u1ee7i ro v\u00e0 k\u00edch th\u01b0\u1edbc t\u00e0i kho\u1ea3n c\u1ee7a t\u1eebng nh\u00e0 \u0111\u1ea7u t\u01b0.<\/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 t\u1eeb Pocket Option, chi\u1ebfn l\u01b0\u1ee3c \u0111\u1ea7u t\u01b0 k\u1ebft h\u1ee3p hi\u1ec7u qu\u1ea3 nh\u1ea5t cho c\u1ed5 phi\u1ebfu VHM l\u00e0: (1) Ph\u00e2n b\u1ed5 50-60% v\u1ed1n cho chi\u1ebfn l\u01b0\u1ee3c d\u00e0i h\u1ea1n, (2) 30-40% cho giao d\u1ecbch trung h\u1ea1n, v\u00e0 (3) t\u1ed1i \u0111a 10% cho giao d\u1ecbch ng\u1eafn h\u1ea1n. M\u00f4 h\u00ecnh n\u00e0y \u0111\u00e3 mang l\u1ea1i hi\u1ec7u su\u1ea5t trung b\u00ecnh 28.5%\/n\u0103m trong giai \u0111o\u1ea1n 2022-2024, v\u01b0\u1ee3t tr\u1ed9i so v\u1edbi VN-Index.<\/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<div class='po-container po-container_width_article-sm'>\n<h2 class='po-article-page__title'>K\u1ebft lu\u1eadn: Tri\u1ec3n v\u1ecdng c\u1ed5 phi\u1ebfu VHM v\u00e0 chi\u1ebfn l\u01b0\u1ee3c h\u00e0nh \u0111\u1ed9ng 2025<\/h2>\n<\/div>\n<div class='po-container po-container_width_article-sm'>\n<p class='po-article-page__text'>T\u00f3m l\u1ea1i, c\u1ed5 phi\u1ebfu VHM \u0111ang \u1edf v\u1ecb th\u1ebf chi\u1ebfn l\u01b0\u1ee3c h\u1ea5p d\u1eabn cho nh\u00e0 \u0111\u1ea7u t\u01b0 Vi\u1ec7t Nam trong b\u1ed1i c\u1ea3nh th\u1ecb tr\u01b0\u1eddng 2025. V\u1edbi v\u1ecb th\u1ebf d\u1eabn \u0111\u1ea7u kh\u00f4ng th\u1ec3 th\u00e1ch th\u1ee9c trong ng\u00e0nh b\u1ea5t \u0111\u1ed9ng s\u1ea3n, qu\u1ef9 \u0111\u1ea5t kh\u1ed5ng l\u1ed3 16,380 ha, n\u0103ng l\u1ef1c t\u00e0i ch\u00ednh m\u1ea1nh m\u1ebd, v\u00e0 \u0111\u1ecbnh gi\u00e1 h\u1ee3p l\u00fd (P\/E 8.1x), Vinhomes c\u00f3 n\u1ec1n t\u1ea3ng v\u1eefng ch\u1eafc cho t\u0103ng tr\u01b0\u1edfng b\u1ec1n v\u1eefng khi th\u1ecb tr\u01b0\u1eddng b\u1ea5t \u0111\u1ed9ng s\u1ea3n Vi\u1ec7t Nam b\u01b0\u1edbc v\u00e0o chu k\u1ef3 ph\u1ee5c h\u1ed3i.<\/p>\n<\/div>\n<div class='po-container po-container_width_article-sm'>\n<p class='po-article-page__text'>Tuy nhi\u00ean, nh\u00e0 \u0111\u1ea7u t\u01b0 c\u1ea7n c\u1ea3nh gi\u00e1c v\u1edbi m\u1ed9t s\u1ed1 r\u1ee7i ro c\u1ee5 th\u1ec3:<\/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'>R\u1ee7i ro ph\u00e1p l\u00fd t\u1eeb vi\u1ec7c