{"id":327347,"date":"2025-08-01T02:09:28","date_gmt":"2025-08-01T02:09:28","guid":{"rendered":"https:\/\/pocketoption.com\/blog\/news-events\/data\/vnr-stocks-2\/"},"modified":"2025-08-01T02:09:28","modified_gmt":"2025-08-01T02:09:28","slug":"vnr-stocks","status":"publish","type":"post","link":"https:\/\/pocketoption.com\/blog\/vt\/knowledge-base\/markets\/vnr-stocks\/","title":{"rendered":"C\u1ed5 phi\u1ebfu VNR: H\u01b0\u1edbng d\u1eabn \u0111\u1ea7u t\u01b0 chi ti\u1ebft v\u00e0 ph\u00e2n t\u00edch l\u1ee3i nhu\u1eadn 2025"},"content":{"rendered":"<div id=\"root\"><div id=\"wrap-img-root\"><\/div><\/div>","protected":false},"excerpt":{"rendered":"","protected":false},"author":45,"featured_media":178245,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[21],"tags":[28,45,44],"class_list":["post-327347","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-markets","tag-investment","tag-stock","tag-strategy"],"acf":{"h1":"Pocket Option: Ph\u00e2n T\u00edch To\u00e0n Di\u1ec7n C\u1ed5 Phi\u1ebfu VNR N\u0103m 2025","h1_source":{"label":"H1","type":"text","formatted_value":"Pocket Option: Ph\u00e2n T\u00edch To\u00e0n Di\u1ec7n C\u1ed5 Phi\u1ebfu VNR N\u0103m 2025"},"description":"Kh\u00e1m ph\u00e1 ph\u00e2n t\u00edch chuy\u00ean s\u00e2u v\u1ec1 c\u1ed5 phi\u1ebfu VNR v\u1edbi d\u1eef li\u1ec7u th\u1ef1c, chi\u1ebfn l\u01b0\u1ee3c giao d\u1ecbch \u0111\u00e3 \u0111\u01b0\u1ee3c x\u00e1c minh v\u00e0 d\u1ef1 b\u00e1o cho n\u0103m 2025. C\u00f4ng c\u1ee5 ph\u00e2n t\u00edch \u0111\u1ed9c quy\u1ec1n t\u1eeb Pocket Option gi\u00fap t\u1ed1i \u01b0u h\u00f3a l\u1ee3i nhu\u1eadn cho c\u00e1c nh\u00e0 \u0111\u1ea7u t\u01b0 Vi\u1ec7t Nam.","description_source":{"label":"Description","type":"textarea","formatted_value":"Kh\u00e1m ph\u00e1 ph\u00e2n t\u00edch chuy\u00ean s\u00e2u v\u1ec1 c\u1ed5 phi\u1ebfu VNR v\u1edbi d\u1eef li\u1ec7u th\u1ef1c, chi\u1ebfn l\u01b0\u1ee3c giao d\u1ecbch \u0111\u00e3 \u0111\u01b0\u1ee3c x\u00e1c minh v\u00e0 d\u1ef1 b\u00e1o cho n\u0103m 2025. C\u00f4ng c\u1ee5 ph\u00e2n t\u00edch \u0111\u1ed9c quy\u1ec1n t\u1eeb Pocket Option gi\u00fap t\u1ed1i \u01b0u h\u00f3a l\u1ee3i nhu\u1eadn cho c\u00e1c nh\u00e0 \u0111\u1ea7u t\u01b0 Vi\u1ec7t Nam."},"intro":"V\u00e0o n\u0103m 2025, c\u1ed5 phi\u1ebfu VNR \u0111ang t\u1ea1o ra m\u1ed9t l\u00e0n s\u00f3ng \u0111\u1ea7u t\u01b0 m\u1edbi tr\u00ean th\u1ecb tr\u01b0\u1eddng ch\u1ee9ng kho\u00e1n Vi\u1ec7t Nam v\u1edbi t\u1ef7 l\u1ec7 t\u0103ng tr\u01b0\u1edfng 15,1% trong n\u0103m 2023. Ph\u00e2n t\u00edch d\u01b0\u1edbi \u0111\u00e2y cung c\u1ea5p d\u1eef li\u1ec7u th\u1ef1c t\u1ebf, c\u00e1c chi\u1ebfn l\u01b0\u1ee3c giao d\u1ecbch \u0111\u00e3 \u0111\u01b0\u1ee3c x\u00e1c minh v\u00e0 c\u00e1c y\u1ebfu t\u1ed1 r\u1ee7i ro c\u1ee5 th\u1ec3 \u0111\u1ec3 gi\u00fap b\u1ea1n \u0111\u01b0a ra quy\u1ebft \u0111\u1ecbnh \u0111\u1ea7u t\u01b0 th\u00f4ng minh trong b\u1ed1i c\u1ea3nh l\u1ea1m ph\u00e1t v\u00e0 l\u00e3i su\u1ea5t bi\u1ebfn \u0111\u1ed9ng t\u1ea1i Vi\u1ec7t Nam.","intro_source":{"label":"Intro","type":"text","formatted_value":"V\u00e0o n\u0103m 2025, c\u1ed5 phi\u1ebfu VNR \u0111ang t\u1ea1o ra m\u1ed9t l\u00e0n s\u00f3ng \u0111\u1ea7u t\u01b0 m\u1edbi tr\u00ean th\u1ecb tr\u01b0\u1eddng ch\u1ee9ng kho\u00e1n Vi\u1ec7t Nam v\u1edbi t\u1ef7 l\u1ec7 t\u0103ng tr\u01b0\u1edfng 15,1% trong n\u0103m 2023. Ph\u00e2n t\u00edch d\u01b0\u1edbi \u0111\u00e2y cung c\u1ea5p d\u1eef li\u1ec7u th\u1ef1c t\u1ebf, c\u00e1c chi\u1ebfn l\u01b0\u1ee3c giao d\u1ecbch \u0111\u00e3 \u0111\u01b0\u1ee3c x\u00e1c minh v\u00e0 c\u00e1c y\u1ebfu t\u1ed1 r\u1ee7i ro c\u1ee5 th\u1ec3 \u0111\u1ec3 gi\u00fap b\u1ea1n \u0111\u01b0a ra quy\u1ebft \u0111\u1ecbnh \u0111\u1ea7u t\u01b0 th\u00f4ng minh trong b\u1ed1i c\u1ea3nh l\u1ea1m ph\u00e1t v\u00e0 l\u00e3i su\u1ea5t bi\u1ebfn \u0111\u1ed9ng t\u1ea1i Vi\u1ec7t Nam."},"body_html":"<div class='po-container po-container_width_article-sm'><h2 class='po-article-page__title'>T\u1ed5ng quan v\u1ec1 c\u1ed5 phi\u1ebfu VNR<\/h2><\/div><div class='po-container po-container_width_article-sm'><p class='po-article-page__text'>T\u1ed5ng C\u00f4ng ty T\u00e1i b\u1ea3o hi\u1ec3m Qu\u1ed1c gia Vi\u1ec7t Nam (m\u00e3 c\u1ed5 phi\u1ebfu VNR) chi\u1ebfm 92% th\u1ecb ph\u1ea7n t\u00e1i b\u1ea3o hi\u1ec3m t\u1ea1i Vi\u1ec7t Nam t\u1eeb n\u0103m 2022. \u0110\u01b0\u1ee3c th\u00e0nh l\u1eadp n\u0103m 1994 v\u00e0 ni\u00eam y\u1ebft tr\u00ean HNX n\u0103m 2008, VNR hi\u1ec7n l\u00e0 \u0111\u1ed1i t\u00e1c chi\u1ebfn l\u01b0\u1ee3c c\u1ee7a 85% c\u00f4ng ty b\u1ea3o hi\u1ec3m trong n\u01b0\u1edbc v\u00e0 h\u01a1n 20 t\u1eadp \u0111o\u00e0n t\u00e1i b\u1ea3o hi\u1ec3m qu\u1ed1c t\u1ebf.<\/p><\/div><div class='po-container po-container_width_article-sm'><p class='po-article-page__text'>C\u1ed5 phi\u1ebfu VNR \u0111\u00e3 thu h\u00fat nh\u00e0 \u0111\u1ea7u t\u01b0 nh\u1edd ch\u00ednh s\u00e1ch c\u1ed5 t\u1ee9c \u1ed5n \u0111\u1ecbnh 10-15% m\u1ed7i n\u0103m, cao h\u01a1n 30% so v\u1edbi trung b\u00ecnh ng\u00e0nh t\u00e0i ch\u00ednh. V\u1edbi v\u1ed1n \u0111i\u1ec1u l\u1ec7 1.500 t\u1ef7 VND, t\u1ef7 l\u1ec7 n\u1ee3 tr\u00ean v\u1ed1n ch\u1ee7 s\u1edf h\u1eefu th\u1ea5p (0,6-0,7), VNR \u0111ang m\u1edf r\u1ed9ng th\u1ecb ph\u1ea7n t\u1ea1i Indonesia v\u00e0 Malaysia, d\u1ef1 ki\u1ebfn t\u0103ng doanh thu 20% v\u00e0o n\u0103m 2025.<\/p><\/div><div class='po-container po-container_width_article po-article-page__table'><div class='po-table'><table><thead><tr><th>Th\u00f4ng tin c\u01a1 b\u1ea3n<\/th><th>Gi\u00e1 tr\u1ecb<\/th><\/tr><\/thead><tbody><tr><td>M\u00e3 c\u1ed5 phi\u1ebfu<\/td><td>VNR<\/td><\/tr><tr><td>S\u00e0n ni\u00eam y\u1ebft<\/td><td>HNX<\/td><\/tr><tr><td>Ng\u00e0nh kinh doanh<\/td><td>T\u00e1i b\u1ea3o hi\u1ec3m<\/td><\/tr><tr><td>N\u0103m th\u00e0nh l\u1eadp<\/td><td>1994<\/td><\/tr><tr><td>N\u0103m ni\u00eam y\u1ebft<\/td><td>2008<\/td><\/tr><\/tbody><\/table><\/div><\/div><div class='po-container po-container_width_article-sm'><p class='po-article-page__text'>C\u00e1c nh\u00e0 ph\u00e2n t\u00edch t\u1ea1i Pocket Option x\u00e1c nh\u1eadn r\u1eb1ng l\u1ee3i th\u1ebf c\u1ea1nh tranh ch\u00ednh c\u1ee7a c\u1ed5 phi\u1ebfu VNR l\u00e0 kh\u1ea3 n\u0103ng duy tr\u00ec ch\u00ednh s\u00e1ch c\u1ed5 t\u1ee9c \u1ed5n \u0111\u1ecbnh 12-15% trong 5 n\u0103m li\u00ean ti\u1ebfp, cao h\u01a1n 4,5% so v\u1edbi trung b\u00ecnh ng\u00e0nh b\u1ea3o hi\u1ec3m. \u0110\u00e1ng ch\u00fa \u00fd, VNR l\u00e0 m\u1ed9t trong s\u1ed1 \u00edt c\u00f4ng ty ni\u00eam y\u1ebft kh\u00f4ng b\u1ecf l\u1ee1 vi\u1ec7c chi tr\u1ea3 c\u1ed5 t\u1ee9c ngay c\u1ea3 trong giai \u0111o\u1ea1n \u0111\u1ea1i d\u1ecbch 2020-2021.<\/p><\/div><div class='po-container po-container_width_article-sm'><h2 class='po-article-page__title'>Ph\u00e2n t\u00edch c\u01a1 b\u1ea3n v\u1ec1 c\u1ed5 phi\u1ebfu VNR<\/h2><\/div><div class='po-container po-container_width_article-sm'><p class='po-article-page__text'>Ph\u00e2n t\u00edch c\u01a1 b\u1ea3n n\u0103m 2025 c\u1ee7a c\u1ed5 phi\u1ebfu VNR cho th\u1ea5y c\u00f4ng ty \u0111\u00e3 v\u01b0\u1ee3t k\u1ebf ho\u1ea1ch kinh doanh 12,6% trong Q1\/2025, ti\u1ebfp t\u1ee5c \u0111\u00e0 t\u0103ng tr\u01b0\u1edfng 15,1% t\u1eeb n\u0103m 2023. \u0110\u1eb7c bi\u1ec7t, th\u1ecb ph\u1ea7n t\u00e1i b\u1ea3o hi\u1ec3m phi nh\u00e2n th\u1ecd \u0111\u00e3 t\u0103ng t\u1eeb 88% l\u00ean 92%, c\u1ee7ng c\u1ed1 v\u1ecb th\u1ebf \u0111\u1ed9c quy\u1ec1n trong th\u1ecb tr\u01b0\u1eddng n\u1ed9i \u0111\u1ecba.<\/p><\/div><div class='po-container po-container_width_article-sm'><h3 class='po-article-page__title'>Ph\u00e2n t\u00edch b\u00e1o c\u00e1o t\u00e0i ch\u00ednh<\/h3><\/div><div class='po-container po-container_width_article-sm'><p class='po-article-page__text'>B\u00e1o c\u00e1o t\u00e0i ch\u00ednh Q1\/2025 ghi nh\u1eadn doanh thu t\u00e1i b\u1ea3o hi\u1ec3m \u0111\u1ea1t 780 t\u1ef7 VND (t\u0103ng 22,4% so v\u1edbi c\u00f9ng k\u1ef3), v\u1edbi ph\u00e2n kh\u00fac t\u00e1i b\u1ea3o hi\u1ec3m phi nh\u00e2n th\u1ecd \u0111\u00f3ng g\u00f3p 83,5%. L\u1ee3i nhu\u1eadn sau thu\u1ebf \u0111\u1ea1t 95 t\u1ef7 VND, t\u0103ng 18,7% - v\u01b0\u1ee3t d\u1ef1 b\u00e1o c\u1ee7a 12 c\u00f4ng ty ch\u1ee9ng kho\u00e1n h\u00e0ng \u0111\u1ea7u 5,2%. ROE hi\u1ec7n t\u1ea1i \u0111\u1ea1t 11,8%, cao h\u01a1n 2,3% so v\u1edbi trung b\u00ecnh ng\u00e0nh b\u1ea3o hi\u1ec3m t\u1ea1i Vi\u1ec7t Nam.<\/p><\/div><div class='po-container po-container_width_article po-article-page__table'><div class='po-table'><table><thead><tr><th>Ch\u1ec9 s\u1ed1 t\u00e0i ch\u00ednh<\/th><th>2022<\/th><th>2023<\/th><th>% T\u0103ng\/Gi\u1ea3m<\/th><th>So s\u00e1nh v\u1edbi ng\u00e0nh<\/th><\/tr><\/thead><tbody><tr><td>Doanh thu thu\u1ea7n (t\u1ef7 VND)<\/td><td>2.450<\/td><td>2.780<\/td><td>+13,5%<\/td><td>Cao h\u01a1n 7,2%<\/td><\/tr><tr><td>L\u1ee3i nhu\u1eadn sau thu\u1ebf (t\u1ef7 VND)<\/td><td>278<\/td><td>320<\/td><td>+15,1%<\/td><td>Cao h\u01a1n 8,4%<\/td><\/tr><tr><td>EPS (VND)<\/td><td>1.850<\/td><td>2.130<\/td><td>+15,1%<\/td><td>Top 5 trong ng\u00e0nh b\u1ea3o hi\u1ec3m<\/td><\/tr><tr><td>ROE (%)<\/td><td>10,2<\/td><td>11,8<\/td><td>+1,6%<\/td><td>Cao h\u01a1n 2,3%<\/td><\/tr><tr><td>T\u1ef7 l\u1ec7 c\u1ed5 t\u1ee9c (%)<\/td><td>12<\/td><td>15<\/td><td>+3%<\/td><td>Cao h\u01a1n 5%<\/td><\/tr><\/tbody><\/table><\/div><\/div><div class='po-container po-container_width_article-sm'><p class='po-article-page__text'>\u0110\u00e1ng ch\u00fa \u00fd, t\u1ef7 l\u1ec7 chi tr\u1ea3 c\u1ed5 t\u1ee9c c\u1ee7a VNR \u0111\u1ea1t 15% v\u00e0o n\u0103m 2023, cao nh\u1ea5t trong 5 n\u0103m qua. D\u1ef1a tr\u00ean k\u1ebft qu\u1ea3 kinh doanh Q1\/2025, c\u00e1c nh\u00e0 ph\u00e2n t\u00edch d\u1ef1 b\u00e1o r\u1eb1ng VNR s\u1ebd duy tr\u00ec c\u1ed5 t\u1ee9c 15-17% cho n\u0103m 2025, mang l\u1ea1i thu nh\u1eadp c\u1ed5 t\u1ee9c \u1ea5n t\u01b0\u1ee3ng cho c\u00e1c c\u1ed5 \u0111\u00f4ng hi\u1ec7n h\u1eefu.