{"id":324682,"date":"2025-07-31T14:34:51","date_gmt":"2025-07-31T14:34:51","guid":{"rendered":"https:\/\/pocketoption.com\/blog\/news-events\/data\/what-is-jcp-in-stocks-2\/"},"modified":"2025-07-31T14:34:51","modified_gmt":"2025-07-31T14:34:51","slug":"what-is-jcp-in-stocks","status":"publish","type":"post","link":"https:\/\/pocketoption.com\/blog\/vt\/knowledge-base\/trading\/what-is-jcp-in-stocks\/","title":{"rendered":"JCP trong c\u1ed5 phi\u1ebfu l\u00e0 g\u00ec: H\u01b0\u1edbng d\u1eabn \u0111\u1ea7y \u0111\u1ee7 \u0111\u1ec3 t\u1ed1i \u0111a h\u00f3a c\u1ed5 t\u1ee9c c\u1ee7a b\u1ea1n"},"content":{"rendered":"<div id=\"root\"><div id=\"wrap-img-root\"><\/div><\/div>","protected":false},"excerpt":{"rendered":"","protected":false},"author":5,"featured_media":300198,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[20],"tags":[],"class_list":["post-324682","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-trading"],"acf":{"h1":"Pocket Option: JCP l\u00e0 g\u00ec trong c\u1ed5 phi\u1ebfu?","h1_source":{"label":"H1","type":"text","formatted_value":"Pocket Option: JCP l\u00e0 g\u00ec trong c\u1ed5 phi\u1ebfu?"},"description":"JCP trong c\u1ed5 phi\u1ebfu l\u00e0 g\u00ec: kh\u1ea9n tr\u01b0\u01a1ng hi\u1ec3u c\u01a1 ch\u1ebf th\u00f9 lao thu\u1ebf \u0111\u1ed9c \u0111\u00e1o n\u00e0y v\u1edbi nh\u1eefng l\u1ee3i th\u1ebf c\u1ee5 th\u1ec3 cho c\u00e1c nh\u00e0 \u0111\u1ea7u t\u01b0 Brazil b\u1edfi Pocket Option.","description_source":{"label":"Description","type":"textarea","formatted_value":"JCP trong c\u1ed5 phi\u1ebfu l\u00e0 g\u00ec: kh\u1ea9n tr\u01b0\u01a1ng hi\u1ec3u c\u01a1 ch\u1ebf th\u00f9 lao thu\u1ebf \u0111\u1ed9c \u0111\u00e1o n\u00e0y v\u1edbi nh\u1eefng l\u1ee3i th\u1ebf c\u1ee5 th\u1ec3 cho c\u00e1c nh\u00e0 \u0111\u1ea7u t\u01b0 Brazil b\u1edfi Pocket Option."},"intro":"Hi\u1ec3u JCP l\u00e0 g\u00ec trong c\u1ed5 phi\u1ebfu c\u00f3 th\u1ec3 ho\u00e0n to\u00e0n thay \u0111\u1ed5i chi\u1ebfn l\u01b0\u1ee3c \u0111\u1ea7u t\u01b0 c\u1ee7a b\u1ea1n tr\u00ean th\u1ecb tr\u01b0\u1eddng Brazil. C\u01a1 ch\u1ebf \u0111\u1ed9c \u0111\u00e1o n\u00e0y v\u1ec1 vi\u1ec7c tr\u1ea3 th\u00f9 lao cho c\u1ed5 \u0111\u00f4ng mang l\u1ea1i nh\u1eefng l\u1ee3i th\u1ebf thu\u1ebf \u0111\u00e1ng k\u1ec3 m\u00e0 \u00edt nh\u00e0 \u0111\u1ea7u t\u01b0 t\u1eadn d\u1ee5ng \u0111\u1ea7y \u0111\u1ee7. Trong b\u00e0i vi\u1ebft n\u00e0y, ch\u00fang t\u00f4i s\u1ebd l\u00e0m r\u00f5 L\u00e3i tr\u00ean V\u1ed1n ch\u1ee7 s\u1edf h\u1eefu v\u00e0 ti\u1ebft l\u1ed9 c\u00e1ch s\u1eed d\u1ee5ng n\u00f3 \u0111\u1ec3 c\u00f3 l\u1ee3i cho b\u1ea1n.","intro_source":{"label":"Intro","type":"text","formatted_value":"Hi\u1ec3u JCP l\u00e0 g\u00ec trong c\u1ed5 phi\u1ebfu c\u00f3 th\u1ec3 ho\u00e0n to\u00e0n thay \u0111\u1ed5i chi\u1ebfn l\u01b0\u1ee3c \u0111\u1ea7u t\u01b0 c\u1ee7a b\u1ea1n tr\u00ean th\u1ecb tr\u01b0\u1eddng Brazil. C\u01a1 ch\u1ebf \u0111\u1ed9c \u0111\u00e1o n\u00e0y v\u1ec1 vi\u1ec7c tr\u1ea3 th\u00f9 lao cho c\u1ed5 \u0111\u00f4ng mang l\u1ea1i nh\u1eefng l\u1ee3i th\u1ebf thu\u1ebf \u0111\u00e1ng k\u1ec3 m\u00e0 \u00edt nh\u00e0 \u0111\u1ea7u t\u01b0 t\u1eadn d\u1ee5ng \u0111\u1ea7y \u0111\u1ee7. Trong b\u00e0i vi\u1ebft n\u00e0y, ch\u00fang t\u00f4i s\u1ebd l\u00e0m r\u00f5 L\u00e3i tr\u00ean V\u1ed1n ch\u1ee7 s\u1edf h\u1eefu v\u00e0 ti\u1ebft l\u1ed9 c\u00e1ch s\u1eed d\u1ee5ng n\u00f3 \u0111\u1ec3 c\u00f3 l\u1ee3i cho b\u1ea1n."},"body_html":"<div class='po-container po-container_width_article-sm'><h2 class='po-article-page__title'>Hi\u1ec3u kh\u00e1i ni\u1ec7m c\u01a1 b\u1ea3n: IOC trong c\u1ed5 phi\u1ebfu l\u00e0 g\u00ec<\/h2><\/div><div class='po-container po-container_width_article-sm'><p class='po-article-page__text'>Th\u1ecb tr\u01b0\u1eddng t\u00e0i ch\u00ednh Brazil c\u00f3 nh\u1eefng \u0111\u1eb7c \u0111i\u1ec3m \u0111\u1ed9c \u0111\u00e1o ph\u00e2n bi\u1ec7t n\u00f3 v\u1edbi c\u00e1c th\u1ecb tr\u01b0\u1eddng to\u00e0n c\u1ea7u kh\u00e1c. M\u1ed9t trong nh\u1eefng \u0111\u1eb7c \u0111i\u1ec3m n\u00e0y l\u00e0 c\u01a1 ch\u1ebf L\u00e3i su\u1ea5t tr\u00ean V\u1ed1n T\u1ef1 c\u00f3 (IOC), m\u1ed9t c\u00f4ng c\u1ee5 t\u00e0i ch\u00ednh \u0111\u1ed9c quy\u1ec1n c\u1ee7a Brazil \u0111\u01b0\u1ee3c 78% c\u00e1c c\u00f4ng ty Ibovespa s\u1eed d\u1ee5ng v\u00e0o n\u0103m 2024. Hi\u1ec3u IOC trong c\u1ed5 phi\u1ebfu l\u00e0 g\u00ec l\u00e0 \u0111i\u1ec1u c\u01a1 b\u1ea3n \u0111\u1ec3 t\u1ed1i \u01b0u h\u00f3a chi\u1ebfn l\u01b0\u1ee3c thu\u1ebf c\u1ee7a b\u1ea1n v\u00e0 c\u00f3 th\u1ec3 t\u0103ng thu nh\u1eadp c\u1ee7a b\u1ea1n l\u00ean \u0111\u1ebfn 17% sau thu\u1ebf.<\/p><\/div><div class='po-container po-container_width_article-sm'><p class='po-article-page__text'>IOC, hay L\u00e3i su\u1ea5t tr\u00ean V\u1ed1n T\u1ef1 c\u00f3, \u0111\u1ea1i di\u1ec7n cho m\u1ed9t h\u00ecnh th\u1ee9c thay th\u1ebf c\u1ee7a vi\u1ec7c tr\u1ea3 th\u00f9 lao cho c\u1ed5 \u0111\u00f4ng, \u0111\u01b0\u1ee3c t\u1ea1o ra b\u1edfi Lu\u1eadt 9.249\/95 v\u00e0 s\u1eeda \u0111\u1ed5i b\u1edfi Lu\u1eadt 14.451\/2022. Kh\u00f4ng gi\u1ed1ng nh\u01b0 c\u1ed5 t\u1ee9c truy\u1ec1n th\u1ed1ng, IOC ho\u1ea1t \u0111\u1ed9ng nh\u01b0 m\u1ed9t s\u1ef1 c\u00f4ng nh\u1eadn k\u1ebf to\u00e1n v\u1ec1 chi ph\u00ed c\u01a1 h\u1ed9i c\u1ee7a v\u1ed1n \u0111\u1ea7u t\u01b0 b\u1edfi c\u1ed5 \u0111\u00f4ng. Trong th\u1ef1c t\u1ebf, n\u00f3 gi\u1ed1ng nh\u01b0 Ita\u00fa, Petrobras, ho\u1eb7c Ambev \u0111ang tr\u1ea3 l\u00e3i cho b\u1ea1n v\u00ec v\u1ed1n b\u1ea1n gi\u1eef \u0111\u1ea7u t\u01b0 trong c\u00e1c c\u00f4ng ty n\u00e0y.<\/p><\/div><div class='po-container po-container_width_article-sm'><p class='po-article-page__text'>S\u1ef1 kh\u00e1c bi\u1ec7t ch\u00ednh gi\u1eefa IOC v\u00e0 c\u1ed5 t\u1ee9c n\u1eb1m \u1edf vi\u1ec7c x\u1eed l\u00fd thu\u1ebf. Trong khi c\u1ed5 t\u1ee9c \u0111\u01b0\u1ee3c mi\u1ec5n thu\u1ebf thu nh\u1eadp cho c\u00e1c nh\u00e0 \u0111\u1ea7u t\u01b0 c\u00e1 nh\u00e2n \u1edf Brazil, IOC ch\u1ecbu thu\u1ebf kh\u1ea5u tr\u1eeb 15% t\u1ea1i ngu\u1ed3n. Tuy nhi\u00ean, \u0111\u1ed1i v\u1edbi c\u00f4ng ty tr\u1ea3 ti\u1ec1n, IOC c\u00f3 th\u1ec3 \u0111\u01b0\u1ee3c kh\u1ea5u tr\u1eeb nh\u01b0 m\u1ed9t chi ph\u00ed t\u00e0i ch\u00ednh trong vi\u1ec7c t\u00ednh thu\u1ebf Thu nh\u1eadp v\u00e0 CSLL, t\u1ea1o ra ti\u1ebft ki\u1ec7m thu\u1ebf c\u00f3 th\u1ec3 \u0111\u1ea1t R$3.40 cho m\u1ed7i R$10 \u0111\u01b0\u1ee3c ph\u00e2n ph\u1ed1i.<\/p><\/div><div class='po-container po-container_width_article po-article-page__table'><div class='po-table'><table><thead><tr><th>\u0110\u1eb7c \u0111i\u1ec3m<\/th><th>C\u1ed5 t\u1ee9c<\/th><th>IOC<\/th><th>V\u00ed d\u1ee5 trong 2024-2025<\/th><\/tr><\/thead><tbody><tr><td>Thu\u1ebf cho c\u00e1 nh\u00e2n<\/td><td>Mi\u1ec5n<\/td><td>15% kh\u1ea5u tr\u1eeb t\u1ea1i ngu\u1ed3n<\/td><td>V\u1edbi R$1,000: c\u1ed5 t\u1ee9c = R$1,000 r\u00f2ng; IOC = R$850 r\u00f2ng<\/td><\/tr><tr><td>T\u00e1c \u0111\u1ed9ng thu\u1ebf cho c\u00f4ng ty<\/td><td>Kh\u00f4ng kh\u1ea5u tr\u1eeb<\/td><td>Kh\u1ea5u tr\u1eeb nh\u01b0 chi ph\u00ed t\u00e0i ch\u00ednh<\/td><td>Ita\u00fa ti\u1ebft ki\u1ec7m R$5.2 t\u1ef7 v\u00e0o n\u0103m 2023 v\u1edbi IOC<\/td><\/tr><tr><td>C\u01a1 s\u1edf t\u00ednh to\u00e1n<\/td><td>L\u1ee3i nhu\u1eadn r\u00f2ng<\/td><td>V\u1ed1n ch\u1ee7 s\u1edf h\u1eefu \u0111i\u1ec1u ch\u1ec9nh<\/td><td>Petrobras (PETR4): IOC gi\u1edbi h\u1ea1n \u1edf R$14.7 t\u1ef7 v\u00e0o n\u0103m 2024<\/td><\/tr><tr><td>Gi\u1edbi h\u1ea1n ph\u00e2n ph\u1ed1i<\/td><td>Theo \u0111i\u1ec1u l\u1ec7<\/td><td>50% l\u1ee3i nhu\u1eadn k\u1ef3 ho\u1eb7c l\u1ee3i nhu\u1eadn t\u00edch l\u0169y<\/td><td>Banco do Brasil (BBAS3): ph\u00e2n ph\u1ed1i c\u00e2n b\u1eb1ng<\/td><\/tr><\/tbody><\/table><\/div><\/div><div class='po-container po-container_width_article-sm'><p class='po-article-page__text'>N\u1ec1n t\u1ea3ng Pocket Option, m\u1ed9t tham chi\u1ebfu trong ph\u00e2n t\u00edch t\u00e0i ch\u00ednh t\u1ea1i Brazil t\u1eeb n\u0103m 2017, cung c\u1ea5p c\u00e1c c\u00f4ng c\u1ee5 \u0111\u1ed9c quy\u1ec1n t\u1ef1 \u0111\u1ed9ng x\u00e1c \u0111\u1ecbnh th\u00e0nh ph\u1ea7n c\u1ed5 t\u1ee9c cho m\u1ed7i c\u00f4ng ty. Ph\u00e2n t\u00edch n\u00e0y cho ph\u00e9p \u0111\u00e1nh gi\u00e1 ch\u00ednh x\u00e1c l\u1ee3i su\u1ea5t r\u00f2ng th\u1ef1c t\u1ebf c\u1ee7a c\u00e1c c\u1ed5 phi\u1ebfu nh\u01b0 BBAS3, ITUB4, v\u00e0 VALE3, xem x\u00e9t t\u1ef7 l\u1ec7 gi\u1eefa c\u1ed5 t\u1ee9c v\u00e0 IOC.<\/p><\/div><div class='po-container po-container_width_article-sm'><h2 class='po-article-page__title'>C\u01a1 ch\u1ebf c\u1ee7a IOC v\u00e0 t\u1ea7m quan tr\u1ecdng c\u1ee7a n\u00f3 trong th\u1ecb tr\u01b0\u1eddng Brazil<\/h2><\/div><div class='po-container po-container_width_article-sm'><p class='po-article-page__text'>\u0110\u1ec3 hi\u1ec3u \u0111\u1ea7y \u0111\u1ee7 t\u00e1c \u0111\u1ed9ng c\u1ee7a IOC trong th\u1ecb tr\u01b0\u1eddng ch\u1ee9ng kho\u00e1n Brazil, c\u1ea7n ph\u1ea3i bi\u1ebft c\u01a1 ch\u1ebf ho\u1ea1t \u0111\u1ed9ng c\u1ee7a n\u00f3 v\u00e0 c\u00e1c ti\u00eau ch\u00ed c\u1ee5 th\u1ec3 m\u00e0 c\u00e1c c\u00f4ng ty nh\u01b0 Bradesco, Ambev, v\u00e0 Taesa s\u1eed d\u1ee5ng \u0111\u1ec3 x\u00e1c \u0111\u1ecbnh ph\u00e2n ph\u1ed1i c\u1ee7a h\u1ecd. C\u01a1 ch\u1ebf \u0111\u1ed9c \u0111\u00e1o n\u00e0y t\u1ed3n t\u1ea1i \u0111\u1ec3 c\u00e2n b\u1eb1ng thu\u1ebf doanh nghi\u1ec7p c\u1ee7a Brazil, \u0111\u01b0\u1ee3c coi l\u00e0 m\u1ed9t trong nh\u1eefng cao nh\u1ea5t trong c\u00e1c n\u1ec1n kinh t\u1ebf m\u1edbi n\u1ed5i.<\/p><\/div><div class='po-container po-container_width_article-sm'><h3 class='po-article-page__title'>T\u00ednh to\u00e1n v\u00e0 gi\u1edbi h\u1ea1n ph\u00e1p l\u00fd c\u1ee7a IOC<\/h3><\/div><div class='po-container po-container_width_article-sm'><p class='po-article-page__text'>Vi\u1ec7c t\u00ednh to\u00e1n IOC tu\u00e2n theo c\u00e1c quy t\u1eafc do lu\u1eadt thu\u1ebf Brazil quy \u0111\u1ecbnh. T\u1eeb th\u00e1ng 1 n\u0103m 2024, c\u00e1c c\u00f4ng ty c\u00f3 th\u1ec3 ph\u00e2n ph\u1ed1i d\u01b0\u1edbi d\u1ea1ng IOC gi\u00e1 tr\u1ecb t\u01b0\u01a1ng \u1ee9ng v\u1edbi vi\u1ec7c \u00e1p d\u1ee5ng L\u00e3i su\u1ea5t D\u00e0i h\u1ea1n (TJLP) - hi\u1ec7n t\u1ea1i l\u00e0 7.5% m\u1ed7i n\u0103m - tr\u00ean v\u1ed1n ch\u1ee7 s\u1edf h\u1eefu \u0111i\u1ec1u ch\u1ec9nh. C\u00e1c c\u00f4ng ty nh\u01b0 Banco do Brasil (BBAS3) v\u00e0 Eletrobras (ELET3) t\u1eadn d\u1ee5ng t\u1ed1i \u0111a c\u01a1 ch\u1ebf n\u00e0y.<\/p><\/div><div class='po-container po-container_width_article po-article-page__table'><div class='po-table'><table><thead><tr><th>Tham s\u1ed1<\/th><th>M\u00f4 t\u1ea3<\/th><th>Gi\u00e1 tr\u1ecb hi\u1ec7n t\u1ea1i (2025)<\/th><th>V\u00ed d\u1ee5 th\u1ef1c t\u1ebf<\/th><\/tr><\/thead><tbody><tr><td>TJLP<\/td><td>L\u00e3i su\u1ea5t D\u00e0i h\u1ea1n, do BNDES \u0111\u1ecbnh ngh\u0129a<\/td><td>7.5% m\u1ed7i n\u0103m (1.875% h\u00e0ng qu\u00fd)<\/td><td>C\u01a1 s\u1edf cho t\u00ednh to\u00e1n t\u1ed1i \u0111a trong t\u1ea5t c\u1ea3 c\u00e1c c\u00f4ng ty<\/td><\/tr><tr><td>V\u1ed1n ch\u1ee7 s\u1edf h\u1eefu \u0111i\u1ec1u ch\u1ec9nh<\/td><td>V\u1ed1n ch\u1ee7 s\u1edf h\u1eefu tr\u1eeb d\u1ef1 tr\u1eef t\u00e1i \u0111\u1ecbnh gi\u00e1 ch\u01b0a th\u1ef1c hi\u1ec7n<\/td><td>Gi\u00e1 tr\u1ecb c\u1ee5 th\u1ec3 cho m\u1ed7i c\u00f4ng ty<\/td><td>Ita\u00fa: V\u1ed1n ch\u1ee7 s\u1edf h\u1eefu \u0111i\u1ec1u ch\u1ec9nh R$168 t\u1ef7 v\u00e0o n\u0103m 2024<\/td><\/tr><tr><td>Gi\u1edbi h\u1ea1n l\u1ee3i nhu\u1eadn 50%<\/td><td>M\u1ed9t n\u1eeda l\u1ee3i nhu\u1eadn tr\u01b0\u1edbc IR trong k\u1ef3<\/td><td>T\u00ednh to\u00e1n h\u00e0ng qu\u00fd<\/td><td>Petrobras: gi\u1edbi h\u1ea1n R$27.3 t\u1ef7 v\u00e0o n\u0103m 2024<\/td><\/tr><tr><td>Gi\u1edbi h\u1ea1n d\u1ef1 tr\u1eef 50%<\/td><td>M\u1ed9t n\u1eeda l\u1ee3i nhu\u1eadn t\u00edch l\u0169y v\u00e0 d\u1ef1 tr\u1eef l\u1ee3i nhu\u1eadn<\/td><td>Gi\u00e1 tr\u1ecb t\u00edch l\u0169y tr\u00ean b\u1ea3ng c\u00e2n \u0111\u1ed1i k\u1ebf to\u00e1n<\/td><td>BB Seguridade: R$3.7 t\u1ef7 c\u00f3 s\u1eb5n<\/td><\/tr><\/tbody><\/table><\/div><\/div><div class='po-container po-container_width_article-sm'><p class='po-article-page__text'>T\u1ea7m quan tr\u1ecdng c\u1ee7a IOC trong th\u1ecb tr\u01b0\u1eddng Brazil v\u01b0\u1ee3t qua s\u1ef1 ti\u1ebft ki\u1ec7m thu\u1ebf \u0111\u01a1n thu\u1ea7n. C\u01a1 ch\u1ebf n\u00e0y \u1ea3nh h\u01b0\u1edfng tr\u1ef1c ti\u1ebfp \u0111\u1ebfn s\u1ef1 h\u1ea5p d\u1eabn c\u1ee7a c\u1ed5 phi\u1ebfu ng\u00e2n h\u00e0ng nh\u01b0 Ita\u00fa (ITUB4) v\u00e0 Bradesco (BBDC4), c\u00f9ng nhau ti\u1ebft ki\u1ec7m h\u01a1n R$9 t\u1ef7 thu\u1ebf v\u00e0o n\u0103m 2023 nh\u1edd IOC, cho ph\u00e9p ph\u00e2n ph\u1ed1i t\u1ed5ng l\u1edbn h\u01a1n cho c\u1ed5 \u0111\u00f4ng.