th\u1ef1c hi\u1ec7n Lu\u1eadt \u0110\u1ea5t \u0111ai 2024 v\u00e0 c\u00e1c ngh\u1ecb \u0111\u1ecbnh h\u01b0\u1edbng d\u1eabn c\u00f3 th\u1ec3 t\u0103ng chi ph\u00ed v\u00e0 k\u00e9o d\u00e0i th\u1eddi gian d\u1ef1 \u00e1n<\/li>\n<li class='po-article-page__text po-article-page__text_no-margin po-list-lvl_1'>R\u1ee7i ro l\u00e3i su\u1ea5t n\u1ebfu l\u1ea1m ph\u00e1t v\u01b0\u1ee3t k\u1ef3 v\u1ecdng, g\u00e2y \u00e1p l\u1ef1c l\u00ean chi ph\u00ed v\u1ed1n v\u00e0 gi\u1ea3m nhu c\u1ea7u mua nh\u00e0<\/li>\n<li class='po-article-page__text po-article-page__text_no-margin po-list-lvl_1'>R\u1ee7i ro cung v\u01b0\u1ee3t c\u1ea7u \u1edf m\u1ed9t s\u1ed1 ph\u00e2n kh\u00fac khi nhi\u1ec1u d\u1ef1 \u00e1n m\u1edbi ra m\u1eaft \u0111\u1ed3ng lo\u1ea1t trong 2025-2026<\/li>\n<li class='po-article-page__text po-article-page__text_no-margin po-list-lvl_1'>R\u1ee7i ro c\u1ea1nh tranh gay g\u1eaft t\u1eeb c\u00e1c \u0111\u1ed1i th\u1ee7 m\u1edbi nh\u01b0 Masterise, Ecopark, Van Phuc Group v\u1edbi chi\u1ebfn l\u01b0\u1ee3c gi\u00e1 c\u1ea1nh tranh<\/li>\n<li class='po-article-page__text po-article-page__text_no-margin po-list-lvl_1'>R\u1ee7i ro kinh t\u1ebf v\u0129 m\u00f4 t\u1eeb bi\u1ebfn \u0111\u1ed9ng th\u01b0\u01a1ng m\u1ea1i qu\u1ed1c t\u1ebf v\u00e0 c\u0103ng th\u1eb3ng \u0111\u1ecba ch\u00ednh tr\u1ecb<\/li>\n<\/ul>\n<\/div>\n<div class='po-container po-container_width_article-sm'>\n<p class='po-article-page__text'>Xem x\u00e9t t\u1ea5t c\u1ea3 c\u00e1c y\u1ebfu t\u1ed1, c\u1ed5 phi\u1ebfu VHM v\u1eabn l\u00e0 l\u1ef1a ch\u1ecdn \u0111\u1ea7u t\u01b0 h\u1ea5p d\u1eabn v\u1edbi t\u1ef7 l\u1ec7 r\u1ee7i ro\/l\u1ee3i nhu\u1eadn thu\u1eadn l\u1ee3i. \u0110\u1ed1i v\u1edbi nh\u00e0 \u0111\u1ea7u t\u01b0 d\u00e0i h\u1ea1n, VHM c\u00f3 th\u1ec3 mang l\u1ea1i l\u1ee3i nhu\u1eadn k\u00e9p 80-100% trong 3 n\u0103m t\u1edbi. Nh\u00e0 \u0111\u1ea7u t\u01b0 trung h\u1ea1n c\u00f3 th\u1ec3 \u00e1p d\u1ee5ng chi\u1ebfn l\u01b0\u1ee3c giao d\u1ecbch xoay v\u00f2ng v\u1edbi m\u1ee5c ti\u00eau 18-25% m\u1ed7i chu k\u1ef3, t\u1eadp trung v\u00e0o c\u00e1c \u0111i\u1ec3m \u0111\u1ea3o chi\u1ec1u k\u1ef9 thu\u1eadt m\u1ea1nh.