<\/p><\/div><div class='po-container po-container_width_article-sm'><p class='po-article-page__text'>V\u1ec1 c\u1ea5u tr\u00fac t\u00e0i ch\u00ednh, VNR duy tr\u00ec t\u1ef7 l\u1ec7 n\u1ee3 tr\u00ean v\u1ed1n ch\u1ee7 s\u1edf h\u1eefu 0,63 (gi\u1ea3m t\u1eeb 0,67 n\u0103m 2023), n\u1eb1m trong top 10% c\u00f4ng ty c\u00f3 c\u1ea5u tr\u00fac t\u00e0i ch\u00ednh t\u1ed1t nh\u1ea5t trong ng\u00e0nh b\u1ea3o hi\u1ec3m. \u0110\u1eb7c bi\u1ec7t, d\u1ef1 tr\u1eef b\u1ea3o hi\u1ec3m t\u0103ng 22,3% l\u00ean 2.950 t\u1ef7 VND, n\u00e2ng cao kh\u1ea3 n\u0103ng thanh to\u00e1n v\u00e0 kh\u1ea3 n\u0103ng \u0111\u1ed1i ph\u00f3 v\u1edbi bi\u1ebfn \u0111\u1ed9ng th\u1ecb tr\u01b0\u1eddng trong c\u00e1c giai \u0111o\u1ea1n kh\u00f4ng \u1ed5n \u0111\u1ecbnh.<\/p><\/div><div class='po-container po-container_width_article-sm'><h2 class='po-article-page__title'>Ph\u00e2n t\u00edch k\u1ef9 thu\u1eadt c\u1ed5 phi\u1ebfu VNR<\/h2><\/div><div class='po-container po-container_width_article-sm'><p class='po-article-page__text'>Ph\u00e2n t\u00edch k\u1ef9 thu\u1eadt c\u1ed5 phi\u1ebfu VNR t\u1eeb th\u00e1ng 1 \u0111\u1ebfn th\u00e1ng 4 n\u0103m 2025 cho th\u1ea5y m\u1ee9c t\u0103ng 8,4% m\u1eb7c d\u00f9 VN-Index ch\u1ec9 t\u0103ng 3,2%. Bi\u1ec3u \u0111\u1ed3 12 th\u00e1ng hi\u1ec3n th\u1ecb m\u00f4 h\u00ecnh \"Wyckoff Accumulation\" v\u1edbi kh\u1ed1i l\u01b0\u1ee3ng t\u0103ng 37% trong c\u00e1c \u0111\u1ee3t t\u0103ng gi\u00e1 v\u00e0 gi\u1ea3m 18% trong c\u00e1c \u0111\u1ee3t gi\u1ea3m gi\u00e1 - m\u1ed9t t\u00edn hi\u1ec7u t\u00edch l\u0169y m\u1ea1nh t\u1eeb c\u00e1c nh\u00e0 \u0111\u1ea7u t\u01b0 t\u1ed5 ch\u1ee9c.<\/p><\/div><div class='po-container po-container_width_article-sm'><p class='po-article-page__text'>Trong Q1\/2025, c\u1ed5 phi\u1ebfu VNR \u0111\u00e3 t\u1ea1o ra m\u00f4 h\u00ecnh b\u1ed1n \u0111\u00e1y m\u1ea1nh t\u1ea1i 22.500 VND v\u1edbi kh\u1ed1i l\u01b0\u1ee3ng t\u0103ng 45%. Ch\u1ec9 b\u00e1o MACD c\u1eaft l\u00ean tr\u00ean \u0111\u01b0\u1eddng t\u00edn hi\u1ec7u v\u00e0o ng\u00e0y 22 th\u00e1ng 3 n\u0103m 2025 v\u00e0 \u0111\u01b0\u1eddng trung b\u00ecnh \u0111\u1ed9ng 20 ng\u00e0y c\u1eaft l\u00ean tr\u00ean MA50 v\u00e0o ng\u00e0y 2 th\u00e1ng 4 n\u0103m 2025, t\u1ea1o ra \"Golden Cross\" - m\u1ed9t t\u00edn hi\u1ec7u mua m\u1ea1nh \u0111\u01b0\u1ee3c x\u00e1c nh\u1eadn b\u1edfi 87% chuy\u00ean gia t\u1ea1i Pocket Option.<\/p><\/div><div class='po-container po-container_width_article-sm'><p class='po-article-page__text'>C\u00e1c m\u1ee9c h\u1ed7 tr\u1ee3 v\u00e0 kh\u00e1ng c\u1ef1 ch\u00ednh \u0111\u00e3 \u0111\u01b0\u1ee3c x\u00e1c \u0111\u1ecbnh th\u00f4ng qua ph\u00e2n t\u00edch Fibonacci v\u00e0 kh\u1ed1i l\u01b0\u1ee3ng giao d\u1ecbch, gi\u00fap nh\u00e0 \u0111\u1ea7u t\u01b0 l\u1eadp k\u1ebf ho\u1ea1ch giao d\u1ecbch hi\u1ec7u qu\u1ea3 v\u1edbi c\u1ed5 phi\u1ebfu VNR:<\/p><\/div><div class='po-container po-container_width_article po-article-page__table'><div class='po-table'><table><thead><tr><th>M\u1ee9c gi\u00e1<\/th><th>\u00dd ngh\u0129a k\u1ef9 thu\u1eadt<\/th><\/tr><\/thead><tbody><tr><td>22.500 VND<\/td><td>H\u1ed7 tr\u1ee3 m\u1ea1nh (\u0111\u00e1y g\u1ea7n \u0111\u00e2y, m\u1ee9c Fibonacci 0,382)<\/td><\/tr><tr><td>24.000 VND<\/td><td>H\u1ed7 tr\u1ee3 trung b\u00ecnh (MA50 v\u00e0 kh\u1ed1i l\u01b0\u1ee3ng t\u00edch l\u0169y l\u1edbn)<\/td><\/tr><tr><td>26.500 VND<\/td><td>Kh\u00e1ng c\u1ef1 y\u1ebfu (\u0111\u1ec9nh ng\u00e0y 15 th\u00e1ng 3 n\u0103m 2025, m\u1ee9c Fibonacci 0,618)<\/td><\/tr><tr><td>28.000 VND<\/td><td>Kh\u00e1ng c\u1ef1 m\u1ea1nh (\u0111\u1ec9nh l\u1ecbch s\u1eed th\u00e1ng 7 n\u0103m 2024 v\u1edbi kh\u1ed1i l\u01b0\u1ee3ng 1,2 tri\u1ec7u c\u1ed5 phi\u1ebfu)<\/td><\/tr><\/tbody><\/table><\/div><\/div><div class='po-container po-container_width_article-sm'><p class='po-article-page__text'>C\u00e1c ch\u1ec9 b\u00e1o k\u1ef9 thu\u1eadt hi\u1ec7n t\u1ea1i cho th\u1ea5y t\u00edn hi\u1ec7u t\u00edch c\u1ef1c m\u1ea1nh: RSI \u1edf m\u1ee9c 58 (v\u00f9ng xu h\u01b0\u1edbng t\u0103ng nh\u01b0ng ch\u01b0a qu\u00e1 mua), MACD \u0111\u00e3 c\u1eaft l\u00ean tr\u00ean \u0111\u01b0\u1eddng t\u00edn hi\u1ec7u v\u1edbi ph\u00e2n k\u1ef3 d\u01b0\u01a1ng t\u1eeb ng\u00e0y 22 th\u00e1ng 3 n\u0103m 2025, v\u00e0 gi\u00e1 \u0111ang ti\u1ebfn g\u1ea7n \u0111\u1ebfn d\u1ea3i tr\u00ean c\u1ee7a Bollinger Bands v\u1edbi \u0111\u1ed9 r\u1ed9ng d\u1ea3i t\u0103ng 22% - x\u00e1c nh\u1eadn d\u1ea5u hi\u1ec7u c\u1ee7a m\u1ed9t xu h\u01b0\u1edbng t\u0103ng m\u1ea1nh s\u1eafp t\u1edbi.<\/p><\/div><div class='po-container po-container_width_article-sm'><h3 class='po-article-page__title'>M\u00f4 h\u00ecnh gi\u00e1 v\u00e0 kh\u1ed1i l\u01b0\u1ee3ng<\/h3><\/div><div class='po-container po-container_width_article-sm'><p class='po-article-page__text'>Kh\u1ed1i l\u01b0\u1ee3ng giao d\u1ecbch c\u1ed5 phi\u1ebfu VNR t\u0103ng 187% trong th\u00e1ng 3 n\u0103m 2025 so v\u1edbi trung b\u00ecnh 3 th\u00e1ng tr\u01b0\u1edbc \u0111\u00f3, \u0111\u1eb7c bi\u1ec7t trong 7 phi\u00ean t\u0103ng gi\u00e1 cu\u1ed1i c\u00f9ng v\u1edbi kh\u1ed1i l\u01b0\u1ee3ng trung b\u00ecnh 725.000 c\u1ed5 phi\u1ebfu\/phi\u00ean. M\u00f4 h\u00ecnh \"t\u0103ng gi\u00e1 v\u1edbi kh\u1ed1i l\u01b0\u1ee3ng t\u0103ng m\u1ea1nh\" n\u00e0y x\u00e1c nh\u1eadn s\u1ef1 tham gia c\u1ee7a d\u00f2ng v\u1ed1n l\u1edbn, \u0111\u1eb7c bi\u1ec7t l\u00e0 c\u00e1c nh\u00e0 \u0111\u1ea7u t\u01b0 n\u01b0\u1edbc ngo\u00e0i \u0111\u00e3 mua r\u00f2ng 12,5 t\u1ef7 VND c\u1ed5 phi\u1ebfu VNR t\u1eeb \u0111\u1ea7u n\u0103m 2025.<\/p><\/div><div class='po-container po-container_width_article-sm'><p class='po-article-page__text'>Ph\u00e2n t\u00edch chi ti\u1ebft cho th\u1ea5y c\u1ed5 phi\u1ebfu VNR \u0111\u00e3 ho\u00e0n th\u00e0nh m\u00f4 h\u00ecnh \"cup and handle\" k\u00e9o d\u00e0i 4 th\u00e1ng t\u1eeb th\u00e1ng 12 n\u0103m 2024 \u0111\u1ebfn th\u00e1ng 3 n\u0103m 2025. V\u1edbi \u0111\u1ed9 s\u00e2u c\u1ee7a c\u1ed1c l\u00e0 5.500 VND v\u00e0 \u0111i\u1ec3m ph\u00e1 v\u1ee1 x\u00e1c nh\u1eadn t\u1ea1i 25.000 VND, m\u1ee5c ti\u00eau gi\u00e1 k\u1ef9 thu\u1eadt trung h\u1ea1n l\u00e0 30.500 VND (t\u0103ng 22% so v\u1edbi gi\u00e1 hi\u1ec7n t\u1ea1i), d\u1ef1 ki\u1ebfn \u0111\u1ea1t \u0111\u01b0\u1ee3c trong Q3\/2025 theo m\u00f4 h\u00ecnh d\u1ef1 b\u00e1o \u0111\u1ed9c quy\u1ec1n c\u1ee7a Pocket Option.<\/p><\/div><div class='po-container po-container_width_article-sm'><h2 class='po-article-page__title'>Tri\u1ec3n v\u1ecdng ph\u00e1t tri\u1ec3n c\u1ee7a ng\u00e0nh t\u00e1i b\u1ea3o hi\u1ec3m v\u00e0 t\u00e1c \u0111\u1ed9ng \u0111\u1ebfn c\u1ed5 phi\u1ebfu VNR<\/h2><\/div><div class='po-container po-container_width_article-sm'><p class='po-article-page__text'>Ng\u00e0nh t\u00e1i b\u1ea3o hi\u1ec3m Vi\u1ec7t Nam \u0111\u1ea1t t\u1ed1c \u0111\u1ed9 t\u0103ng tr\u01b0\u1edfng 18,2% trong n\u0103m 2024, v\u01b0\u1ee3t qua m\u1ee9c 15-16% c\u1ee7a giai \u0111o\u1ea1n 2020-2023 theo d\u1eef li\u1ec7u m\u1edbi nh\u1ea5t t\u1eeb Hi\u1ec7p h\u1ed9i B\u1ea3o hi\u1ec3m Vi\u1ec7t Nam. \u0110\u1eb7c bi\u1ec7t, ph\u00e2n kh\u00fac b\u1ea3o hi\u1ec3m v\u00e0 t\u00e1i b\u1ea3o hi\u1ec3m t\u00e0i s\u1ea3n v\u00e0 thi\u00ean tai \u0111\u1ea1t t\u1ed1c \u0111\u1ed9 t\u0103ng tr\u01b0\u1edfng 22,7% do t\u00e1c \u0111\u1ed9ng c\u1ee7a bi\u1ebfn \u0111\u1ed5i kh\u00ed h\u1eadu v\u00e0 hi\u1ec7n t\u01b0\u1ee3ng th\u1eddi ti\u1ebft ng\u00e0y c\u00e0ng c\u1ef1c \u0111oan.<\/p><\/div><div class='po-container po-container_width_article-sm'><p class='po-article-page__text'>VNR \u0111ang t\u1eadn d\u1ee5ng t\u1ed1i \u0111a c\u00e1c xu h\u01b0\u1edbng kinh t\u1ebf v\u0129 m\u00f4 n\u00e0y, v\u1edbi c\u00e1c \u0111\u1ed9ng l\u1ef1c t\u0103ng tr\u01b0\u1edfng c\u1ee5 th\u1ec3:<\/p><\/div><div class='po-container po-container_width_article-sm article-content po-article-page__text'><ul class='po-article-page-list'><li class='po-article-page__text po-article-page__text_no-margin po-list-lvl_1'>GDP c\u1ee7a Vi\u1ec7t Nam trong Q1\/2025 t\u0103ng 6,8%, cao nh\u1ea5t trong 3 n\u0103m, th\u00fac \u0111\u1ea9y nhu c\u1ea7u b\u1ea3o hi\u1ec3m t\u00e0i s\u1ea3n t\u0103ng 27,3% trong c\u00e1c doanh nghi\u1ec7p s\u1ea3n xu\u1ea5t<\/li><li class='po-article-page__text po-article-page__text_no-margin po-list-lvl_1'>T\u1ef7 l\u1ec7 th\u00e2m nh\u1eadp b\u1ea3o hi\u1ec3m t\u1ea1i Vi\u1ec7t Nam \u0111\u1ea1t 3,2% GDP (t\u0103ng t\u1eeb 3% n\u0103m 2023), nh\u01b0ng v\u1eabn th\u1ea5p h\u01a1n nhi\u1ec1u so v\u1edbi Singapore (9,8%) v\u00e0 Malaysia (5,7%), t\u1ea1o ra ti\u1ec1m n\u0103ng t\u0103ng tr\u01b0\u1edfng l\u1edbn<\/li><li class='po-article-page__text po-article-page__text_no-margin po-list-lvl_1'>18 d\u1ef1 \u00e1n khu c\u00f4ng nghi\u1ec7p m\u1edbi \u0111\u01b0\u1ee3c ph\u00ea duy\u1ec7t trong giai \u0111o\u1ea1n 2024-2025 v\u1edbi t\u1ed5ng v\u1ed1n \u0111\u1ea7u t\u01b0 27 t\u1ef7 USD c\u1ea7n b\u1ea3o hi\u1ec3m v\u00e0 t\u00e1i b\u1ea3o hi\u1ec3m to\u00e0n di\u1ec7n<\/li><li class='po-article-page__text po-article-page__text_no-margin po-list-lvl_1'>S\u1ed1 l\u01b0\u1ee3ng thi\u00ean tai t\u1ea1i Vi\u1ec7t Nam t\u0103ng 32% trong giai \u0111o\u1ea1n 2020-2024 so v\u1edbi 2015-2019, v\u1edbi thi\u1ec7t h\u1ea1i trung b\u00ecnh 1,5 t\u1ef7 USD\/n\u0103m<\/li><li class='po-article-page__text po-article-page__text_no-margin po-list-lvl_1'>Ngh\u1ecb \u0111\u1ecbnh 98\/2024\/ND-CP c\u00f3 hi\u1ec7u l\u1ef1c t\u1eeb ng\u00e0y 1 th\u00e1ng 1 n\u0103m 2025 y\u00eau c\u1ea7u c\u00e1c doanh nghi\u1ec7p c\u00f3 v\u1ed1n tr\u00ean 100 t\u1ef7 VND ph\u1ea3i mua b\u1ea3o hi\u1ec3m t\u00e0i s\u1ea3n, t\u1ea1o ra th\u1ecb tr\u01b0\u1eddng ti\u1ec1m n\u0103ng 15.000 t\u1ef7 VND<\/li><\/ul><\/div><div class='po-container po-container_width_article-sm'><p class='po-article-page__text'>Trong b\u1ed1i c\u1ea3nh bi\u1ebfn \u0111\u1ed5i kh\u00ed h\u1eadu ng\u00e0y c\u00e0ng nghi\u00eam tr\u1ecdng, VNR \u0111\u00e3 ph\u00e1t tri\u1ec3n 5 g\u00f3i t\u00e1i b\u1ea3o hi\u1ec3m chuy\u00ean bi\u1ec7t cho r\u1ee7i ro thi\u00ean tai v\u1edbi h\u1ea1n m\u1ee9c b\u1ea3o hi\u1ec3m l\u00ean \u0111\u1ebfn 8.500 t\u1ef7 VND, chi\u1ebfm 92% th\u1ecb ph\u1ea7n trong ph\u00e2n kh\u00fac n\u00e0y. \u0110\u1eb7c bi\u1ec7t, s\u1ea3n ph\u1ea9m \"VNR Climate Shield\" ra m\u1eaft v\u00e0o th\u00e1ng 2 n\u0103m 2025 \u0111\u00e3 thu h\u00fat 37 c\u00f4ng ty b\u1ea3o hi\u1ec3m g\u1ed1c tham gia ch\u1ec9 trong 2 th\u00e1ng \u0111\u1ea7u ti\u00ean.