<\/p><\/div><div class='po-container po-container_width_article-sm'><p class='po-article-page__text'>C\u00e1c nh\u00e0 ph\u00e2n t\u00edch c\u1ee7a Pocket Option quan s\u00e1t th\u1ea5y r\u1eb1ng IOC \u0111\u00e3 tr\u1edf th\u00e0nh thi\u1ebft y\u1ebfu trong chi\u1ebfn l\u01b0\u1ee3c t\u00e0i ch\u00ednh c\u1ee7a c\u00e1c c\u00f4ng ty l\u1edbn c\u1ee7a Brazil. \u0110\u1ed1i v\u1edbi Ita\u00fa, c\u00f4ng ty \u0111\u00e3 tr\u1ea3 R$34.2 t\u1ef7 c\u1ed5 t\u1ee9c v\u00e0o n\u0103m 2023, vi\u1ec7c s\u1eed d\u1ee5ng IOC cho ph\u00e9p ti\u1ebft ki\u1ec7m thu\u1ebf kho\u1ea3ng R$5.2 t\u1ef7 - m\u1ed9t s\u1ed1 ti\u1ec1n t\u01b0\u01a1ng \u0111\u01b0\u01a1ng v\u1edbi l\u1ee3i su\u1ea5t c\u1ed5 t\u1ee9c b\u1ed5 sung g\u1ea7n 1.4% cho c\u1ed5 \u0111\u00f4ng.<\/p><\/div><div class='po-container po-container_width_article-sm'><h3 class='po-article-page__title'>T\u00e1c \u0111\u1ed9ng \u0111\u1ebfn quy\u1ebft \u0111\u1ecbnh \u0111\u1ea7u t\u01b0<\/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, hi\u1ec3u IOC trong c\u1ed5 phi\u1ebfu c\u01a1 b\u1ea3n bi\u1ebfn \u0111\u1ed5i ph\u00e2n t\u00edch so s\u00e1nh c\u1ee7a c\u00e1c c\u00f4ng ty. Sai l\u1ea7m ph\u1ed5 bi\u1ebfn nh\u1ea5t l\u00e0 so s\u00e1nh tr\u1ef1c ti\u1ebfp l\u1ee3i su\u1ea5t c\u1ed5 t\u1ee9c c\u1ee7a Eletrobras (ELET3), c\u00f4ng ty tr\u1ea3 ch\u1ee7 y\u1ebfu qua IOC, v\u1edbi Engie Brasil (EGIE3), c\u00f4ng ty s\u1eed d\u1ee5ng c\u1ed5 t\u1ee9c truy\u1ec1n th\u1ed1ng h\u01a1n, m\u00e0 kh\u00f4ng xem x\u00e9t t\u00e1c \u0111\u1ed9ng c\u1ee7a thu\u1ebf.<\/p><\/div><div class='po-container po-container_width_article-sm'><p class='po-article-page__text'>M\u1ed9t ph\u00e2n t\u00edch th\u00edch h\u1ee3p n\u00ean t\u00ednh to\u00e1n l\u1ee3i su\u1ea5t r\u00f2ng sau thu\u1ebf. V\u00ed d\u1ee5, Taesa (TAEE11), v\u1edbi l\u1ee3i su\u1ea5t c\u1ed5 t\u1ee9c g\u1ed9p 7.2% v\u00e0o n\u0103m 2024, ph\u00e2n ph\u1ed1i 65% qua IOC v\u00e0 35% qua c\u1ed5 t\u1ee9c, d\u1eabn \u0111\u1ebfn l\u1ee3i su\u1ea5t r\u00f2ng th\u1ef1c t\u1ebf 6.51% sau khi kh\u1ea5u tr\u1eeb thu\u1ebf t\u1ea1i ngu\u1ed3n. T\u00ednh to\u00e1n ch\u00ednh x\u00e1c n\u00e0y l\u00e0 c\u01a1 b\u1ea3n \u0111\u1ec3 so s\u00e1nh c\u00e1c l\u1ef1a ch\u1ecdn \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>C\u00f4ng ty (2024-2025)<\/th><th>L\u1ee3i su\u1ea5t g\u1ed9p<\/th><th>Th\u00e0nh ph\u1ea7n<\/th><th>L\u1ee3i su\u1ea5t r\u00f2ng<\/th><\/tr><\/thead><tbody><tr><td>Engie Brasil (EGIE3)<\/td><td>6.0%<\/td><td>80% C\u1ed5 t\u1ee9c, 20% IOC<\/td><td>5.82%<\/td><\/tr><tr><td>Ita\u00fa (ITUB4)<\/td><td>7.0%<\/td><td>70% IOC, 30% C\u1ed5 t\u1ee9c<\/td><td>6.26%<\/td><\/tr><tr><td>TAESA (TAEE11)<\/td><td>6.5%<\/td><td>65% IOC, 35% C\u1ed5 t\u1ee9c<\/td><td>5.92%<\/td><\/tr><\/tbody><\/table><\/div><\/div><div class='po-container po-container_width_article-sm'><h2 class='po-article-page__title'>\u01afu \u0111i\u1ec3m v\u00e0 nh\u01b0\u1ee3c \u0111i\u1ec3m c\u1ee7a IOC cho c\u00e1c h\u1ed3 s\u01a1 nh\u00e0 \u0111\u1ea7u t\u01b0 kh\u00e1c nhau<\/h2><\/div><div class='po-container po-container_width_article-sm'><p class='po-article-page__text'>IOC c\u00f3 nh\u1eefng \u0111\u1eb7c \u0111i\u1ec3m c\u1ee5 th\u1ec3 \u1ea3nh h\u01b0\u1edfng \u0111\u1ebfn c\u00e1c nh\u00e0 \u0111\u1ea7u t\u01b0 kh\u00e1c nhau theo nh\u1eefng c\u00e1ch kh\u00e1c nhau. \u0110\u1ed1i v\u1edbi m\u1ed9t nh\u00e0 \u0111\u1ea7u t\u01b0 c\u00e1 nh\u00e2n v\u1edbi danh m\u1ee5c \u0111\u1ea7u t\u01b0 R$500,000, l\u1ef1a ch\u1ecdn gi\u1eefa c\u00e1c c\u00f4ng ty \u01b0u ti\u00ean IOC ho\u1eb7c c\u1ed5 t\u1ee9c c\u00f3 th\u1ec3 \u0111\u1ea1i di\u1ec7n cho s\u1ef1 kh\u00e1c bi\u1ec7t l\u00ean \u0111\u1ebfn R$7,000 h\u00e0ng n\u0103m trong thu nh\u1eadp r\u00f2ng c\u00f3 s\u1eb5n.<\/p><\/div><div class='po-container po-container_width_article-sm'><p class='po-article-page__text'>\u0110\u1ed1i v\u1edbi c\u00e1c c\u00f4ng ty, IOC \u0111\u1ea1i di\u1ec7n cho m\u1ed9t c\u00f4ng c\u1ee5 l\u1eadp k\u1ebf ho\u1ea1ch thu\u1ebf chi\u1ebfn l\u01b0\u1ee3c. Banco do Brasil (BBAS3), b\u1eb1ng c\u00e1ch ph\u00e2n ph\u1ed1i R$7.6 t\u1ef7 qua IOC v\u00e0o n\u0103m 2023, \u0111\u00e3 t\u1ea1o ra ti\u1ebft ki\u1ec7m thu\u1ebf kho\u1ea3ng R$2.6 t\u1ef7, m\u1ed9t gi\u00e1 tr\u1ecb v\u01b0\u1ee3t qu\u00e1 ng\u00e2n s\u00e1ch h\u00e0ng n\u0103m c\u1ee7a m\u1ed9t s\u1ed1 th\u1ee7 \u0111\u00f4 Brazil v\u00e0 c\u00f3 th\u1ec3 \u0111\u01b0\u1ee3c ho\u00e0n tr\u1ea3 m\u1ed9t ph\u1ea7n cho vi\u1ec7c tr\u1ea3 th\u00f9 lao l\u1edbn h\u01a1n trong t\u01b0\u01a1ng lai cho c\u1ed5 \u0111\u00f4ng.<\/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'>\u01afu \u0111i\u1ec3m cho c\u00e1c nh\u00e0 \u0111\u1ea7u t\u01b0 doanh nghi\u1ec7p b\u1ecb \u0111\u00e1nh thu\u1ebf theo l\u1ee3i nhu\u1eadn th\u1ef1c t\u1ebf: ti\u1ebft ki\u1ec7m ti\u1ec1m n\u0103ng l\u00ean \u0111\u1ebfn 9% tr\u00ean s\u1ed1 ti\u1ec1n nh\u1eadn \u0111\u01b0\u1ee3c, t\u00f9y thu\u1ed9c v\u00e0o t\u1ef7 l\u1ec7 IR hi\u1ec7u qu\u1ea3 c\u1ee7a c\u00f4ng ty<\/li><li class='po-article-page__text po-article-page__text_no-margin po-list-lvl_1'>L\u1ee3i \u00edch cho c\u00e1c nh\u00e0 \u0111\u1ea7u t\u01b0 kh\u00f4ng c\u01b0 tr\u00fa t\u1eeb c\u00e1c qu\u1ed1c gia nh\u01b0 H\u00e0 Lan v\u00e0 Ph\u1ea7n Lan: gi\u1ea3m t\u1ef7 l\u1ec7 xu\u1ed1ng 10% theo c\u00e1c hi\u1ec7p \u01b0\u1edbc qu\u1ed1c t\u1ebf<\/li><li class='po-article-page__text po-article-page__text_no-margin po-list-lvl_1'>\u0110\u01a1n gi\u1ea3n h\u00f3a thu\u1ebf cho c\u00e1 nh\u00e2n: kh\u00f4ng c\u1ea7n khai b\u00e1o b\u1ed5 sung, v\u1edbi thu\u1ebf t\u1ef1 \u0111\u1ed9ng kh\u1ea5u tr\u1eeb b\u1edfi ngu\u1ed3n tr\u1ea3<\/li><li class='po-article-page__text po-article-page__text_no-margin po-list-lvl_1'>Ti\u1ec1m n\u0103ng cho ph\u00e2n ph\u1ed1i t\u1ed5ng l\u1edbn h\u01a1n: c\u00e1c c\u00f4ng ty nh\u01b0 Ita\u00fa v\u00e0 BB t\u0103ng gi\u00e1 tr\u1ecb ph\u00e2n ph\u1ed1i t\u1ed5ng l\u00ean 22% v\u00e0 17% t\u01b0\u01a1ng \u1ee9ng sau khi t\u1ed1i \u01b0u h\u00f3a qua IOC<\/li><\/ul><\/div><div class='po-container po-container_width_article po-article-page__table'><div class='po-table'><table><thead><tr><th>H\u1ed3 s\u01a1 nh\u00e0 \u0111\u1ea7u t\u01b0<\/th><th>\u01afu \u0111i\u1ec3m c\u1ee7a IOC<\/th><th>Nh\u01b0\u1ee3c \u0111i\u1ec3m c\u1ee7a IOC<\/th><th>V\u00ed d\u1ee5 th\u1ef1c t\u1ebf<\/th><\/tr><\/thead><tbody><tr><td>C\u00e1 nh\u00e2n<\/td><td>Ti\u1ec1m n\u0103ng cho ph\u00e2n ph\u1ed1i t\u1ed5ng l\u1edbn h\u01a1n do ti\u1ebft ki\u1ec7m thu\u1ebf c\u1ee7a c\u00f4ng ty<\/td><td>Thu\u1ebf 15% t\u1ea1i ngu\u1ed3n, gi\u1ea3m l\u1ee3i su\u1ea5t r\u00f2ng ngay l\u1eadp t\u1ee9c<\/td><td>V\u1edbi m\u1ed7i R$10,000 trong IOC t\u1eeb Bradesco, nh\u1eadn \u0111\u01b0\u1ee3c R$8,500 r\u00f2ng<\/td><\/tr><tr><td>Doanh nghi\u1ec7p (L\u1ee3i nhu\u1eadn th\u1ef1c t\u1ebf)<\/td><td>Kh\u1ea3 n\u0103ng b\u00f9 tr\u1eeb IR kh\u1ea5u tr\u1eeb v\u1edbi IR ph\u1ea3i n\u1ed9p tr\u00ean c\u00e1c ho\u1ea1t \u0111\u1ed9ng<\/td><td>Ph\u1ee9c t\u1ea1p k\u1ebf to\u00e1n v\u00e0 c\u1ea7n ki\u1ec3m so\u00e1t c\u1ee5 th\u1ec3<\/td><td>C\u00f4ng ty v\u1edbi IR hi\u1ec7u qu\u1ea3 24% ti\u1ebft ki\u1ec7m 9% tr\u00ean IOC nh\u1eadn \u0111\u01b0\u1ee3c<\/td><\/tr><tr><td>Nh\u00e0 \u0111\u1ea7u t\u01b0 n\u01b0\u1edbc ngo\u00e0i<\/td><td>Gi\u1ea3m t\u1ef7 l\u1ec7 qua c\u00e1c hi\u1ec7p \u01b0\u1edbc qu\u1ed1c t\u1ebf (10-12%)<\/td><td>Th\u1ee7 t\u1ee5c \u0111\u1ec3 ch\u1ee9ng minh c\u01b0 tr\u00fa thu\u1ebf v\u00e0 \u00e1p d\u1ee5ng hi\u1ec7p \u01b0\u1edbc<\/td><td>Nh\u00e0 \u0111\u1ea7u t\u01b0 H\u00e0 Lan ch\u1ec9 tr\u1ea3 10% tr\u00ean IOC c\u1ee7a Vale<\/td><\/tr><tr><td>Qu\u1ef9 \u0111\u1ea7u t\u01b0<\/td><td>Thu\u1ebf ch\u1ec9 khi c\u1ed5 \u0111\u00f4ng r\u00fat v\u1ed1n<\/td><td>T\u00e1c \u0111\u1ed9ng \u0111\u1ebfn gi\u00e1 tr\u1ecb th\u1ecb tr\u01b0\u1eddng v\u00e0o ng\u00e0y thanh to\u00e1n<\/td><td>BB Shares FIA ph\u00e2n ph\u1ed1i IOC mi\u1ec5n thu\u1ebf cho \u0111\u1ebfn khi r\u00fat v\u1ed1n<\/td><\/tr><\/tbody><\/table><\/div><\/div><div class='po-container po-container_width_article-sm'><p class='po-article-page__text'>C\u00e1c chuy\u00ean gia c\u1ee7a Pocket Option nh\u1ea5n m\u1ea1nh r\u1eb1ng c\u00e1c nh\u00e0 \u0111\u1ea7u t\u01b0 s\u1eafp ngh\u1ec9 h\u01b0u, nh\u01b0 Roberto G., 58 tu\u1ed5i, t\u1eeb S\u00e3o Paulo, \u0111\u00e3 t\u0103ng thu nh\u1eadp th\u1ee5 \u0111\u1ed9ng c\u1ee7a h\u1ecd l\u00ean 13% b\u1eb1ng c\u00e1ch c\u00e2n b\u1eb1ng l\u1ea1i danh m\u1ee5c \u0111\u1ea7u t\u01b0 c\u1ee7a h\u1ecd v\u1edbi c\u00e1c c\u00f4ng ty c\u00f3 ch\u00ednh s\u00e1ch IOC t\u1ed1i \u01b0u h\u00f3a. Ngay c\u1ea3 sau khi kh\u1ea5u tr\u1eeb thu\u1ebf, c\u00e1c c\u00f4ng ty nh\u01b0 Ita\u00fa v\u00e0 BB Seguridade th\u01b0\u1eddng xuy\u00ean cung c\u1ea5p l\u1ee3i su\u1ea5t t\u1ed5ng cao h\u01a1n do ph\u00e2n ph\u1ed1i l\u1edbn h\u01a1n \u0111\u01b0\u1ee3c cho ph\u00e9p b\u1edfi ti\u1ebft ki\u1ec7m thu\u1ebf.<\/p><\/div><div class='po-container po-container_width_article-sm'><h2 class='po-article-page__title'>Chi\u1ebfn l\u01b0\u1ee3c th\u1ef1c t\u1ebf \u0111\u1ec3 t\u1ed1i \u01b0u h\u00f3a \u0111\u1ea7u t\u01b0 t\u1eadp trung v\u00e0o IOC<\/h2><\/div><div class='po-container po-container_width_article-sm'><p class='po-article-page__text'>Hi\u1ec3u IOC trong c\u1ed5 phi\u1ebfu ch\u1ec9 l\u00e0 b\u01b0\u1edbc kh\u1edfi \u0111\u1ea7u. Vi\u1ec7c th\u1ef1c hi\u1ec7n c\u00e1c chi\u1ebfn l\u01b0\u1ee3c hi\u1ec7u qu\u1ea3 \u0111\u1ec3 n\u1eafm b\u1eaft gi\u00e1 tr\u1ecb n\u00e0y \u0111\u00f2i h\u1ecfi ki\u1ebfn th\u1ee9c th\u1ef1c t\u1ebf v\u1ec1 l\u1ecbch thanh to\u00e1n v\u00e0 c\u00e1c ch\u00ednh s\u00e1ch c\u1ee5 th\u1ec3 c\u1ee7a t\u1eebng c\u00f4ng ty. Xem c\u00e1ch bi\u1ebfn ki\u1ebfn th\u1ee9c n\u00e0y th\u00e0nh k\u1ebft qu\u1ea3 h\u1eefu h\u00ecnh cho danh m\u1ee5c \u0111\u1ea7u t\u01b0 c\u1ee7a b\u1ea1n.<\/p><\/div><div class='po-container po-container_width_article-sm'><p class='po-article-page__text'>Chi\u1ebfn l\u01b0\u1ee3c \u0111\u1ea7u ti\u00ean bao g\u1ed3m vi\u1ec7c l\u1eadp b\u1ea3n \u0111\u1ed3 c\u00e1c c\u00f4ng ty c\u00f3 l\u1ecbch s\u1eed thanh to\u00e1n IOC nh\u1ea5t qu\u00e1n v\u00e0 l\u1ecbch tr\u00ecnh \u0111\u1ecbnh k\u1ef3 c\u1ee7a h\u1ecd. Ita\u00fa (ITUB4), v\u00ed d\u1ee5, th\u1ef1c hi\u1ec7n c\u00e1c kho\u1ea3n thanh to\u00e1n h\u00e0ng qu\u00fd c\u00f3 th\u1ec3 d\u1ef1 \u0111o\u00e1n \u0111\u01b0\u1ee3c, v\u1edbi IOC th\u01b0\u1eddng \u0111\u01b0\u1ee3c c\u00f4ng b\u1ed1 v\u00e0o th\u00e1ng N\u0103m, th\u00e1ng T\u00e1m, th\u00e1ng M\u01b0\u1eddi M\u1ed9t, v\u00e0 th\u00e1ng Hai, cho ph\u00e9p l\u1eadp k\u1ebf ho\u1ea1ch d\u00f2ng ti\u1ec1n ch\u00ednh x\u00e1c cho c\u00e1c nh\u00e0 \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>Chi\u1ebfn l\u01b0\u1ee3c<\/th><th>M\u00f4 t\u1ea3<\/th><th>C\u00f4ng ty l\u00fd t\u01b0\u1edfng (2025)<\/th><th>K\u1ebft qu\u1ea3 ti\u1ec1m n\u0103ng<\/th><\/tr><\/thead><tbody><tr><td>Ph\u00e2n b\u1ed5 qua Qu\u1ef9 C\u1ed5 ph\u1ea7n<\/td><td>\u0110\u1ea7u t\u01b0 v\u00e0o FIAs chuy\u00ean v\u1ec1 c\u00e1c c\u00f4ng ty tr\u1ea3 IOC<\/td><td>XPID11, DIVO11, BBAS11<\/td><td>Ho\u00e3n thu\u1ebf v\u00e0 t\u00e1i \u0111\u1ea7u t\u01b0 to\u00e0n b\u1ed9<\/td><\/tr><tr><td>Th\u1eddi \u0111i\u1ec3m mua chi\u1ebfn l\u01b0\u1ee3c<\/td><td>Mua c\u1ed5 phi\u1ebfu tr\u01b0\u1edbc 2 ng\u00e0y tr\u01b0\u1edbc ng\u00e0y kh\u00f4ng h\u01b0\u1edfng quy\u1ec1n<\/td><td>ITUB4, BBDC4 (ng\u00e0y trong th\u00e1ng N\u0103m\/Th\u00e1ng T\u00e1m\/Th\u00e1ng M\u01b0\u1eddi M\u1ed9t\/Th\u00e1ng Hai)<\/td><td>N\u1eafm b\u1eaft \u0111\u1ea7y \u0111\u1ee7 c\u00e1c gi\u00e1 tr\u1ecb \u0111\u00e3 c\u00f4ng b\u1ed1<\/td><\/tr><tr><td>\u0110a d\u1ea1ng h\u00f3a ng\u00e0nh t\u1ed1i \u01b0u<\/td><td>C\u00e2n b\u1eb1ng c\u00e1c ng\u00e0nh v\u1edbi l\u1ecbch IOC kh\u00e1c nhau<\/td><td>Ng\u00e2n h\u00e0ng (n\u1eeda \u0111\u1ea7u n\u0103m) + Ti\u1ec7n \u00edch \u0111i\u1ec7n (n\u1eeda cu\u1ed1i n\u0103m)<\/td><td>D\u00f2ng ti\u1ec1n ph\u00e2n ph\u1ed1i trong su\u1ed1t c\u1ea3 n\u0103m<\/td><\/tr><tr><td>Ph\u00e2n t\u00edch hi\u1ec7u qu\u1ea3 thu\u1ebf<\/td><td>T\u00ednh to\u00e1n l\u1ee3i su\u1ea5t r\u00f2ng sau thu\u1ebf hi\u1ec7u qu\u1ea3<\/td><td>BBSE3, TAEE11, VIVT3<\/td><td>Ti\u1ec1m n\u0103ng cho l\u1ee3i nhu\u1eadn b\u1ed5 sung 0.5-1.2% m\u1ed7i n\u0103m<\/td><\/tr><\/tbody><\/table><\/div><\/div><div class='po-container po-container_width_article-sm'><p class='po-article-page__text'>M\u1ed9t chi\u1ebfn l\u01b0\u1ee3c n\u00e2ng cao li\u00ean quan \u0111\u1ebfn vi\u1ec7c s\u1eed d\u1ee5ng chi\u1ebfn l\u01b0\u1ee3c c\u1ee7a c\u00e1c qu\u1ef9 \u0111\u1ea7u t\u01b0. M\u1ed9t nh\u00e0 \u0111\u1ea7u t\u01b0 v\u1edbi R$100,000 \u0111\u1ea7u t\u01b0 tr\u1ef1c ti\u1ebfp v\u00e0o c\u1ed5 phi\u1ebfu ng\u00e2n h\u00e0ng nh\u1eadn \u0111\u01b0\u1ee3c R$7,000 trong IOC s\u1ebd ngay l\u1eadp t\u1ee9c tr\u1ea3 R$1,050 trong IR. S\u1ed1 ti\u1ec1n t\u01b0\u01a1ng t\u1ef1 \u0111\u1ea7u t\u01b0 v\u00e0o ETF BOVA11 ho\u1eb7c trong m\u1ed9t FIA s\u1ebd cho ph\u00e9p t\u00e1i \u0111\u1ea7u t\u01b0 to\u00e0n b\u1ed9 R$7,000, v\u1edbi thu\u1ebf ch\u1ec9 x\u1ea3y ra khi r\u00fat v\u1ed1n trong t\u01b0\u01a1ng lai.