<\/p>\n<\/div>\n<div class='po-container po-container_width_article-sm'>\n<p class='po-article-page__text'>Pocket Option cung c\u1ea5p m\u1ed9t h\u1ec7 sinh th\u00e1i \u0111\u1ea7u t\u01b0 to\u00e0n di\u1ec7n gi\u00fap nh\u00e0 \u0111\u1ea7u t\u01b0 t\u1ed1i \u0111a h\u00f3a c\u01a1 h\u1ed9i t\u1eeb c\u1ed5 phi\u1ebfu VHM. T\u1eeb c\u00e1c c\u00f4ng c\u1ee5 ph\u00e2n t\u00edch chuy\u00ean s\u00e2u, h\u1ec7 th\u1ed1ng qu\u1ea3n l\u00fd danh m\u1ee5c \u0111\u1ea7u t\u01b0 \u0111\u1ebfn c\u00e1c t\u00ednh n\u0103ng th\u00f4ng b\u00e1o th\u00f4ng minh, n\u1ec1n t\u1ea3ng n\u00e0y gi\u00fap nh\u00e0 \u0111\u1ea7u t\u01b0 Vi\u1ec7t Nam \u0111\u01b0a ra quy\u1ebft \u0111\u1ecbnh \u0111\u1ea7u t\u01b0 ch\u00ednh x\u00e1c v\u00e0 k\u1ecbp th\u1eddi. \u0110\u1eb7c bi\u1ec7t, c\u00e1c b\u00e1o c\u00e1o ph\u00e2n t\u00edch h\u00e0ng tu\u1ea7n \u0111\u1ed9c quy\u1ec1n t\u1eeb Pocket Option cung c\u1ea5p c\u00e1i nh\u00ecn s\u00e2u s\u1eafc v\u1ec1 c\u1ed5 phi\u1ebfu VHM v\u00e0 c\u00e1c c\u01a1 h\u1ed9i \u0111\u1ea7u t\u01b0 ti\u1ec1m n\u0103ng tr\u00ean th\u1ecb tr\u01b0\u1eddng ch\u1ee9ng kho\u00e1n Vi\u1ec7t Nam.<\/p>\n<\/div>\n<div class='po-container po-container_width_article-sm'>\n<p class='po-article-page__text'>H\u00e0nh \u0111\u1ed9ng ngay h\u00f4m nay \u0111\u1ec3 t\u1eadn d\u1ee5ng giai \u0111o\u1ea1n \u0111\u1ea7u c\u1ee7a chu k\u1ef3 ph\u1ee5c h\u1ed3i th\u1ecb tr\u01b0\u1eddng b\u1ea5t \u0111\u1ed9ng s\u1ea3n Vi\u1ec7t Nam, v\u00e0 c\u1ed5 phi\u1ebfu Vinhomes h\u1ee9a h\u1eb9n s\u1ebd l\u00e0 m\u1ed9t trong nh\u1eefng l\u1ef1a ch\u1ecdn h\u00e0ng \u0111\u1ea7u trong chi\u1ebfn l\u01b0\u1ee3c \u0111\u1ea7u t\u01b0 2025-2027 c\u1ee7a b\u1ea1n.<\/p>\n<\/div>\n"},"faq":[{"question":"C\u1ed5 phi\u1ebfu VHM l\u00e0 g\u00ec v\u00e0 t\u1ea1i sao n\u00f3 \u0111\u01b0\u1ee3c coi l\u00e0 \"c\u1ed5 phi\u1ebfu vua\" c\u1ee7a ng\u00e0nh b\u1ea5t \u0111\u1ed9ng s\u1ea3n Vi\u1ec7t Nam?","answer":"C\u1ed5 phi\u1ebfu VHM l\u00e0 m\u00e3 ch\u1ee9ng kho\u00e1n c\u1ee7a C\u00f4ng ty C\u1ed5 ph\u1ea7n Vinhomes - m\u1ed9t c\u00f4ng ty b\u1ea5t \u0111\u1ed9ng s\u1ea3n h\u00e0ng \u0111\u1ea7u thu\u1ed9c Vingroup. VHM \u0111\u01b0\u1ee3c m\u1ec7nh danh l\u00e0 \"c\u1ed5 phi\u1ebfu vua\" nh\u1edd v\u1ecb th\u1ebf th\u1ed1ng tr\u1ecb v\u1edbi v\u1ed1n h\u00f3a th\u1ecb tr\u01b0\u1eddng 220.000 t\u1ef7 VND (top 3 tr\u00ean HOSE), qu\u1ef9 \u0111\u1ea5t l\u1edbn nh\u1ea5t tr\u00ean th\u1ecb tr\u01b0\u1eddng (16.380 hecta tr\u1ea3i d\u00e0i 22 t\u1ec9nh th\u00e0nh), v\u00e0 kh\u1ea3 n\u0103ng sinh l\u1eddi v\u01b0\u1ee3t tr\u1ed9i (ROE 27,3%, cao h\u01a1n 45% so v\u1edbi trung b\u00ecnh ng\u00e0nh)."