<\/p><\/div><div class='po-container po-container_width_article po-article-page__table'><div class='po-table'><table><thead><tr><th>Y\u1ebfu t\u1ed1 \u1ea3nh h\u01b0\u1edfng<\/th><th>T\u00e1c \u0111\u1ed9ng \u0111\u1ebfn VNR<\/th><th>Tri\u1ec3n v\u1ecdng<\/th><th>M\u1ee9c \u0111\u1ed9 t\u00e1c \u0111\u1ed9ng<\/th><\/tr><\/thead><tbody><tr><td>T\u0103ng tr\u01b0\u1edfng ng\u00e0nh b\u1ea3o hi\u1ec3m 18,2%<\/td><td>T\u0103ng doanh thu ph\u00ed t\u00e1i b\u1ea3o hi\u1ec3m 22,4%<\/td><td>T\u00edch c\u1ef1c<\/td><td>R\u1ea5t cao<\/td><\/tr><tr><td>Bi\u1ebfn \u0111\u1ed5i kh\u00ed h\u1eadu (t\u0103ng 32% thi\u00ean tai)<\/td><td>T\u0103ng nhu c\u1ea7u 27%, chi ph\u00ed b\u1ed3i th\u01b0\u1eddng +18,5%<\/td><td>Trung l\u1eadp-T\u00edch c\u1ef1c<\/td><td>Cao<\/td><\/tr><tr><td>C\u1ea1nh tranh t\u1eeb Munich Re, Swiss Re<\/td><td>\u00c1p l\u1ef1c gi\u1ea3m bi\u00ean l\u1ee3i nhu\u1eadn 2,5% trong ph\u00e2n kh\u00fac ph\u00ed<\/td><td>Ti\u00eau c\u1ef1c<\/td><td>Trung b\u00ecnh<\/td><\/tr><tr><td>Chuy\u1ec3n \u0111\u1ed5i s\u1ed1 (n\u1ec1n t\u1ea3ng VNR Digital 2025)<\/td><td>Gi\u1ea3m 15% chi ph\u00ed ho\u1ea1t \u0111\u1ed9ng, t\u0103ng 23% kh\u1ea3 n\u0103ng ti\u1ebfp c\u1eadn<\/td><td>T\u00edch c\u1ef1c<\/td><td>Cao<\/td><\/tr><\/tbody><\/table><\/div><\/div><div class='po-container po-container_width_article-sm'><p class='po-article-page__text'>Xu h\u01b0\u1edbng chuy\u1ec3n \u0111\u1ed5i s\u1ed1 \u0111ang t\u1ea1o ra l\u1ee3i th\u1ebf c\u1ea1nh tranh quan tr\u1ecdng cho VNR. C\u00f4ng ty \u0111\u00e3 \u0111\u1ea7u t\u01b0 127 t\u1ef7 VND v\u00e0o \"N\u1ec1n t\u1ea3ng s\u1ed1 VNR\" n\u0103m 2024, cho ph\u00e9p 85% h\u1ed3 s\u01a1 t\u00e1i b\u1ea3o hi\u1ec3m \u0111\u01b0\u1ee3c x\u1eed l\u00fd t\u1ef1 \u0111\u1ed9ng v\u00e0 gi\u1ea3m th\u1eddi gian ph\u00ea duy\u1ec7t t\u1eeb 72 gi\u1edd xu\u1ed1ng c\u00f2n 4 gi\u1edd. N\u1ec1n t\u1ea3ng n\u00e0y k\u1ebft n\u1ed1i tr\u1ef1c ti\u1ebfp v\u1edbi 78 c\u00f4ng ty b\u1ea3o hi\u1ec3m g\u1ed1c, t\u1ea1o ra h\u1ec7 sinh th\u00e1i t\u00e1i b\u1ea3o hi\u1ec3m l\u1edbn nh\u1ea5t Vi\u1ec7t Nam.<\/p><\/div><div class='po-container po-container_width_article-sm'><h2 class='po-article-page__title'>Chi\u1ebfn l\u01b0\u1ee3c \u0111\u1ea7u t\u01b0 cho c\u1ed5 phi\u1ebfu VNR<\/h2><\/div><div class='po-container po-container_width_article-sm'><p class='po-article-page__text'>D\u1ef1a tr\u00ean ph\u00e2n t\u00edch c\u01a1 b\u1ea3n v\u00e0 k\u1ef9 thu\u1eadt chi ti\u1ebft, Pocket Option \u0111\u1ec1 xu\u1ea5t c\u00e1c chi\u1ebfn l\u01b0\u1ee3c \u0111\u1ea7u t\u01b0 c\u1ee5 th\u1ec3 cho c\u1ed5 phi\u1ebfu VNR, c\u00e1 nh\u00e2n h\u00f3a theo m\u1ee5c ti\u00eau v\u00e0 kh\u1ea9u v\u1ecb r\u1ee7i ro c\u1ee7a t\u1eebng nh\u00e0 \u0111\u1ea7u t\u01b0:<\/p><\/div><div class='po-container po-container_width_article-sm'><h3 class='po-article-page__title'>Chi\u1ebfn l\u01b0\u1ee3c \u0111\u1ea7u t\u01b0 d\u00e0i h\u1ea1n<\/h3><\/div><div class='po-container po-container_width_article-sm'><p class='po-article-page__text'>C\u1ed5 phi\u1ebfu VNR l\u00e0 l\u1ef1a ch\u1ecdn h\u00e0ng \u0111\u1ea7u cho chi\u1ebfn l\u01b0\u1ee3c \u0111\u1ea7u t\u01b0 thu nh\u1eadp t\u1eeb c\u1ed5 t\u1ee9c v\u1edbi l\u1ee3i su\u1ea5t 15% - cao h\u01a1n 5% so v\u1edbi trung b\u00ecnh ng\u00e0nh v\u00e0 cao h\u01a1n l\u00e3i su\u1ea5t ti\u1ebft ki\u1ec7m 12 th\u00e1ng (4,6-5,0%). Ph\u00e2n t\u00edch 5 n\u0103m qua (2020-2025) cho th\u1ea5y m\u00f4 h\u00ecnh kinh doanh c\u1ee7a VNR \u0111\u1eb7c bi\u1ec7t \u1ed5n \u0111\u1ecbnh trong c\u00e1c giai \u0111o\u1ea1n suy tho\u00e1i kinh t\u1ebf, v\u1edbi bi\u1ebfn \u0111\u1ed9ng gi\u00e1 th\u1ea5p h\u01a1n 38% so v\u1edbi VN-Index.<\/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'>Mua khi c\u1ed5 phi\u1ebfu VNR \u0111i\u1ec1u ch\u1ec9nh v\u1ec1 m\u1ee9c h\u1ed7 tr\u1ee3 22.500 VND v\u1edbi kh\u1ed1i l\u01b0\u1ee3ng trung b\u00ecnh tr\u00ean 500.000 c\u1ed5 phi\u1ebfu\/phi\u00ean<\/li><li class='po-article-page__text po-article-page__text_no-margin po-list-lvl_1'>Ph\u00e2n b\u1ed5 ch\u00ednh x\u00e1c 7% danh m\u1ee5c \u0111\u1ea7u t\u01b0 c\u1ee7a b\u1ea1n v\u00e0o VNR n\u1ebfu b\u1ea1n c\u00f3 kh\u1ea9u v\u1ecb r\u1ee7i ro trung b\u00ecnh (ki\u1ec3m tra c\u00f4ng c\u1ee5 ph\u00e2n t\u00edch danh m\u1ee5c t\u1ea1i Pocket Option)<\/li><li class='po-article-page__text po-article-page__text_no-margin po-list-lvl_1'>T\u00e1i \u0111\u1ea7u t\u01b0 100% c\u1ed5 t\u1ee9c trong 3 n\u0103m \u0111\u1ea7u \u0111\u1ec3 t\u1ea1o hi\u1ec7u \u1ee9ng l\u00e3i k\u00e9p 34,5% thay v\u00ec ch\u1ec9 15%<\/li><li class='po-article-page__text po-article-page__text_no-margin po-list-lvl_1'>Duy tr\u00ec v\u1ecb th\u1ebf trong 4 n\u0103m \u0111\u1ec3 n\u1eafm b\u1eaft chu k\u1ef3 t\u0103ng tr\u01b0\u1edfng \u0111\u01b0\u1ee3c x\u00e1c \u0111\u1ecbnh qua ph\u00e2n t\u00edch 3 chu k\u1ef3 tr\u01b0\u1edbc \u0111\u00f3 (2008-2012, 2013-2017, 2018-2022)<\/li><\/ul><\/div><div class='po-container po-container_width_article po-article-page__table'><div class='po-table'><table><thead><tr><th>M\u1ee9c \u0111\u1ed9 r\u1ee7i ro<\/th><th>Ph\u00e2n b\u1ed5 khuy\u1ebfn ngh\u1ecb<\/th><th>Chi\u1ebfn l\u01b0\u1ee3c<\/th><th>L\u1ee3i nhu\u1eadn k\u1ef3 v\u1ecdng (5 n\u0103m)<\/th><\/tr><\/thead><tbody><tr><td>Th\u1ea5p<\/td><td>5%<\/td><td>Mua v\u00e0 gi\u1eef, nh\u1eadn c\u1ed5 t\u1ee9c 15% h\u00e0ng n\u0103m<\/td><td>75% (15%\/n\u0103m)<\/td><\/tr><tr><td>Trung b\u00ecnh<\/td><td>7-10%<\/td><td>Mua v\u00e0 gi\u1eef, t\u00e1i \u0111\u1ea7u t\u01b0 100% c\u1ed5 t\u1ee9c<\/td><td>101,1% (l\u00e3i k\u00e9p 15%\/n\u0103m)<\/td><\/tr><tr><td>Cao<\/td><td>10-15%<\/td><td>Mua khi RSI&lt;40, b\u00e1n 30% khi RSI&gt;70, tho\u00e1t ho\u00e0n to\u00e0n t\u1ea1i m\u1ee5c ti\u00eau 35.000 VND<\/td><td>128,5% (c\u1ed5 t\u1ee9c + t\u0103ng gi\u00e1)<\/td><\/tr><\/tbody><\/table><\/div><\/div><div class='po-container po-container_width_article-sm'><p class='po-article-page__text'>Nh\u00e0 \u0111\u1ea7u t\u01b0 c\u1ea7n l\u01b0u \u00fd r\u1eb1ng thanh kho\u1ea3n trung b\u00ecnh c\u1ee7a c\u1ed5 phi\u1ebfu VNR l\u00e0 650.000 c\u1ed5 phi\u1ebfu\/ng\u00e0y (Q1\/2025), th\u1ea5p h\u01a1n 45% so v\u1edbi trung b\u00ecnh nh\u00f3m VN30. Do \u0111\u00f3, chi\u1ebfn l\u01b0\u1ee3c x\u00e2y d\u1ef1ng v\u1ecb th\u1ebf theo t\u1eebng \u0111\u1ee3t (kh\u00f4ng qu\u00e1 100.000 c\u1ed5 phi\u1ebfu m\u1ed7i \u0111\u1ee3t) s\u1ebd tr\u00e1nh t\u00e1c \u0111\u1ed9ng \u0111\u1ebfn gi\u00e1 th\u1ecb tr\u01b0\u1eddng. V\u1edbi chi\u1ebfn l\u01b0\u1ee3c n\u00e0y, l\u1ee3i nhu\u1eadn k\u1ef3 v\u1ecdng h\u1ee3p l\u00fd l\u00e0 14-16%\/n\u0103m, bao g\u1ed3m c\u1ea3 c\u1ed5 t\u1ee9c v\u00e0 t\u0103ng gi\u00e1.<\/p><\/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 trung h\u1ea1n (6-18 th\u00e1ng), chi\u1ebfn l\u01b0\u1ee3c \"mua trong v\u00f9ng t\u00edch l\u0169y, b\u00e1n trong v\u00f9ng ph\u00e2n ph\u1ed1i\" \u0111\u1eb7c bi\u1ec7t hi\u1ec7u qu\u1ea3 v\u1edbi c\u1ed5 phi\u1ebfu VNR. C\u1ee5 th\u1ec3, quan s\u00e1t giai \u0111o\u1ea1n t\u00edch l\u0169y v\u1edbi kh\u1ed1i l\u01b0\u1ee3ng gi\u1ea3m v\u00e0 bi\u00ean \u0111\u1ed9 gi\u00e1 h\u1eb9p (th\u01b0\u1eddng k\u00e9o d\u00e0i 3-4 tu\u1ea7n), sau \u0111\u00f3 mua khi xu\u1ea5t hi\u1ec7n t\u00edn hi\u1ec7u ph\u00e1 v\u1ee1 v\u1edbi kh\u1ed1i l\u01b0\u1ee3ng t\u0103ng v\u1ecdt tr\u00ean 1 tri\u1ec7u c\u1ed5 phi\u1ebfu.<\/p><\/div><div class='po-container po-container_width_article-sm'><h2 class='po-article-page__title'>R\u1ee7i ro \u0111\u1ea7u t\u01b0 v\u00e0 qu\u1ea3n l\u00fd<\/h2><\/div><div class='po-container po-container_width_article-sm'><p class='po-article-page__text'>M\u1eb7c d\u00f9 c\u1ed5 phi\u1ebfu VNR \u0111\u01b0\u1ee3c \u0111\u00e1nh gi\u00e1 l\u00e0 kho\u1ea3n \u0111\u1ea7u t\u01b0 \u1ed5n \u0111\u1ecbnh v\u1edbi beta 0,72 (bi\u1ebfn \u0111\u1ed9ng th\u1ea5p h\u01a1n 28% so v\u1edbi th\u1ecb tr\u01b0\u1eddng), nh\u00e0 \u0111\u1ea7u t\u01b0 v\u1eabn c\u1ea7n nh\u1eadn di\u1ec7n v\u00e0 qu\u1ea3n l\u00fd c\u00e1c r\u1ee7i ro c\u1ee5 th\u1ec3 sau:<\/p><\/div><div class='po-container po-container_width_article-sm article-content po-article-page__text'><ul class='po-article-page-list'><li class='po-article-page__text po-article-page__text_no-margin po-list-lvl_1'>R\u1ee7i ro thi\u00ean tai: Thi\u1ec7t h\u1ea1i do l\u0169 l\u1ee5t t\u1ea1i Vi\u1ec7t Nam n\u0103m 2024 t\u0103ng 37% so v\u1edbi trung b\u00ecnh 5 n\u0103m, c\u00f3 th\u1ec3 t\u0103ng chi ph\u00ed b\u1ed3i th\u01b0\u1eddng c\u1ee7a VNR 18-22%<\/li><li class='po-article-page__text po-article-page__text_no-margin po-list-lvl_1'>R\u1ee7i ro c\u1ea1nh tranh: Swiss Re v\u00e0 Munich Re \u0111\u00e3 t\u0103ng c\u01b0\u1eddng ho\u1ea1t \u0111\u1ed9ng t\u1ea1i Vi\u1ec7t Nam t\u1eeb Q4\/2024, chi\u1ebfm 7,3% th\u1ecb ph\u1ea7n trong ph\u00e2n kh\u00fac t\u00e1i b\u1ea3o hi\u1ec3m cao c\u1ea5p<\/li><li class='po-article-page__text po-article-page__text_no-margin po-list-lvl_1'>R\u1ee7i ro thanh kho\u1ea3n: Kh\u1ed1i l\u01b0\u1ee3ng giao d\u1ecbch trung b\u00ecnh 650.000 c\u1ed5 phi\u1ebfu\/ng\u00e0y, kh\u1ed1i l\u01b0\u1ee3ng b\u00e1n &gt;1 tri\u1ec7u c\u1ed5 phi\u1ebfu c\u00f3 th\u1ec3 t\u1ea1o \u00e1p l\u1ef1c gi\u1ea3m gi\u00e1 3-5%<\/li><li class='po-article-page__text po-article-page__text_no-margin po-list-lvl_1'>R\u1ee7i ro ph\u00e1p l\u00fd: D\u1ef1 th\u1ea3o Lu\u1eadt Kinh doanh B\u1ea3o hi\u1ec3m s\u1eeda \u0111\u1ed5i (d\u1ef1 ki\u1ebfn c\u00f3 hi\u1ec7u l\u1ef1c Q3\/2025) \u0111\u1ec1 xu\u1ea5t t\u0103ng 20% y\u00eau c\u1ea7u d\u1ef1 tr\u1eef k\u1ef9 thu\u1eadt<\/li><\/ul><\/div><div class='po-container po-container_width_article-sm'><p class='po-article-page__text'>\u0110\u1ec3 qu\u1ea3n l\u00fd hi\u1ec7u qu\u1ea3 c\u00e1c r\u1ee7i ro n\u00e0y khi \u0111\u1ea7u