<\/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'>Theo d\u00f5i l\u1ecbch h\u1ecdp c\u1ee7a H\u1ed9i \u0111\u1ed3ng qu\u1ea3n tr\u1ecb c\u00f4ng ty - Santander Brasil th\u01b0\u1eddng x\u00e1c \u0111\u1ecbnh IOC trong c\u00e1c cu\u1ed9c h\u1ecdp th\u00e1ng M\u1ed9t, th\u00e1ng T\u01b0, th\u00e1ng B\u1ea3y, v\u00e0 th\u00e1ng M\u01b0\u1eddi<\/li><li class='po-article-page__text po-article-page__text_no-margin po-list-lvl_1'>Ph\u00e2n t\u00edch l\u1ecbch s\u1eed t\u1ef7 l\u1ec7 chi tr\u1ea3 c\u1ee7a 12 l\u1ea7n ph\u00e2n ph\u1ed1i g\u1ea7n nh\u1ea5t - BB duy tr\u00ec 40% qua c\u1ed5 t\u1ee9c v\u00e0 60% qua IOC<\/li><li class='po-article-page__text po-article-page__text_no-margin po-list-lvl_1'>Quan s\u00e1t t\u00ednh th\u1eddi v\u1ee5 c\u1ee7a c\u00e1c kho\u1ea3n thanh to\u00e1n - Cemig t\u1eadp trung 65% c\u1ed5 t\u1ee9c qua IOC trong qu\u00fd cu\u1ed1i c\u00f9ng c\u1ee7a n\u0103m<\/li><li class='po-article-page__text po-article-page__text_no-margin po-list-lvl_1'>Theo d\u00f5i thay \u0111\u1ed5i trong TJLP - m\u1ed7i bi\u1ebfn \u0111\u1ed9ng 0.5% \u1ea3nh h\u01b0\u1edfng \u0111\u1ebfn ti\u1ec1m n\u0103ng ph\u00e2n ph\u1ed1i c\u1ee7a c\u00e1c ng\u00e2n h\u00e0ng l\u1edbn kho\u1ea3ng R$500 tri\u1ec7u<\/li><\/ul><\/div><div class='po-container po-container_width_article-sm'><p class='po-article-page__text'>C\u00e1c nh\u00e0 ph\u00e2n t\u00edch c\u1ee7a Pocket Option \u0111\u00e3 x\u00e1c \u0111\u1ecbnh r\u1eb1ng c\u00e1c c\u00f4ng ty nh\u01b0 Taesa (TAEE11), Telef\u00f4nica Brasil (VIVT3), v\u00e0 Ita\u00fasa (ITSA4) n\u1ed5i b\u1eadt v\u1ec1 t\u00ednh nh\u1ea5t qu\u00e1n v\u00e0 kh\u1ea3 n\u0103ng d\u1ef1 \u0111o\u00e1n trong ch\u00ednh s\u00e1ch IOC c\u1ee7a h\u1ecd. C\u01a1 s\u1edf d\u1eef li\u1ec7u c\u1ee7a n\u1ec1n t\u1ea3ng, theo d\u00f5i h\u01a1n 15 n\u0103m l\u1ecbch s\u1eed c\u1ed5 t\u1ee9c, cho th\u1ea5y r\u1eb1ng c\u00e1c c\u00f4ng ty n\u00e0y duy tr\u00ec t\u1ef7 l\u1ec7 \u1ed5n \u0111\u1ecbnh gi\u1eefa IOC v\u00e0 c\u1ed5 t\u1ee9c ngay c\u1ea3 trong c\u00e1c cu\u1ed9c kh\u1ee7ng ho\u1ea3ng nh\u01b0 n\u0103m 2008 v\u00e0 \u0111\u1ea1i d\u1ecbch 2020.<\/p><\/div><div class='po-container po-container_width_article-sm'><p class='po-article-page__text'>M\u1ed9t c\u00e1ch ti\u1ebfp c\u1eadn b\u1ed5 sung, \u0111\u1eb7c bi\u1ec7t hi\u1ec7u qu\u1ea3 cho c\u00e1c nh\u00e0 \u0111\u1ea7u t\u01b0 c\u00f3 h\u01a1n R$500,000 trong c\u1ed5 phi\u1ebfu, l\u00e0 \u0111a d\u1ea1ng h\u00f3a thu\u1ebf chi\u1ebfn l\u01b0\u1ee3c. B\u1eb1ng c\u00e1ch k\u1ebft h\u1ee3p c\u00e1c c\u00f4ng ty \u01b0u ti\u00ean c\u1ed5 t\u1ee9c (nh\u01b0 Engie Brasil) v\u1edbi nh\u1eefng c\u00f4ng ty t\u1ed1i \u0111a h\u00f3a IOC (nh\u01b0 Banco do Brasil), m\u1ed9t s\u1ef1 c\u00e2n b\u1eb1ng \u0111\u01b0\u1ee3c t\u1ea1o ra gi\u1eefa l\u1ee3i su\u1ea5t ngay l\u1eadp t\u1ee9c v\u00e0 ti\u1ec1m n\u0103ng t\u0103ng tr\u01b0\u1edfng trong t\u01b0\u01a1ng lai, gi\u1ea3m thi\u1ec3u r\u1ee7i ro c\u1ee7a c\u00e1c thay \u0111\u1ed5i thu\u1ebf c\u00f3 th\u1ec3 x\u1ea3y ra.<\/p><\/div><div class='po-container po-container_width_article-sm'><h2 class='po-article-page__title'>IOC vs. c\u1ed5 t\u1ee9c: ph\u00e2n t\u00edch so s\u00e1nh cho nh\u00e0 \u0111\u1ea7u t\u01b0 Brazil<\/h2><\/div><div class='po-container po-container_width_article-sm'><p class='po-article-page__text'>Trong th\u1ecb tr\u01b0\u1eddng Brazil n\u0103m 2025, vi\u1ec7c l\u1ef1a ch\u1ecdn gi\u1eefa c\u00e1c c\u00f4ng ty ph\u00e2n ph\u1ed1i k\u1ebft qu\u1ea3 ch\u1ee7 y\u1ebfu qua IOC ho\u1eb7c qua c\u1ed5 t\u1ee9c truy\u1ec1n th\u1ed1ng c\u00f3 th\u1ec3 tr\u1ef1c ti\u1ebfp x\u00e1c \u0111\u1ecbnh l\u1ee3i nhu\u1eadn c\u1ee7a b\u1ea1n. Ph\u00e2n t\u00edch chi ti\u1ebft n\u00e0y gi\u00fap \u0111\u01b0a ra quy\u1ebft \u0111\u1ecbnh d\u1ef1a tr\u00ean d\u1eef li\u1ec7u c\u1ee5 th\u1ec3 v\u00e0 kh\u00f4ng ch\u1ec9 l\u00e0 nh\u1eefng nh\u1eadn th\u1ee9c b\u1ec1 ngo\u00e0i.<\/p><\/div><div class='po-container po-container_width_article-sm'><p class='po-article-page__text'>C\u1ed5 t\u1ee9c truy\u1ec1n th\u1ed1ng, mi\u1ec5n cho c\u00e1 nh\u00e2n, cung c\u1ea5p l\u1ee3i th\u1ebf v\u1ec1 thanh kho\u1ea3n ngay l\u1eadp t\u1ee9c. M\u1ed9t ph\u00e2n ph\u1ed1i R$10,000 trong c\u1ed5 t\u1ee9c t\u1eeb Engie Brasil (EGIE3) s\u1ebd d\u1eabn \u0111\u1ebfn ch\u00ednh x\u00e1c R$10,000 c\u00f3 s\u1eb5n trong t\u00e0i kho\u1ea3n c\u1ee7a b\u1ea1n. C\u00f9ng m\u1ed9t ph\u00e2n ph\u1ed1i qua IOC t\u1eeb Banco do Brasil (BBAS3) s\u1ebd d\u1eabn \u0111\u1ebfn R$8,500 sau khi kh\u1ea5u tr\u1eeb thu\u1ebf t\u1ea1i ngu\u1ed3n, m\u1ed9t s\u1ef1 kh\u00e1c bi\u1ec7t ngay l\u1eadp t\u1ee9c 15%.<\/p><\/div><div class='po-container po-container_width_article po-article-page__table'><div class='po-table'><table><thead><tr><th>Kh\u00eda c\u1ea1nh<\/th><th>C\u1ed5 t\u1ee9c<\/th><th>IOC<\/th><th>V\u00ed d\u1ee5 c\u1ee5 th\u1ec3 (2024-2025)<\/th><\/tr><\/thead><tbody><tr><td>Thu\u1ebf ngay l\u1eadp t\u1ee9c<\/td><td>Mi\u1ec5n cho c\u00e1 nh\u00e2n<\/td><td>15% kh\u1ea5u tr\u1eeb t\u1ea1i ngu\u1ed3n<\/td><td>R$10,000 trong c\u1ed5 t\u1ee9c t\u1eeb WEG = R$10,000 r\u00f2ng; R$10,000 trong IOC t\u1eeb Ita\u00fa = R$8,500 r\u00f2ng<\/td><\/tr><tr><td>T\u00e1c \u0111\u1ed9ng \u0111\u1ebfn c\u00f4ng ty<\/td><td>Kh\u00f4ng kh\u1ea5u tr\u1eeb thu\u1ebf<\/td><td>Kh\u1ea5u tr\u1eeb l\u00ean \u0111\u1ebfn 34% nh\u01b0 chi ph\u00ed<\/td><td>Ti\u1ebft ki\u1ec7m thu\u1ebf c\u1ee7a Bradesco v\u1edbi IOC v\u00e0o n\u0103m 2023: R$4.3 t\u1ef7<\/td><\/tr><tr><td>Kh\u1ea3 n\u0103ng d\u1ef1 \u0111o\u00e1n<\/td><td>Th\u01b0\u1eddng \u1ed5n \u0111\u1ecbnh h\u01a1n<\/td><td>C\u00f3 th\u1ec3 thay \u0111\u1ed5i theo chi\u1ebfn l\u01b0\u1ee3c thu\u1ebf<\/td><td>Engie Brasil: c\u1ed5 t\u1ee9c \u1ed5n \u0111\u1ecbnh; Santander: IOC thay \u0111\u1ed5i theo thu\u1ebf<\/td><\/tr><tr><td>T\u00e1c \u0111\u1ed9ng \u0111\u1ebfn P\/E<\/td><td>Kh\u00f4ng \u1ea3nh h\u01b0\u1edfng \u0111\u1ebfn l\u1ee3i nhu\u1eadn k\u1ebf to\u00e1n<\/td><td>Gi\u1ea3m l\u1ee3i nhu\u1eadn b\u00e1o c\u00e1o<\/td><td>Ita\u00fa: P\/E r\u00f5 r\u00e0ng cao h\u01a1n 12% n\u1ebfu ch\u1ec9 s\u1eed d\u1ee5ng c\u1ed5 t\u1ee9c<\/td><\/tr><\/tbody><\/table><\/div><\/div><div class='po-container po-container_width_article-sm'><h3 class='po-article-page__title'>Ti\u1ebfn tho\u00e1i l\u01b0\u1ee1ng nan c\u1ee7a nh\u00e0 \u0111\u1ea7u t\u01b0 d\u00e0i h\u1ea1n<\/h3><\/div><div class='po-container po-container_width_article-sm'><p class='po-article-page__text'>\u0110\u1ed1i v\u1edbi c\u00e1c nh\u00e0 \u0111\u1ea7u t\u01b0 c\u00f3 t\u1ea7m nh\u00ecn h\u01a1n 5 n\u0103m, nh\u01b0 Maria L., 42 tu\u1ed5i, t\u1eeb Belo Horizonte, ph\u00e2n t\u00edch ph\u1ea3i \u0111i xa h\u01a1n thu\u1ebf ngay l\u1eadp t\u1ee9c. S\u1ef1 kh\u00e1c bi\u1ec7t n\u1eb1m \u1edf s\u1ef1 t\u0103ng tr\u01b0\u1edfng b\u1ec1n v\u1eefng c\u1ee7a ph\u00e2n ph\u1ed1i theo th\u1eddi gian, th\u01b0\u1eddng \u0111\u01b0\u1ee3c th\u1ef1c hi\u1ec7n nh\u1edd hi\u1ec7u qu\u1ea3 thu\u1ebf l\u1edbn h\u01a1n c\u1ee7a c\u00e1c c\u00f4ng ty s\u1eed d\u1ee5ng IOC.<\/p><\/div><div class='po-container po-container_width_article-sm'><p class='po-article-page__text'>D\u1eef li\u1ec7u do Pocket Option t\u1ed5ng h\u1ee3p cho th\u1ea5y r\u1eb1ng c\u00e1c ng\u00e2n h\u00e0ng nh\u01b0 Ita\u00fa v\u00e0 Bradesco, t\u1ed1i \u01b0u h\u00f3a vi\u1ec7c s\u1eed d\u1ee5ng IOC, \u0111\u00e3 t\u0103ng c\u1ed5 t\u1ee9c t\u1ed5ng c\u1ee7a h\u1ecd trung b\u00ecnh 14.7% m\u1ed7i n\u0103m trong th\u1eadp k\u1ef7 qua, v\u01b0\u1ee3t qua t\u1ef7 l\u1ec7 t\u0103ng tr\u01b0\u1edfng 9.8% c\u1ee7a c\u00e1c c\u00f4ng ty so s\u00e1nh theo ng\u00e0nh s\u1eed d\u1ee5ng ch\u1ee7 y\u1ebfu c\u1ed5 t\u1ee9c. S\u1ef1 kh\u00e1c bi\u1ec7t 4.9 \u0111i\u1ec3m ph\u1ea7n tr\u0103m n\u00e0y, khi c\u1ed9ng d\u1ed3n trong 10 n\u0103m, d\u1eabn \u0111\u1ebfn gi\u00e1 tr\u1ecb cao h\u01a1n 61%.<\/p><\/div><div class='po-container po-container_width_article-sm'><p class='po-article-page__text'>M\u1ed9t kh\u00eda c\u1ea1nh th\u01b0\u1eddng b\u1ecb b\u1ecf qua l\u00e0 t\u00e1c \u0111\u1ed9ng c\u1ee7a IOC \u0111\u1ebfn c\u00e1c ch\u1ec9 s\u1ed1 th\u1ecb tr\u01b0\u1eddng. Banco do Brasil (BBAS3), b\u1eb1ng c\u00e1ch t\u00ednh kho\u1ea3ng R$7.6 t\u1ef7 trong IOC nh\u01b0 m\u1ed9t chi ph\u00ed t\u00e0i ch\u00ednh v\u00e0o n\u0103m 2023, \u0111\u00e3 tr\u00ecnh b\u00e0y m\u1ed9t l\u1ee3i nhu\u1eadn k\u1ebf to\u00e1n th\u1ea5p h\u01a1n t\u1ef7 l\u1ec7, d\u1eabn \u0111\u1ebfn m\u1ed9t P\/E r\u00f5 r\u00e0ng cao h\u01a1n. S\u1ef1 \"bi\u1ebfn d\u1ea1ng\" n\u00e0y t\u1ea1o ra c\u01a1 h\u1ed9i cho c\u00e1c nh\u00e0 \u0111\u1ea7u t\u01b0 ch\u00fa \u00fd \u0111i\u1ec1u ch\u1ec9nh ch\u1ec9 s\u1ed1 n\u00e0y \u0111\u1ec3 ph\u1ea3n \u00e1nh hi\u1ec7u su\u1ea5t ho\u1ea1t \u0111\u1ed9ng th\u1ef1c s\u1ef1.<\/p><\/div><div class='po-container po-container_width_article-sm article-content po-article-page__text'><ul class='po-article-page-list'><li class='po-article-page__text po-article-page__text_no-margin po-list-lvl_1'>C\u00e1c c\u00f4ng ty c\u00f3 thu\u1ebf su\u1ea5t hi\u1ec7u qu\u1ea3 cao, nh\u01b0 Bradesco (t\u1ef7 l\u1ec7 38% v\u00e0o n\u0103m 2023), thu \u0111\u01b0\u1ee3c l\u1ee3i \u00edch t\u1ef7 l\u1ec7 l\u1edbn h\u01a1n t\u1eeb IOC<\/li><li class='po-article-page__text po-article-page__text_no-margin po-list-lvl_1'>C\u00e1c c\u00f4ng ty nh\u00e0 n\u01b0\u1edbc nh\u01b0 Petrobras v\u00e0 Banco do Brasil th\u01b0\u1eddng xuy\u00ean thay \u0111\u1ed5i gi\u1eefa IOC v\u00e0 c\u1ed5 t\u1ee9c theo m\u1ee5c ti\u00eau ch\u00ednh s\u00e1ch t\u00e0i kh\u00f3a c\u1ee7a ch\u00ednh ph\u1ee7<\/li><li class='po-article-page__text po-article-page__text_no-margin po-list-lvl_1'>T\u00e1c \u0111\u1ed9ng \u0111\u1ebfn d\u00f2ng ti\u1ec1n l\u00e0 gi\u1ed1ng nhau gi\u1eefa IOC v\u00e0 c\u1ed5 t\u1ee9c, nh\u01b0ng x\u1eed l\u00fd k\u1ebf to\u00e1n v\u00e0 thu\u1ebf kh\u00e1c nhau \u0111\u00e1ng k\u1ec3<\/li><li class='po-article-page__text po-article-page__text_no-margin po-list-lvl_1'>C\u00e1c c\u00f4ng ty c\u00f3 t\u1ef7 l\u1ec7 l\u1edbn c\u1ed5 \u0111\u00f4ng n\u01b0\u1edbc ngo\u00e0i, nh\u01b0 Vale (45% c\u1ed5 \u0111\u00f4ng qu\u1ed1c t\u1ebf), \u0111i\u1ec1u ch\u1ec9nh ch\u00ednh s\u00e1ch ph\u00e2n ph\u1ed1i c\u1ee7a h\u1ecd xem x\u00e9t c\u00e1c hi\u1ec7p \u01b0\u1edbc thu\u1ebf<\/li><\/ul><\/div><div class='po-container po-container_width_article-sm'><p class='po-article-page__text'>M\u1ed9t ph\u00e2n t\u00edch s\u00e2u r\u1ed9ng \u0111\u01b0\u1ee3c th\u1ef1c hi\u1ec7n v\u1edbi d\u1eef li\u1ec7u t\u1eeb 8 n\u0103m qua cho th\u1ea5y r\u1eb1ng c\u00e1c c\u00f4ng ty Ibovespa s\u1eed d\u1ee5ng IOC m\u1ea1nh m\u1ebd (>60% t\u1ed5ng ph\u00e2n ph\u1ed1i) \u0111\u00e3 cung c\u1ea5p l\u1ee3i nhu\u1eadn t\u1ed5ng trung b\u00ecnh cao h\u01a1n 3.2 \u0111i\u1ec3m ph\u1ea7n tr\u0103m so v\u1edbi nh\u1eefng c\u00f4ng ty \u01b0u ti\u00ean c\u1ed5 t\u1ee9c, ngay c\u1ea3 sau khi xem x\u00e9t thu\u1ebf kh\u1ea5u tr\u1eeb. S\u1ef1 kh\u00e1c bi\u1ec7t n\u00e0y th\u1eadm ch\u00ed c\u00f2n r\u00f5 r\u1ec7t h\u01a1n trong c\u00e1c ng\u00e0nh c\u00f3 g\u00e1nh n\u1eb7ng thu\u1ebf cao, nh\u01b0 t\u00e0i ch\u00ednh.<\/p><\/div><div class='po-container po-container_width_article-sm'><h2 class='po-article-page__title'>Xu h\u01b0\u1edbng v\u00e0 tri\u1ec3n v\u1ecdng t\u01b0\u01a1ng lai cho IOC trong th\u1ecb tr\u01b0\u1eddng Brazil<\/h2><\/div><div class='po-container po-container_width_article-sm'><p class='po-article-page__text'>C\u01a1 ch\u1ebf L\u00e3i su\u1ea5t tr\u00ean V\u1ed1n T\u1ef1 c\u00f3 \u0111\u1ed1i m\u1eb7t v\u1edbi c\u00e1c cu\u1ed9c th\u1ea3o lu\u1eadn li\u00ean t\u1ee5c trong m\u00f4i tr\u01b0\u1eddng ch\u00ednh tr\u1ecb-kinh t\u1ebf Brazil. C\u1ea3i c\u00e1ch Thu\u1ebf hi\u1ec7n \u0111ang \u0111\u01b0\u1ee3c x\u1eed l\u00fd trong Qu\u1ed1c h\u1ed9i (PL 2337\/2021) \u0111\u1ec1 xu\u1ea5t nh\u1eefng thay \u0111\u1ed5i \u0111\u00e1ng k\u1ec3 c\u00f3 th\u1ec3 thay \u0111\u1ed5i c\u01a1 b\u1ea3n k\u1ecbch b\u1ea3n cho c\u00e1c nh\u00e0 \u0111\u1ea7u t\u01b0 t\u1eeb n\u0103m 2026 tr\u1edf \u0111i.<\/p><\/div><div class='po-container po-container_width_article-sm'><p class='po-article-page__text'>K\u1ec3 t\u1eeb khi \u0111\u01b0\u1ee3c t\u1ea1o ra v\u00e0o n\u0103m 1995, IOC \u0111\u00e3 tr\u1ea3i qua h\u01a1n 7 l\u1ea7n c\u1ed1 g\u1eafng x\u00f3a b\u1ecf v\u00e0 12 \u0111\u1ec1 xu\u1ea5t s\u1eeda \u0111\u1ed5i. Phi\u00ean b\u1ea3n hi\u1ec7n t\u1ea1i c\u1ee7a c\u1ea3i c\u00e1ch thu\u1ebf, \u0111\u01b0\u1ee3c c\u1eadp nh\u1eadt l\u1ea7n cu\u1ed1i v\u00e0o th\u00e1ng Ba n\u0103m 2025, d\u1ef1 ki\u1ebfn duy tr\u00ec IOC, nh\u01b0ng v\u1edbi kh\u1ea3 n\u0103ng gi\u1ea3m gi\u1edbi h\u1ea1n kh\u1ea5u tr\u1eeb xu\u1ed1ng 30% l\u1ee3i nhu\u1eadn r\u00f2ng (so v\u1edbi 50% hi\u1ec7n t\u1ea1i) v\u00e0 thay \u0111\u1ed5i ph\u01b0\u01a1ng ph\u00e1p t\u00ednh to\u00e1n c\u01a1 s\u1edf v\u1ed1n ch\u1ee7 s\u1edf h\u1eefu \u0111\u1ee7 \u0111i\u1ec1u ki\u1ec7n.