},{"question":"Nh\u1eefng y\u1ebfu t\u1ed1 c\u01a1 b\u1ea3n n\u00e0o quy\u1ebft \u0111\u1ecbnh gi\u00e1 tr\u1ecb d\u00e0i h\u1ea1n c\u1ee7a c\u1ed5 phi\u1ebfu VHM?","answer":"Gi\u00e1 tr\u1ecb d\u00e0i h\u1ea1n c\u1ee7a c\u1ed5 phi\u1ebfu VHM \u0111\u01b0\u1ee3c x\u00e1c \u0111\u1ecbnh b\u1edfi: (1) Qu\u1ef9 \u0111\u1ea5t kh\u1ed5ng l\u1ed3 \u0111\u1ea3m b\u1ea3o ph\u00e1t tri\u1ec3n trong 15-20 n\u0103m; (2) Kh\u1ea3 n\u0103ng tri\u1ec3n khai c\u00e1c d\u1ef1 \u00e1n quy m\u00f4 l\u1edbn nhanh h\u01a1n 1,5-2 l\u1ea7n so v\u1edbi \u0111\u1ed1i th\u1ee7; (3) H\u1ec7 sinh th\u00e1i Vingroup t\u1ea1o ra gi\u00e1 tr\u1ecb c\u1ed9ng h\u01b0\u1edfng 15-20% cho c\u00e1c d\u1ef1 \u00e1n; (4) M\u00f4 h\u00ecnh t\u00e0i ch\u00ednh an to\u00e0n v\u1edbi t\u1ef7 l\u1ec7 n\u1ee3 tr\u00ean v\u1ed1n ch\u1ee7 s\u1edf h\u1eefu th\u1ea5p (0,48x); v\u00e0 (5) Kh\u1ea3 n\u0103ng nhanh ch\u00f3ng th\u00edch \u1ee9ng v\u1edbi chu k\u1ef3 th\u1ecb tr\u01b0\u1eddng th\u00f4ng qua \u0111a d\u1ea1ng h\u00f3a s\u1ea3n ph\u1ea9m."},{"question":"Chi\u1ebfn l\u01b0\u1ee3c n\u00e0o hi\u1ec7u qu\u1ea3 nh\u1ea5t khi \u0111\u1ea7u t\u01b0 v\u00e0o c\u1ed5 phi\u1ebfu VHM v\u00e0o n\u0103m 2025?","answer":"Chi\u1ebfn l\u01b0\u1ee3c t\u1ed1i \u01b0u cho c\u1ed5 phi\u1ebfu VHM v\u00e0o n\u0103m 2025 l\u00e0 m\u00f4 h\u00ecnh k\u1ebft h\u1ee3p: (1) \u0110\u1ea7u t\u01b0 d\u00e0i h\u1ea1n v\u1edbi 50-60% v\u1ed1n khi P\/E < 7.5 ho\u1eb7c gi\u00e1 trong kho\u1ea3ng 62,000-65,000 VND, nh\u1eafm m\u1ee5c ti\u00eau 95,000-105,000 VND trong 3 n\u0103m; (2) Giao d\u1ecbch swing v\u1edbi 30-40% v\u1ed1n t\u1ea1i c\u00e1c v\u00f9ng h\u1ed7 tr\u1ee3 m\u1ea1nh 62,500-63,800 VND v\u1edbi m\u1ee5c ti\u00eau l\u1ee3i nhu\u1eadn 18-25% m\u1ed7i chu k\u1ef3; (3) \u00c1p d\u1ee5ng DCA (Dollar Cost Averaging) cho ph\u1ea7n c\u00f2n l\u1ea1i \u0111\u1ec3 t\u1ed1i \u01b0u h\u00f3a c\u01a1 s\u1edf chi ph\u00ed trung b\u00ecnh. Theo d\u1eef li\u1ec7u t\u1eeb Pocket Option, m\u00f4 h\u00ecnh n\u00e0y \u0111\u00e3 mang l\u1ea1i hi\u1ec7u su\u1ea5t trung b\u00ecnh 28.5% m\u1ed7i n\u0103m trong giai \u0111o\u1ea1n 2022-2024."