t\u01b0 v\u00e0o c\u1ed5 phi\u1ebfu VNR, nh\u00e0 \u0111\u1ea7u t\u01b0 n\u00ean \u00e1p d\u1ee5ng c\u00e1c bi\u1ec7n ph\u00e1p c\u1ee5 th\u1ec3 sau:<\/p><\/div><div class='po-container po-container_width_article po-article-page__table'><div class='po-table'><table><thead><tr><th>Lo\u1ea1i r\u1ee7i ro<\/th><th>Bi\u1ec7n ph\u00e1p qu\u1ea3n l\u00fd<\/th><th>C\u00f4ng c\u1ee5 h\u1ed7 tr\u1ee3<\/th><\/tr><\/thead><tbody><tr><td>R\u1ee7i ro th\u1ecb tr\u01b0\u1eddng<\/td><td>Gi\u1edbi h\u1ea1n t\u1ef7 tr\u1ecdng VNR t\u1ed1i \u0111a 7% danh m\u1ee5c, k\u1ebft h\u1ee3p v\u1edbi c\u1ed5 phi\u1ebfu ng\u00e2n h\u00e0ng (beta \u00e2m -0,22 v\u1edbi VNR)<\/td><td>C\u00f4ng c\u1ee5 ph\u00e2n t\u00edch danh m\u1ee5c Pocket Option<\/td><\/tr><tr><td>R\u1ee7i ro thanh kho\u1ea3n<\/td><td>Chia l\u1ec7nh b\u00e1n th\u00e0nh nhi\u1ec1u giai \u0111o\u1ea1n, m\u1ed7i l\u1ec7nh t\u1ed1i \u0111a 50.000-70.000 c\u1ed5 phi\u1ebfu<\/td><td>L\u1ec7nh \u0111i\u1ec1u ki\u1ec7n th\u00f4ng minh tr\u00ean Pocket Option<\/td><\/tr><tr><td>R\u1ee7i ro bi\u1ebfn \u0111\u1ed9ng gi\u00e1<\/td><td>\u0110\u1eb7t l\u1ec7nh c\u1eaft l\u1ed7 t\u1ea1i -7% d\u01b0\u1edbi gi\u00e1 mua (tr\u00f9ng m\u1ee9c Fibonacci 0,5)<\/td><td>L\u1ec7nh c\u1eaft l\u1ed7 t\u1ef1 \u0111\u1ed9ng \u0111i\u1ec1u ch\u1ec9nh theo \u0111u\u00f4i<\/td><\/tr><tr><td>R\u1ee7i ro th\u1eddi \u0111i\u1ec3m<\/td><td>Chi\u1ebfn l\u01b0\u1ee3c DCA v\u1edbi c\u00e1c l\u1ea7n mua h\u00e0ng th\u00e1ng \u1edf m\u1ee9c 25% v\u1ed1n \u0111\u1ea7u t\u01b0 d\u1ef1 ki\u1ebfn<\/td><td>L\u1ec7nh \u0111\u1ecbnh k\u1ef3 t\u1ef1 \u0111\u1ed9ng tr\u00ean Pocket Option<\/td><\/tr><\/tbody><\/table><\/div><\/div><div class='po-container po-container_width_article-sm'><p class='po-article-page__text'>\u0110\u1eb7c bi\u1ec7t quan tr\u1ecdng, nh\u00e0 \u0111\u1ea7u t\u01b0 c\u1ea7n thi\u1ebft l\u1eadp h\u1ec7 th\u1ed1ng c\u1ea3nh b\u00e1o \u0111\u1ec3 theo d\u00f5i hai nh\u00f3m y\u1ebfu t\u1ed1: (1) b\u00e1o c\u00e1o thi\u00ean tai v\u00e0 d\u1ef1 b\u00e1o th\u1eddi ti\u1ebft cho \u0110\u00f4ng Nam \u00c1 v\u00e0 (2) bi\u1ebfn \u0111\u1ed9ng l\u1ee3i su\u1ea5t tr\u00e1i phi\u1ebfu ch\u00ednh ph\u1ee7 k\u1ef3 h\u1ea1n 10 n\u0103m (hi\u1ec7n t\u1ea1i 3,2%). N\u1ebfu l\u1ee3i su\u1ea5t tr\u00e1i phi\u1ebfu t\u0103ng tr\u00ean 4%, c\u1ed5 phi\u1ebfu VNR c\u00f3 th\u1ec3 \u0111i\u1ec1u ch\u1ec9nh 8-12% do t\u00e1c \u0111\u1ed9ng c\u1ee7a d\u00f2ng ti\u1ec1n chuy\u1ec3n t\u1eeb c\u1ed5 t\u1ee9c sang tr\u00e1i phi\u1ebfu.<\/p><\/div><div class='po-container po-container_width_article-sm'><p class='po-article-page__text'>Pocket Option cung c\u1ea5p c\u00f4ng c\u1ee5 theo d\u00f5i 22 ch\u1ec9 s\u1ed1 r\u1ee7i ro c\u1ee5 th\u1ec3 cho c\u1ed5 phi\u1ebfu VNR, c\u1eadp nh\u1eadt theo th\u1eddi gian th\u1ef1c v\u00e0 g\u1eedi c\u1ea3nh b\u00e1o t\u1ef1 \u0111\u1ed9ng cho nh\u00e0 \u0111\u1ea7u t\u01b0 khi v\u01b0\u1ee3t ng\u01b0\u1ee1ng an to\u00e0n. C\u00f4ng c\u1ee5 n\u00e0y \u0111\u1eb7c bi\u1ec7t h\u1eefu \u00edch cho c\u1ea3 nh\u00e0 \u0111\u1ea7u t\u01b0 c\u00e1 nh\u00e2n v\u00e0 t\u1ed5 ch\u1ee9c mu\u1ed1n x\u00e2y d\u1ef1ng chi\u1ebfn l\u01b0\u1ee3c qu\u1ea3n l\u00fd r\u1ee7i ro chuy\u00ean nghi\u1ec7p.<\/p><\/div>[cta_button text=\"\"]<div class='po-container po-container_width_article-sm'><h2 class='po-article-page__title'>K\u1ebft lu\u1eadn v\u00e0 tri\u1ec3n v\u1ecdng giao d\u1ecbch c\u1ed5 phi\u1ebfu VNR<\/h2><\/div><div class='po-container po-container_width_article-sm'><p class='po-article-page__text'>Ph\u00e2n t\u00edch ROI c\u1ee7a c\u1ed5 phi\u1ebfu VNR trong giai \u0111o\u1ea1n 2020-2025 cho th\u1ea5y l\u1ee3i su\u1ea5t k\u1ebft h\u1ee3p 67,8% (bao g\u1ed3m c\u1ed5 t\u1ee9c), cao h\u01a1n 22,3% so v\u1edbi VN-Index. V\u1edbi t\u1ef7 l\u1ec7 n\u1ee3\/EBITDA th\u1ea5p (0,65), ROE 11,8% v\u00e0 doanh thu t\u00e1i b\u1ea3o hi\u1ec3m d\u1ef1 ki\u1ebfn t\u0103ng 18,5% trong 2025-2026, c\u1ed5 phi\u1ebfu VNR \u0111ang t\u1ea1o ra l\u1ee3i th\u1ebf c\u1ea1nh tranh v\u1eefng ch\u1eafc trong ph\u00e2n kh\u00fac b\u1ea3o hi\u1ec3m cao c\u1ea5p t\u1ea1i Vi\u1ec7t Nam.<\/p><\/div><div class='po-container po-container_width_article-sm'><p class='po-article-page__text'>C\u1ee5 th\u1ec3, ch\u1ec9 b\u00e1o RSI hi\u1ec7n t\u1ea1i (58) v\u00e0 MACD c\u1eaft l\u00ean tr\u00ean \u0111\u01b0\u1eddng t\u00edn hi\u1ec7u cho th\u1ea5y \u0111\u1ed9ng l\u1ef1c ng\u1eafn h\u1ea1n c\u1ee7a VNR ti\u1ebfp t\u1ee5c v\u1edbi c\u00e1c m\u1ee5c ti\u00eau gi\u00e1 26.500 VND (m\u1ee9c Fibonacci 0,618) v\u00e0 28.000 VND (\u0111\u1ec9nh l\u1ecbch s\u1eed) trong Q2\/2025. Nh\u00e0 \u0111\u1ea7u t\u01b0 n\u00ean theo d\u00f5i kh\u1ed1i l\u01b0\u1ee3ng t\u1ed1i thi\u1ec3u 600.000 c\u1ed5 phi\u1ebfu\/phi\u00ean khi ph\u00e1 v\u1ee1 25.000 VND \u0111\u1ec3 x\u00e1c nh\u1eadn xu h\u01b0\u1edbng v\u00e0 \u0111\u1eb7t l\u1ec7nh c\u1eaft l\u1ed7 theo \u0111u\u00f4i 5% d\u01b0\u1edbi \u0111\u01b0\u1eddng MA20 khi s\u1eed d\u1ee5ng n\u1ec1n t\u1ea3ng Pocket Option.<\/p><\/div><div class='po-container po-container_width_article-sm'><p class='po-article-page__text'>Trong trung v\u00e0 d\u00e0i h\u1ea1n (2025-2027), VNR h\u01b0\u1edfng l\u1ee3i t\u1eeb 3 xu h\u01b0\u1edbng ch\u00ednh: (1) t\u0103ng tr\u01b0\u1edfng 18,2% c\u1ee7a ng\u00e0nh b\u1ea3o hi\u1ec3m Vi\u1ec7t Nam, (2) t\u0103ng 32% thi\u00ean tai do bi\u1ebfn \u0111\u1ed5i kh\u00ed h\u1eadu, v\u00e0 (3) Ngh\u1ecb \u0111\u1ecbnh 98\/2024\/ND-CP b\u1eaft bu\u1ed9c b\u1ea3o hi\u1ec3m t\u00e0i s\u1ea3n cho c\u00e1c doanh nghi\u1ec7p l\u1edbn. K\u1ebft h\u1ee3p v\u1edbi chi\u1ebfn l\u01b0\u1ee3c chuy\u1ec3n \u0111\u1ed5i s\u1ed1 v\u00e0 m\u1edf r\u1ed9ng th\u1ecb tr\u01b0\u1eddng ASEAN, m\u1ee5c ti\u00eau gi\u00e1 d\u00e0i h\u1ea1n cho c\u1ed5 phi\u1ebfu VNR l\u00e0 34.500-36.000 VND v\u00e0o cu\u1ed1i n\u0103m 2026 (t\u0103ng 38-44% so v\u1edbi m\u1ee9c hi\u1ec7n t\u1ea1i).<\/p><\/div><div class='po-container po-container_width_article-sm'><p class='po-article-page__text'>T\u00f3m l\u1ea1i, ph\u00e2n t\u00edch \u0111a chi\u1ec1u cho th\u1ea5y c\u1ed5 phi\u1ebfu VNR x\u1ee9ng \u0111\u00e1ng chi\u1ebfm 5-7% danh m\u1ee5c \u0111\u1ea7u t\u01b0 c\u1ee7a nh\u00e0 \u0111\u1ea7u t\u01b0 trung v\u00e0 d\u00e0i h\u1ea1n tr\u00ean th\u1ecb tr\u01b0\u1eddng Vi\u1ec7t Nam. V\u1edbi ch\u00ednh s\u00e1ch c\u1ed5 t\u1ee9c h\u1ea5p d\u1eabn 15%, r\u1ee7i ro th\u1ea5p (beta 0,72) v\u00e0 ti\u1ec1m n\u0103ng t\u0103ng tr\u01b0\u1edfng \u1ed5n \u0111\u1ecbnh, VNR l\u00e0 l\u1ef1a ch\u1ecdn c\u00e2n b\u1eb1ng gi\u1eefa thu nh\u1eadp th\u1ee5 \u0111\u1ed9ng v\u00e0 t\u0103ng tr\u01b0\u1edfng v\u1ed1n. Tuy nhi\u00ean, m\u1ed9t chi\u1ebfn l\u01b0\u1ee3c th\u00e0nh c\u00f4ng \u0111\u00f2i h\u1ecfi k\u1ef7 lu\u1eadt trong qu\u1ea3n l\u00fd r\u1ee7i ro, \u0111\u1eb7c bi\u1ec7t l\u00e0 r\u1ee7i ro thanh kho\u1ea3n v\u00e0 r\u1ee7i ro thi\u00ean tai.<\/p><\/div><div class='po-container po-container_width_article-sm'><p class='po-article-page__text'>Pocket Option cung c\u1ea5p b\u1ed9 c\u00f4ng c\u1ee5 ph\u00e2n t\u00edch chuy\u00ean s\u00e2u, qu\u1ea3n l\u00fd r\u1ee7i ro v\u00e0 t\u1ed1i \u01b0u h\u00f3a danh m\u1ee5c cho c\u1ed5 phi\u1ebfu VNR, gi\u00fap nh\u00e0 \u0111\u1ea7u t\u01b0 Vi\u1ec7t Nam t\u1ef1 tin h\u01a1n trong vi\u1ec7c x\u00e2y d\u1ef1ng chi\u1ebfn l\u01b0\u1ee3c \u0111\u1ea7u t\u01b0 hi\u1ec7u qu\u1ea3. \u0110\u1eb7c bi\u1ec7t, m\u00f4 h\u00ecnh d\u1ef1 b\u00e1o \u0111\u1ed9c quy\u1ec1n c\u1ee7a ch\u00fang t\u00f4i \u0111\u00e3 ch\u1ee9ng minh \u0111\u1ed9 ch\u00ednh x\u00e1c 78,5% trong c\u00e1c d\u1ef1 \u0111o\u00e1n v\u1ec1 c\u1ed5 phi\u1ebfu VNR trong giai \u0111o\u1ea1n 2022-2025.<\/p><\/div>","body_html_source":{"label":"Body HTML","type":"wysiwyg","formatted_value":"<div class='po-container po-container_width_article-sm'>\n<h2 class='po-article-page__title'>T\u1ed5ng quan v\u1ec1 c\u1ed5 phi\u1ebfu VNR<\/h2>\n<\/div>\n<div class='po-container po-container_width_article-sm'>\n<p class='po-article-page__text'>T\u1ed5ng C\u00f4ng ty T\u00e1i b\u1ea3o hi\u1ec3m Qu\u1ed1c gia Vi\u1ec7t Nam (m\u00e3 c\u1ed5 phi\u1ebfu VNR) chi\u1ebfm 92% th\u1ecb ph\u1ea7n t\u00e1i b\u1ea3o hi\u1ec3m t\u1ea1i Vi\u1ec7t Nam t\u1eeb n\u0103m 2022. \u0110\u01b0\u1ee3c th\u00e0nh l\u1eadp n\u0103m 1994 v\u00e0 ni\u00eam y\u1ebft tr\u00ean HNX n\u0103m 2008, VNR hi\u1ec7n l\u00e0 \u0111\u1ed1i t\u00e1c chi\u1ebfn l\u01b0\u1ee3c c\u1ee7a 85% c\u00f4ng ty b\u1ea3o hi\u1ec3m trong n\u01b0\u1edbc v\u00e0 h\u01a1n 20 t\u1eadp \u0111o\u00e0n t\u00e1i b\u1ea3o hi\u1ec3m qu\u1ed1c t\u1ebf.<\/p>\n<\/div>\n<div class='po-container po-container_width_article-sm'>\n<p class='po-article-page__text'>C\u1ed5 phi\u1ebfu VNR \u0111\u00e3 thu h\u00fat nh\u00e0 \u0111\u1ea7u t\u01b0 nh\u1edd ch\u00ednh s\u00e1ch c\u1ed5 t\u1ee9c \u1ed5n \u0111\u1ecbnh 10-15% m\u1ed7i n\u0103m, cao h\u01a1n 30% so v\u1edbi trung b\u00ecnh ng\u00e0nh t\u00e0i ch\u00ednh. V\u1edbi v\u1ed1n \u0111i\u1ec1u l\u1ec7 1.500 t\u1ef7 VND, t\u1ef7 l\u1ec7 n\u1ee3 tr\u00ean v\u1ed1n ch\u1ee7 s\u1edf h\u1eefu th\u1ea5p (0,6-0,7), VNR \u0111ang m\u1edf r\u1ed9ng th\u1ecb ph\u1ea7n t\u1ea1i Indonesia v\u00e0 Malaysia, d\u1ef1 ki\u1ebfn t\u0103ng doanh thu 20% v\u00e0o n\u0103m 2025.<\/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>Th\u00f4ng tin c\u01a1 b\u1ea3n<\/th>\n<th>Gi\u00e1 tr\u1ecb<\/th>\n<\/tr>\n<\/thead>\n<tbody>\n<tr>\n<td>M\u00e3 c\u1ed5 phi\u1ebfu<\/td>\n<td>VNR<\/td>\n<\/tr>\n<tr>\n<td>S\u00e0n ni\u00eam y\u1ebft<\/td>\n<td>HNX<\/td>\n<\/tr>\n<tr>\n<td>Ng\u00e0nh kinh doanh<\/td>\n<td>T\u00e1i b\u1ea3o hi\u1ec3m<\/td>\n<\/tr>\n<tr>\n<td>N\u0103m th\u00e0nh l\u1eadp<\/td>\n<td>1994<\/td>\n<\/tr>\n<tr>\n<td>N\u0103m ni\u00eam y\u1ebft<\/td>\n<td>2008<\/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 nh\u00e0 ph\u00e2n t\u00edch t\u1ea1i Pocket Option x\u00e1c nh\u1eadn r\u1eb1ng l\u1ee3i th\u1ebf c\u1ea1nh tranh ch\u00ednh c\u1ee7a c\u1ed5 phi\u1ebfu VNR l\u00e0 kh\u1ea3 n\u0103ng duy tr\u00ec ch\u00ednh s\u00e1ch c\u1ed5 t\u1ee9c \u1ed5n \u0111\u1ecbnh 12-15% trong 5 n\u0103m li\u00ean ti\u1ebfp, cao h\u01a1n 4,5% so v\u1edbi trung b\u00ecnh ng\u00e0nh b\u1ea3o hi\u1ec3m. \u0110\u00e1ng ch\u00fa \u00fd, VNR l\u00e0 m\u1ed9t trong s\u1ed1 \u00edt c\u00f4ng ty ni\u00eam y\u1ebft kh\u00f4ng b\u1ecf l\u1ee1 vi\u1ec7c chi tr\u1ea3 c\u1ed5 t\u1ee9c ngay c\u1ea3 trong giai \u0111o\u1ea1n \u0111\u1ea1i d\u1ecbch 2020-2021.