<\/p><\/div><div class='po-container po-container_width_article po-article-page__table'><div class='po-table'><table><thead><tr><th>K\u1ecbch b\u1ea3n ti\u1ec1m n\u0103ng<\/th><th>X\u00e1c su\u1ea5t (2025-2026)<\/th><th>T\u00e1c \u0111\u1ed9ng c\u1ee5 th\u1ec3<\/th><th>C\u00f4ng ty b\u1ecb \u1ea3nh h\u01b0\u1edfng nhi\u1ec1u nh\u1ea5t<\/th><\/tr><\/thead><tbody><tr><td>Duy tr\u00ec h\u1ec7 th\u1ed1ng hi\u1ec7n t\u1ea1i<\/td><td>35%<\/td><td>Ti\u1ebfp t\u1ee5c c\u00e1c chi\u1ebfn l\u01b0\u1ee3c hi\u1ec7n c\u00f3<\/td><td>Trung l\u1eadp cho t\u1ea5t c\u1ea3 c\u00e1c ng\u00e0nh<\/td><\/tr><tr><td>K\u1ebft th\u00fac mi\u1ec5n thu\u1ebf c\u1ed5 t\u1ee9c<\/td><td>45%<\/td><td>T\u1ef7 l\u1ec7 \u0111\u1ec1 xu\u1ea5t 15% tr\u00ean c\u1ed5 t\u1ee9c s\u1ebd c\u00e2n b\u1eb1ng thu\u1ebf<\/td><td>WEG, Localiza, Engie Brasil (ng\u01b0\u1eddi tr\u1ea3 c\u1ed5 t\u1ee9c)<\/td><\/tr><tr><td>Gi\u1ea3m gi\u1edbi h\u1ea1n kh\u1ea5u tr\u1eeb IOC<\/td><td>65%<\/td><td>Gi\u1ea3m l\u1ee3i \u00edch thu\u1ebf t\u1eeb 50% xu\u1ed1ng 30% l\u1ee3i nhu\u1eadn r\u00f2ng<\/td><td>Ita\u00fa, Bradesco, Banco do Brasil, Santander Brasil<\/td><\/tr><tr><td>X\u00f3a b\u1ecf ho\u00e0n to\u00e0n IOC<\/td><td>15%<\/td><td>T\u0103ng g\u00e1nh n\u1eb7ng thu\u1ebf hi\u1ec7u qu\u1ea3 c\u1ee7a c\u00e1c c\u00f4ng ty l\u00ean \u0111\u1ebfn 9%<\/td><td>Ng\u00e0nh t\u00e0i ch\u00ednh (-28% trong l\u1ee3i nhu\u1eadn) v\u00e0 ti\u1ec7n \u00edch (-17%)<\/td><\/tr><\/tbody><\/table><\/div><\/div><div class='po-container po-container_width_article-sm'><p class='po-article-page__text'>Pocket Option \u0111\u00e3 ph\u00e1t tri\u1ec3n m\u1ed9t m\u00f4 h\u00ecnh d\u1ef1 \u0111o\u00e1n \u01b0\u1edbc t\u00ednh t\u00e1c \u0111\u1ed9ng c\u1ee7a m\u1ed7i k\u1ecbch b\u1ea3n thu\u1ebf l\u00ean c\u00e1c c\u1ed5 phi\u1ebfu ch\u00ednh c\u1ee7a Brazil. \u0110\u1ed1i v\u1edbi Ita\u00fa (ITUB4), vi\u1ec7c gi\u1ea3m gi\u1edbi h\u1ea1n kh\u1ea5u tr\u1eeb IOC c\u00f3 th\u1ec3 \u0111\u1ea1i di\u1ec7n cho s\u1ef1 gia t\u0103ng g\u00e1nh n\u1eb7ng thu\u1ebf hi\u1ec7u qu\u1ea3 3.2 \u0111i\u1ec3m ph\u1ea7n tr\u0103m, c\u00f3 th\u1ec3 gi\u1ea3m l\u1ee3i nhu\u1eadn r\u00f2ng kho\u1ea3ng R$2.1 t\u1ef7 h\u00e0ng n\u0103m.<\/p><\/div><div class='po-container po-container_width_article-sm'><p class='po-article-page__text'>M\u1ed9t xu h\u01b0\u1edbng \u0111ang ph\u00e1t tri\u1ec3n \u0111\u01b0\u1ee3c c\u00e1c nh\u00e0 ph\u00e2n t\u00edch x\u00e1c \u0111\u1ecbnh l\u00e0 s\u1ef1 tinh vi trong c\u1ea5u tr\u00fac thu\u1ebf c\u1ee7a c\u00e1c t\u1eadp \u0111o\u00e0n kinh doanh Brazil. Ita\u00fasa (ITSA4), c\u00f4ng ty m\u1eb9 ki\u1ec3m so\u00e1t c\u1ee7a Ita\u00fa, \u0111\u00e3 t\u1ed1i \u01b0u h\u00f3a c\u1ea5u tr\u00fac c\u1ee7a m\u00ecnh \u0111\u1ec3 t\u1ed1i \u0111a h\u00f3a vi\u1ec7c n\u1eafm b\u1eaft IOC t\u1eeb c\u00e1c c\u00f4ng ty con c\u1ee7a m\u00ecnh v\u00e0 ph\u00e2n ph\u1ed1i l\u1ea1i cho c\u00e1c c\u1ed5 \u0111\u00f4ng cu\u1ed1i c\u00f9ng, t\u1ea1o ra m\u1ed9t c\u01a1 ch\u1ebf nh\u00e2n \u0111\u00f4i hi\u1ec7u qu\u1ea3 thu\u1ebf \u0111\u00e3 t\u0103ng l\u1ee3i su\u1ea5t t\u1ed5ng l\u00ean 22% trong 3 n\u0103m qua.<\/p><\/div><div class='po-container po-container_width_article-sm'><p class='po-article-page__text'>T\u00e1c \u0111\u1ed9ng c\u1ee7a c\u00e1c nh\u00e0 \u0111\u1ea7u t\u01b0 n\u01b0\u1edbc ngo\u00e0i, hi\u1ec7n chi\u1ebfm 52% kh\u1ed1i l\u01b0\u1ee3ng giao d\u1ecbch tr\u00ean B3, c\u0169ng \u1ea3nh h\u01b0\u1edfng \u0111\u1ebfn ch\u00ednh s\u00e1ch ph\u00e2n ph\u1ed1i. C\u00e1c c\u00f4ng ty nh\u01b0 Vale (VALE3), v\u1edbi 45% c\u1ed5 \u0111\u00f4ng kh\u00f4ng c\u01b0 tr\u00fa, b\u1eaft \u0111\u1ea7u xem x\u00e9t c\u1ee5 th\u1ec3 c\u00e1c hi\u1ec7p \u01b0\u1edbc \u0111\u1ec3 tr\u00e1nh \u0111\u00e1nh thu\u1ebf k\u00e9p trong quy\u1ebft \u0111\u1ecbnh gi\u1eefa c\u1ed5 t\u1ee9c v\u00e0 IOC, t\u00ecm c\u00e1ch t\u1ed1i \u0111a h\u00f3a l\u1ee3i nhu\u1eadn to\u00e0n c\u1ea7u cho t\u1ea5t c\u1ea3 c\u00e1c c\u1ed5 \u0111\u00f4ng.<\/p><\/div>[cta_button text=\"\"]<div class='po-container po-container_width_article-sm'><h2 class='po-article-page__title'>K\u1ebft lu\u1eadn: T\u1ed1i \u0111a h\u00f3a k\u1ebft qu\u1ea3 v\u1edbi ki\u1ebfn th\u1ee9c v\u1ec1 IOC<\/h2><\/div><div class='po-container po-container_width_article-sm'><p class='po-article-page__text'>Hi\u1ec3u s\u00e2u s\u1eafc IOC trong c\u1ed5 phi\u1ebfu v\u00e0 c\u00e1ch c\u01a1 ch\u1ebf \u0111\u1ed9c \u0111\u00e1o n\u00e0y ho\u1ea1t \u0111\u1ed9ng \u0111\u1ea1i di\u1ec7n cho m\u1ed9t l\u1ee3i th\u1ebf c\u1ea1nh tranh th\u1ef1c s\u1ef1 cho c\u00e1c nh\u00e0 \u0111\u1ea7u t\u01b0 trong th\u1ecb tr\u01b0\u1eddng Brazil. S\u1ef1 kh\u00e1c bi\u1ec7t gi\u1eefa m\u1ed9t ph\u00e2n t\u00edch b\u1ec1 m\u1eb7t v\u00e0 m\u1ed9t s\u1ef1 hi\u1ec3u bi\u1ebft s\u00e2u s\u1eafc c\u00f3 th\u1ec3 \u0111\u1ea1i di\u1ec7n cho s\u1ef1 gia t\u0103ng 1.5% \u0111\u1ebfn 2.3% m\u1ed7i n\u0103m trong t\u1ed5ng l\u1ee3i nhu\u1eadn c\u1ee7a b\u1ea1n -- m\u1ed9t s\u1ef1 kh\u00e1c bi\u1ec7t m\u00e0, khi c\u1ed9ng d\u1ed3n trong m\u1ed9t th\u1eadp k\u1ef7, c\u00f3 th\u1ec3 v\u01b0\u1ee3t qu\u00e1 30% trong k\u1ebft qu\u1ea3 cu\u1ed1i c\u00f9ng.<\/p><\/div><div class='po-container po-container_width_article-sm'><p class='po-article-page__text'>Nh\u01b0 \u0111\u00e3 \u0111\u01b0\u1ee3c ch\u1ee9ng minh trong b\u00e0i vi\u1ebft n\u00e0y, IOC \u0111i xa h\u01a1n vi\u1ec7c kh\u1ea5u tr\u1eeb IR 15% t\u1ea1i ngu\u1ed3n. \u0110\u1ed1i v\u1edbi c\u00e1c c\u00f4ng ty nh\u01b0 Ita\u00fa, Bradesco, v\u00e0 Banco do Brasil, n\u00f3 \u0111\u1ea1i di\u1ec7n cho ti\u1ebft ki\u1ec7m thu\u1ebf h\u00e0ng n\u0103m v\u01b0\u1ee3t qu\u00e1 R$10 t\u1ef7 k\u1ebft h\u1ee3p, m\u1ed9t gi\u00e1 tr\u1ecb m\u00e0 m\u1ed9t ph\u1ea7n tr\u1edf l\u1ea1i cho c\u1ed5 \u0111\u00f4ng d\u01b0\u1edbi d\u1ea1ng ph\u00e2n ph\u1ed1i t\u1ed5ng l\u1edbn h\u01a1n. V\u00e0o n\u0103m 2023, ba t\u1ed5 ch\u1ee9c n\u00e0y \u0111\u00e3 ph\u00e2n ph\u1ed1i, trung b\u00ecnh, nhi\u1ec1u h\u01a1n 18% so v\u1edbi h\u1ecd s\u1ebd l\u00e0m n\u1ebfu h\u1ecd ch\u1ec9 s\u1eed d\u1ee5ng c\u1ed5 t\u1ee9c truy\u1ec1n th\u1ed1ng.<\/p><\/div><div class='po-container po-container_width_article-sm'><p class='po-article-page__text'>Ph\u00e2n t\u00edch so s\u00e1nh gi\u1eefa c\u00e1c ch\u00ednh s\u00e1ch ph\u00e2n ph\u1ed1i kh\u00e1c nhau ph\u1ea3i t\u00edch h\u1ee3p nhi\u1ec1u bi\u1ebfn s\u1ed1: h\u1ed3 s\u01a1 thu\u1ebf c\u00e1 nh\u00e2n c\u1ee7a b\u1ea1n, th\u1eddi gian \u0111\u1ea7u t\u01b0, hi\u1ec7u qu\u1ea3 thu\u1ebf c\u1ee7a c\u00e1c c\u00f4ng ty \u0111\u01b0\u1ee3c ph\u00e2n t\u00edch, v\u00e0 xu h\u01b0\u1edbng quy \u0111\u1ecbnh. C\u00e1c nh\u00e0 \u0111\u1ea7u t\u01b0 v\u1edbi danh m\u1ee5c \u0111\u1ea7u t\u01b0 tr\u00ean R$300,000 c\u00f3 th\u1ec3 thu \u0111\u01b0\u1ee3c l\u1ee3i \u00edch \u0111\u00e1ng k\u1ec3 b\u1eb1ng c\u00e1ch t\u1ea1o ra c\u00e1c chi\u1ebfn l\u01b0\u1ee3c c\u1ee5 th\u1ec3 cho t\u1ed1i \u01b0u h\u00f3a thu\u1ebf c\u1ee7a c\u1ed5 t\u1ee9c.<\/p><\/div><div class='po-container po-container_width_article-sm'><p class='po-article-page__text'>C\u00e1c c\u00f4ng c\u1ee5 ph\u00e2n t\u00edch c\u1ee7a Pocket Option, nh\u01b0 \"M\u00e1y t\u00ednh C\u1ed5 t\u1ee9c R\u00f2ng\" v\u00e0 \"B\u1ed9 so s\u00e1nh Ch\u00ednh s\u00e1ch Ph\u00e2n ph\u1ed1i\", cho ph\u00e9p \u0111\u1ecbnh l\u01b0\u1ee3ng ch\u00ednh x\u00e1c nh\u1eefng kh\u00e1c bi\u1ec7t n\u00e0y cho tr\u01b0\u1eddng h\u1ee3p c\u1ee5 th\u1ec3 c\u1ee7a b\u1ea1n. Vi\u1ec7c gi\u00e1m s\u00e1t li\u00ean t\u1ee5c c\u00e1c cu\u1ed9c th\u1ea3o lu\u1eadn l\u1eadp ph\u00e1p v\u1ec1 c\u1ea3i c\u00e1ch thu\u1ebf b\u1ed5 sung cho ph\u00e2n t\u00edch n\u00e0y, cho ph\u00e9p \u0111i\u1ec1u ch\u1ec9nh ch\u1ee7 \u0111\u1ed9ng khi m\u00f4i tr\u01b0\u1eddng quy \u0111\u1ecbnh ph\u00e1t tri\u1ec3n.<\/p><\/div><div class='po-container po-container_width_article-sm'><p class='po-article-page__text'>Trong m\u1ed9t th\u1ecb tr\u01b0\u1eddng n\u01a1i nh\u1eefng l\u1ee3i th\u1ebf ph\u1ea7n tr\u0103m nh\u1ecf c\u00f3 th\u1ec3 \u0111\u1ea1i di\u1ec7n cho s\u1ef1 kh\u00e1c bi\u1ec7t tuy\u1ec7t \u0111\u1ed1i l\u1edbn theo th\u1eddi gian, vi\u1ec7c n\u1eafm v\u1eefng c\u00e1c s\u1eafc th\u00e1i c\u1ee7a IOC trong c\u1ed5 phi\u1ebfu v\u00e0 th\u1ef1c hi\u1ec7n c\u00e1c chi\u1ebfn l\u01b0\u1ee3c t\u1ed1i \u01b0u h\u00f3a c\u00f3 th\u1ec3 l\u00e0 s\u1ef1 kh\u00e1c bi\u1ec7t gi\u1eefa k\u1ebft qu\u1ea3 trung b\u00ecnh v\u00e0 hi\u1ec7u su\u1ea5t v\u01b0\u1ee3t tr\u1ed9i. \u0110\u1ea7u t\u01b0 th\u1eddi gian \u0111\u1ec3 hi\u1ec3u v\u00e0 \u00e1p d\u1ee5ng ki\u1ebfn th\u1ee9c n\u00e0y, v\u00e0 n\u00e2ng cao k\u1ebft qu\u1ea3 c\u1ee7a b\u1ea1n trong th\u1ecb tr\u01b0\u1eddng Brazil trong nh\u1eefng n\u0103m t\u1edbi.<\/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'>Hi\u1ec3u kh\u00e1i ni\u1ec7m c\u01a1 b\u1ea3n: IOC trong c\u1ed5 phi\u1ebfu l\u00e0 g\u00ec<\/h2>\n<\/div>\n<div class='po-container po-container_width_article-sm'>\n<p class='po-article-page__text'>Th\u1ecb tr\u01b0\u1eddng t\u00e0i ch\u00ednh Brazil c\u00f3 nh\u1eefng \u0111\u1eb7c \u0111i\u1ec3m \u0111\u1ed9c \u0111\u00e1o ph\u00e2n bi\u1ec7t n\u00f3 v\u1edbi c\u00e1c th\u1ecb tr\u01b0\u1eddng to\u00e0n c\u1ea7u kh\u00e1c. M\u1ed9t trong nh\u1eefng \u0111\u1eb7c \u0111i\u1ec3m n\u00e0y l\u00e0 c\u01a1 ch\u1ebf L\u00e3i su\u1ea5t tr\u00ean V\u1ed1n T\u1ef1 c\u00f3 (IOC), m\u1ed9t c\u00f4ng c\u1ee5 t\u00e0i ch\u00ednh \u0111\u1ed9c quy\u1ec1n c\u1ee7a Brazil \u0111\u01b0\u1ee3c 78% c\u00e1c c\u00f4ng ty Ibovespa s\u1eed d\u1ee5ng v\u00e0o n\u0103m 2024. Hi\u1ec3u IOC trong c\u1ed5 phi\u1ebfu l\u00e0 g\u00ec l\u00e0 \u0111i\u1ec1u c\u01a1 b\u1ea3n \u0111\u1ec3 t\u1ed1i \u01b0u h\u00f3a chi\u1ebfn l\u01b0\u1ee3c thu\u1ebf c\u1ee7a b\u1ea1n v\u00e0 c\u00f3 th\u1ec3 t\u0103ng thu nh\u1eadp c\u1ee7a b\u1ea1n l\u00ean \u0111\u1ebfn 17% sau thu\u1ebf.<\/p>\n<\/div>\n<div class='po-container po-container_width_article-sm'>\n<p class='po-article-page__text'>IOC, hay L\u00e3i su\u1ea5t tr\u00ean V\u1ed1n T\u1ef1 c\u00f3, \u0111\u1ea1i di\u1ec7n cho m\u1ed9t h\u00ecnh th\u1ee9c thay th\u1ebf c\u1ee7a vi\u1ec7c tr\u1ea3 th\u00f9 lao cho c\u1ed5 \u0111\u00f4ng, \u0111\u01b0\u1ee3c t\u1ea1o ra b\u1edfi Lu\u1eadt 9.249\/95 v\u00e0 s\u1eeda \u0111\u1ed5i b\u1edfi Lu\u1eadt 14.451\/2022. Kh\u00f4ng gi\u1ed1ng nh\u01b0 c\u1ed5 t\u1ee9c truy\u1ec1n th\u1ed1ng, IOC ho\u1ea1t \u0111\u1ed9ng nh\u01b0 m\u1ed9t s\u1ef1 c\u00f4ng nh\u1eadn k\u1ebf to\u00e1n v\u1ec1 chi ph\u00ed c\u01a1 h\u1ed9i c\u1ee7a v\u1ed1n \u0111\u1ea7u t\u01b0 b\u1edfi c\u1ed5 \u0111\u00f4ng. Trong th\u1ef1c t\u1ebf, n\u00f3 gi\u1ed1ng nh\u01b0 Ita\u00fa, Petrobras, ho\u1eb7c Ambev \u0111ang tr\u1ea3 l\u00e3i cho b\u1ea1n v\u00ec v\u1ed1n b\u1ea1n gi\u1eef \u0111\u1ea7u t\u01b0 trong c\u00e1c c\u00f4ng ty n\u00e0y.<\/p>\n<\/div>\n<div class='po-container po-container_width_article-sm'>\n<p class='po-article-page__text'>S\u1ef1 kh\u00e1c bi\u1ec7t ch\u00ednh gi\u1eefa IOC v\u00e0 c\u1ed5 t\u1ee9c n\u1eb1m \u1edf vi\u1ec7c x\u1eed l\u00fd thu\u1ebf. Trong khi c\u1ed5 t\u1ee9c \u0111\u01b0\u1ee3c mi\u1ec5n thu\u1ebf thu nh\u1eadp cho c\u00e1c nh\u00e0 \u0111\u1ea7u t\u01b0 c\u00e1 nh\u00e2n \u1edf Brazil, IOC ch\u1ecbu thu\u1ebf kh\u1ea5u tr\u1eeb 15% t\u1ea1i ngu\u1ed3n. Tuy nhi\u00ean, \u0111\u1ed1i v\u1edbi c\u00f4ng ty tr\u1ea3 ti\u1ec1n, IOC c\u00f3 th\u1ec3 \u0111\u01b0\u1ee3c kh\u1ea5u tr\u1eeb nh\u01b0 m\u1ed9t chi ph\u00ed t\u00e0i ch\u00ednh trong vi\u1ec7c t\u00ednh thu\u1ebf Thu nh\u1eadp v\u00e0 CSLL, t\u1ea1o ra ti\u1ebft ki\u1ec7m thu\u1ebf c\u00f3 th\u1ec3 \u0111\u1ea1t R$3.40 cho m\u1ed7i R$10 \u0111\u01b0\u1ee3c ph\u00e2n ph\u1ed1i.