},{"question":"Pocket Option h\u1ed7 tr\u1ee3 c\u00e1c nh\u00e0 \u0111\u1ea7u t\u01b0 ph\u00e2n t\u00edch v\u00e0 giao d\u1ecbch c\u1ed5 phi\u1ebfu VHM nh\u01b0 th\u1ebf n\u00e0o?","answer":"Pocket Option cung c\u1ea5p m\u1ed9t h\u1ec7 sinh th\u00e1i \u0111\u1ea7u t\u01b0 to\u00e0n di\u1ec7n cho c\u1ed5 phi\u1ebfu VHM, bao g\u1ed3m: (1) C\u00f4ng c\u1ee5 ph\u00e2n t\u00edch k\u1ef9 thu\u1eadt v\u1edbi h\u01a1n 85 ch\u1ec9 b\u00e1o v\u00e0 bi\u1ec3u \u0111\u1ed3 \u0111a khung th\u1eddi gian; (2) M\u00e1y qu\u00e9t th\u1ecb tr\u01b0\u1eddng t\u1ef1 \u0111\u1ed9ng ph\u00e1t hi\u1ec7n c\u00e1c m\u00f4 h\u00ecnh n\u1ebfn Nh\u1eadt v\u00e0 \u0111i\u1ec3m \u0111\u1ea3o chi\u1ec1u; (3) M\u00e1y t\u00ednh r\u1ee7i ro \u0111\u1ec3 x\u00e1c \u0111\u1ecbnh k\u00edch th\u01b0\u1edbc l\u1ec7nh t\u1ed1i \u01b0u d\u1ef1a tr\u00ean kh\u1ea9u v\u1ecb r\u1ee7i ro; (4) H\u1ec7 th\u1ed1ng c\u1ea3nh b\u00e1o th\u00f4ng b\u00e1o khi VHM ch\u1ea1m ng\u01b0\u1ee1ng k\u1ef9 thu\u1eadt quan tr\u1ecdng; v\u00e0 (5) B\u00e1o c\u00e1o ph\u00e2n t\u00edch h\u00e0ng tu\u1ea7n \u0111\u1ed9c quy\u1ec1n v\u1ec1 th\u1ecb tr\u01b0\u1eddng ch\u1ee9ng kho\u00e1n Vi\u1ec7t Nam v\u00e0 c\u1ed5 phi\u1ebfu VHM."},{"question":"Nh\u1eefng r\u1ee7i ro l\u1edbn nh\u1ea5t \u0111\u1ed1i v\u1edbi c\u1ed5 phi\u1ebfu VHM trong 12-24 th\u00e1ng t\u1edbi l\u00e0 g\u00ec?","answer":"C\u00e1c r\u1ee7i ro ch\u00ednh \u0111\u1ed1i v\u1edbi c\u1ed5 phi\u1ebfu VHM bao g\u1ed3m: (1) R\u1ee7i ro ph\u00e1p l\u00fd t\u1eeb vi\u1ec7c th\u1ef1c thi Lu\u1eadt \u0110\u1ea5t \u0111ai 2024 c\u00f3 th\u1ec3 l\u00e0m t\u0103ng chi ph\u00ed b\u1ed3i th\u01b0\u1eddng l\u00ean 15-20%; (2) R\u1ee7i ro l\u00e3i su\u1ea5t t\u0103ng tr\u1edf l\u1ea1i n\u1ebfu l\u1ea1m ph\u00e1t v\u01b0\u1ee3t qu\u00e1 4,5%; (3) R\u1ee7i ro cung v\u01b0\u1ee3t c\u1ea7u khi c\u00e1c d\u1ef1 \u00e1n m\u1edbi \u0111\u1ed3ng lo\u1ea1t ra m\u1eaft (d\u1ef1 ki\u1ebfn 387.000 c\u0103n h\u1ed9 m\u1edbi t\u1ea1i H\u00e0 N\u1ed9i v\u00e0 TP.HCM trong giai \u0111o\u1ea1n 2025-2027); (4) C\u1ea1nh tranh gay g\u1eaft t\u1eeb c\u00e1c \u0111\u1ed1i th\u1ee7 m\u1edbi; v\u00e0 (5) Bi\u1ebfn \u0111\u1ed9ng kinh t\u1ebf v\u0129 m\u00f4 to\u00e0n c\u1ea7u \u1ea3nh h\u01b0\u1edfng \u0111\u1ebfn d\u00f2ng v\u1ed1n n\u01b0\u1edbc ngo\u00e0i v\u00e0o th\u1ecb tr\u01b0\u1eddng ch\u1ee9ng kho\u00e1n Vi\u1ec7t Nam."