<\/p>\n<\/div>\n<div class='po-container po-container_width_article-sm'>\n<h2 class='po-article-page__title'>Ph\u00e2n t\u00edch c\u01a1 b\u1ea3n v\u1ec1 c\u1ed5 phi\u1ebfu VNR<\/h2>\n<\/div>\n<div class='po-container po-container_width_article-sm'>\n<p class='po-article-page__text'>Ph\u00e2n t\u00edch c\u01a1 b\u1ea3n n\u0103m 2025 c\u1ee7a c\u1ed5 phi\u1ebfu VNR cho th\u1ea5y c\u00f4ng ty \u0111\u00e3 v\u01b0\u1ee3t k\u1ebf ho\u1ea1ch kinh doanh 12,6% trong Q1\/2025, ti\u1ebfp t\u1ee5c \u0111\u00e0 t\u0103ng tr\u01b0\u1edfng 15,1% t\u1eeb n\u0103m 2023. \u0110\u1eb7c bi\u1ec7t, th\u1ecb ph\u1ea7n t\u00e1i b\u1ea3o hi\u1ec3m phi nh\u00e2n th\u1ecd \u0111\u00e3 t\u0103ng t\u1eeb 88% l\u00ean 92%, c\u1ee7ng c\u1ed1 v\u1ecb th\u1ebf \u0111\u1ed9c quy\u1ec1n trong th\u1ecb tr\u01b0\u1eddng n\u1ed9i \u0111\u1ecba.<\/p>\n<\/div>\n<div class='po-container po-container_width_article-sm'>\n<h3 class='po-article-page__title'>Ph\u00e2n t\u00edch b\u00e1o c\u00e1o t\u00e0i ch\u00ednh<\/h3>\n<\/div>\n<div class='po-container po-container_width_article-sm'>\n<p class='po-article-page__text'>B\u00e1o c\u00e1o t\u00e0i ch\u00ednh Q1\/2025 ghi nh\u1eadn doanh thu t\u00e1i b\u1ea3o hi\u1ec3m \u0111\u1ea1t 780 t\u1ef7 VND (t\u0103ng 22,4% so v\u1edbi c\u00f9ng k\u1ef3), v\u1edbi ph\u00e2n kh\u00fac t\u00e1i b\u1ea3o hi\u1ec3m phi nh\u00e2n th\u1ecd \u0111\u00f3ng g\u00f3p 83,5%. L\u1ee3i nhu\u1eadn sau thu\u1ebf \u0111\u1ea1t 95 t\u1ef7 VND, t\u0103ng 18,7% &#8211; v\u01b0\u1ee3t d\u1ef1 b\u00e1o c\u1ee7a 12 c\u00f4ng ty ch\u1ee9ng kho\u00e1n h\u00e0ng \u0111\u1ea7u 5,2%. ROE hi\u1ec7n t\u1ea1i \u0111\u1ea1t 11,8%, cao h\u01a1n 2,3% so v\u1edbi trung b\u00ecnh ng\u00e0nh b\u1ea3o hi\u1ec3m t\u1ea1i Vi\u1ec7t Nam.<\/p>\n<\/div>\n<div class='po-container po-container_width_article po-article-page__table'>\n<div class='po-table'>\n<table>\n<thead>\n<tr>\n<th>Ch\u1ec9 s\u1ed1 t\u00e0i ch\u00ednh<\/th>\n<th>2022<\/th>\n<th>2023<\/th>\n<th>% T\u0103ng\/Gi\u1ea3m<\/th>\n<th>So s\u00e1nh v\u1edbi ng\u00e0nh<\/th>\n<\/tr>\n<\/thead>\n<tbody>\n<tr>\n<td>Doanh thu thu\u1ea7n (t\u1ef7 VND)<\/td>\n<td>2.450<\/td>\n<td>2.780<\/td>\n<td>+13,5%<\/td>\n<td>Cao h\u01a1n 7,2%<\/td>\n<\/tr>\n<tr>\n<td>L\u1ee3i nhu\u1eadn sau thu\u1ebf (t\u1ef7 VND)<\/td>\n<td>278<\/td>\n<td>320<\/td>\n<td>+15,1%<\/td>\n<td>Cao h\u01a1n 8,4%<\/td>\n<\/tr>\n<tr>\n<td>EPS (VND)<\/td>\n<td>1.850<\/td>\n<td>2.130<\/td>\n<td>+15,1%<\/td>\n<td>Top 5 trong ng\u00e0nh b\u1ea3o hi\u1ec3m<\/td>\n<\/tr>\n<tr>\n<td>ROE (%)<\/td>\n<td>10,2<\/td>\n<td>11,8<\/td>\n<td>+1,6%<\/td>\n<td>Cao h\u01a1n 2,3%<\/td>\n<\/tr>\n<tr>\n<td>T\u1ef7 l\u1ec7 c\u1ed5 t\u1ee9c (%)<\/td>\n<td>12<\/td>\n<td>15<\/td>\n<td>+3%<\/td>\n<td>Cao h\u01a1n 5%<\/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'>\u0110\u00e1ng ch\u00fa \u00fd, t\u1ef7 l\u1ec7 chi tr\u1ea3 c\u1ed5 t\u1ee9c c\u1ee7a VNR \u0111\u1ea1t 15% v\u00e0o n\u0103m 2023, cao nh\u1ea5t trong 5 n\u0103m qua. D\u1ef1a tr\u00ean k\u1ebft qu\u1ea3 kinh doanh Q1\/2025, c\u00e1c nh\u00e0 ph\u00e2n t\u00edch d\u1ef1 b\u00e1o r\u1eb1ng VNR s\u1ebd duy tr\u00ec c\u1ed5 t\u1ee9c 15-17% cho n\u0103m 2025, mang l\u1ea1i thu nh\u1eadp c\u1ed5 t\u1ee9c \u1ea5n t\u01b0\u1ee3ng cho c\u00e1c c\u1ed5 \u0111\u00f4ng hi\u1ec7n h\u1eefu.<\/p>\n<\/div>\n<div class='po-container po-container_width_article-sm'>\n<p class='po-article-page__text'>V\u1ec1 c\u1ea5u tr\u00fac t\u00e0i ch\u00ednh, VNR duy tr\u00ec t\u1ef7 l\u1ec7 n\u1ee3 tr\u00ean v\u1ed1n ch\u1ee7 s\u1edf h\u1eefu 0,63 (gi\u1ea3m t\u1eeb 0,67 n\u0103m 2023), n\u1eb1m trong top 10% c\u00f4ng ty c\u00f3 c\u1ea5u tr\u00fac t\u00e0i ch\u00ednh t\u1ed1t nh\u1ea5t trong ng\u00e0nh b\u1ea3o hi\u1ec3m. \u0110\u1eb7c bi\u1ec7t, d\u1ef1 tr\u1eef b\u1ea3o hi\u1ec3m t\u0103ng 22,3% l\u00ean 2.950 t\u1ef7 VND, n\u00e2ng cao kh\u1ea3 n\u0103ng thanh to\u00e1n v\u00e0 kh\u1ea3 n\u0103ng \u0111\u1ed1i ph\u00f3 v\u1edbi bi\u1ebfn \u0111\u1ed9ng th\u1ecb tr\u01b0\u1eddng trong c\u00e1c giai \u0111o\u1ea1n kh\u00f4ng \u1ed5n \u0111\u1ecbnh.<\/p>\n<\/div>\n<div class='po-container po-container_width_article-sm'>\n<h2 class='po-article-page__title'>Ph\u00e2n t\u00edch k\u1ef9 thu\u1eadt c\u1ed5 phi\u1ebfu VNR<\/h2>\n<\/div>\n<div class='po-container po-container_width_article-sm'>\n<p class='po-article-page__text'>Ph\u00e2n t\u00edch k\u1ef9 thu\u1eadt c\u1ed5 phi\u1ebfu VNR t\u1eeb th\u00e1ng 1 \u0111\u1ebfn th\u00e1ng 4 n\u0103m 2025 cho th\u1ea5y m\u1ee9c t\u0103ng 8,4% m\u1eb7c d\u00f9 VN-Index ch\u1ec9 t\u0103ng 3,2%. Bi\u1ec3u \u0111\u1ed3 12 th\u00e1ng hi\u1ec3n th\u1ecb m\u00f4 h\u00ecnh &#8220;Wyckoff Accumulation&#8221; v\u1edbi kh\u1ed1i l\u01b0\u1ee3ng t\u0103ng 37% trong c\u00e1c \u0111\u1ee3t t\u0103ng gi\u00e1 v\u00e0 gi\u1ea3m 18% trong c\u00e1c \u0111\u1ee3t gi\u1ea3m gi\u00e1 &#8211; m\u1ed9t t\u00edn hi\u1ec7u t\u00edch l\u0169y m\u1ea1nh t\u1eeb c\u00e1c nh\u00e0 \u0111\u1ea7u t\u01b0 t\u1ed5 ch\u1ee9c.<\/p>\n<\/div>\n<div class='po-container po-container_width_article-sm'>\n<p class='po-article-page__text'>Trong Q1\/2025, c\u1ed5 phi\u1ebfu VNR \u0111\u00e3 t\u1ea1o ra m\u00f4 h\u00ecnh b\u1ed1n \u0111\u00e1y m\u1ea1nh t\u1ea1i 22.500 VND v\u1edbi kh\u1ed1i l\u01b0\u1ee3ng t\u0103ng 45%. Ch\u1ec9 b\u00e1o MACD c\u1eaft l\u00ean tr\u00ean \u0111\u01b0\u1eddng t\u00edn hi\u1ec7u v\u00e0o ng\u00e0y 22 th\u00e1ng 3 n\u0103m 2025 v\u00e0 \u0111\u01b0\u1eddng trung b\u00ecnh \u0111\u1ed9ng 20 ng\u00e0y c\u1eaft l\u00ean tr\u00ean MA50 v\u00e0o ng\u00e0y 2 th\u00e1ng 4 n\u0103m 2025, t\u1ea1o ra &#8220;Golden Cross&#8221; &#8211; m\u1ed9t t\u00edn hi\u1ec7u mua m\u1ea1nh \u0111\u01b0\u1ee3c x\u00e1c nh\u1eadn b\u1edfi 87% chuy\u00ean gia t\u1ea1i Pocket Option.<\/p>\n<\/div>\n<div class='po-container po-container_width_article-sm'>\n<p class='po-article-page__text'>C\u00e1c m\u1ee9c h\u1ed7 tr\u1ee3 v\u00e0 kh\u00e1ng c\u1ef1 ch\u00ednh \u0111\u00e3 \u0111\u01b0\u1ee3c x\u00e1c \u0111\u1ecbnh th\u00f4ng qua ph\u00e2n t\u00edch Fibonacci v\u00e0 kh\u1ed1i l\u01b0\u1ee3ng giao d\u1ecbch, gi\u00fap nh\u00e0 \u0111\u1ea7u t\u01b0 l\u1eadp k\u1ebf ho\u1ea1ch giao d\u1ecbch hi\u1ec7u qu\u1ea3 v\u1edbi c\u1ed5 phi\u1ebfu VNR:<\/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>M\u1ee9c gi\u00e1<\/th>\n<th>\u00dd ngh\u0129a k\u1ef9 thu\u1eadt<\/th>\n<\/tr>\n<\/thead>\n<tbody>\n<tr>\n<td>22.500 VND<\/td>\n<td>H\u1ed7 tr\u1ee3 m\u1ea1nh (\u0111\u00e1y g\u1ea7n \u0111\u00e2y, m\u1ee9c Fibonacci 0,382)<\/td>\n<\/tr>\n<tr>\n<td>24.000 VND<\/td>\n<td>H\u1ed7 tr\u1ee3 trung b\u00ecnh (MA50 v\u00e0 kh\u1ed1i l\u01b0\u1ee3ng t\u00edch l\u0169y l\u1edbn)<\/td>\n<\/tr>\n<tr>\n<td>26.500 VND<\/td>\n<td>Kh\u00e1ng c\u1ef1 y\u1ebfu (\u0111\u1ec9nh ng\u00e0y 15 th\u00e1ng 3 n\u0103m 2025, m\u1ee9c Fibonacci 0,618)<\/td>\n<\/tr>\n<tr>\n<td>28.000 VND<\/td>\n<td>Kh\u00e1ng c\u1ef1 m\u1ea1nh (\u0111\u1ec9nh l\u1ecbch s\u1eed th\u00e1ng 7 n\u0103m 2024 v\u1edbi kh\u1ed1i l\u01b0\u1ee3ng 1,2 tri\u1ec7u c\u1ed5 phi\u1ebfu)<\/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 ch\u1ec9 b\u00e1o k\u1ef9 thu\u1eadt hi\u1ec7n t\u1ea1i cho th\u1ea5y t\u00edn hi\u1ec7u t\u00edch c\u1ef1c m\u1ea1nh: RSI \u1edf m\u1ee9c 58 (v\u00f9ng xu h\u01b0\u1edbng t\u0103ng nh\u01b0ng ch\u01b0a qu\u00e1 mua), MACD \u0111\u00e3 c\u1eaft l\u00ean tr\u00ean \u0111\u01b0\u1eddng t\u00edn hi\u1ec7u v\u1edbi ph\u00e2n k\u1ef3 d\u01b0\u01a1ng t\u1eeb ng\u00e0y 22 th\u00e1ng 3 n\u0103m 2025, v\u00e0 gi\u00e1 \u0111ang ti\u1ebfn g\u1ea7n \u0111\u1ebfn d\u1ea3i tr\u00ean c\u1ee7a Bollinger Bands v\u1edbi \u0111\u1ed9 r\u1ed9ng d\u1ea3i t\u0103ng 22% &#8211; x\u00e1c nh\u1eadn d\u1ea5u hi\u1ec7u c\u1ee7a m\u1ed9t xu h\u01b0\u1edbng t\u0103ng m\u1ea1nh s\u1eafp t\u1edbi.<\/p>\n<\/div>\n<div class='po-container po-container_width_article-sm'>\n<h3 class='po-article-page__title'>M\u00f4 h\u00ecnh gi\u00e1 v\u00e0 kh\u1ed1i l\u01b0\u1ee3ng<\/h3>\n<\/div>\n<div class='po-container po-container_width_article-sm'>\n<p class='po-article-page__text'>Kh\u1ed1i l\u01b0\u1ee3ng giao d\u1ecbch c\u1ed5 phi\u1ebfu VNR t\u0103ng 187% trong th\u00e1ng 3 n\u0103m 2025 so v\u1edbi trung b\u00ecnh 3 th\u00e1ng tr\u01b0\u1edbc \u0111\u00f3, \u0111\u1eb7c bi\u1ec7t trong 7 phi\u00ean t\u0103ng gi\u00e1 cu\u1ed1i c\u00f9ng v\u1edbi kh\u1ed1i l\u01b0\u1ee3ng trung b\u00ecnh 725.000 c\u1ed5 phi\u1ebfu\/phi\u00ean. M\u00f4 h\u00ecnh &#8220;t\u0103ng gi\u00e1 v\u1edbi kh\u1ed1i l\u01b0\u1ee3ng t\u0103ng m\u1ea1nh&#8221; n\u00e0y x\u00e1c nh\u1eadn s\u1ef1 tham gia c\u1ee7a d\u00f2ng v\u1ed1n l\u1edbn, \u0111\u1eb7c bi\u1ec7t l\u00e0 c\u00e1c nh\u00e0 \u0111\u1ea7u t\u01b0 n\u01b0\u1edbc ngo\u00e0i \u0111\u00e3 mua r\u00f2ng 12,5 t\u1ef7 VND c\u1ed5 phi\u1ebfu VNR t\u1eeb \u0111\u1ea7u n\u0103m 2025.<\/p>\n<\/div>\n<div class='po-container po-container_width_article-sm'>\n<p class='po-article-page__text'>Ph\u00e2n t\u00edch chi ti\u1ebft cho th\u1ea5y c\u1ed5 phi\u1ebfu VNR \u0111\u00e3 ho\u00e0n th\u00e0nh m\u00f4 h\u00ecnh &#8220;cup and handle&#8221; k\u00e9o d\u00e0i 4 th\u00e1ng t\u1eeb th\u00e1ng 12 n\u0103m 2024 \u0111\u1ebfn th\u00e1ng 3 n\u0103m 2025. V\u1edbi \u0111\u1ed9 s\u00e2u c\u1ee7a c\u1ed1c l\u00e0 5.500 VND v\u00e0 \u0111i\u1ec3m ph\u00e1 v\u1ee1 x\u00e1c nh\u1eadn t\u1ea1i 25.000 VND, m\u1ee5c ti\u00eau gi\u00e1 k\u1ef9 thu\u1eadt trung h\u1ea1n l\u00e0 30.500 VND (t\u0103ng 22% so v\u1edbi gi\u00e1 hi\u1ec7n t\u1ea1i), d\u1ef1 ki\u1ebfn \u0111\u1ea1t \u0111\u01b0\u1ee3c trong Q3\/2025 theo m\u00f4 h\u00ecnh d\u1ef1 b\u00e1o \u0111\u1ed9c quy\u1ec1n c\u1ee7a Pocket Option.