<\/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>\u0110\u1eb7c \u0111i\u1ec3m<\/th>\n<th>C\u1ed5 t\u1ee9c<\/th>\n<th>IOC<\/th>\n<th>V\u00ed d\u1ee5 trong 2024-2025<\/th>\n<\/tr>\n<\/thead>\n<tbody>\n<tr>\n<td>Thu\u1ebf cho c\u00e1 nh\u00e2n<\/td>\n<td>Mi\u1ec5n<\/td>\n<td>15% kh\u1ea5u tr\u1eeb t\u1ea1i ngu\u1ed3n<\/td>\n<td>V\u1edbi R$1,000: c\u1ed5 t\u1ee9c = R$1,000 r\u00f2ng; IOC = R$850 r\u00f2ng<\/td>\n<\/tr>\n<tr>\n<td>T\u00e1c \u0111\u1ed9ng thu\u1ebf cho c\u00f4ng ty<\/td>\n<td>Kh\u00f4ng kh\u1ea5u tr\u1eeb<\/td>\n<td>Kh\u1ea5u tr\u1eeb nh\u01b0 chi ph\u00ed t\u00e0i ch\u00ednh<\/td>\n<td>Ita\u00fa ti\u1ebft ki\u1ec7m R$5.2 t\u1ef7 v\u00e0o n\u0103m 2023 v\u1edbi IOC<\/td>\n<\/tr>\n<tr>\n<td>C\u01a1 s\u1edf t\u00ednh to\u00e1n<\/td>\n<td>L\u1ee3i nhu\u1eadn r\u00f2ng<\/td>\n<td>V\u1ed1n ch\u1ee7 s\u1edf h\u1eefu \u0111i\u1ec1u ch\u1ec9nh<\/td>\n<td>Petrobras (PETR4): IOC gi\u1edbi h\u1ea1n \u1edf R$14.7 t\u1ef7 v\u00e0o n\u0103m 2024<\/td>\n<\/tr>\n<tr>\n<td>Gi\u1edbi h\u1ea1n ph\u00e2n ph\u1ed1i<\/td>\n<td>Theo \u0111i\u1ec1u l\u1ec7<\/td>\n<td>50% l\u1ee3i nhu\u1eadn k\u1ef3 ho\u1eb7c l\u1ee3i nhu\u1eadn t\u00edch l\u0169y<\/td>\n<td>Banco do Brasil (BBAS3): ph\u00e2n ph\u1ed1i c\u00e2n b\u1eb1ng<\/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'>N\u1ec1n t\u1ea3ng Pocket Option, m\u1ed9t tham chi\u1ebfu trong ph\u00e2n t\u00edch t\u00e0i ch\u00ednh t\u1ea1i Brazil t\u1eeb n\u0103m 2017, cung c\u1ea5p c\u00e1c c\u00f4ng c\u1ee5 \u0111\u1ed9c quy\u1ec1n t\u1ef1 \u0111\u1ed9ng x\u00e1c \u0111\u1ecbnh th\u00e0nh ph\u1ea7n c\u1ed5 t\u1ee9c cho m\u1ed7i c\u00f4ng ty. Ph\u00e2n t\u00edch n\u00e0y cho ph\u00e9p \u0111\u00e1nh gi\u00e1 ch\u00ednh x\u00e1c l\u1ee3i su\u1ea5t r\u00f2ng th\u1ef1c t\u1ebf c\u1ee7a c\u00e1c c\u1ed5 phi\u1ebfu nh\u01b0 BBAS3, ITUB4, v\u00e0 VALE3, xem x\u00e9t t\u1ef7 l\u1ec7 gi\u1eefa c\u1ed5 t\u1ee9c v\u00e0 IOC.<\/p>\n<\/div>\n<div class='po-container po-container_width_article-sm'>\n<h2 class='po-article-page__title'>C\u01a1 ch\u1ebf c\u1ee7a IOC v\u00e0 t\u1ea7m quan tr\u1ecdng c\u1ee7a n\u00f3 trong th\u1ecb tr\u01b0\u1eddng Brazil<\/h2>\n<\/div>\n<div class='po-container po-container_width_article-sm'>\n<p class='po-article-page__text'>\u0110\u1ec3 hi\u1ec3u \u0111\u1ea7y \u0111\u1ee7 t\u00e1c \u0111\u1ed9ng c\u1ee7a IOC trong th\u1ecb tr\u01b0\u1eddng ch\u1ee9ng kho\u00e1n Brazil, c\u1ea7n ph\u1ea3i bi\u1ebft c\u01a1 ch\u1ebf ho\u1ea1t \u0111\u1ed9ng c\u1ee7a n\u00f3 v\u00e0 c\u00e1c ti\u00eau ch\u00ed c\u1ee5 th\u1ec3 m\u00e0 c\u00e1c c\u00f4ng ty nh\u01b0 Bradesco, Ambev, v\u00e0 Taesa s\u1eed d\u1ee5ng \u0111\u1ec3 x\u00e1c \u0111\u1ecbnh ph\u00e2n ph\u1ed1i c\u1ee7a h\u1ecd. C\u01a1 ch\u1ebf \u0111\u1ed9c \u0111\u00e1o n\u00e0y t\u1ed3n t\u1ea1i \u0111\u1ec3 c\u00e2n b\u1eb1ng thu\u1ebf doanh nghi\u1ec7p c\u1ee7a Brazil, \u0111\u01b0\u1ee3c coi l\u00e0 m\u1ed9t trong nh\u1eefng cao nh\u1ea5t trong c\u00e1c n\u1ec1n kinh t\u1ebf m\u1edbi n\u1ed5i.<\/p>\n<\/div>\n<div class='po-container po-container_width_article-sm'>\n<h3 class='po-article-page__title'>T\u00ednh to\u00e1n v\u00e0 gi\u1edbi h\u1ea1n ph\u00e1p l\u00fd c\u1ee7a IOC<\/h3>\n<\/div>\n<div class='po-container po-container_width_article-sm'>\n<p class='po-article-page__text'>Vi\u1ec7c t\u00ednh to\u00e1n IOC tu\u00e2n theo c\u00e1c quy t\u1eafc do lu\u1eadt thu\u1ebf Brazil quy \u0111\u1ecbnh. T\u1eeb th\u00e1ng 1 n\u0103m 2024, c\u00e1c c\u00f4ng ty c\u00f3 th\u1ec3 ph\u00e2n ph\u1ed1i d\u01b0\u1edbi d\u1ea1ng IOC gi\u00e1 tr\u1ecb t\u01b0\u01a1ng \u1ee9ng v\u1edbi vi\u1ec7c \u00e1p d\u1ee5ng L\u00e3i su\u1ea5t D\u00e0i h\u1ea1n (TJLP) &#8211; hi\u1ec7n t\u1ea1i l\u00e0 7.5% m\u1ed7i n\u0103m &#8211; tr\u00ean v\u1ed1n ch\u1ee7 s\u1edf h\u1eefu \u0111i\u1ec1u ch\u1ec9nh. C\u00e1c c\u00f4ng ty nh\u01b0 Banco do Brasil (BBAS3) v\u00e0 Eletrobras (ELET3) t\u1eadn d\u1ee5ng t\u1ed1i \u0111a c\u01a1 ch\u1ebf n\u00e0y.<\/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>Tham s\u1ed1<\/th>\n<th>M\u00f4 t\u1ea3<\/th>\n<th>Gi\u00e1 tr\u1ecb hi\u1ec7n t\u1ea1i (2025)<\/th>\n<th>V\u00ed d\u1ee5 th\u1ef1c t\u1ebf<\/th>\n<\/tr>\n<\/thead>\n<tbody>\n<tr>\n<td>TJLP<\/td>\n<td>L\u00e3i su\u1ea5t D\u00e0i h\u1ea1n, do BNDES \u0111\u1ecbnh ngh\u0129a<\/td>\n<td>7.5% m\u1ed7i n\u0103m (1.875% h\u00e0ng qu\u00fd)<\/td>\n<td>C\u01a1 s\u1edf cho t\u00ednh to\u00e1n t\u1ed1i \u0111a trong t\u1ea5t c\u1ea3 c\u00e1c c\u00f4ng ty<\/td>\n<\/tr>\n<tr>\n<td>V\u1ed1n ch\u1ee7 s\u1edf h\u1eefu \u0111i\u1ec1u ch\u1ec9nh<\/td>\n<td>V\u1ed1n ch\u1ee7 s\u1edf h\u1eefu tr\u1eeb d\u1ef1 tr\u1eef t\u00e1i \u0111\u1ecbnh gi\u00e1 ch\u01b0a th\u1ef1c hi\u1ec7n<\/td>\n<td>Gi\u00e1 tr\u1ecb c\u1ee5 th\u1ec3 cho m\u1ed7i c\u00f4ng ty<\/td>\n<td>Ita\u00fa: V\u1ed1n ch\u1ee7 s\u1edf h\u1eefu \u0111i\u1ec1u ch\u1ec9nh R$168 t\u1ef7 v\u00e0o n\u0103m 2024<\/td>\n<\/tr>\n<tr>\n<td>Gi\u1edbi h\u1ea1n l\u1ee3i nhu\u1eadn 50%<\/td>\n<td>M\u1ed9t n\u1eeda l\u1ee3i nhu\u1eadn tr\u01b0\u1edbc IR trong k\u1ef3<\/td>\n<td>T\u00ednh to\u00e1n h\u00e0ng qu\u00fd<\/td>\n<td>Petrobras: gi\u1edbi h\u1ea1n R$27.3 t\u1ef7 v\u00e0o n\u0103m 2024<\/td>\n<\/tr>\n<tr>\n<td>Gi\u1edbi h\u1ea1n d\u1ef1 tr\u1eef 50%<\/td>\n<td>M\u1ed9t n\u1eeda l\u1ee3i nhu\u1eadn t\u00edch l\u0169y v\u00e0 d\u1ef1 tr\u1eef l\u1ee3i nhu\u1eadn<\/td>\n<td>Gi\u00e1 tr\u1ecb t\u00edch l\u0169y tr\u00ean b\u1ea3ng c\u00e2n \u0111\u1ed1i k\u1ebf to\u00e1n<\/td>\n<td>BB Seguridade: R$3.7 t\u1ef7 c\u00f3 s\u1eb5n<\/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\u1ea7m quan tr\u1ecdng c\u1ee7a IOC trong th\u1ecb tr\u01b0\u1eddng Brazil v\u01b0\u1ee3t qua s\u1ef1 ti\u1ebft ki\u1ec7m thu\u1ebf \u0111\u01a1n thu\u1ea7n. C\u01a1 ch\u1ebf n\u00e0y \u1ea3nh h\u01b0\u1edfng tr\u1ef1c ti\u1ebfp \u0111\u1ebfn s\u1ef1 h\u1ea5p d\u1eabn c\u1ee7a c\u1ed5 phi\u1ebfu ng\u00e2n h\u00e0ng nh\u01b0 Ita\u00fa (ITUB4) v\u00e0 Bradesco (BBDC4), c\u00f9ng nhau ti\u1ebft ki\u1ec7m h\u01a1n R$9 t\u1ef7 thu\u1ebf v\u00e0o n\u0103m 2023 nh\u1edd IOC, cho ph\u00e9p ph\u00e2n ph\u1ed1i t\u1ed5ng l\u1edbn h\u01a1n cho c\u1ed5 \u0111\u00f4ng.<\/p>\n<\/div>\n<div class='po-container po-container_width_article-sm'>\n<p class='po-article-page__text'>C\u00e1c nh\u00e0 ph\u00e2n t\u00edch c\u1ee7a Pocket Option quan s\u00e1t th\u1ea5y r\u1eb1ng IOC \u0111\u00e3 tr\u1edf th\u00e0nh thi\u1ebft y\u1ebfu trong chi\u1ebfn l\u01b0\u1ee3c t\u00e0i ch\u00ednh c\u1ee7a c\u00e1c c\u00f4ng ty l\u1edbn c\u1ee7a Brazil. \u0110\u1ed1i v\u1edbi Ita\u00fa, c\u00f4ng ty \u0111\u00e3 tr\u1ea3 R$34.2 t\u1ef7 c\u1ed5 t\u1ee9c v\u00e0o n\u0103m 2023, vi\u1ec7c s\u1eed d\u1ee5ng IOC cho ph\u00e9p ti\u1ebft ki\u1ec7m thu\u1ebf kho\u1ea3ng R$5.2 t\u1ef7 &#8211; m\u1ed9t s\u1ed1 ti\u1ec1n t\u01b0\u01a1ng \u0111\u01b0\u01a1ng v\u1edbi l\u1ee3i su\u1ea5t c\u1ed5 t\u1ee9c b\u1ed5 sung g\u1ea7n 1.4% cho c\u1ed5 \u0111\u00f4ng.<\/p>\n<\/div>\n<div class='po-container po-container_width_article-sm'>\n<h3 class='po-article-page__title'>T\u00e1c \u0111\u1ed9ng \u0111\u1ebfn quy\u1ebft \u0111\u1ecbnh \u0111\u1ea7u t\u01b0<\/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, hi\u1ec3u IOC trong c\u1ed5 phi\u1ebfu c\u01a1 b\u1ea3n bi\u1ebfn \u0111\u1ed5i ph\u00e2n t\u00edch so s\u00e1nh c\u1ee7a c\u00e1c c\u00f4ng ty. Sai l\u1ea7m ph\u1ed5 bi\u1ebfn nh\u1ea5t l\u00e0 so s\u00e1nh tr\u1ef1c ti\u1ebfp l\u1ee3i su\u1ea5t c\u1ed5 t\u1ee9c c\u1ee7a Eletrobras (ELET3), c\u00f4ng ty tr\u1ea3 ch\u1ee7 y\u1ebfu qua IOC, v\u1edbi Engie Brasil (EGIE3), c\u00f4ng ty s\u1eed d\u1ee5ng c\u1ed5 t\u1ee9c truy\u1ec1n th\u1ed1ng h\u01a1n, m\u00e0 kh\u00f4ng xem x\u00e9t t\u00e1c \u0111\u1ed9ng c\u1ee7a thu\u1ebf.<\/p>\n<\/div>\n<div class='po-container po-container_width_article-sm'>\n<p class='po-article-page__text'>M\u1ed9t ph\u00e2n t\u00edch th\u00edch h\u1ee3p n\u00ean t\u00ednh to\u00e1n l\u1ee3i su\u1ea5t r\u00f2ng sau thu\u1ebf. V\u00ed d\u1ee5, Taesa (TAEE11), v\u1edbi l\u1ee3i su\u1ea5t c\u1ed5 t\u1ee9c g\u1ed9p 7.2% v\u00e0o n\u0103m 2024, ph\u00e2n ph\u1ed1i 65% qua IOC v\u00e0 35% qua c\u1ed5 t\u1ee9c, d\u1eabn \u0111\u1ebfn l\u1ee3i su\u1ea5t r\u00f2ng th\u1ef1c t\u1ebf 6.51% sau khi kh\u1ea5u tr\u1eeb thu\u1ebf t\u1ea1i ngu\u1ed3n. T\u00ednh to\u00e1n ch\u00ednh x\u00e1c n\u00e0y l\u00e0 c\u01a1 b\u1ea3n \u0111\u1ec3 so s\u00e1nh c\u00e1c l\u1ef1a ch\u1ecdn \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>C\u00f4ng ty (2024-2025)<\/th>\n<th>L\u1ee3i su\u1ea5t g\u1ed9p<\/th>\n<th>Th\u00e0nh ph\u1ea7n<\/th>\n<th>L\u1ee3i su\u1ea5t r\u00f2ng<\/th>\n<\/tr>\n<\/thead>\n<tbody>\n<tr>\n<td>Engie Brasil (EGIE3)<\/td>\n<td>6.0%<\/td>\n<td>80% C\u1ed5 t\u1ee9c, 20% IOC<\/td>\n<td>5.82%<\/td>\n<\/tr>\n<tr>\n<td>Ita\u00fa (ITUB4)<\/td>\n<td>7.0%<\/td>\n<td>70% IOC, 30% C\u1ed5 t\u1ee9c<\/td>\n<td>6.26%<\/td>\n<\/tr>\n<tr>\n<td>TAESA (TAEE11)<\/td>\n<td>6.5%<\/td>\n<td>65% IOC, 35% C\u1ed5 t\u1ee9c<\/td>\n<td>5.92%<\/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'>\u01afu \u0111i\u1ec3m v\u00e0 nh\u01b0\u1ee3c \u0111i\u1ec3m c\u1ee7a IOC cho c\u00e1c h\u1ed3 s\u01a1 nh\u00e0 \u0111\u1ea7u t\u01b0 kh\u00e1c nhau<\/h2>\n<\/div>\n<div class='po-container po-container_width_article-sm'>\n<p class='po-article-page__text'>IOC c\u00f3 nh\u1eefng \u0111\u1eb7c \u0111i\u1ec3m c\u1ee5 th\u1ec3 \u1ea3nh h\u01b0\u1edfng \u0111\u1ebfn c\u00e1c nh\u00e0 \u0111\u1ea7u t\u01b0 kh\u00e1c nhau theo nh\u1eefng c\u00e1ch kh\u00e1c nhau. \u0110\u1ed1i v\u1edbi m\u1ed9t nh\u00e0 \u0111\u1ea7u t\u01b0 c\u00e1 nh\u00e2n v\u1edbi danh m\u1ee5c \u0111\u1ea7u t\u01b0 R$500,000, l\u1ef1a ch\u1ecdn gi\u1eefa c\u00e1c c\u00f4ng ty \u01b0u ti\u00ean IOC ho\u1eb7c c\u1ed5 t\u1ee9c c\u00f3 th\u1ec3 \u0111\u1ea1i di\u1ec7n cho s\u1ef1 kh\u00e1c bi\u1ec7t l\u00ean \u0111\u1ebfn R$7,000 h\u00e0ng n\u0103m trong thu nh\u1eadp r\u00f2ng c\u00f3 s\u1eb5n.<\/p>\n<\/div>\n<div class='po-container po-container_width_article-sm'>\n<p class='po-article-page__text'>\u0110\u1ed1i v\u1edbi c\u00e1c c\u00f4ng ty, IOC \u0111\u1ea1i di\u1ec7n cho m\u1ed9t c\u00f4ng c\u1ee5 l\u1eadp k\u1ebf ho\u1ea1ch thu\u1ebf chi\u1ebfn l\u01b0\u1ee3c. Banco do Brasil (BBAS3), b\u1eb1ng c\u00e1ch ph\u00e2n ph\u1ed1i R$7.6 t\u1ef7 qua IOC v\u00e0o n\u0103m 2023, \u0111\u00e3 t\u1ea1o ra ti\u1ebft ki\u1ec7m thu\u1ebf kho\u1ea3ng R$2.6 t\u1ef7, m\u1ed9t gi\u00e1 tr\u1ecb v\u01b0\u1ee3t qu\u00e1 ng\u00e2n s\u00e1ch h\u00e0ng n\u0103m c\u1ee7a m\u1ed9t s\u1ed1 th\u1ee7 \u0111\u00f4 Brazil v\u00e0 c\u00f3 th\u1ec3 \u0111\u01b0\u1ee3c ho\u00e0n tr\u1ea3 m\u1ed9t ph\u1ea7n cho vi\u1ec7c tr\u1ea3 th\u00f9 lao l\u1edbn h\u01a1n trong t\u01b0\u01a1ng lai cho c\u1ed5 \u0111\u00f4ng.<\/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'>\u01afu \u0111i\u1ec3m cho c\u00e1c nh\u00e0 \u0111\u1ea7u t\u01b0 doanh nghi\u1ec7p b\u1ecb \u0111\u00e1nh thu\u1ebf theo l\u1ee3i nhu\u1eadn th\u1ef1c t\u1ebf: ti\u1ebft ki\u1ec7m ti\u1ec1m n\u0103ng l\u00ean \u0111\u1ebfn 9% tr\u00ean s\u1ed1 ti\u1ec1n nh\u1eadn \u0111\u01b0\u1ee3c, t\u00f9y thu\u1ed9c v\u00e0o t\u1ef7 l\u1ec7 IR hi\u1ec7u qu\u1ea3 c\u1ee7a c\u00f4ng ty<\/li>\n<li class='po-article-page__text po-article-page__text_no-margin po-list-lvl_1'>L\u1ee3i \u00edch cho c\u00e1c nh\u00e0 \u0111\u1ea7u t\u01b0 kh\u00f4ng c\u01b0 tr\u00fa t\u1eeb c\u00e1c qu\u1ed1c gia nh\u01b0 H\u00e0 Lan v\u00e0 Ph\u1ea7n Lan: gi\u1ea3m t\u1ef7 l\u1ec7 xu\u1ed1ng 10% theo c\u00e1c hi\u1ec7p \u01b0\u1edbc qu\u1ed1c t\u1ebf<\/li>\n<li class='po-article-page__text po-article-page__text_no-margin po-list-lvl_1'>\u0110\u01a1n gi\u1ea3n h\u00f3a thu\u1ebf cho c\u00e1 nh\u00e2n: kh\u00f4ng c\u1ea7n khai b\u00e1o b\u1ed5 sung, v\u1edbi thu\u1ebf t\u1ef1 \u0111\u1ed9ng kh\u1ea5u tr\u1eeb b\u1edfi ngu\u1ed3n tr\u1ea3<\/li>\n<li class='po-article-page__text po-article-page__text_no-margin po-list-lvl_1'>Ti\u1ec1m n\u0103ng cho ph\u00e2n ph\u1ed1i t\u1ed5ng l\u1edbn h\u01a1n: c\u00e1c c\u00f4ng ty nh\u01b0 Ita\u00fa v\u00e0 BB t\u0103ng gi\u00e1 tr\u1ecb ph\u00e2n ph\u1ed1i t\u1ed5ng l\u00ean 22% v\u00e0 17% t\u01b0\u01a1ng \u1ee9ng sau khi t\u1ed1i \u01b0u h\u00f3a qua IOC<\/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>H\u1ed3 s\u01a1 nh\u00e0 \u0111\u1ea7u t\u01b0<\/th>\n<th>\u01afu \u0111i\u1ec3m c\u1ee7a IOC<\/th>\n<th>Nh\u01b0\u1ee3c \u0111i\u1ec3m c\u1ee7a IOC<\/th>\n<th>V\u00ed d\u1ee5 th\u1ef1c t\u1ebf<\/th>\n<\/tr>\n<\/thead>\n<tbody>\n<tr>\n<td>C\u00e1 nh\u00e2n<\/td>\n<td>Ti\u1ec1m n\u0103ng cho ph\u00e2n ph\u1ed1i t\u1ed5ng l\u1edbn h\u01a1n do ti\u1ebft ki\u1ec7m thu\u1ebf c\u1ee7a c\u00f4ng ty<\/td>\n<td>Thu\u1ebf 15% t\u1ea1i ngu\u1ed3n, gi\u1ea3m l\u1ee3i su\u1ea5t r\u00f2ng ngay l\u1eadp t\u1ee9c<\/td>\n<td>V\u1edbi m\u1ed7i R$10,000 trong IOC t\u1eeb Bradesco, nh\u1eadn \u0111\u01b0\u1ee3c R$8,500 r\u00f2ng<\/td>\n<\/tr>\n<tr>\n<td>Doanh nghi\u1ec7p (L\u1ee3i nhu\u1eadn th\u1ef1c t\u1ebf)<\/td>\n<td>Kh\u1ea3 n\u0103ng b\u00f9 tr\u1eeb IR kh\u1ea5u tr\u1eeb v\u1edbi IR ph\u1ea3i n\u1ed9p tr\u00ean c\u00e1c ho\u1ea1t \u0111\u1ed9ng<\/td>\n<td>Ph\u1ee9c t\u1ea1p k\u1ebf to\u00e1n v\u00e0 c\u1ea7n ki\u1ec3m so\u00e1t c\u1ee5 th\u1ec3<\/td>\n<td>C\u00f4ng ty v\u1edbi IR hi\u1ec7u qu\u1ea3 24% ti\u1ebft ki\u1ec7m 9% tr\u00ean IOC nh\u1eadn \u0111\u01b0\u1ee3c<\/td>\n<\/tr>\n<tr>\n<td>Nh\u00e0 \u0111\u1ea7u t\u01b0 n\u01b0\u1edbc ngo\u00e0i<\/td>\n<td>Gi\u1ea3m t\u1ef7 l\u1ec7 qua c\u00e1c hi\u1ec7p \u01b0\u1edbc qu\u1ed1c t\u1ebf (10-12%)<\/td>\n<td>Th\u1ee7 t\u1ee5c \u0111\u1ec3 ch\u1ee9ng minh c\u01b0 tr\u00fa thu\u1ebf v\u00e0 \u00e1p d\u1ee5ng hi\u1ec7p \u01b0\u1edbc<\/td>\n<td>Nh\u00e0 \u0111\u1ea7u t\u01b0 H\u00e0 Lan ch\u1ec9 tr\u1ea3 10% tr\u00ean IOC c\u1ee7a Vale<\/td>\n<\/tr>\n<tr>\n<td>Qu\u1ef9 \u0111\u1ea7u t\u01b0<\/td>\n<td>Thu\u1ebf ch\u1ec9 khi c\u1ed5 \u0111\u00f4ng r\u00fat v\u1ed1n<\/td>\n<td>T\u00e1c \u0111\u1ed9ng \u0111\u1ebfn gi\u00e1 tr\u1ecb th\u1ecb tr\u01b0\u1eddng v\u00e0o ng\u00e0y thanh to\u00e1n<\/td>\n<td>BB Shares FIA ph\u00e2n ph\u1ed1i IOC mi\u1ec5n thu\u1ebf cho \u0111\u1ebfn khi r\u00fat v\u1ed1n<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<\/div>\n<\/div>\n<div class='po-container po-container_width_article-sm'>\n<p class='po-article-page__text'>C\u00e1c chuy\u00ean gia c\u1ee7a Pocket Option nh\u1ea5n m\u1ea1nh r\u1eb1ng c\u00e1c nh\u00e0 \u0111\u1ea7u t\u01b0 s\u1eafp ngh\u1ec9 h\u01b0u, nh\u01b0 Roberto G., 58 tu\u1ed5i, t\u1eeb S\u00e3o Paulo, \u0111\u00e3 t\u0103ng thu nh\u1eadp th\u1ee5 \u0111\u1ed9ng c\u1ee7a h\u1ecd l\u00ean 13% b\u1eb1ng c\u00e1ch c\u00e2n b\u1eb1ng l\u1ea1i danh m\u1ee5c \u0111\u1ea7u t\u01b0 c\u1ee7a h\u1ecd v\u1edbi c\u00e1c c\u00f4ng ty c\u00f3 ch\u00ednh s\u00e1ch IOC t\u1ed1i \u01b0u h\u00f3a. Ngay c\u1ea3 sau khi kh\u1ea5u tr\u1eeb thu\u1ebf, c\u00e1c c\u00f4ng ty nh\u01b0 Ita\u00fa v\u00e0 BB Seguridade th\u01b0\u1eddng xuy\u00ean cung c\u1ea5p l\u1ee3i su\u1ea5t t\u1ed5ng cao h\u01a1n do ph\u00e2n ph\u1ed1i l\u1edbn h\u01a1n \u0111\u01b0\u1ee3c cho ph\u00e9p b\u1edfi ti\u1ebft ki\u1ec7m thu\u1ebf.