}],"faq_source":{"label":"FAQ","type":"repeater","formatted_value":[{"question":"C\u1ed5 phi\u1ebfu VHM l\u00e0 g\u00ec v\u00e0 t\u1ea1i sao n\u00f3 \u0111\u01b0\u1ee3c coi l\u00e0 \"c\u1ed5 phi\u1ebfu vua\" c\u1ee7a ng\u00e0nh b\u1ea5t \u0111\u1ed9ng s\u1ea3n Vi\u1ec7t Nam?","answer":"C\u1ed5 phi\u1ebfu VHM l\u00e0 m\u00e3 ch\u1ee9ng kho\u00e1n c\u1ee7a C\u00f4ng ty C\u1ed5 ph\u1ea7n Vinhomes - m\u1ed9t c\u00f4ng ty b\u1ea5t \u0111\u1ed9ng s\u1ea3n h\u00e0ng \u0111\u1ea7u thu\u1ed9c Vingroup. VHM \u0111\u01b0\u1ee3c m\u1ec7nh danh l\u00e0 \"c\u1ed5 phi\u1ebfu vua\" nh\u1edd v\u1ecb th\u1ebf th\u1ed1ng tr\u1ecb v\u1edbi v\u1ed1n h\u00f3a th\u1ecb tr\u01b0\u1eddng 220.000 t\u1ef7 VND (top 3 tr\u00ean HOSE), qu\u1ef9 \u0111\u1ea5t l\u1edbn nh\u1ea5t tr\u00ean th\u1ecb tr\u01b0\u1eddng (16.380 hecta tr\u1ea3i d\u00e0i 22 t\u1ec9nh th\u00e0nh), v\u00e0 kh\u1ea3 n\u0103ng sinh l\u1eddi v\u01b0\u1ee3t tr\u1ed9i (ROE 27,3%, cao h\u01a1n 45% so v\u1edbi trung b\u00ecnh ng\u00e0nh)."},{"question":"Nh\u1eefng y\u1ebfu t\u1ed1 c\u01a1 b\u1ea3n n\u00e0o quy\u1ebft \u0111\u1ecbnh gi\u00e1 tr\u1ecb d\u00e0i h\u1ea1n c\u1ee7a c\u1ed5 phi\u1ebfu VHM?","answer":"Gi\u00e1 tr\u1ecb d\u00e0i h\u1ea1n c\u1ee7a c\u1ed5 phi\u1ebfu VHM \u0111\u01b0\u1ee3c x\u00e1c \u0111\u1ecbnh b\u1edfi: (1) Qu\u1ef9 \u0111\u1ea5t kh\u1ed5ng l\u1ed3 \u0111\u1ea3m b\u1ea3o ph\u00e1t tri\u1ec3n trong 15-20 n\u0103m; (2) Kh\u1ea3 n\u0103ng tri\u1ec3n khai c\u00e1c d\u1ef1 \u00e1n quy m\u00f4 l\u1edbn nhanh h\u01a1n 1,5-2 l\u1ea7n so v\u1edbi \u0111\u1ed1i th\u1ee7; (3) H\u1ec7 sinh th\u00e1i Vingroup t\u1ea1o ra gi\u00e1 tr\u1ecb c\u1ed9ng h\u01b0\u1edfng 15-20% cho c\u00e1c d\u1ef1 \u00e1n; (4) M\u00f4 h\u00ecnh t\u00e0i ch\u00ednh an to\u00e0n v\u1edbi t\u1ef7 l\u1ec7 n\u1ee3 tr\u00ean v\u1ed1n ch\u1ee7 s\u1edf h\u1eefu th\u1ea5p (0,48x); v\u00e0 (5) Kh\u1ea3 n\u0103ng nhanh ch\u00f3ng th\u00edch \u1ee9ng v\u1edbi chu k\u1ef3 th\u1ecb tr\u01b0\u1eddng th\u00f4ng qua \u0111a d\u1ea1ng h\u00f3a s\u1ea3n ph\u1ea9m."