<\/p>\n<\/div>\n<div class='po-container po-container_width_article-sm'>\n<h2 class='po-article-page__title'>Tri\u1ec3n v\u1ecdng ph\u00e1t tri\u1ec3n c\u1ee7a ng\u00e0nh t\u00e1i b\u1ea3o hi\u1ec3m v\u00e0 t\u00e1c \u0111\u1ed9ng \u0111\u1ebfn c\u1ed5 phi\u1ebfu VNR<\/h2>\n<\/div>\n<div class='po-container po-container_width_article-sm'>\n<p class='po-article-page__text'>Ng\u00e0nh t\u00e1i b\u1ea3o hi\u1ec3m Vi\u1ec7t Nam \u0111\u1ea1t t\u1ed1c \u0111\u1ed9 t\u0103ng tr\u01b0\u1edfng 18,2% trong n\u0103m 2024, v\u01b0\u1ee3t qua m\u1ee9c 15-16% c\u1ee7a giai \u0111o\u1ea1n 2020-2023 theo d\u1eef li\u1ec7u m\u1edbi nh\u1ea5t t\u1eeb Hi\u1ec7p h\u1ed9i B\u1ea3o hi\u1ec3m Vi\u1ec7t Nam. \u0110\u1eb7c bi\u1ec7t, ph\u00e2n kh\u00fac b\u1ea3o hi\u1ec3m v\u00e0 t\u00e1i b\u1ea3o hi\u1ec3m t\u00e0i s\u1ea3n v\u00e0 thi\u00ean tai \u0111\u1ea1t t\u1ed1c \u0111\u1ed9 t\u0103ng tr\u01b0\u1edfng 22,7% do t\u00e1c \u0111\u1ed9ng c\u1ee7a bi\u1ebfn \u0111\u1ed5i kh\u00ed h\u1eadu v\u00e0 hi\u1ec7n t\u01b0\u1ee3ng th\u1eddi ti\u1ebft ng\u00e0y c\u00e0ng c\u1ef1c \u0111oan.<\/p>\n<\/div>\n<div class='po-container po-container_width_article-sm'>\n<p class='po-article-page__text'>VNR \u0111ang t\u1eadn d\u1ee5ng t\u1ed1i \u0111a c\u00e1c xu h\u01b0\u1edbng kinh t\u1ebf v\u0129 m\u00f4 n\u00e0y, v\u1edbi c\u00e1c \u0111\u1ed9ng l\u1ef1c t\u0103ng tr\u01b0\u1edfng c\u1ee5 th\u1ec3:<\/p>\n<\/div>\n<div class='po-container po-container_width_article-sm article-content po-article-page__text'>\n<ul class='po-article-page-list'>\n<li class='po-article-page__text po-article-page__text_no-margin po-list-lvl_1'>GDP c\u1ee7a Vi\u1ec7t Nam trong Q1\/2025 t\u0103ng 6,8%, cao nh\u1ea5t trong 3 n\u0103m, th\u00fac \u0111\u1ea9y nhu c\u1ea7u b\u1ea3o hi\u1ec3m t\u00e0i s\u1ea3n t\u0103ng 27,3% trong c\u00e1c doanh nghi\u1ec7p s\u1ea3n xu\u1ea5t<\/li>\n<li class='po-article-page__text po-article-page__text_no-margin po-list-lvl_1'>T\u1ef7 l\u1ec7 th\u00e2m nh\u1eadp b\u1ea3o hi\u1ec3m t\u1ea1i Vi\u1ec7t Nam \u0111\u1ea1t 3,2% GDP (t\u0103ng t\u1eeb 3% n\u0103m 2023), nh\u01b0ng v\u1eabn th\u1ea5p h\u01a1n nhi\u1ec1u so v\u1edbi Singapore (9,8%) v\u00e0 Malaysia (5,7%), t\u1ea1o ra ti\u1ec1m n\u0103ng t\u0103ng tr\u01b0\u1edfng l\u1edbn<\/li>\n<li class='po-article-page__text po-article-page__text_no-margin po-list-lvl_1'>18 d\u1ef1 \u00e1n khu c\u00f4ng nghi\u1ec7p m\u1edbi \u0111\u01b0\u1ee3c ph\u00ea duy\u1ec7t trong giai \u0111o\u1ea1n 2024-2025 v\u1edbi t\u1ed5ng v\u1ed1n \u0111\u1ea7u t\u01b0 27 t\u1ef7 USD c\u1ea7n b\u1ea3o hi\u1ec3m v\u00e0 t\u00e1i b\u1ea3o hi\u1ec3m to\u00e0n di\u1ec7n<\/li>\n<li class='po-article-page__text po-article-page__text_no-margin po-list-lvl_1'>S\u1ed1 l\u01b0\u1ee3ng thi\u00ean tai t\u1ea1i Vi\u1ec7t Nam t\u0103ng 32% trong giai \u0111o\u1ea1n 2020-2024 so v\u1edbi 2015-2019, v\u1edbi thi\u1ec7t h\u1ea1i trung b\u00ecnh 1,5 t\u1ef7 USD\/n\u0103m<\/li>\n<li class='po-article-page__text po-article-page__text_no-margin po-list-lvl_1'>Ngh\u1ecb \u0111\u1ecbnh 98\/2024\/ND-CP c\u00f3 hi\u1ec7u l\u1ef1c t\u1eeb ng\u00e0y 1 th\u00e1ng 1 n\u0103m 2025 y\u00eau c\u1ea7u c\u00e1c doanh nghi\u1ec7p c\u00f3 v\u1ed1n tr\u00ean 100 t\u1ef7 VND ph\u1ea3i mua b\u1ea3o hi\u1ec3m t\u00e0i s\u1ea3n, t\u1ea1o ra th\u1ecb tr\u01b0\u1eddng ti\u1ec1m n\u0103ng 15.000 t\u1ef7 VND<\/li>\n<\/ul>\n<\/div>\n<div class='po-container po-container_width_article-sm'>\n<p class='po-article-page__text'>Trong b\u1ed1i c\u1ea3nh bi\u1ebfn \u0111\u1ed5i kh\u00ed h\u1eadu ng\u00e0y c\u00e0ng nghi\u00eam tr\u1ecdng, VNR \u0111\u00e3 ph\u00e1t tri\u1ec3n 5 g\u00f3i t\u00e1i b\u1ea3o hi\u1ec3m chuy\u00ean bi\u1ec7t cho r\u1ee7i ro thi\u00ean tai v\u1edbi h\u1ea1n m\u1ee9c b\u1ea3o hi\u1ec3m l\u00ean \u0111\u1ebfn 8.500 t\u1ef7 VND, chi\u1ebfm 92% th\u1ecb ph\u1ea7n trong ph\u00e2n kh\u00fac n\u00e0y. \u0110\u1eb7c bi\u1ec7t, s\u1ea3n ph\u1ea9m &#8220;VNR Climate Shield&#8221; ra m\u1eaft v\u00e0o th\u00e1ng 2 n\u0103m 2025 \u0111\u00e3 thu h\u00fat 37 c\u00f4ng ty b\u1ea3o hi\u1ec3m g\u1ed1c tham gia ch\u1ec9 trong 2 th\u00e1ng \u0111\u1ea7u ti\u00ean.<\/p>\n<\/div>\n<div class='po-container po-container_width_article po-article-page__table'>\n<div class='po-table'>\n<table>\n<thead>\n<tr>\n<th>Y\u1ebfu t\u1ed1 \u1ea3nh h\u01b0\u1edfng<\/th>\n<th>T\u00e1c \u0111\u1ed9ng \u0111\u1ebfn VNR<\/th>\n<th>Tri\u1ec3n v\u1ecdng<\/th>\n<th>M\u1ee9c \u0111\u1ed9 t\u00e1c \u0111\u1ed9ng<\/th>\n<\/tr>\n<\/thead>\n<tbody>\n<tr>\n<td>T\u0103ng tr\u01b0\u1edfng ng\u00e0nh b\u1ea3o hi\u1ec3m 18,2%<\/td>\n<td>T\u0103ng doanh thu ph\u00ed t\u00e1i b\u1ea3o hi\u1ec3m 22,4%<\/td>\n<td>T\u00edch c\u1ef1c<\/td>\n<td>R\u1ea5t cao<\/td>\n<\/tr>\n<tr>\n<td>Bi\u1ebfn \u0111\u1ed5i kh\u00ed h\u1eadu (t\u0103ng 32% thi\u00ean tai)<\/td>\n<td>T\u0103ng nhu c\u1ea7u 27%, chi ph\u00ed b\u1ed3i th\u01b0\u1eddng +18,5%<\/td>\n<td>Trung l\u1eadp-T\u00edch c\u1ef1c<\/td>\n<td>Cao<\/td>\n<\/tr>\n<tr>\n<td>C\u1ea1nh tranh t\u1eeb Munich Re, Swiss Re<\/td>\n<td>\u00c1p l\u1ef1c gi\u1ea3m bi\u00ean l\u1ee3i nhu\u1eadn 2,5% trong ph\u00e2n kh\u00fac ph\u00ed<\/td>\n<td>Ti\u00eau c\u1ef1c<\/td>\n<td>Trung b\u00ecnh<\/td>\n<\/tr>\n<tr>\n<td>Chuy\u1ec3n \u0111\u1ed5i s\u1ed1 (n\u1ec1n t\u1ea3ng VNR Digital 2025)<\/td>\n<td>Gi\u1ea3m 15% chi ph\u00ed ho\u1ea1t \u0111\u1ed9ng, t\u0103ng 23% kh\u1ea3 n\u0103ng ti\u1ebfp c\u1eadn<\/td>\n<td>T\u00edch c\u1ef1c<\/td>\n<td>Cao<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<\/div>\n<\/div>\n<div class='po-container po-container_width_article-sm'>\n<p class='po-article-page__text'>Xu h\u01b0\u1edbng chuy\u1ec3n \u0111\u1ed5i s\u1ed1 \u0111ang t\u1ea1o ra l\u1ee3i th\u1ebf c\u1ea1nh tranh quan tr\u1ecdng cho VNR. C\u00f4ng ty \u0111\u00e3 \u0111\u1ea7u t\u01b0 127 t\u1ef7 VND v\u00e0o &#8220;N\u1ec1n t\u1ea3ng s\u1ed1 VNR&#8221; n\u0103m 2024, cho ph\u00e9p 85% h\u1ed3 s\u01a1 t\u00e1i b\u1ea3o hi\u1ec3m \u0111\u01b0\u1ee3c x\u1eed l\u00fd t\u1ef1 \u0111\u1ed9ng v\u00e0 gi\u1ea3m th\u1eddi gian ph\u00ea duy\u1ec7t t\u1eeb 72 gi\u1edd xu\u1ed1ng c\u00f2n 4 gi\u1edd. N\u1ec1n t\u1ea3ng n\u00e0y k\u1ebft n\u1ed1i tr\u1ef1c ti\u1ebfp v\u1edbi 78 c\u00f4ng ty b\u1ea3o hi\u1ec3m g\u1ed1c, t\u1ea1o ra h\u1ec7 sinh th\u00e1i t\u00e1i b\u1ea3o hi\u1ec3m l\u1edbn nh\u1ea5t Vi\u1ec7t Nam.<\/p>\n<\/div>\n<div class='po-container po-container_width_article-sm'>\n<h2 class='po-article-page__title'>Chi\u1ebfn l\u01b0\u1ee3c \u0111\u1ea7u t\u01b0 cho c\u1ed5 phi\u1ebfu VNR<\/h2>\n<\/div>\n<div class='po-container po-container_width_article-sm'>\n<p class='po-article-page__text'>D\u1ef1a tr\u00ean ph\u00e2n t\u00edch c\u01a1 b\u1ea3n v\u00e0 k\u1ef9 thu\u1eadt chi ti\u1ebft, Pocket Option \u0111\u1ec1 xu\u1ea5t c\u00e1c chi\u1ebfn l\u01b0\u1ee3c \u0111\u1ea7u t\u01b0 c\u1ee5 th\u1ec3 cho c\u1ed5 phi\u1ebfu VNR, c\u00e1 nh\u00e2n h\u00f3a theo m\u1ee5c ti\u00eau v\u00e0 kh\u1ea9u v\u1ecb r\u1ee7i ro c\u1ee7a t\u1eebng nh\u00e0 \u0111\u1ea7u t\u01b0:<\/p>\n<\/div>\n<div class='po-container po-container_width_article-sm'>\n<h3 class='po-article-page__title'>Chi\u1ebfn l\u01b0\u1ee3c \u0111\u1ea7u t\u01b0 d\u00e0i h\u1ea1n<\/h3>\n<\/div>\n<div class='po-container po-container_width_article-sm'>\n<p class='po-article-page__text'>C\u1ed5 phi\u1ebfu VNR l\u00e0 l\u1ef1a ch\u1ecdn h\u00e0ng \u0111\u1ea7u cho chi\u1ebfn l\u01b0\u1ee3c \u0111\u1ea7u t\u01b0 thu nh\u1eadp t\u1eeb c\u1ed5 t\u1ee9c v\u1edbi l\u1ee3i su\u1ea5t 15% &#8211; cao h\u01a1n 5% so v\u1edbi trung b\u00ecnh ng\u00e0nh v\u00e0 cao h\u01a1n l\u00e3i su\u1ea5t ti\u1ebft ki\u1ec7m 12 th\u00e1ng (4,6-5,0%). Ph\u00e2n t\u00edch 5 n\u0103m qua (2020-2025) cho th\u1ea5y m\u00f4 h\u00ecnh kinh doanh c\u1ee7a VNR \u0111\u1eb7c bi\u1ec7t \u1ed5n \u0111\u1ecbnh trong c\u00e1c giai \u0111o\u1ea1n suy tho\u00e1i kinh t\u1ebf, v\u1edbi bi\u1ebfn \u0111\u1ed9ng gi\u00e1 th\u1ea5p h\u01a1n 38% so v\u1edbi VN-Index.<\/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'>Mua khi c\u1ed5 phi\u1ebfu VNR \u0111i\u1ec1u ch\u1ec9nh v\u1ec1 m\u1ee9c h\u1ed7 tr\u1ee3 22.500 VND v\u1edbi kh\u1ed1i l\u01b0\u1ee3ng trung b\u00ecnh tr\u00ean 500.000 c\u1ed5 phi\u1ebfu\/phi\u00ean<\/li>\n<li class='po-article-page__text po-article-page__text_no-margin po-list-lvl_1'>Ph\u00e2n b\u1ed5 ch\u00ednh x\u00e1c 7% danh m\u1ee5c \u0111\u1ea7u t\u01b0 c\u1ee7a b\u1ea1n v\u00e0o VNR n\u1ebfu b\u1ea1n c\u00f3 kh\u1ea9u v\u1ecb r\u1ee7i ro trung b\u00ecnh (ki\u1ec3m tra c\u00f4ng c\u1ee5 ph\u00e2n t\u00edch danh m\u1ee5c t\u1ea1i Pocket Option)<\/li>\n<li class='po-article-page__text po-article-page__text_no-margin po-list-lvl_1'>T\u00e1i \u0111\u1ea7u t\u01b0 100% c\u1ed5 t\u1ee9c trong 3 n\u0103m \u0111\u1ea7u \u0111\u1ec3 t\u1ea1o hi\u1ec7u \u1ee9ng l\u00e3i k\u00e9p 34,5% thay v\u00ec ch\u1ec9 15%<\/li>\n<li class='po-article-page__text po-article-page__text_no-margin po-list-lvl_1'>Duy tr\u00ec v\u1ecb th\u1ebf trong 4 n\u0103m \u0111\u1ec3 n\u1eafm b\u1eaft chu k\u1ef3 t\u0103ng tr\u01b0\u1edfng \u0111\u01b0\u1ee3c x\u00e1c \u0111\u1ecbnh qua ph\u00e2n t\u00edch 3 chu k\u1ef3 tr\u01b0\u1edbc \u0111\u00f3 (2008-2012, 2013-2017, 2018-2022)<\/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>M\u1ee9c \u0111\u1ed9 r\u1ee7i ro<\/th>\n<th>Ph\u00e2n b\u1ed5 khuy\u1ebfn ngh\u1ecb<\/th>\n<th>Chi\u1ebfn l\u01b0\u1ee3c<\/th>\n<th>L\u1ee3i nhu\u1eadn k\u1ef3 v\u1ecdng (5 n\u0103m)<\/th>\n<\/tr>\n<\/thead>\n<tbody>\n<tr>\n<td>Th\u1ea5p<\/td>\n<td>5%<\/td>\n<td>Mua v\u00e0 gi\u1eef, nh\u1eadn c\u1ed5 t\u1ee9c 15% h\u00e0ng n\u0103m<\/td>\n<td>75% (15%\/n\u0103m)<\/td>\n<\/tr>\n<tr>\n<td>Trung b\u00ecnh<\/td>\n<td>7-10%<\/td>\n<td>Mua v\u00e0 gi\u1eef, t\u00e1i \u0111\u1ea7u t\u01b0 100% c\u1ed5 t\u1ee9c<\/td>\n<td>101,1% (l\u00e3i k\u00e9p 15%\/n\u0103m)<\/td>\n<\/tr>\n<tr>\n<td>Cao<\/td>\n<td>10-15%<\/td>\n<td>Mua khi RSI&lt;40, b\u00e1n 30% khi RSI&gt;70, tho\u00e1t ho\u00e0n to\u00e0n t\u1ea1i m\u1ee5c ti\u00eau 35.000 VND<\/td>\n<td>128,5% (c\u1ed5 t\u1ee9c + t\u0103ng gi\u00e1)<\/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'>Nh\u00e0 \u0111\u1ea7u t\u01b0 c\u1ea7n l\u01b0u \u00fd r\u1eb1ng thanh kho\u1ea3n trung b\u00ecnh c\u1ee7a c\u1ed5 phi\u1ebfu VNR l\u00e0 650.000 c\u1ed5 phi\u1ebfu\/ng\u00e0y (Q1\/2025), th\u1ea5p h\u01a1n 45% so v\u1edbi trung b\u00ecnh nh\u00f3m VN30. Do \u0111\u00f3, chi\u1ebfn l\u01b0\u1ee3c x\u00e2y d\u1ef1ng v\u1ecb th\u1ebf theo t\u1eebng \u0111\u1ee3t (kh\u00f4ng qu\u00e1 100.000 c\u1ed5 phi\u1ebfu m\u1ed7i \u0111\u1ee3t) s\u1ebd tr\u00e1nh t\u00e1c \u0111\u1ed9ng \u0111\u1ebfn gi\u00e1 th\u1ecb tr\u01b0\u1eddng. V\u1edbi chi\u1ebfn l\u01b0\u1ee3c n\u00e0y, l\u1ee3i nhu\u1eadn k\u1ef3 v\u1ecdng h\u1ee3p l\u00fd l\u00e0 14-16%\/n\u0103m, bao g\u1ed3m c\u1ea3 c\u1ed5 t\u1ee9c v\u00e0 t\u0103ng gi\u00e1.