<\/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 th\u1ef1c t\u1ebf \u0111\u1ec3 t\u1ed1i \u01b0u h\u00f3a \u0111\u1ea7u t\u01b0 t\u1eadp trung v\u00e0o IOC<\/h2>\n<\/div>\n<div class='po-container po-container_width_article-sm'>\n<p class='po-article-page__text'>Hi\u1ec3u IOC trong c\u1ed5 phi\u1ebfu ch\u1ec9 l\u00e0 b\u01b0\u1edbc kh\u1edfi \u0111\u1ea7u. Vi\u1ec7c th\u1ef1c hi\u1ec7n c\u00e1c chi\u1ebfn l\u01b0\u1ee3c hi\u1ec7u qu\u1ea3 \u0111\u1ec3 n\u1eafm b\u1eaft gi\u00e1 tr\u1ecb n\u00e0y \u0111\u00f2i h\u1ecfi ki\u1ebfn th\u1ee9c th\u1ef1c t\u1ebf v\u1ec1 l\u1ecbch thanh to\u00e1n v\u00e0 c\u00e1c ch\u00ednh s\u00e1ch c\u1ee5 th\u1ec3 c\u1ee7a t\u1eebng c\u00f4ng ty. Xem c\u00e1ch bi\u1ebfn ki\u1ebfn th\u1ee9c n\u00e0y th\u00e0nh k\u1ebft qu\u1ea3 h\u1eefu h\u00ecnh cho danh m\u1ee5c \u0111\u1ea7u t\u01b0 c\u1ee7a b\u1ea1n.<\/p>\n<\/div>\n<div class='po-container po-container_width_article-sm'>\n<p class='po-article-page__text'>Chi\u1ebfn l\u01b0\u1ee3c \u0111\u1ea7u ti\u00ean bao g\u1ed3m vi\u1ec7c l\u1eadp b\u1ea3n \u0111\u1ed3 c\u00e1c c\u00f4ng ty c\u00f3 l\u1ecbch s\u1eed thanh to\u00e1n IOC nh\u1ea5t qu\u00e1n v\u00e0 l\u1ecbch tr\u00ecnh \u0111\u1ecbnh k\u1ef3 c\u1ee7a h\u1ecd. Ita\u00fa (ITUB4), v\u00ed d\u1ee5, th\u1ef1c hi\u1ec7n c\u00e1c kho\u1ea3n thanh to\u00e1n h\u00e0ng qu\u00fd c\u00f3 th\u1ec3 d\u1ef1 \u0111o\u00e1n \u0111\u01b0\u1ee3c, v\u1edbi IOC th\u01b0\u1eddng \u0111\u01b0\u1ee3c c\u00f4ng b\u1ed1 v\u00e0o th\u00e1ng N\u0103m, th\u00e1ng T\u00e1m, th\u00e1ng M\u01b0\u1eddi M\u1ed9t, v\u00e0 th\u00e1ng Hai, cho ph\u00e9p l\u1eadp k\u1ebf ho\u1ea1ch d\u00f2ng ti\u1ec1n ch\u00ednh x\u00e1c cho c\u00e1c nh\u00e0 \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>Chi\u1ebfn l\u01b0\u1ee3c<\/th>\n<th>M\u00f4 t\u1ea3<\/th>\n<th>C\u00f4ng ty l\u00fd t\u01b0\u1edfng (2025)<\/th>\n<th>K\u1ebft qu\u1ea3 ti\u1ec1m n\u0103ng<\/th>\n<\/tr>\n<\/thead>\n<tbody>\n<tr>\n<td>Ph\u00e2n b\u1ed5 qua Qu\u1ef9 C\u1ed5 ph\u1ea7n<\/td>\n<td>\u0110\u1ea7u t\u01b0 v\u00e0o FIAs chuy\u00ean v\u1ec1 c\u00e1c c\u00f4ng ty tr\u1ea3 IOC<\/td>\n<td>XPID11, DIVO11, BBAS11<\/td>\n<td>Ho\u00e3n thu\u1ebf v\u00e0 t\u00e1i \u0111\u1ea7u t\u01b0 to\u00e0n b\u1ed9<\/td>\n<\/tr>\n<tr>\n<td>Th\u1eddi \u0111i\u1ec3m mua chi\u1ebfn l\u01b0\u1ee3c<\/td>\n<td>Mua c\u1ed5 phi\u1ebfu tr\u01b0\u1edbc 2 ng\u00e0y tr\u01b0\u1edbc ng\u00e0y kh\u00f4ng h\u01b0\u1edfng quy\u1ec1n<\/td>\n<td>ITUB4, BBDC4 (ng\u00e0y trong th\u00e1ng N\u0103m\/Th\u00e1ng T\u00e1m\/Th\u00e1ng M\u01b0\u1eddi M\u1ed9t\/Th\u00e1ng Hai)<\/td>\n<td>N\u1eafm b\u1eaft \u0111\u1ea7y \u0111\u1ee7 c\u00e1c gi\u00e1 tr\u1ecb \u0111\u00e3 c\u00f4ng b\u1ed1<\/td>\n<\/tr>\n<tr>\n<td>\u0110a d\u1ea1ng h\u00f3a ng\u00e0nh t\u1ed1i \u01b0u<\/td>\n<td>C\u00e2n b\u1eb1ng c\u00e1c ng\u00e0nh v\u1edbi l\u1ecbch IOC kh\u00e1c nhau<\/td>\n<td>Ng\u00e2n h\u00e0ng (n\u1eeda \u0111\u1ea7u n\u0103m) + Ti\u1ec7n \u00edch \u0111i\u1ec7n (n\u1eeda cu\u1ed1i n\u0103m)<\/td>\n<td>D\u00f2ng ti\u1ec1n ph\u00e2n ph\u1ed1i trong su\u1ed1t c\u1ea3 n\u0103m<\/td>\n<\/tr>\n<tr>\n<td>Ph\u00e2n t\u00edch hi\u1ec7u qu\u1ea3 thu\u1ebf<\/td>\n<td>T\u00ednh to\u00e1n l\u1ee3i su\u1ea5t r\u00f2ng sau thu\u1ebf hi\u1ec7u qu\u1ea3<\/td>\n<td>BBSE3, TAEE11, VIVT3<\/td>\n<td>Ti\u1ec1m n\u0103ng cho l\u1ee3i nhu\u1eadn b\u1ed5 sung 0.5-1.2% m\u1ed7i n\u0103m<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<\/div>\n<\/div>\n<div class='po-container po-container_width_article-sm'>\n<p class='po-article-page__text'>M\u1ed9t chi\u1ebfn l\u01b0\u1ee3c n\u00e2ng cao li\u00ean quan \u0111\u1ebfn vi\u1ec7c s\u1eed d\u1ee5ng chi\u1ebfn l\u01b0\u1ee3c c\u1ee7a c\u00e1c qu\u1ef9 \u0111\u1ea7u t\u01b0. M\u1ed9t nh\u00e0 \u0111\u1ea7u t\u01b0 v\u1edbi R$100,000 \u0111\u1ea7u t\u01b0 tr\u1ef1c ti\u1ebfp v\u00e0o c\u1ed5 phi\u1ebfu ng\u00e2n h\u00e0ng nh\u1eadn \u0111\u01b0\u1ee3c R$7,000 trong IOC s\u1ebd ngay l\u1eadp t\u1ee9c tr\u1ea3 R$1,050 trong IR. S\u1ed1 ti\u1ec1n t\u01b0\u01a1ng t\u1ef1 \u0111\u1ea7u t\u01b0 v\u00e0o ETF BOVA11 ho\u1eb7c trong m\u1ed9t FIA s\u1ebd cho ph\u00e9p t\u00e1i \u0111\u1ea7u t\u01b0 to\u00e0n b\u1ed9 R$7,000, v\u1edbi thu\u1ebf ch\u1ec9 x\u1ea3y ra khi r\u00fat v\u1ed1n trong t\u01b0\u01a1ng lai.<\/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'>Theo d\u00f5i l\u1ecbch h\u1ecdp c\u1ee7a H\u1ed9i \u0111\u1ed3ng qu\u1ea3n tr\u1ecb c\u00f4ng ty &#8211; Santander Brasil th\u01b0\u1eddng x\u00e1c \u0111\u1ecbnh IOC trong c\u00e1c cu\u1ed9c h\u1ecdp th\u00e1ng M\u1ed9t, th\u00e1ng T\u01b0, th\u00e1ng B\u1ea3y, v\u00e0 th\u00e1ng M\u01b0\u1eddi<\/li>\n<li class='po-article-page__text po-article-page__text_no-margin po-list-lvl_1'>Ph\u00e2n t\u00edch l\u1ecbch s\u1eed t\u1ef7 l\u1ec7 chi tr\u1ea3 c\u1ee7a 12 l\u1ea7n ph\u00e2n ph\u1ed1i g\u1ea7n nh\u1ea5t &#8211; BB duy tr\u00ec 40% qua c\u1ed5 t\u1ee9c v\u00e0 60% qua IOC<\/li>\n<li class='po-article-page__text po-article-page__text_no-margin po-list-lvl_1'>Quan s\u00e1t t\u00ednh th\u1eddi v\u1ee5 c\u1ee7a c\u00e1c kho\u1ea3n thanh to\u00e1n &#8211; Cemig t\u1eadp trung 65% c\u1ed5 t\u1ee9c qua IOC trong qu\u00fd cu\u1ed1i c\u00f9ng c\u1ee7a n\u0103m<\/li>\n<li class='po-article-page__text po-article-page__text_no-margin po-list-lvl_1'>Theo d\u00f5i thay \u0111\u1ed5i trong TJLP &#8211; m\u1ed7i bi\u1ebfn \u0111\u1ed9ng 0.5% \u1ea3nh h\u01b0\u1edfng \u0111\u1ebfn ti\u1ec1m n\u0103ng ph\u00e2n ph\u1ed1i c\u1ee7a c\u00e1c ng\u00e2n h\u00e0ng l\u1edbn kho\u1ea3ng R$500 tri\u1ec7u<\/li>\n<\/ul>\n<\/div>\n<div class='po-container po-container_width_article-sm'>\n<p class='po-article-page__text'>C\u00e1c nh\u00e0 ph\u00e2n t\u00edch c\u1ee7a Pocket Option \u0111\u00e3 x\u00e1c \u0111\u1ecbnh r\u1eb1ng c\u00e1c c\u00f4ng ty nh\u01b0 Taesa (TAEE11), Telef\u00f4nica Brasil (VIVT3), v\u00e0 Ita\u00fasa (ITSA4) n\u1ed5i b\u1eadt v\u1ec1 t\u00ednh nh\u1ea5t qu\u00e1n v\u00e0 kh\u1ea3 n\u0103ng d\u1ef1 \u0111o\u00e1n trong ch\u00ednh s\u00e1ch IOC c\u1ee7a h\u1ecd. C\u01a1 s\u1edf d\u1eef li\u1ec7u c\u1ee7a n\u1ec1n t\u1ea3ng, theo d\u00f5i h\u01a1n 15 n\u0103m l\u1ecbch s\u1eed c\u1ed5 t\u1ee9c, cho th\u1ea5y r\u1eb1ng c\u00e1c c\u00f4ng ty n\u00e0y duy tr\u00ec t\u1ef7 l\u1ec7 \u1ed5n \u0111\u1ecbnh gi\u1eefa IOC v\u00e0 c\u1ed5 t\u1ee9c ngay c\u1ea3 trong c\u00e1c cu\u1ed9c kh\u1ee7ng ho\u1ea3ng nh\u01b0 n\u0103m 2008 v\u00e0 \u0111\u1ea1i d\u1ecbch 2020.<\/p>\n<\/div>\n<div class='po-container po-container_width_article-sm'>\n<p class='po-article-page__text'>M\u1ed9t c\u00e1ch ti\u1ebfp c\u1eadn b\u1ed5 sung, \u0111\u1eb7c bi\u1ec7t hi\u1ec7u qu\u1ea3 cho c\u00e1c nh\u00e0 \u0111\u1ea7u t\u01b0 c\u00f3 h\u01a1n R$500,000 trong c\u1ed5 phi\u1ebfu, l\u00e0 \u0111a d\u1ea1ng h\u00f3a thu\u1ebf chi\u1ebfn l\u01b0\u1ee3c. B\u1eb1ng c\u00e1ch k\u1ebft h\u1ee3p c\u00e1c c\u00f4ng ty \u01b0u ti\u00ean c\u1ed5 t\u1ee9c (nh\u01b0 Engie Brasil) v\u1edbi nh\u1eefng c\u00f4ng ty t\u1ed1i \u0111a h\u00f3a IOC (nh\u01b0 Banco do Brasil), m\u1ed9t s\u1ef1 c\u00e2n b\u1eb1ng \u0111\u01b0\u1ee3c t\u1ea1o ra gi\u1eefa l\u1ee3i su\u1ea5t ngay l\u1eadp t\u1ee9c v\u00e0 ti\u1ec1m n\u0103ng t\u0103ng tr\u01b0\u1edfng trong t\u01b0\u01a1ng lai, gi\u1ea3m thi\u1ec3u r\u1ee7i ro c\u1ee7a c\u00e1c thay \u0111\u1ed5i thu\u1ebf c\u00f3 th\u1ec3 x\u1ea3y ra.<\/p>\n<\/div>\n<div class='po-container po-container_width_article-sm'>\n<h2 class='po-article-page__title'>IOC vs. c\u1ed5 t\u1ee9c: ph\u00e2n t\u00edch so s\u00e1nh cho nh\u00e0 \u0111\u1ea7u t\u01b0 Brazil<\/h2>\n<\/div>\n<div class='po-container po-container_width_article-sm'>\n<p class='po-article-page__text'>Trong th\u1ecb tr\u01b0\u1eddng Brazil n\u0103m 2025, vi\u1ec7c l\u1ef1a ch\u1ecdn gi\u1eefa c\u00e1c c\u00f4ng ty ph\u00e2n ph\u1ed1i k\u1ebft qu\u1ea3 ch\u1ee7 y\u1ebfu qua IOC ho\u1eb7c qua c\u1ed5 t\u1ee9c truy\u1ec1n th\u1ed1ng c\u00f3 th\u1ec3 tr\u1ef1c ti\u1ebfp x\u00e1c \u0111\u1ecbnh l\u1ee3i nhu\u1eadn c\u1ee7a b\u1ea1n. Ph\u00e2n t\u00edch chi ti\u1ebft n\u00e0y gi\u00fap \u0111\u01b0a ra quy\u1ebft \u0111\u1ecbnh d\u1ef1a tr\u00ean d\u1eef li\u1ec7u c\u1ee5 th\u1ec3 v\u00e0 kh\u00f4ng ch\u1ec9 l\u00e0 nh\u1eefng nh\u1eadn th\u1ee9c b\u1ec1 ngo\u00e0i.<\/p>\n<\/div>\n<div class='po-container po-container_width_article-sm'>\n<p class='po-article-page__text'>C\u1ed5 t\u1ee9c truy\u1ec1n th\u1ed1ng, mi\u1ec5n cho c\u00e1 nh\u00e2n, cung c\u1ea5p l\u1ee3i th\u1ebf v\u1ec1 thanh kho\u1ea3n ngay l\u1eadp t\u1ee9c. M\u1ed9t ph\u00e2n ph\u1ed1i R$10,000 trong c\u1ed5 t\u1ee9c t\u1eeb Engie Brasil (EGIE3) s\u1ebd d\u1eabn \u0111\u1ebfn ch\u00ednh x\u00e1c R$10,000 c\u00f3 s\u1eb5n trong t\u00e0i kho\u1ea3n c\u1ee7a b\u1ea1n. C\u00f9ng m\u1ed9t ph\u00e2n ph\u1ed1i qua IOC t\u1eeb Banco do Brasil (BBAS3) s\u1ebd d\u1eabn \u0111\u1ebfn R$8,500 sau khi kh\u1ea5u tr\u1eeb thu\u1ebf t\u1ea1i ngu\u1ed3n, m\u1ed9t s\u1ef1 kh\u00e1c bi\u1ec7t ngay l\u1eadp t\u1ee9c 15%.<\/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>Kh\u00eda c\u1ea1nh<\/th>\n<th>C\u1ed5 t\u1ee9c<\/th>\n<th>IOC<\/th>\n<th>V\u00ed d\u1ee5 c\u1ee5 th\u1ec3 (2024-2025)<\/th>\n<\/tr>\n<\/thead>\n<tbody>\n<tr>\n<td>Thu\u1ebf ngay l\u1eadp t\u1ee9c<\/td>\n<td>Mi\u1ec5n cho c\u00e1 nh\u00e2n<\/td>\n<td>15% kh\u1ea5u tr\u1eeb t\u1ea1i ngu\u1ed3n<\/td>\n<td>R$10,000 trong c\u1ed5 t\u1ee9c t\u1eeb WEG = R$10,000 r\u00f2ng; R$10,000 trong IOC t\u1eeb Ita\u00fa = R$8,500 r\u00f2ng<\/td>\n<\/tr>\n<tr>\n<td>T\u00e1c \u0111\u1ed9ng \u0111\u1ebfn c\u00f4ng ty<\/td>\n<td>Kh\u00f4ng kh\u1ea5u tr\u1eeb thu\u1ebf<\/td>\n<td>Kh\u1ea5u tr\u1eeb l\u00ean \u0111\u1ebfn 34% nh\u01b0 chi ph\u00ed<\/td>\n<td>Ti\u1ebft ki\u1ec7m thu\u1ebf c\u1ee7a Bradesco v\u1edbi IOC v\u00e0o n\u0103m 2023: R$4.3 t\u1ef7<\/td>\n<\/tr>\n<tr>\n<td>Kh\u1ea3 n\u0103ng d\u1ef1 \u0111o\u00e1n<\/td>\n<td>Th\u01b0\u1eddng \u1ed5n \u0111\u1ecbnh h\u01a1n<\/td>\n<td>C\u00f3 th\u1ec3 thay \u0111\u1ed5i theo chi\u1ebfn l\u01b0\u1ee3c thu\u1ebf<\/td>\n<td>Engie Brasil: c\u1ed5 t\u1ee9c \u1ed5n \u0111\u1ecbnh; Santander: IOC thay \u0111\u1ed5i theo thu\u1ebf<\/td>\n<\/tr>\n<tr>\n<td>T\u00e1c \u0111\u1ed9ng \u0111\u1ebfn P\/E<\/td>\n<td>Kh\u00f4ng \u1ea3nh h\u01b0\u1edfng \u0111\u1ebfn l\u1ee3i nhu\u1eadn k\u1ebf to\u00e1n<\/td>\n<td>Gi\u1ea3m l\u1ee3i nhu\u1eadn b\u00e1o c\u00e1o<\/td>\n<td>Ita\u00fa: P\/E r\u00f5 r\u00e0ng cao h\u01a1n 12% n\u1ebfu ch\u1ec9 s\u1eed d\u1ee5ng c\u1ed5 t\u1ee9c<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<\/div>\n<\/div>\n<div class='po-container po-container_width_article-sm'>\n<h3 class='po-article-page__title'>Ti\u1ebfn tho\u00e1i l\u01b0\u1ee1ng nan c\u1ee7a nh\u00e0 \u0111\u1ea7u t\u01b0 d\u00e0i h\u1ea1n<\/h3>\n<\/div>\n<div class='po-container po-container_width_article-sm'>\n<p class='po-article-page__text'>\u0110\u1ed1i v\u1edbi c\u00e1c nh\u00e0 \u0111\u1ea7u t\u01b0 c\u00f3 t\u1ea7m nh\u00ecn h\u01a1n 5 n\u0103m, nh\u01b0 Maria L., 42 tu\u1ed5i, t\u1eeb Belo Horizonte, ph\u00e2n t\u00edch ph\u1ea3i \u0111i xa h\u01a1n thu\u1ebf ngay l\u1eadp t\u1ee9c. S\u1ef1 kh\u00e1c bi\u1ec7t n\u1eb1m \u1edf s\u1ef1 t\u0103ng tr\u01b0\u1edfng b\u1ec1n v\u1eefng c\u1ee7a ph\u00e2n ph\u1ed1i theo th\u1eddi gian, th\u01b0\u1eddng \u0111\u01b0\u1ee3c th\u1ef1c hi\u1ec7n nh\u1edd hi\u1ec7u qu\u1ea3 thu\u1ebf l\u1edbn h\u01a1n c\u1ee7a c\u00e1c c\u00f4ng ty s\u1eed d\u1ee5ng IOC.