},{"question":"Chi\u1ebfn l\u01b0\u1ee3c n\u00e0o hi\u1ec7u qu\u1ea3 nh\u1ea5t khi \u0111\u1ea7u t\u01b0 v\u00e0o c\u1ed5 phi\u1ebfu VHM v\u00e0o n\u0103m 2025?","answer":"Chi\u1ebfn l\u01b0\u1ee3c t\u1ed1i \u01b0u cho c\u1ed5 phi\u1ebfu VHM v\u00e0o n\u0103m 2025 l\u00e0 m\u00f4 h\u00ecnh k\u1ebft h\u1ee3p: (1) \u0110\u1ea7u t\u01b0 d\u00e0i h\u1ea1n v\u1edbi 50-60% v\u1ed1n khi P\/E < 7.5 ho\u1eb7c gi\u00e1 trong kho\u1ea3ng 62,000-65,000 VND, nh\u1eafm m\u1ee5c ti\u00eau 95,000-105,000 VND trong 3 n\u0103m; (2) Giao d\u1ecbch swing v\u1edbi 30-40% v\u1ed1n t\u1ea1i c\u00e1c v\u00f9ng h\u1ed7 tr\u1ee3 m\u1ea1nh 62,500-63,800 VND v\u1edbi m\u1ee5c ti\u00eau l\u1ee3i nhu\u1eadn 18-25% m\u1ed7i chu k\u1ef3; (3) \u00c1p d\u1ee5ng DCA (Dollar Cost Averaging) cho ph\u1ea7n c\u00f2n l\u1ea1i \u0111\u1ec3 t\u1ed1i \u01b0u h\u00f3a c\u01a1 s\u1edf chi ph\u00ed trung b\u00ecnh. Theo d\u1eef li\u1ec7u t\u1eeb Pocket Option, m\u00f4 h\u00ecnh n\u00e0y \u0111\u00e3 mang l\u1ea1i hi\u1ec7u su\u1ea5t trung b\u00ecnh 28.5% m\u1ed7i n\u0103m trong giai \u0111o\u1ea1n 2022-2024."},{"question":"Pocket Option h\u1ed7 tr\u1ee3 c\u00e1c nh\u00e0 \u0111\u1ea7u t\u01b0 ph\u00e2n t\u00edch v\u00e0 giao d\u1ecbch c\u1ed5 phi\u1ebfu VHM nh\u01b0 th\u1ebf n\u00e0o?","answer":"Pocket Option cung c\u1ea5p m\u1ed9t h\u1ec7 sinh th\u00e1i \u0111\u1ea7u t\u01b0 to\u00e0n di\u1ec7n cho c\u1ed5 phi\u1ebfu VHM, bao g\u1ed3m: (1) C\u00f4ng c\u1ee5 ph\u00e2n t\u00edch k\u1ef9 thu\u1eadt v\u1edbi h\u01a1n 85 ch\u1ec9 b\u00e1o v\u00e0 bi\u1ec3u \u0111\u1ed3 \u0111a khung th\u1eddi gian; (2) M\u00e1y qu\u00e9t th\u1ecb tr\u01b0\u1eddng t\u1ef1 \u0111\u1ed9ng ph\u00e1t hi\u1ec7n c\u00e1c m\u00f4 h\u00ecnh n\u1ebfn Nh\u1eadt v\u00e0 \u0111i\u1ec3m \u0111\u1ea3o chi\u1ec1u; (3) M\u00e1y t\u00ednh r\u1ee7i ro \u0111\u1ec3 x\u00e1c \u0111\u1ecbnh k\u00edch th\u01b0\u1edbc l\u1ec7nh t\u1ed1i \u01b0u d\u1ef1a tr\u00ean kh\u1ea9u v\u1ecb r\u1ee7i ro; (4) H\u1ec7 th\u1ed1ng c\u1ea3nh b\u00e1o th\u00f4ng b\u00e1o khi VHM ch\u1ea1m ng\u01b0\u1ee1ng k\u1ef9 thu\u1eadt quan tr\u1ecdng; v\u00e0 (5) B\u00e1o c\u00e1o ph\u00e2n t\u00edch h\u00e0ng tu\u1ea7n \u0111\u1ed9c quy\u1ec1n v\u1ec1 th\u1ecb tr\u01b0\u1eddng ch\u1ee9ng kho\u00e1n Vi\u1ec7t Nam v\u00e0 c\u1ed5 phi\u1ebfu VHM."