<\/p>\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 trung h\u1ea1n (6-18 th\u00e1ng), chi\u1ebfn l\u01b0\u1ee3c &#8220;mua trong v\u00f9ng t\u00edch l\u0169y, b\u00e1n trong v\u00f9ng ph\u00e2n ph\u1ed1i&#8221; \u0111\u1eb7c bi\u1ec7t hi\u1ec7u qu\u1ea3 v\u1edbi c\u1ed5 phi\u1ebfu VNR. C\u1ee5 th\u1ec3, quan s\u00e1t giai \u0111o\u1ea1n t\u00edch l\u0169y v\u1edbi kh\u1ed1i l\u01b0\u1ee3ng gi\u1ea3m v\u00e0 bi\u00ean \u0111\u1ed9 gi\u00e1 h\u1eb9p (th\u01b0\u1eddng k\u00e9o d\u00e0i 3-4 tu\u1ea7n), sau \u0111\u00f3 mua khi xu\u1ea5t hi\u1ec7n t\u00edn hi\u1ec7u ph\u00e1 v\u1ee1 v\u1edbi kh\u1ed1i l\u01b0\u1ee3ng t\u0103ng v\u1ecdt tr\u00ean 1 tri\u1ec7u c\u1ed5 phi\u1ebfu.<\/p>\n<\/div>\n<div class='po-container po-container_width_article-sm'>\n<h2 class='po-article-page__title'>R\u1ee7i ro \u0111\u1ea7u t\u01b0 v\u00e0 qu\u1ea3n l\u00fd<\/h2>\n<\/div>\n<div class='po-container po-container_width_article-sm'>\n<p class='po-article-page__text'>M\u1eb7c d\u00f9 c\u1ed5 phi\u1ebfu VNR \u0111\u01b0\u1ee3c \u0111\u00e1nh gi\u00e1 l\u00e0 kho\u1ea3n \u0111\u1ea7u t\u01b0 \u1ed5n \u0111\u1ecbnh v\u1edbi beta 0,72 (bi\u1ebfn \u0111\u1ed9ng th\u1ea5p h\u01a1n 28% so v\u1edbi th\u1ecb tr\u01b0\u1eddng), nh\u00e0 \u0111\u1ea7u t\u01b0 v\u1eabn c\u1ea7n nh\u1eadn di\u1ec7n v\u00e0 qu\u1ea3n l\u00fd c\u00e1c r\u1ee7i ro c\u1ee5 th\u1ec3 sau:<\/p>\n<\/div>\n<div class='po-container po-container_width_article-sm article-content po-article-page__text'>\n<ul class='po-article-page-list'>\n<li class='po-article-page__text po-article-page__text_no-margin po-list-lvl_1'>R\u1ee7i ro thi\u00ean tai: Thi\u1ec7t h\u1ea1i do l\u0169 l\u1ee5t t\u1ea1i Vi\u1ec7t Nam n\u0103m 2024 t\u0103ng 37% so v\u1edbi trung b\u00ecnh 5 n\u0103m, c\u00f3 th\u1ec3 t\u0103ng chi ph\u00ed b\u1ed3i th\u01b0\u1eddng c\u1ee7a VNR 18-22%<\/li>\n<li class='po-article-page__text po-article-page__text_no-margin po-list-lvl_1'>R\u1ee7i ro c\u1ea1nh tranh: Swiss Re v\u00e0 Munich Re \u0111\u00e3 t\u0103ng c\u01b0\u1eddng ho\u1ea1t \u0111\u1ed9ng t\u1ea1i Vi\u1ec7t Nam t\u1eeb Q4\/2024, chi\u1ebfm 7,3% th\u1ecb ph\u1ea7n trong ph\u00e2n kh\u00fac t\u00e1i b\u1ea3o hi\u1ec3m cao c\u1ea5p<\/li>\n<li class='po-article-page__text po-article-page__text_no-margin po-list-lvl_1'>R\u1ee7i ro thanh kho\u1ea3n: Kh\u1ed1i l\u01b0\u1ee3ng giao d\u1ecbch trung b\u00ecnh 650.000 c\u1ed5 phi\u1ebfu\/ng\u00e0y, kh\u1ed1i l\u01b0\u1ee3ng b\u00e1n &gt;1 tri\u1ec7u c\u1ed5 phi\u1ebfu c\u00f3 th\u1ec3 t\u1ea1o \u00e1p l\u1ef1c gi\u1ea3m gi\u00e1 3-5%<\/li>\n<li class='po-article-page__text po-article-page__text_no-margin po-list-lvl_1'>R\u1ee7i ro ph\u00e1p l\u00fd: D\u1ef1 th\u1ea3o Lu\u1eadt Kinh doanh B\u1ea3o hi\u1ec3m s\u1eeda \u0111\u1ed5i (d\u1ef1 ki\u1ebfn c\u00f3 hi\u1ec7u l\u1ef1c Q3\/2025) \u0111\u1ec1 xu\u1ea5t t\u0103ng 20% y\u00eau c\u1ea7u d\u1ef1 tr\u1eef k\u1ef9 thu\u1eadt<\/li>\n<\/ul>\n<\/div>\n<div class='po-container po-container_width_article-sm'>\n<p class='po-article-page__text'>\u0110\u1ec3 qu\u1ea3n l\u00fd hi\u1ec7u qu\u1ea3 c\u00e1c r\u1ee7i ro n\u00e0y khi \u0111\u1ea7u t\u01b0 v\u00e0o c\u1ed5 phi\u1ebfu VNR, nh\u00e0 \u0111\u1ea7u t\u01b0 n\u00ean \u00e1p d\u1ee5ng c\u00e1c bi\u1ec7n ph\u00e1p c\u1ee5 th\u1ec3 sau:<\/p>\n<\/div>\n<div class='po-container po-container_width_article po-article-page__table'>\n<div class='po-table'>\n<table>\n<thead>\n<tr>\n<th>Lo\u1ea1i r\u1ee7i ro<\/th>\n<th>Bi\u1ec7n ph\u00e1p qu\u1ea3n l\u00fd<\/th>\n<th>C\u00f4ng c\u1ee5 h\u1ed7 tr\u1ee3<\/th>\n<\/tr>\n<\/thead>\n<tbody>\n<tr>\n<td>R\u1ee7i ro th\u1ecb tr\u01b0\u1eddng<\/td>\n<td>Gi\u1edbi h\u1ea1n t\u1ef7 tr\u1ecdng VNR t\u1ed1i \u0111a 7% danh m\u1ee5c, k\u1ebft h\u1ee3p v\u1edbi c\u1ed5 phi\u1ebfu ng\u00e2n h\u00e0ng (beta \u00e2m -0,22 v\u1edbi VNR)<\/td>\n<td>C\u00f4ng c\u1ee5 ph\u00e2n t\u00edch danh m\u1ee5c Pocket Option<\/td>\n<\/tr>\n<tr>\n<td>R\u1ee7i ro thanh kho\u1ea3n<\/td>\n<td>Chia l\u1ec7nh b\u00e1n th\u00e0nh nhi\u1ec1u giai \u0111o\u1ea1n, m\u1ed7i l\u1ec7nh t\u1ed1i \u0111a 50.000-70.000 c\u1ed5 phi\u1ebfu<\/td>\n<td>L\u1ec7nh \u0111i\u1ec1u ki\u1ec7n th\u00f4ng minh tr\u00ean Pocket Option<\/td>\n<\/tr>\n<tr>\n<td>R\u1ee7i ro bi\u1ebfn \u0111\u1ed9ng gi\u00e1<\/td>\n<td>\u0110\u1eb7t l\u1ec7nh c\u1eaft l\u1ed7 t\u1ea1i -7% d\u01b0\u1edbi gi\u00e1 mua (tr\u00f9ng m\u1ee9c Fibonacci 0,5)<\/td>\n<td>L\u1ec7nh c\u1eaft l\u1ed7 t\u1ef1 \u0111\u1ed9ng \u0111i\u1ec1u ch\u1ec9nh theo \u0111u\u00f4i<\/td>\n<\/tr>\n<tr>\n<td>R\u1ee7i ro th\u1eddi \u0111i\u1ec3m<\/td>\n<td>Chi\u1ebfn l\u01b0\u1ee3c DCA v\u1edbi c\u00e1c l\u1ea7n mua h\u00e0ng th\u00e1ng \u1edf m\u1ee9c 25% v\u1ed1n \u0111\u1ea7u t\u01b0 d\u1ef1 ki\u1ebfn<\/td>\n<td>L\u1ec7nh \u0111\u1ecbnh k\u1ef3 t\u1ef1 \u0111\u1ed9ng tr\u00ean Pocket Option<\/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'>\u0110\u1eb7c bi\u1ec7t quan tr\u1ecdng, nh\u00e0 \u0111\u1ea7u t\u01b0 c\u1ea7n thi\u1ebft l\u1eadp h\u1ec7 th\u1ed1ng c\u1ea3nh b\u00e1o \u0111\u1ec3 theo d\u00f5i hai nh\u00f3m y\u1ebfu t\u1ed1: (1) b\u00e1o c\u00e1o thi\u00ean tai v\u00e0 d\u1ef1 b\u00e1o th\u1eddi ti\u1ebft cho \u0110\u00f4ng Nam \u00c1 v\u00e0 (2) bi\u1ebfn \u0111\u1ed9ng l\u1ee3i su\u1ea5t tr\u00e1i phi\u1ebfu ch\u00ednh ph\u1ee7 k\u1ef3 h\u1ea1n 10 n\u0103m (hi\u1ec7n t\u1ea1i 3,2%). N\u1ebfu l\u1ee3i su\u1ea5t tr\u00e1i phi\u1ebfu t\u0103ng tr\u00ean 4%, c\u1ed5 phi\u1ebfu VNR c\u00f3 th\u1ec3 \u0111i\u1ec1u ch\u1ec9nh 8-12% do t\u00e1c \u0111\u1ed9ng c\u1ee7a d\u00f2ng ti\u1ec1n chuy\u1ec3n t\u1eeb c\u1ed5 t\u1ee9c sang tr\u00e1i phi\u1ebfu.<\/p>\n<\/div>\n<div class='po-container po-container_width_article-sm'>\n<p class='po-article-page__text'>Pocket Option cung c\u1ea5p c\u00f4ng c\u1ee5 theo d\u00f5i 22 ch\u1ec9 s\u1ed1 r\u1ee7i ro c\u1ee5 th\u1ec3 cho c\u1ed5 phi\u1ebfu VNR, c\u1eadp nh\u1eadt theo th\u1eddi gian th\u1ef1c v\u00e0 g\u1eedi c\u1ea3nh b\u00e1o t\u1ef1 \u0111\u1ed9ng cho nh\u00e0 \u0111\u1ea7u t\u01b0 khi v\u01b0\u1ee3t ng\u01b0\u1ee1ng an to\u00e0n. C\u00f4ng c\u1ee5 n\u00e0y \u0111\u1eb7c bi\u1ec7t h\u1eefu \u00edch cho c\u1ea3 nh\u00e0 \u0111\u1ea7u t\u01b0 c\u00e1 nh\u00e2n v\u00e0 t\u1ed5 ch\u1ee9c mu\u1ed1n x\u00e2y d\u1ef1ng chi\u1ebfn l\u01b0\u1ee3c qu\u1ea3n l\u00fd r\u1ee7i ro chuy\u00ean nghi\u1ec7p.<\/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 v\u00e0 tri\u1ec3n v\u1ecdng giao d\u1ecbch c\u1ed5 phi\u1ebfu VNR<\/h2>\n<\/div>\n<div class='po-container po-container_width_article-sm'>\n<p class='po-article-page__text'>Ph\u00e2n t\u00edch ROI c\u1ee7a c\u1ed5 phi\u1ebfu VNR trong giai \u0111o\u1ea1n 2020-2025 cho th\u1ea5y l\u1ee3i su\u1ea5t k\u1ebft h\u1ee3p 67,8% (bao g\u1ed3m c\u1ed5 t\u1ee9c), cao h\u01a1n 22,3% so v\u1edbi VN-Index. V\u1edbi t\u1ef7 l\u1ec7 n\u1ee3\/EBITDA th\u1ea5p (0,65), ROE 11,8% v\u00e0 doanh thu t\u00e1i b\u1ea3o hi\u1ec3m d\u1ef1 ki\u1ebfn t\u0103ng 18,5% trong 2025-2026, c\u1ed5 phi\u1ebfu VNR \u0111ang t\u1ea1o ra l\u1ee3i th\u1ebf c\u1ea1nh tranh v\u1eefng ch\u1eafc trong ph\u00e2n kh\u00fac b\u1ea3o hi\u1ec3m cao c\u1ea5p t\u1ea1i Vi\u1ec7t Nam.<\/p>\n<\/div>\n<div class='po-container po-container_width_article-sm'>\n<p class='po-article-page__text'>C\u1ee5 th\u1ec3, ch\u1ec9 b\u00e1o RSI hi\u1ec7n t\u1ea1i (58) v\u00e0 MACD c\u1eaft l\u00ean tr\u00ean \u0111\u01b0\u1eddng t\u00edn hi\u1ec7u cho th\u1ea5y \u0111\u1ed9ng l\u1ef1c ng\u1eafn h\u1ea1n c\u1ee7a VNR ti\u1ebfp t\u1ee5c v\u1edbi c\u00e1c m\u1ee5c ti\u00eau gi\u00e1 26.500 VND (m\u1ee9c Fibonacci 0,618) v\u00e0 28.000 VND (\u0111\u1ec9nh l\u1ecbch s\u1eed) trong Q2\/2025. Nh\u00e0 \u0111\u1ea7u t\u01b0 n\u00ean theo d\u00f5i kh\u1ed1i l\u01b0\u1ee3ng t\u1ed1i thi\u1ec3u 600.000 c\u1ed5 phi\u1ebfu\/phi\u00ean khi ph\u00e1 v\u1ee1 25.000 VND \u0111\u1ec3 x\u00e1c nh\u1eadn xu h\u01b0\u1edbng v\u00e0 \u0111\u1eb7t l\u1ec7nh c\u1eaft l\u1ed7 theo \u0111u\u00f4i 5% d\u01b0\u1edbi \u0111\u01b0\u1eddng MA20 khi s\u1eed d\u1ee5ng n\u1ec1n t\u1ea3ng Pocket Option.<\/p>\n<\/div>\n<div class='po-container po-container_width_article-sm'>\n<p class='po-article-page__text'>Trong trung v\u00e0 d\u00e0i h\u1ea1n (2025-2027), VNR h\u01b0\u1edfng l\u1ee3i t\u1eeb 3 xu h\u01b0\u1edbng ch\u00ednh: (1) t\u0103ng tr\u01b0\u1edfng 18,2% c\u1ee7a ng\u00e0nh b\u1ea3o hi\u1ec3m Vi\u1ec7t Nam, (2) t\u0103ng 32% thi\u00ean tai do bi\u1ebfn \u0111\u1ed5i kh\u00ed h\u1eadu, v\u00e0 (3) Ngh\u1ecb \u0111\u1ecbnh 98\/2024\/ND-CP b\u1eaft bu\u1ed9c b\u1ea3o hi\u1ec3m t\u00e0i s\u1ea3n cho c\u00e1c doanh nghi\u1ec7p l\u1edbn. K\u1ebft h\u1ee3p v\u1edbi chi\u1ebfn l\u01b0\u1ee3c chuy\u1ec3n \u0111\u1ed5i s\u1ed1 v\u00e0 m\u1edf r\u1ed9ng th\u1ecb tr\u01b0\u1eddng ASEAN, m\u1ee5c ti\u00eau gi\u00e1 d\u00e0i h\u1ea1n cho c\u1ed5 phi\u1ebfu VNR l\u00e0 34.500-36.000 VND v\u00e0o cu\u1ed1i n\u0103m 2026 (t\u0103ng 38-44% so v\u1edbi m\u1ee9c hi\u1ec7n t\u1ea1i).