<\/p>\n<\/div>\n<div class='po-container po-container_width_article-sm'>\n<p class='po-article-page__text'>D\u1eef li\u1ec7u do Pocket Option t\u1ed5ng h\u1ee3p cho th\u1ea5y r\u1eb1ng c\u00e1c ng\u00e2n h\u00e0ng nh\u01b0 Ita\u00fa v\u00e0 Bradesco, t\u1ed1i \u01b0u h\u00f3a vi\u1ec7c s\u1eed d\u1ee5ng IOC, \u0111\u00e3 t\u0103ng c\u1ed5 t\u1ee9c t\u1ed5ng c\u1ee7a h\u1ecd trung b\u00ecnh 14.7% m\u1ed7i n\u0103m trong th\u1eadp k\u1ef7 qua, v\u01b0\u1ee3t qua t\u1ef7 l\u1ec7 t\u0103ng tr\u01b0\u1edfng 9.8% c\u1ee7a c\u00e1c c\u00f4ng ty so s\u00e1nh theo ng\u00e0nh s\u1eed d\u1ee5ng ch\u1ee7 y\u1ebfu c\u1ed5 t\u1ee9c. S\u1ef1 kh\u00e1c bi\u1ec7t 4.9 \u0111i\u1ec3m ph\u1ea7n tr\u0103m n\u00e0y, khi c\u1ed9ng d\u1ed3n trong 10 n\u0103m, d\u1eabn \u0111\u1ebfn gi\u00e1 tr\u1ecb cao h\u01a1n 61%.<\/p>\n<\/div>\n<div class='po-container po-container_width_article-sm'>\n<p class='po-article-page__text'>M\u1ed9t kh\u00eda c\u1ea1nh th\u01b0\u1eddng b\u1ecb b\u1ecf qua l\u00e0 t\u00e1c \u0111\u1ed9ng c\u1ee7a IOC \u0111\u1ebfn c\u00e1c ch\u1ec9 s\u1ed1 th\u1ecb tr\u01b0\u1eddng. Banco do Brasil (BBAS3), b\u1eb1ng c\u00e1ch t\u00ednh kho\u1ea3ng R$7.6 t\u1ef7 trong IOC nh\u01b0 m\u1ed9t chi ph\u00ed t\u00e0i ch\u00ednh v\u00e0o n\u0103m 2023, \u0111\u00e3 tr\u00ecnh b\u00e0y m\u1ed9t l\u1ee3i nhu\u1eadn k\u1ebf to\u00e1n th\u1ea5p h\u01a1n t\u1ef7 l\u1ec7, d\u1eabn \u0111\u1ebfn m\u1ed9t P\/E r\u00f5 r\u00e0ng cao h\u01a1n. S\u1ef1 &#8220;bi\u1ebfn d\u1ea1ng&#8221; n\u00e0y t\u1ea1o ra c\u01a1 h\u1ed9i cho c\u00e1c nh\u00e0 \u0111\u1ea7u t\u01b0 ch\u00fa \u00fd \u0111i\u1ec1u ch\u1ec9nh ch\u1ec9 s\u1ed1 n\u00e0y \u0111\u1ec3 ph\u1ea3n \u00e1nh hi\u1ec7u su\u1ea5t ho\u1ea1t \u0111\u1ed9ng th\u1ef1c s\u1ef1.<\/p>\n<\/div>\n<div class='po-container po-container_width_article-sm article-content po-article-page__text'>\n<ul class='po-article-page-list'>\n<li class='po-article-page__text po-article-page__text_no-margin po-list-lvl_1'>C\u00e1c c\u00f4ng ty c\u00f3 thu\u1ebf su\u1ea5t hi\u1ec7u qu\u1ea3 cao, nh\u01b0 Bradesco (t\u1ef7 l\u1ec7 38% v\u00e0o n\u0103m 2023), thu \u0111\u01b0\u1ee3c l\u1ee3i \u00edch t\u1ef7 l\u1ec7 l\u1edbn h\u01a1n t\u1eeb IOC<\/li>\n<li class='po-article-page__text po-article-page__text_no-margin po-list-lvl_1'>C\u00e1c c\u00f4ng ty nh\u00e0 n\u01b0\u1edbc nh\u01b0 Petrobras v\u00e0 Banco do Brasil th\u01b0\u1eddng xuy\u00ean thay \u0111\u1ed5i gi\u1eefa IOC v\u00e0 c\u1ed5 t\u1ee9c theo m\u1ee5c ti\u00eau ch\u00ednh s\u00e1ch t\u00e0i kh\u00f3a c\u1ee7a ch\u00ednh ph\u1ee7<\/li>\n<li class='po-article-page__text po-article-page__text_no-margin po-list-lvl_1'>T\u00e1c \u0111\u1ed9ng \u0111\u1ebfn d\u00f2ng ti\u1ec1n l\u00e0 gi\u1ed1ng nhau gi\u1eefa IOC v\u00e0 c\u1ed5 t\u1ee9c, nh\u01b0ng x\u1eed l\u00fd k\u1ebf to\u00e1n v\u00e0 thu\u1ebf kh\u00e1c nhau \u0111\u00e1ng k\u1ec3<\/li>\n<li class='po-article-page__text po-article-page__text_no-margin po-list-lvl_1'>C\u00e1c c\u00f4ng ty c\u00f3 t\u1ef7 l\u1ec7 l\u1edbn c\u1ed5 \u0111\u00f4ng n\u01b0\u1edbc ngo\u00e0i, nh\u01b0 Vale (45% c\u1ed5 \u0111\u00f4ng qu\u1ed1c t\u1ebf), \u0111i\u1ec1u ch\u1ec9nh ch\u00ednh s\u00e1ch ph\u00e2n ph\u1ed1i c\u1ee7a h\u1ecd xem x\u00e9t c\u00e1c hi\u1ec7p \u01b0\u1edbc thu\u1ebf<\/li>\n<\/ul>\n<\/div>\n<div class='po-container po-container_width_article-sm'>\n<p class='po-article-page__text'>M\u1ed9t ph\u00e2n t\u00edch s\u00e2u r\u1ed9ng \u0111\u01b0\u1ee3c th\u1ef1c hi\u1ec7n v\u1edbi d\u1eef li\u1ec7u t\u1eeb 8 n\u0103m qua cho th\u1ea5y r\u1eb1ng c\u00e1c c\u00f4ng ty Ibovespa s\u1eed d\u1ee5ng IOC m\u1ea1nh m\u1ebd (>60% t\u1ed5ng ph\u00e2n ph\u1ed1i) \u0111\u00e3 cung c\u1ea5p l\u1ee3i nhu\u1eadn t\u1ed5ng trung b\u00ecnh cao h\u01a1n 3.2 \u0111i\u1ec3m ph\u1ea7n tr\u0103m so v\u1edbi nh\u1eefng c\u00f4ng ty \u01b0u ti\u00ean c\u1ed5 t\u1ee9c, ngay c\u1ea3 sau khi xem x\u00e9t thu\u1ebf kh\u1ea5u tr\u1eeb. S\u1ef1 kh\u00e1c bi\u1ec7t n\u00e0y th\u1eadm ch\u00ed c\u00f2n r\u00f5 r\u1ec7t h\u01a1n trong c\u00e1c ng\u00e0nh c\u00f3 g\u00e1nh n\u1eb7ng thu\u1ebf cao, nh\u01b0 t\u00e0i ch\u00ednh.<\/p>\n<\/div>\n<div class='po-container po-container_width_article-sm'>\n<h2 class='po-article-page__title'>Xu h\u01b0\u1edbng v\u00e0 tri\u1ec3n v\u1ecdng t\u01b0\u01a1ng lai cho IOC trong th\u1ecb tr\u01b0\u1eddng Brazil<\/h2>\n<\/div>\n<div class='po-container po-container_width_article-sm'>\n<p class='po-article-page__text'>C\u01a1 ch\u1ebf L\u00e3i su\u1ea5t tr\u00ean V\u1ed1n T\u1ef1 c\u00f3 \u0111\u1ed1i m\u1eb7t v\u1edbi c\u00e1c cu\u1ed9c th\u1ea3o lu\u1eadn li\u00ean t\u1ee5c trong m\u00f4i tr\u01b0\u1eddng ch\u00ednh tr\u1ecb-kinh t\u1ebf Brazil. C\u1ea3i c\u00e1ch Thu\u1ebf hi\u1ec7n \u0111ang \u0111\u01b0\u1ee3c x\u1eed l\u00fd trong Qu\u1ed1c h\u1ed9i (PL 2337\/2021) \u0111\u1ec1 xu\u1ea5t nh\u1eefng thay \u0111\u1ed5i \u0111\u00e1ng k\u1ec3 c\u00f3 th\u1ec3 thay \u0111\u1ed5i c\u01a1 b\u1ea3n k\u1ecbch b\u1ea3n cho c\u00e1c nh\u00e0 \u0111\u1ea7u t\u01b0 t\u1eeb n\u0103m 2026 tr\u1edf \u0111i.<\/p>\n<\/div>\n<div class='po-container po-container_width_article-sm'>\n<p class='po-article-page__text'>K\u1ec3 t\u1eeb khi \u0111\u01b0\u1ee3c t\u1ea1o ra v\u00e0o n\u0103m 1995, IOC \u0111\u00e3 tr\u1ea3i qua h\u01a1n 7 l\u1ea7n c\u1ed1 g\u1eafng x\u00f3a b\u1ecf v\u00e0 12 \u0111\u1ec1 xu\u1ea5t s\u1eeda \u0111\u1ed5i. Phi\u00ean b\u1ea3n hi\u1ec7n t\u1ea1i c\u1ee7a c\u1ea3i c\u00e1ch thu\u1ebf, \u0111\u01b0\u1ee3c c\u1eadp nh\u1eadt l\u1ea7n cu\u1ed1i v\u00e0o th\u00e1ng Ba n\u0103m 2025, d\u1ef1 ki\u1ebfn duy tr\u00ec IOC, nh\u01b0ng v\u1edbi kh\u1ea3 n\u0103ng gi\u1ea3m gi\u1edbi h\u1ea1n kh\u1ea5u tr\u1eeb xu\u1ed1ng 30% l\u1ee3i nhu\u1eadn r\u00f2ng (so v\u1edbi 50% hi\u1ec7n t\u1ea1i) v\u00e0 thay \u0111\u1ed5i ph\u01b0\u01a1ng ph\u00e1p t\u00ednh to\u00e1n c\u01a1 s\u1edf v\u1ed1n ch\u1ee7 s\u1edf h\u1eefu \u0111\u1ee7 \u0111i\u1ec1u ki\u1ec7n.<\/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>K\u1ecbch b\u1ea3n ti\u1ec1m n\u0103ng<\/th>\n<th>X\u00e1c su\u1ea5t (2025-2026)<\/th>\n<th>T\u00e1c \u0111\u1ed9ng c\u1ee5 th\u1ec3<\/th>\n<th>C\u00f4ng ty b\u1ecb \u1ea3nh h\u01b0\u1edfng nhi\u1ec1u nh\u1ea5t<\/th>\n<\/tr>\n<\/thead>\n<tbody>\n<tr>\n<td>Duy tr\u00ec h\u1ec7 th\u1ed1ng hi\u1ec7n t\u1ea1i<\/td>\n<td>35%<\/td>\n<td>Ti\u1ebfp t\u1ee5c c\u00e1c chi\u1ebfn l\u01b0\u1ee3c hi\u1ec7n c\u00f3<\/td>\n<td>Trung l\u1eadp cho t\u1ea5t c\u1ea3 c\u00e1c ng\u00e0nh<\/td>\n<\/tr>\n<tr>\n<td>K\u1ebft th\u00fac mi\u1ec5n thu\u1ebf c\u1ed5 t\u1ee9c<\/td>\n<td>45%<\/td>\n<td>T\u1ef7 l\u1ec7 \u0111\u1ec1 xu\u1ea5t 15% tr\u00ean c\u1ed5 t\u1ee9c s\u1ebd c\u00e2n b\u1eb1ng thu\u1ebf<\/td>\n<td>WEG, Localiza, Engie Brasil (ng\u01b0\u1eddi tr\u1ea3 c\u1ed5 t\u1ee9c)<\/td>\n<\/tr>\n<tr>\n<td>Gi\u1ea3m gi\u1edbi h\u1ea1n kh\u1ea5u tr\u1eeb IOC<\/td>\n<td>65%<\/td>\n<td>Gi\u1ea3m l\u1ee3i \u00edch thu\u1ebf t\u1eeb 50% xu\u1ed1ng 30% l\u1ee3i nhu\u1eadn r\u00f2ng<\/td>\n<td>Ita\u00fa, Bradesco, Banco do Brasil, Santander Brasil<\/td>\n<\/tr>\n<tr>\n<td>X\u00f3a b\u1ecf ho\u00e0n to\u00e0n IOC<\/td>\n<td>15%<\/td>\n<td>T\u0103ng g\u00e1nh n\u1eb7ng thu\u1ebf hi\u1ec7u qu\u1ea3 c\u1ee7a c\u00e1c c\u00f4ng ty l\u00ean \u0111\u1ebfn 9%<\/td>\n<td>Ng\u00e0nh t\u00e0i ch\u00ednh (-28% trong l\u1ee3i nhu\u1eadn) v\u00e0 ti\u1ec7n \u00edch (-17%)<\/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 \u0111\u00e3 ph\u00e1t tri\u1ec3n m\u1ed9t m\u00f4 h\u00ecnh d\u1ef1 \u0111o\u00e1n \u01b0\u1edbc t\u00ednh t\u00e1c \u0111\u1ed9ng c\u1ee7a m\u1ed7i k\u1ecbch b\u1ea3n thu\u1ebf l\u00ean c\u00e1c c\u1ed5 phi\u1ebfu ch\u00ednh c\u1ee7a Brazil. \u0110\u1ed1i v\u1edbi Ita\u00fa (ITUB4), vi\u1ec7c gi\u1ea3m gi\u1edbi h\u1ea1n kh\u1ea5u tr\u1eeb IOC c\u00f3 th\u1ec3 \u0111\u1ea1i di\u1ec7n cho s\u1ef1 gia t\u0103ng g\u00e1nh n\u1eb7ng thu\u1ebf hi\u1ec7u qu\u1ea3 3.2 \u0111i\u1ec3m ph\u1ea7n tr\u0103m, c\u00f3 th\u1ec3 gi\u1ea3m l\u1ee3i nhu\u1eadn r\u00f2ng kho\u1ea3ng R$2.1 t\u1ef7 h\u00e0ng n\u0103m.<\/p>\n<\/div>\n<div class='po-container po-container_width_article-sm'>\n<p class='po-article-page__text'>M\u1ed9t xu h\u01b0\u1edbng \u0111ang ph\u00e1t tri\u1ec3n \u0111\u01b0\u1ee3c c\u00e1c nh\u00e0 ph\u00e2n t\u00edch x\u00e1c \u0111\u1ecbnh l\u00e0 s\u1ef1 tinh vi trong c\u1ea5u tr\u00fac thu\u1ebf c\u1ee7a c\u00e1c t\u1eadp \u0111o\u00e0n kinh doanh Brazil. Ita\u00fasa (ITSA4), c\u00f4ng ty m\u1eb9 ki\u1ec3m so\u00e1t c\u1ee7a Ita\u00fa, \u0111\u00e3 t\u1ed1i \u01b0u h\u00f3a c\u1ea5u tr\u00fac c\u1ee7a m\u00ecnh \u0111\u1ec3 t\u1ed1i \u0111a h\u00f3a vi\u1ec7c n\u1eafm b\u1eaft IOC t\u1eeb c\u00e1c c\u00f4ng ty con c\u1ee7a m\u00ecnh v\u00e0 ph\u00e2n ph\u1ed1i l\u1ea1i cho c\u00e1c c\u1ed5 \u0111\u00f4ng cu\u1ed1i c\u00f9ng, t\u1ea1o ra m\u1ed9t c\u01a1 ch\u1ebf nh\u00e2n \u0111\u00f4i hi\u1ec7u qu\u1ea3 thu\u1ebf \u0111\u00e3 t\u0103ng l\u1ee3i su\u1ea5t t\u1ed5ng l\u00ean 22% trong 3 n\u0103m qua.<\/p>\n<\/div>\n<div class='po-container po-container_width_article-sm'>\n<p class='po-article-page__text'>T\u00e1c \u0111\u1ed9ng c\u1ee7a c\u00e1c nh\u00e0 \u0111\u1ea7u t\u01b0 n\u01b0\u1edbc ngo\u00e0i, hi\u1ec7n chi\u1ebfm 52% kh\u1ed1i l\u01b0\u1ee3ng giao d\u1ecbch tr\u00ean B3, c\u0169ng \u1ea3nh h\u01b0\u1edfng \u0111\u1ebfn ch\u00ednh s\u00e1ch ph\u00e2n ph\u1ed1i. C\u00e1c c\u00f4ng ty nh\u01b0 Vale (VALE3), v\u1edbi 45% c\u1ed5 \u0111\u00f4ng kh\u00f4ng c\u01b0 tr\u00fa, b\u1eaft \u0111\u1ea7u xem x\u00e9t c\u1ee5 th\u1ec3 c\u00e1c hi\u1ec7p \u01b0\u1edbc \u0111\u1ec3 tr\u00e1nh \u0111\u00e1nh thu\u1ebf k\u00e9p trong quy\u1ebft \u0111\u1ecbnh gi\u1eefa c\u1ed5 t\u1ee9c v\u00e0 IOC, t\u00ecm c\u00e1ch t\u1ed1i \u0111a h\u00f3a l\u1ee3i nhu\u1eadn to\u00e0n c\u1ea7u cho t\u1ea5t c\u1ea3 c\u00e1c c\u1ed5 \u0111\u00f4ng.<\/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: T\u1ed1i \u0111a h\u00f3a k\u1ebft qu\u1ea3 v\u1edbi ki\u1ebfn th\u1ee9c v\u1ec1 IOC<\/h2>\n<\/div>\n<div class='po-container po-container_width_article-sm'>\n<p class='po-article-page__text'>Hi\u1ec3u s\u00e2u s\u1eafc IOC trong c\u1ed5 phi\u1ebfu v\u00e0 c\u00e1ch c\u01a1 ch\u1ebf \u0111\u1ed9c \u0111\u00e1o n\u00e0y ho\u1ea1t \u0111\u1ed9ng \u0111\u1ea1i di\u1ec7n cho m\u1ed9t l\u1ee3i th\u1ebf c\u1ea1nh tranh th\u1ef1c s\u1ef1 cho c\u00e1c nh\u00e0 \u0111\u1ea7u t\u01b0 trong th\u1ecb tr\u01b0\u1eddng Brazil. S\u1ef1 kh\u00e1c bi\u1ec7t gi\u1eefa m\u1ed9t ph\u00e2n t\u00edch b\u1ec1 m\u1eb7t v\u00e0 m\u1ed9t s\u1ef1 hi\u1ec3u bi\u1ebft s\u00e2u s\u1eafc c\u00f3 th\u1ec3 \u0111\u1ea1i di\u1ec7n cho s\u1ef1 gia t\u0103ng 1.5% \u0111\u1ebfn 2.3% m\u1ed7i n\u0103m trong t\u1ed5ng l\u1ee3i nhu\u1eadn c\u1ee7a b\u1ea1n &#8212; m\u1ed9t s\u1ef1 kh\u00e1c bi\u1ec7t m\u00e0, khi c\u1ed9ng d\u1ed3n trong m\u1ed9t th\u1eadp k\u1ef7, c\u00f3 th\u1ec3 v\u01b0\u1ee3t qu\u00e1 30% trong k\u1ebft qu\u1ea3 cu\u1ed1i c\u00f9ng.<\/p>\n<\/div>\n<div class='po-container po-container_width_article-sm'>\n<p class='po-article-page__text'>Nh\u01b0 \u0111\u00e3 \u0111\u01b0\u1ee3c ch\u1ee9ng minh trong b\u00e0i vi\u1ebft n\u00e0y, IOC \u0111i xa h\u01a1n vi\u1ec7c kh\u1ea5u tr\u1eeb IR 15% t\u1ea1i ngu\u1ed3n. \u0110\u1ed1i v\u1edbi c\u00e1c c\u00f4ng ty nh\u01b0 Ita\u00fa, Bradesco, v\u00e0 Banco do Brasil, n\u00f3 \u0111\u1ea1i di\u1ec7n cho ti\u1ebft ki\u1ec7m thu\u1ebf h\u00e0ng n\u0103m v\u01b0\u1ee3t qu\u00e1 R$10 t\u1ef7 k\u1ebft h\u1ee3p, m\u1ed9t gi\u00e1 tr\u1ecb m\u00e0 m\u1ed9t ph\u1ea7n tr\u1edf l\u1ea1i cho c\u1ed5 \u0111\u00f4ng d\u01b0\u1edbi d\u1ea1ng ph\u00e2n ph\u1ed1i t\u1ed5ng l\u1edbn h\u01a1n. V\u00e0o n\u0103m 2023, ba t\u1ed5 ch\u1ee9c n\u00e0y \u0111\u00e3 ph\u00e2n ph\u1ed1i, trung b\u00ecnh, nhi\u1ec1u h\u01a1n 18% so v\u1edbi h\u1ecd s\u1ebd l\u00e0m n\u1ebfu h\u1ecd ch\u1ec9 s\u1eed d\u1ee5ng c\u1ed5 t\u1ee9c truy\u1ec1n th\u1ed1ng.<\/p>\n<\/div>\n<div class='po-container po-container_width_article-sm'>\n<p class='po-article-page__text'>Ph\u00e2n t\u00edch so s\u00e1nh gi\u1eefa c\u00e1c ch\u00ednh s\u00e1ch ph\u00e2n ph\u1ed1i kh\u00e1c nhau ph\u1ea3i t\u00edch h\u1ee3p nhi\u1ec1u bi\u1ebfn s\u1ed1: h\u1ed3 s\u01a1 thu\u1ebf c\u00e1 nh\u00e2n c\u1ee7a b\u1ea1n, th\u1eddi gian \u0111\u1ea7u t\u01b0, hi\u1ec7u qu\u1ea3 thu\u1ebf c\u1ee7a c\u00e1c c\u00f4ng ty \u0111\u01b0\u1ee3c ph\u00e2n t\u00edch, v\u00e0 xu h\u01b0\u1edbng quy \u0111\u1ecbnh. C\u00e1c nh\u00e0 \u0111\u1ea7u t\u01b0 v\u1edbi danh m\u1ee5c \u0111\u1ea7u t\u01b0 tr\u00ean R$300,000 c\u00f3 th\u1ec3 thu \u0111\u01b0\u1ee3c l\u1ee3i \u00edch \u0111\u00e1ng k\u1ec3 b\u1eb1ng c\u00e1ch t\u1ea1o ra c\u00e1c chi\u1ebfn l\u01b0\u1ee3c c\u1ee5 th\u1ec3 cho t\u1ed1i \u01b0u h\u00f3a thu\u1ebf c\u1ee7a c\u1ed5 t\u1ee9c.