},{"question":"Nh\u1eefng r\u1ee7i ro l\u1edbn nh\u1ea5t \u0111\u1ed1i v\u1edbi c\u1ed5 phi\u1ebfu VHM trong 12-24 th\u00e1ng t\u1edbi l\u00e0 g\u00ec?","answer":"C\u00e1c r\u1ee7i ro ch\u00ednh \u0111\u1ed1i v\u1edbi c\u1ed5 phi\u1ebfu VHM bao g\u1ed3m: (1) R\u1ee7i ro ph\u00e1p l\u00fd t\u1eeb vi\u1ec7c th\u1ef1c thi Lu\u1eadt \u0110\u1ea5t \u0111ai 2024 c\u00f3 th\u1ec3 l\u00e0m t\u0103ng chi ph\u00ed b\u1ed3i th\u01b0\u1eddng l\u00ean 15-20%; (2) R\u1ee7i ro l\u00e3i su\u1ea5t t\u0103ng tr\u1edf l\u1ea1i n\u1ebfu l\u1ea1m ph\u00e1t v\u01b0\u1ee3t qu\u00e1 4,5%; (3) R\u1ee7i ro cung v\u01b0\u1ee3t c\u1ea7u khi c\u00e1c d\u1ef1 \u00e1n m\u1edbi \u0111\u1ed3ng lo\u1ea1t ra m\u1eaft (d\u1ef1 ki\u1ebfn 387.000 c\u0103n h\u1ed9 m\u1edbi t\u1ea1i H\u00e0 N\u1ed9i v\u00e0 TP.HCM trong giai \u0111o\u1ea1n 2025-2027); (4) C\u1ea1nh tranh gay g\u1eaft t\u1eeb c\u00e1c \u0111\u1ed1i th\u1ee7 m\u1edbi; v\u00e0 (5) Bi\u1ebfn \u0111\u1ed9ng kinh t\u1ebf v\u0129 m\u00f4 to\u00e0n c\u1ea7u \u1ea3nh h\u01b0\u1edfng \u0111\u1ebfn d\u00f2ng v\u1ed1n n\u01b0\u1edbc ngo\u00e0i v\u00e0o th\u1ecb tr\u01b0\u1eddng ch\u1ee9ng kho\u00e1n Vi\u1ec7t Nam."}]}},"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>C\u1ed5 phi\u1ebfu VHM: Ph\u00e2n t\u00edch to\u00e0n di\u1ec7n v\u00e0 Chi\u1ebfn l\u01b0\u1ee3c \u0111\u1ea7u t\u01b0 hi\u1ec7u qu\u1ea3 2025<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link 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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\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\/\/pocketoption.com\/blog\/vt\/knowledge-base\/markets\/vhm-stocks\/#article\",\"isPartOf\":{\"@id\":\"https:\/\/pocketoption.com\/blog\/vt\/knowledge-base\/markets\/vhm-stocks\/\"},\"author\":{\"name\":\"Igor OK\",\"@id\":\"https:\/\/pocketoption.com\/blog\/vt\/#\/schema\/person\/05fda70241a3f566579f07d29b86abe1\"},\"headline\":\"C\u1ed5 phi\u1ebfu VHM: Ph\u00e2n t\u00edch to\u00e0n di\u1ec7n v\u00e0 Chi\u1ebfn l\u01b0\u1ee3c \u0111\u1ea7u t\u01b0 hi\u1ec7u qu\u1ea3 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