<\/p>\n<\/div>\n<div class='po-container po-container_width_article-sm'>\n<p class='po-article-page__text'>C\u00e1c c\u00f4ng c\u1ee5 ph\u00e2n t\u00edch c\u1ee7a Pocket Option, nh\u01b0 &#8220;M\u00e1y t\u00ednh C\u1ed5 t\u1ee9c R\u00f2ng&#8221; v\u00e0 &#8220;B\u1ed9 so s\u00e1nh Ch\u00ednh s\u00e1ch Ph\u00e2n ph\u1ed1i&#8221;, cho ph\u00e9p \u0111\u1ecbnh l\u01b0\u1ee3ng ch\u00ednh x\u00e1c nh\u1eefng kh\u00e1c bi\u1ec7t n\u00e0y cho tr\u01b0\u1eddng h\u1ee3p c\u1ee5 th\u1ec3 c\u1ee7a b\u1ea1n. Vi\u1ec7c gi\u00e1m s\u00e1t li\u00ean t\u1ee5c c\u00e1c cu\u1ed9c th\u1ea3o lu\u1eadn l\u1eadp ph\u00e1p v\u1ec1 c\u1ea3i c\u00e1ch thu\u1ebf b\u1ed5 sung cho ph\u00e2n t\u00edch n\u00e0y, cho ph\u00e9p \u0111i\u1ec1u ch\u1ec9nh ch\u1ee7 \u0111\u1ed9ng khi m\u00f4i tr\u01b0\u1eddng quy \u0111\u1ecbnh ph\u00e1t tri\u1ec3n.<\/p>\n<\/div>\n<div class='po-container po-container_width_article-sm'>\n<p class='po-article-page__text'>Trong m\u1ed9t th\u1ecb tr\u01b0\u1eddng n\u01a1i nh\u1eefng l\u1ee3i th\u1ebf ph\u1ea7n tr\u0103m nh\u1ecf c\u00f3 th\u1ec3 \u0111\u1ea1i di\u1ec7n cho s\u1ef1 kh\u00e1c bi\u1ec7t tuy\u1ec7t \u0111\u1ed1i l\u1edbn theo th\u1eddi gian, vi\u1ec7c n\u1eafm v\u1eefng c\u00e1c s\u1eafc th\u00e1i c\u1ee7a IOC trong c\u1ed5 phi\u1ebfu v\u00e0 th\u1ef1c hi\u1ec7n c\u00e1c chi\u1ebfn l\u01b0\u1ee3c t\u1ed1i \u01b0u h\u00f3a c\u00f3 th\u1ec3 l\u00e0 s\u1ef1 kh\u00e1c bi\u1ec7t gi\u1eefa k\u1ebft qu\u1ea3 trung b\u00ecnh v\u00e0 hi\u1ec7u su\u1ea5t v\u01b0\u1ee3t tr\u1ed9i. \u0110\u1ea7u t\u01b0 th\u1eddi gian \u0111\u1ec3 hi\u1ec3u v\u00e0 \u00e1p d\u1ee5ng ki\u1ebfn th\u1ee9c n\u00e0y, v\u00e0 n\u00e2ng cao k\u1ebft qu\u1ea3 c\u1ee7a b\u1ea1n trong th\u1ecb tr\u01b0\u1eddng Brazil trong nh\u1eefng n\u0103m t\u1edbi.<\/p>\n<\/div>\n"},"faq":[{"question":"S\u1ef1 kh\u00e1c bi\u1ec7t ch\u00ednh gi\u1eefa L\u1ee3i t\u1ee9c tr\u00ean V\u1ed1n ch\u1ee7 s\u1edf h\u1eefu (JCP) v\u00e0 c\u1ed5 t\u1ee9c \u0111\u1ed1i v\u1edbi c\u00e1c nh\u00e0 \u0111\u1ea7u t\u01b0 c\u00e1 nh\u00e2n l\u00e0 g\u00ec?","answer":"S\u1ef1 kh\u00e1c bi\u1ec7t ch\u00ednh l\u00e0 c\u00e1ch x\u1eed l\u00fd thu\u1ebf. C\u1ed5 t\u1ee9c \u0111\u01b0\u1ee3c mi\u1ec5n thu\u1ebf thu nh\u1eadp cho c\u00e1 nh\u00e2n \u1edf Brazil, trong khi JCP ph\u1ea3i ch\u1ecbu thu\u1ebf kh\u1ea5u tr\u1eeb 15% t\u1ea1i ngu\u1ed3n. \u0110i\u1ec1u n\u00e0y c\u00f3 ngh\u0129a l\u00e0, v\u1edbi c\u00f9ng m\u1ed9t s\u1ed1 ti\u1ec1n t\u1ed5ng \u0111\u01b0\u1ee3c ph\u00e2n ph\u1ed1i, b\u1ea1n s\u1ebd nh\u1eadn \u0111\u01b0\u1ee3c to\u00e0n b\u1ed9 gi\u00e1 tr\u1ecb c\u1ee7a c\u1ed5 t\u1ee9c, nh\u01b0ng ch\u1ec9 85% gi\u00e1 tr\u1ecb c\u1ee7a JCP. M\u1eb7t kh\u00e1c, c\u00e1c c\u00f4ng ty ph\u00e2n ph\u1ed1i qua JCP c\u00f3 th\u1ec3 c\u00f3 kh\u1ea3 n\u0103ng ph\u00e2n ph\u1ed1i t\u1ed5ng l\u1edbn h\u01a1n do ti\u1ebft ki\u1ec7m thu\u1ebf m\u00e0 h\u1ecd \u0111\u1ea1t \u0111\u01b0\u1ee3c."},{"question":"L\u00e0m th\u1ebf n\u00e0o \u0111\u1ec3 bi\u1ebft m\u1ed9t c\u00f4ng ty s\u1ebd tr\u1ea3 l\u1ee3i nhu\u1eadn qua JCP hay c\u1ed5 t\u1ee9c?","answer":"B\u1ea1n c\u00f3 th\u1ec3 x\u00e1c \u0111\u1ecbnh \u0111i\u1ec1u n\u00e0y b\u1eb1ng c\u00e1ch theo d\u00f5i c\u00e1c th\u00f4ng b\u00e1o thu nh\u1eadp c\u1ee7a c\u00f4ng ty, \u0111\u01b0\u1ee3c c\u00f4ng b\u1ed1 tr\u00ean c\u00e1c trang web Quan h\u1ec7 Nh\u00e0 \u0111\u1ea7u t\u01b0 v\u00e0 trong c\u00e1c th\u00f4ng tin li\u00ean l\u1ea1c th\u1ecb tr\u01b0\u1eddng. Nh\u1eefng th\u00f4ng b\u00e1o n\u00e0y n\u00eau r\u00f5 li\u1ec7u kho\u1ea3n thanh to\u00e1n s\u1ebd \u0111\u01b0\u1ee3c th\u1ef1c hi\u1ec7n d\u01b0\u1edbi d\u1ea1ng c\u1ed5 t\u1ee9c hay JCP. Ngo\u00e0i ra, b\u1eb1ng c\u00e1ch ph\u00e2n t\u00edch l\u1ecbch s\u1eed c\u1ee7a c\u00f4ng ty, c\u00f3 th\u1ec3 x\u00e1c \u0111\u1ecbnh c\u00e1c m\u00f4 h\u00ecnh ph\u00e2n ph\u1ed1i, v\u00ec nhi\u1ec1u c\u00f4ng ty duy tr\u00ec c\u00e1c ch\u00ednh s\u00e1ch nh\u1ea5t qu\u00e1n theo th\u1eddi gian."},{"question":"JCP c\u00f3 n\u00ean \u0111\u01b0\u1ee3c xem x\u00e9t trong ph\u00e2n t\u00edch t\u1ef7 su\u1ea5t c\u1ed5 t\u1ee9c c\u1ee7a m\u1ed9t c\u1ed5 phi\u1ebfu kh\u00f4ng?","answer":"V\u00e2ng, ch\u1eafc ch\u1eafn r\u1ed3i. \u0110\u1ec3 c\u00f3 m\u1ed9t ph\u00e2n t\u00edch \u0111\u1ea7y \u0111\u1ee7 v\u00e0 c\u00f4ng b\u1eb1ng, JCP n\u00ean \u0111\u01b0\u1ee3c bao g\u1ed3m trong t\u00ednh to\u00e1n l\u1ee3i su\u1ea5t c\u1ed5 t\u1ee9c, nh\u01b0ng n\u00ean th\u1ef1c hi\u1ec7n hai ph\u00e9p t\u00ednh: l\u1ee3i su\u1ea5t g\u1ed9p (c\u1ed9ng c\u1ed5 t\u1ee9c v\u00e0 JCP theo gi\u00e1 tr\u1ecb \u0111\u00e3 c\u00f4ng b\u1ed1) v\u00e0 l\u1ee3i su\u1ea5t r\u00f2ng (xem x\u00e9t kh\u1ea5u tr\u1eeb 15% tr\u00ean JCP). L\u1ee3i su\u1ea5t r\u00f2ng cho ph\u00e9p so s\u00e1nh ch\u00ednh x\u00e1c h\u01a1n gi\u1eefa c\u00e1c c\u00f4ng ty c\u00f3 c\u1ea5u tr\u00fac th\u00f9 lao c\u1ed5 \u0111\u00f4ng kh\u00e1c nhau."},{"question":"C\u00f3 gi\u1edbi h\u1ea1n n\u00e0o v\u1ec1 s\u1ed1 ti\u1ec1n m\u00e0 m\u1ed9t c\u00f4ng ty c\u00f3 th\u1ec3 ph\u00e2n ph\u1ed1i qua JCP kh\u00f4ng?","answer":"C\u00f3, c\u00f3 c\u00e1c gi\u1edbi h\u1ea1n ph\u00e1p l\u00fd. C\u00f4ng ty c\u00f3 th\u1ec3 ph\u00e2n ph\u1ed1i d\u01b0\u1edbi d\u1ea1ng JCP s\u1ed1 ti\u1ec1n t\u01b0\u01a1ng \u1ee9ng v\u1edbi vi\u1ec7c \u00e1p d\u1ee5ng L\u00e3i su\u1ea5t D\u00e0i h\u1ea1n (TJLP) tr\u00ean v\u1ed1n ch\u1ee7 s\u1edf h\u1eefu \u0111\u00e3 \u0111i\u1ec1u ch\u1ec9nh c\u1ee7a m\u00ecnh. Ngo\u00e0i ra, JCP kh\u00f4ng th\u1ec3 v\u01b0\u1ee3t qu\u00e1 50% thu nh\u1eadp r\u00f2ng trong n\u0103m tr\u01b0\u1edbc Thu\u1ebf Thu nh\u1eadp, c\u0169ng nh\u01b0 50% l\u1ee3i nhu\u1eadn t\u00edch l\u0169y v\u00e0 qu\u1ef9 d\u1ef1 tr\u1eef l\u1ee3i nhu\u1eadn. Nh\u1eefng gi\u1edbi h\u1ea1n n\u00e0y c\u00f3 th\u1ec3 h\u1ea1n ch\u1ebf kh\u1ea3 n\u0103ng c\u1ee7a m\u1ed9t s\u1ed1 c\u00f4ng ty trong vi\u1ec7c s\u1eed d\u1ee5ng JCP nh\u01b0 c\u01a1 ch\u1ebf ph\u00e2n ph\u1ed1i ch\u00ednh."},{"question":"Nh\u1eefng thay \u0111\u1ed5i c\u00f3 th\u1ec3 x\u1ea3y ra trong lu\u1eadt thu\u1ebf c\u00f3 th\u1ec3 \u1ea3nh h\u01b0\u1edfng \u0111\u1ebfn JCP nh\u01b0 th\u1ebf n\u00e0o?","answer":"C\u00e1c \u0111\u1ec1 xu\u1ea5t c\u1ea3i c\u00e1ch thu\u1ebf th\u01b0\u1eddng bao g\u1ed3m nh\u1eefng thay \u0111\u1ed5i trong vi\u1ec7c x\u1eed l\u00fd JCP ho\u1eb7c c\u1ed5 t\u1ee9c. N\u1ebfu mi\u1ec5n tr\u1eeb c\u1ed5 t\u1ee9c b\u1ecb thu h\u1ed3i, s\u1ef1 ch\u00eanh l\u1ec7ch thu\u1ebf gi\u1eefa hai c\u01a1 ch\u1ebf c\u00f3 th\u1ec3 gi\u1ea3m ho\u1eb7c bi\u1ebfn m\u1ea5t. M\u1eb7t kh\u00e1c, vi\u1ec7c lo\u1ea1i b\u1ecf JCP s\u1ebd l\u00e0m t\u0103ng g\u00e1nh n\u1eb7ng thu\u1ebf l\u00ean c\u00e1c c\u00f4ng ty, c\u00f3 th\u1ec3 l\u00e0m gi\u1ea3m t\u1ed5ng gi\u00e1 tr\u1ecb c\u00f3 s\u1eb5n \u0111\u1ec3 ph\u00e2n ph\u1ed1i. \u0110i\u1ec1u quan tr\u1ecdng l\u00e0 theo d\u00f5i c\u00e1c cu\u1ed9c th\u1ea3o lu\u1eadn l\u1eadp ph\u00e1p v\u00e0 \u0111a d\u1ea1ng h\u00f3a \u0111\u1ea7u t\u01b0 \u0111\u1ec3 gi\u1ea3m thi\u1ec3u r\u1ee7i ro quy \u0111\u1ecbnh."}],"faq_source":{"label":"FAQ","type":"repeater","formatted_value":[{"question":"S\u1ef1 kh\u00e1c bi\u1ec7t ch\u00ednh gi\u1eefa L\u1ee3i t\u1ee9c tr\u00ean V\u1ed1n ch\u1ee7 s\u1edf h\u1eefu (JCP) v\u00e0 c\u1ed5 t\u1ee9c \u0111\u1ed1i v\u1edbi c\u00e1c nh\u00e0 \u0111\u1ea7u t\u01b0 c\u00e1 nh\u00e2n l\u00e0 g\u00ec?","answer":"S\u1ef1 kh\u00e1c bi\u1ec7t ch\u00ednh l\u00e0 c\u00e1ch x\u1eed l\u00fd thu\u1ebf. C\u1ed5 t\u1ee9c \u0111\u01b0\u1ee3c mi\u1ec5n thu\u1ebf thu nh\u1eadp cho c\u00e1 nh\u00e2n \u1edf Brazil, trong khi JCP ph\u1ea3i ch\u1ecbu thu\u1ebf kh\u1ea5u tr\u1eeb 15% t\u1ea1i ngu\u1ed3n. \u0110i\u1ec1u n\u00e0y c\u00f3 ngh\u0129a l\u00e0, v\u1edbi c\u00f9ng m\u1ed9t s\u1ed1 ti\u1ec1n t\u1ed5ng \u0111\u01b0\u1ee3c ph\u00e2n ph\u1ed1i, b\u1ea1n s\u1ebd nh\u1eadn \u0111\u01b0\u1ee3c to\u00e0n b\u1ed9 gi\u00e1 tr\u1ecb c\u1ee7a c\u1ed5 t\u1ee9c, nh\u01b0ng ch\u1ec9 85% gi\u00e1 tr\u1ecb c\u1ee7a JCP. M\u1eb7t kh\u00e1c, c\u00e1c c\u00f4ng ty ph\u00e2n ph\u1ed1i qua JCP c\u00f3 th\u1ec3 c\u00f3 kh\u1ea3 n\u0103ng ph\u00e2n ph\u1ed1i t\u1ed5ng l\u1edbn h\u01a1n do ti\u1ebft ki\u1ec7m thu\u1ebf m\u00e0 h\u1ecd \u0111\u1ea1t \u0111\u01b0\u1ee3c."},{"question":"L\u00e0m th\u1ebf n\u00e0o \u0111\u1ec3 bi\u1ebft m\u1ed9t c\u00f4ng ty s\u1ebd tr\u1ea3 l\u1ee3i nhu\u1eadn qua JCP hay c\u1ed5 t\u1ee9c?","answer":"B\u1ea1n c\u00f3 th\u1ec3 x\u00e1c \u0111\u1ecbnh \u0111i\u1ec1u n\u00e0y b\u1eb1ng c\u00e1ch theo d\u00f5i c\u00e1c th\u00f4ng b\u00e1o thu nh\u1eadp c\u1ee7a c\u00f4ng ty, \u0111\u01b0\u1ee3c c\u00f4ng b\u1ed1 tr\u00ean c\u00e1c trang web Quan h\u1ec7 Nh\u00e0 \u0111\u1ea7u t\u01b0 v\u00e0 trong c\u00e1c th\u00f4ng tin li\u00ean l\u1ea1c th\u1ecb tr\u01b0\u1eddng. Nh\u1eefng th\u00f4ng b\u00e1o n\u00e0y n\u00eau r\u00f5 li\u1ec7u kho\u1ea3n thanh to\u00e1n s\u1ebd \u0111\u01b0\u1ee3c th\u1ef1c hi\u1ec7n d\u01b0\u1edbi d\u1ea1ng c\u1ed5 t\u1ee9c hay JCP. Ngo\u00e0i ra, b\u1eb1ng c\u00e1ch ph\u00e2n t\u00edch l\u1ecbch s\u1eed c\u1ee7a c\u00f4ng ty, c\u00f3 th\u1ec3 x\u00e1c \u0111\u1ecbnh c\u00e1c m\u00f4 h\u00ecnh ph\u00e2n ph\u1ed1i, v\u00ec nhi\u1ec1u c\u00f4ng ty duy tr\u00ec c\u00e1c ch\u00ednh s\u00e1ch nh\u1ea5t qu\u00e1n theo th\u1eddi gian."},{"question":"JCP c\u00f3 n\u00ean \u0111\u01b0\u1ee3c xem x\u00e9t trong ph\u00e2n t\u00edch t\u1ef7 su\u1ea5t c\u1ed5 t\u1ee9c c\u1ee7a m\u1ed9t c\u1ed5 phi\u1ebfu kh\u00f4ng?","answer":"V\u00e2ng, ch\u1eafc ch\u1eafn r\u1ed3i. \u0110\u1ec3 c\u00f3 m\u1ed9t ph\u00e2n t\u00edch \u0111\u1ea7y \u0111\u1ee7 v\u00e0 c\u00f4ng b\u1eb1ng, JCP n\u00ean \u0111\u01b0\u1ee3c bao g\u1ed3m trong t\u00ednh to\u00e1n l\u1ee3i su\u1ea5t c\u1ed5 t\u1ee9c, nh\u01b0ng n\u00ean th\u1ef1c hi\u1ec7n hai ph\u00e9p t\u00ednh: l\u1ee3i su\u1ea5t g\u1ed9p (c\u1ed9ng c\u1ed5 t\u1ee9c v\u00e0 JCP theo gi\u00e1 tr\u1ecb \u0111\u00e3 c\u00f4ng b\u1ed1) v\u00e0 l\u1ee3i su\u1ea5t r\u00f2ng (xem x\u00e9t kh\u1ea5u tr\u1eeb 15% tr\u00ean JCP). L\u1ee3i su\u1ea5t r\u00f2ng cho ph\u00e9p so s\u00e1nh ch\u00ednh x\u00e1c h\u01a1n gi\u1eefa c\u00e1c c\u00f4ng ty c\u00f3 c\u1ea5u tr\u00fac th\u00f9 lao c\u1ed5 \u0111\u00f4ng kh\u00e1c nhau."},{"question":"C\u00f3 gi\u1edbi h\u1ea1n n\u00e0o v\u1ec1 s\u1ed1 ti\u1ec1n m\u00e0 m\u1ed9t c\u00f4ng ty c\u00f3 th\u1ec3 ph\u00e2n ph\u1ed1i qua JCP kh\u00f4ng?","answer":"C\u00f3, c\u00f3 c\u00e1c gi\u1edbi h\u1ea1n ph\u00e1p l\u00fd. C\u00f4ng ty c\u00f3 th\u1ec3 ph\u00e2n ph\u1ed1i d\u01b0\u1edbi d\u1ea1ng JCP s\u1ed1 ti\u1ec1n t\u01b0\u01a1ng \u1ee9ng v\u1edbi vi\u1ec7c \u00e1p d\u1ee5ng L\u00e3i su\u1ea5t D\u00e0i h\u1ea1n (TJLP) tr\u00ean v\u1ed1n ch\u1ee7 s\u1edf h\u1eefu \u0111\u00e3 \u0111i\u1ec1u ch\u1ec9nh c\u1ee7a m\u00ecnh. Ngo\u00e0i ra, JCP kh\u00f4ng th\u1ec3 v\u01b0\u1ee3t qu\u00e1 50% thu nh\u1eadp r\u00f2ng trong n\u0103m tr\u01b0\u1edbc Thu\u1ebf Thu nh\u1eadp, c\u0169ng nh\u01b0 50% l\u1ee3i nhu\u1eadn t\u00edch l\u0169y v\u00e0 qu\u1ef9 d\u1ef1 tr\u1eef l\u1ee3i nhu\u1eadn. Nh\u1eefng gi\u1edbi h\u1ea1n n\u00e0y c\u00f3 th\u1ec3 h\u1ea1n ch\u1ebf kh\u1ea3 n\u0103ng c\u1ee7a m\u1ed9t s\u1ed1 c\u00f4ng ty trong vi\u1ec7c s\u1eed d\u1ee5ng JCP nh\u01b0 c\u01a1 ch\u1ebf ph\u00e2n ph\u1ed1i ch\u00ednh."},{"question":"Nh\u1eefng thay \u0111\u1ed5i c\u00f3 th\u1ec3 x\u1ea3y ra trong lu\u1eadt thu\u1ebf c\u00f3 th\u1ec3 \u1ea3nh h\u01b0\u1edfng \u0111\u1ebfn JCP nh\u01b0 th\u1ebf n\u00e0o?","answer":"C\u00e1c \u0111\u1ec1 xu\u1ea5t c\u1ea3i c\u00e1ch thu\u1ebf th\u01b0\u1eddng bao g\u1ed3m nh\u1eefng thay \u0111\u1ed5i trong vi\u1ec7c x\u1eed l\u00fd JCP ho\u1eb7c c\u1ed5 t\u1ee9c. N\u1ebfu mi\u1ec5n tr\u1eeb c\u1ed5 t\u1ee9c b\u1ecb thu h\u1ed3i, s\u1ef1 ch\u00eanh l\u1ec7ch thu\u1ebf gi\u1eefa hai c\u01a1 ch\u1ebf c\u00f3 th\u1ec3 gi\u1ea3m ho\u1eb7c bi\u1ebfn m\u1ea5t. M\u1eb7t kh\u00e1c, vi\u1ec7c lo\u1ea1i b\u1ecf JCP s\u1ebd l\u00e0m t\u0103ng g\u00e1nh n\u1eb7ng thu\u1ebf l\u00ean c\u00e1c c\u00f4ng ty, c\u00f3 th\u1ec3 l\u00e0m gi\u1ea3m t\u1ed5ng gi\u00e1 tr\u1ecb c\u00f3 s\u1eb5n \u0111\u1ec3 ph\u00e2n ph\u1ed1i. \u0110i\u1ec1u quan tr\u1ecdng l\u00e0 theo d\u00f5i c\u00e1c cu\u1ed9c th\u1ea3o lu\u1eadn l\u1eadp ph\u00e1p v\u00e0 \u0111a d\u1ea1ng h\u00f3a \u0111\u1ea7u t\u01b0 \u0111\u1ec3 gi\u1ea3m thi\u1ec3u r\u1ee7i ro quy \u0111\u1ecbnh."}]}},"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>JCP trong c\u1ed5 phi\u1ebfu l\u00e0 g\u00ec: H\u01b0\u1edbng d\u1eabn \u0111\u1ea7y \u0111\u1ee7 \u0111\u1ec3 t\u1ed1i \u0111a h\u00f3a c\u1ed5 t\u1ee9c c\u1ee7a b\u1ea1n<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" 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