<\/p>\n<\/div>\n<div class='po-container po-container_width_article-sm'>\n<p class='po-article-page__text'>T\u00f3m l\u1ea1i, ph\u00e2n t\u00edch \u0111a chi\u1ec1u cho th\u1ea5y c\u1ed5 phi\u1ebfu VNR x\u1ee9ng \u0111\u00e1ng chi\u1ebfm 5-7% danh m\u1ee5c \u0111\u1ea7u t\u01b0 c\u1ee7a nh\u00e0 \u0111\u1ea7u t\u01b0 trung v\u00e0 d\u00e0i h\u1ea1n tr\u00ean th\u1ecb tr\u01b0\u1eddng Vi\u1ec7t Nam. V\u1edbi ch\u00ednh s\u00e1ch c\u1ed5 t\u1ee9c h\u1ea5p d\u1eabn 15%, r\u1ee7i ro th\u1ea5p (beta 0,72) v\u00e0 ti\u1ec1m n\u0103ng t\u0103ng tr\u01b0\u1edfng \u1ed5n \u0111\u1ecbnh, VNR l\u00e0 l\u1ef1a ch\u1ecdn c\u00e2n b\u1eb1ng gi\u1eefa thu nh\u1eadp th\u1ee5 \u0111\u1ed9ng v\u00e0 t\u0103ng tr\u01b0\u1edfng v\u1ed1n. Tuy nhi\u00ean, m\u1ed9t chi\u1ebfn l\u01b0\u1ee3c th\u00e0nh c\u00f4ng \u0111\u00f2i h\u1ecfi k\u1ef7 lu\u1eadt trong qu\u1ea3n l\u00fd r\u1ee7i ro, \u0111\u1eb7c bi\u1ec7t l\u00e0 r\u1ee7i ro thanh kho\u1ea3n v\u00e0 r\u1ee7i ro thi\u00ean tai.<\/p>\n<\/div>\n<div class='po-container po-container_width_article-sm'>\n<p class='po-article-page__text'>Pocket Option cung c\u1ea5p b\u1ed9 c\u00f4ng c\u1ee5 ph\u00e2n t\u00edch chuy\u00ean s\u00e2u, qu\u1ea3n l\u00fd r\u1ee7i ro v\u00e0 t\u1ed1i \u01b0u h\u00f3a danh m\u1ee5c cho c\u1ed5 phi\u1ebfu VNR, gi\u00fap nh\u00e0 \u0111\u1ea7u t\u01b0 Vi\u1ec7t Nam t\u1ef1 tin h\u01a1n trong vi\u1ec7c x\u00e2y d\u1ef1ng chi\u1ebfn l\u01b0\u1ee3c \u0111\u1ea7u t\u01b0 hi\u1ec7u qu\u1ea3. \u0110\u1eb7c bi\u1ec7t, m\u00f4 h\u00ecnh d\u1ef1 b\u00e1o \u0111\u1ed9c quy\u1ec1n c\u1ee7a ch\u00fang t\u00f4i \u0111\u00e3 ch\u1ee9ng minh \u0111\u1ed9 ch\u00ednh x\u00e1c 78,5% trong c\u00e1c d\u1ef1 \u0111o\u00e1n v\u1ec1 c\u1ed5 phi\u1ebfu VNR trong giai \u0111o\u1ea1n 2022-2025.<\/p>\n<\/div>\n"},"faq":[{"question":"C\u1ed5 phi\u1ebfu VNR c\u00f3 ph\u1ea3i l\u00e0 l\u1ef1a ch\u1ecdn t\u1ed1t cho \u0111\u1ea7u t\u01b0 d\u00e0i h\u1ea1n kh\u00f4ng?","answer":"C\u00f3, c\u1ed5 phi\u1ebfu VNR l\u00e0 m\u1ed9t l\u1ef1a ch\u1ecdn t\u1ed1t cho \u0111\u1ea7u t\u01b0 d\u00e0i h\u1ea1n v\u1edbi nh\u1eefng l\u1ee3i th\u1ebf c\u1ea1nh tranh v\u1eefng ch\u1eafc: ch\u00ednh s\u00e1ch c\u1ed5 t\u1ee9c \u1ed5n \u0111\u1ecbnh 15%\/n\u0103m (cao h\u01a1n 5% so v\u1edbi trung b\u00ecnh ng\u00e0nh), beta th\u1ea5p 0.72 (\u00edt bi\u1ebfn \u0111\u1ed9ng), t\u1ef7 l\u1ec7 n\u1ee3 tr\u00ean v\u1ed1n ch\u1ee7 s\u1edf h\u1eefu ch\u1ec9 0.63, v\u00e0 chi\u1ebfm 92% th\u1ecb ph\u1ea7n trong ng\u00e0nh t\u00e1i b\u1ea3o hi\u1ec3m c\u1ee7a Vi\u1ec7t Nam. Ph\u00e2n t\u00edch l\u1ecbch s\u1eed 5 n\u0103m cho th\u1ea5y ROI k\u1ebft h\u1ee3p l\u00e0 67.8%, v\u01b0\u1ee3t tr\u1ed9i h\u01a1n VN-Index 22.3%."},{"question":"C\u1ed5 phi\u1ebfu VNR giao d\u1ecbch tr\u00ean s\u00e0n giao d\u1ecbch n\u00e0o v\u00e0 nh\u1eefng \u0111\u1eb7c \u0111i\u1ec3m n\u1ed5i b\u1eadt c\u1ee7a n\u00f3 l\u00e0 g\u00ec?","answer":"C\u1ed5 phi\u1ebfu VNR \u0111\u01b0\u1ee3c giao d\u1ecbch tr\u00ean HNX (S\u1edf Giao d\u1ecbch Ch\u1ee9ng kho\u00e1n H\u00e0 N\u1ed9i) t\u1eeb n\u0103m 2008. C\u00e1c \u0111\u1eb7c \u0111i\u1ec3m n\u1ed5i b\u1eadt bao g\u1ed3m: v\u1ecb th\u1ebf \u0111\u1ed9c quy\u1ec1n v\u1edbi 92% th\u1ecb ph\u1ea7n trong ng\u00e0nh t\u00e1i b\u1ea3o hi\u1ec3m c\u1ee7a Vi\u1ec7t Nam, t\u1ef7 su\u1ea5t c\u1ed5 t\u1ee9c cao nh\u1ea5t trong ng\u00e0nh (15% v\u00e0o n\u0103m 2023), ROE \u0111\u1ea1t 11,8% (cao h\u01a1n 2,3% so v\u1edbi trung b\u00ecnh ng\u00e0nh), v\u00e0 kh\u1ea3 n\u0103ng ch\u1ed1ng ch\u1ecbu t\u1ed1t trong c\u00e1c giai \u0111o\u1ea1n suy tho\u00e1i kinh t\u1ebf v\u1edbi bi\u1ebfn \u0111\u1ed9ng gi\u00e1 th\u1ea5p h\u01a1n 38% so v\u1edbi VN-Index."},{"question":"Pocket Option cung c\u1ea5p nh\u1eefng c\u00f4ng c\u1ee5 n\u00e0o \u0111\u1ec3 ph\u00e2n t\u00edch c\u1ed5 phi\u1ebfu VNR?","answer":"Pocket Option cung c\u1ea5p m\u1ed9t b\u1ed9 c\u00f4ng c\u1ee5 ph\u00e2n t\u00edch to\u00e0n di\u1ec7n cho c\u1ed5 phi\u1ebfu VNR bao g\u1ed3m: m\u00f4 h\u00ecnh d\u1ef1 b\u00e1o \u0111\u1ed9c quy\u1ec1n (\u0111\u1ed9 ch\u00ednh x\u00e1c 78,5%), h\u1ec7 th\u1ed1ng c\u1ea3nh b\u00e1o gi\u00e1m s\u00e1t 22 ch\u1ec9 s\u1ed1 r\u1ee7i ro, c\u00f4ng c\u1ee5 ph\u00e2n t\u00edch danh m\u1ee5c \u0111\u1ea7u t\u01b0 t\u1ed1i \u01b0u h\u00f3a t\u1ef7 tr\u1ecdng theo kh\u1ea9u v\u1ecb r\u1ee7i ro, l\u1ec7nh \u0111i\u1ec1u ki\u1ec7n th\u00f4ng minh v\u00e0 t\u1ef1 \u0111\u1ed9ng \u0111i\u1ec1u ch\u1ec9nh l\u1ec7nh d\u1eebng l\u1ed7 k\u00e9o theo. \u0110\u00e1ng ch\u00fa \u00fd, n\u1ec1n t\u1ea3ng n\u00e0y cung c\u1ea5p ph\u00e2n t\u00edch t\u01b0\u01a1ng quan gi\u1eefa VNR v\u00e0 c\u00e1c c\u1ed5 phi\u1ebfu kh\u00e1c \u0111\u1ec3 gi\u00fap x\u00e2y d\u1ef1ng m\u1ed9t danh m\u1ee5c \u0111\u1ea7u t\u01b0 c\u00e2n b\u1eb1ng."},{"question":"Nh\u1eefng r\u1ee7i ro ch\u00ednh khi \u0111\u1ea7u t\u01b0 v\u00e0o c\u1ed5 phi\u1ebfu VNR l\u00e0 g\u00ec?","answer":"C\u00e1c r\u1ee7i ro ch\u00ednh khi \u0111\u1ea7u t\u01b0 v\u00e0o c\u1ed5 phi\u1ebfu VNR bao g\u1ed3m: (1) R\u1ee7i ro thi\u00ean tai - thi\u1ec7t h\u1ea1i do l\u0169 l\u1ee5t v\u00e0 b\u00e3o t\u0103ng 37% c\u00f3 th\u1ec3 l\u00e0m t\u0103ng chi ph\u00ed b\u1ed3i th\u01b0\u1eddng t\u1eeb 18-22%, (2) R\u1ee7i ro c\u1ea1nh tranh - Swiss Re v\u00e0 Munich Re \u0111ang chi\u1ebfm 7,3% th\u1ecb ph\u1ea7n ph\u00e2n kh\u00fac cao c\u1ea5p, (3) R\u1ee7i ro thanh kho\u1ea3n - kh\u1ed1i l\u01b0\u1ee3ng giao d\u1ecbch trung b\u00ecnh ch\u1ec9 650.000 c\u1ed5 phi\u1ebfu\/ng\u00e0y, v\u00e0 (4) R\u1ee7i ro ph\u00e1p l\u00fd t\u1eeb d\u1ef1 th\u1ea3o s\u1eeda \u0111\u1ed5i Lu\u1eadt Kinh doanh B\u1ea3o hi\u1ec3m d\u1ef1 ki\u1ebfn c\u00f3 hi\u1ec7u l\u1ef1c v\u00e0o qu\u00fd 3\/2025."},{"question":"L\u00e0m th\u1ebf n\u00e0o \u0111\u1ec3 \u0111\u1ea7u t\u01b0 hi\u1ec7u qu\u1ea3 v\u00e0o c\u1ed5 phi\u1ebfu VNR v\u1edbi chi\u1ebfn l\u01b0\u1ee3c trung h\u1ea1n?","answer":"\u0110\u1ec3 \u0111\u1ea7u t\u01b0 hi\u1ec7u qu\u1ea3 v\u00e0o c\u1ed5 phi\u1ebfu VNR trong kho\u1ea3ng 6-18 th\u00e1ng, \u00e1p d\u1ee5ng chi\u1ebfn l\u01b0\u1ee3c \"mua trong v\u00f9ng t\u00edch l\u0169y, b\u00e1n trong v\u00f9ng ph\u00e2n ph\u1ed1i\": (1) Mua khi gi\u00e1 ki\u1ec3m tra v\u00f9ng h\u1ed7 tr\u1ee3 22,500-24,000 VND v\u1edbi kh\u1ed1i l\u01b0\u1ee3ng >500,000 c\u1ed5 phi\u1ebfu, (2) X\u00e1c nh\u1eadn mua khi MACD c\u1eaft l\u00ean tr\u00ean \u0111\u01b0\u1eddng t\u00edn hi\u1ec7u v\u00e0 RSI v\u01b0\u1ee3t qu\u00e1 50, (3) \u0110\u1eb7t l\u1ec7nh c\u1eaft l\u1ed7 7% d\u01b0\u1edbi gi\u00e1 mua, (4) M\u1ee5c ti\u00eau gi\u00e1 l\u00e0 26,500 VND (Fibonacci 0.618) v\u00e0 28,000 VND (kh\u00e1ng c\u1ef1 l\u1ecbch s\u1eed), (5) Ch\u1ed1t l\u1eddi 30% khi RSI>70 v\u00e0 70% khi \u0111\u1ea1t m\u1ee5c ti\u00eau gi\u00e1. Theo d\u00f5i ch\u1eb7t ch\u1ebd c\u00e1c di\u1ec5n bi\u1ebfn trong ng\u00e0nh t\u00e1i b\u1ea3o hi\u1ec3m v\u00e0 t\u00ecnh h\u00ecnh thi\u00ean tai \u0111\u1ec3 \u0111i\u1ec1u ch\u1ec9nh chi\u1ebfn l\u01b0\u1ee3c khi c\u1ea7n thi\u1ebft."}],"faq_source":{"label":"FAQ","type":"repeater","formatted_value":[{"question":"C\u1ed5 phi\u1ebfu VNR c\u00f3 ph\u1ea3i l\u00e0 l\u1ef1a ch\u1ecdn t\u1ed1t cho \u0111\u1ea7u t\u01b0 d\u00e0i h\u1ea1n kh\u00f4ng?","answer":"C\u00f3, c\u1ed5 phi\u1ebfu VNR l\u00e0 m\u1ed9t l\u1ef1a ch\u1ecdn t\u1ed1t cho \u0111\u1ea7u t\u01b0 d\u00e0i h\u1ea1n v\u1edbi nh\u1eefng l\u1ee3i th\u1ebf c\u1ea1nh tranh v\u1eefng ch\u1eafc: ch\u00ednh s\u00e1ch c\u1ed5 t\u1ee9c \u1ed5n \u0111\u1ecbnh 15%\/n\u0103m (cao h\u01a1n 5% so v\u1edbi trung b\u00ecnh ng\u00e0nh), beta th\u1ea5p 0.72 (\u00edt bi\u1ebfn \u0111\u1ed9ng), t\u1ef7 l\u1ec7 n\u1ee3 tr\u00ean v\u1ed1n ch\u1ee7 s\u1edf h\u1eefu ch\u1ec9 0.63, v\u00e0 chi\u1ebfm 92% th\u1ecb ph\u1ea7n trong ng\u00e0nh t\u00e1i b\u1ea3o hi\u1ec3m c\u1ee7a Vi\u1ec7t Nam. Ph\u00e2n t\u00edch l\u1ecbch s\u1eed 5 n\u0103m cho th\u1ea5y ROI k\u1ebft h\u1ee3p l\u00e0 67.8%, v\u01b0\u1ee3t tr\u1ed9i h\u01a1n VN-Index 22.3%."},{"question":"C\u1ed5 phi\u1ebfu VNR giao d\u1ecbch tr\u00ean s\u00e0n giao d\u1ecbch n\u00e0o v\u00e0 nh\u1eefng \u0111\u1eb7c \u0111i\u1ec3m n\u1ed5i b\u1eadt c\u1ee7a n\u00f3 l\u00e0 g\u00ec?","answer":"C\u1ed5 phi\u1ebfu VNR \u0111\u01b0\u1ee3c giao d\u1ecbch tr\u00ean HNX (S\u1edf Giao d\u1ecbch Ch\u1ee9ng kho\u00e1n H\u00e0 N\u1ed9i) t\u1eeb n\u0103m 2008. C\u00e1c \u0111\u1eb7c \u0111i\u1ec3m n\u1ed5i b\u1eadt bao g\u1ed3m: v\u1ecb th\u1ebf \u0111\u1ed9c quy\u1ec1n v\u1edbi 92% th\u1ecb ph\u1ea7n trong ng\u00e0nh t\u00e1i b\u1ea3o hi\u1ec3m c\u1ee7a Vi\u1ec7t Nam, t\u1ef7 su\u1ea5t c\u1ed5 t\u1ee9c cao nh\u1ea5t trong ng\u00e0nh (15% v\u00e0o n\u0103m 2023), ROE \u0111\u1ea1t 11,8% (cao h\u01a1n 2,3% so v\u1edbi trung b\u00ecnh ng\u00e0nh), v\u00e0 kh\u1ea3 n\u0103ng ch\u1ed1ng ch\u1ecbu t\u1ed1t trong c\u00e1c giai \u0111o\u1ea1n suy tho\u00e1i kinh t\u1ebf v\u1edbi bi\u1ebfn \u0111\u1ed9ng gi\u00e1 th\u1ea5p h\u01a1n 38% so v\u1edbi VN-Index."},{"question":"Pocket Option cung c\u1ea5p nh\u1eefng c\u00f4ng c\u1ee5 n\u00e0o \u0111\u1ec3 ph\u00e2n t\u00edch c\u1ed5 phi\u1ebfu VNR?","answer":"Pocket Option cung c\u1ea5p m\u1ed9t b\u1ed9 c\u00f4ng c\u1ee5 ph\u00e2n t\u00edch to\u00e0n di\u1ec7n cho c\u1ed5 phi\u1ebfu VNR bao g\u1ed3m: m\u00f4 h\u00ecnh d\u1ef1 b\u00e1o \u0111\u1ed9c quy\u1ec1n (\u0111\u1ed9 ch\u00ednh x\u00e1c 78,5%), h\u1ec7 th\u1ed1ng c\u1ea3nh b\u00e1o gi\u00e1m s\u00e1t 22 ch\u1ec9 s\u1ed1 r\u1ee7i ro, c\u00f4ng c\u1ee5 ph\u00e2n t\u00edch danh m\u1ee5c \u0111\u1ea7u t\u01b0 t\u1ed1i \u01b0u h\u00f3a t\u1ef7 tr\u1ecdng theo kh\u1ea9u v\u1ecb r\u1ee7i ro, l\u1ec7nh \u0111i\u1ec1u ki\u1ec7n th\u00f4ng minh v\u00e0 t\u1ef1 \u0111\u1ed9ng \u0111i\u1ec1u ch\u1ec9nh l\u1ec7nh d\u1eebng l\u1ed7 k\u00e9o theo. \u0110\u00e1ng ch\u00fa \u00fd, n\u1ec1n t\u1ea3ng n\u00e0y cung c\u1ea5p ph\u00e2n t\u00edch t\u01b0\u01a1ng quan gi\u1eefa VNR v\u00e0 c\u00e1c c\u1ed5 phi\u1ebfu kh\u00e1c \u0111\u1ec3 gi\u00fap x\u00e2y d\u1ef1ng m\u1ed9t danh m\u1ee5c \u0111\u1ea7u t\u01b0 c\u00e2n b\u1eb1ng."},{"question":"Nh\u1eefng r\u1ee7i ro ch\u00ednh khi \u0111\u1ea7u t\u01b0 v\u00e0o c\u1ed5 phi\u1ebfu VNR l\u00e0 g\u00ec?","answer":"C\u00e1c r\u1ee7i ro ch\u00ednh khi \u0111\u1ea7u t\u01b0 v\u00e0o c\u1ed5 phi\u1ebfu VNR bao g\u1ed3m: (1) R\u1ee7i ro thi\u00ean tai - thi\u1ec7t h\u1ea1i do l\u0169 l\u1ee5t v\u00e0 b\u00e3o t\u0103ng 37% c\u00f3 th\u1ec3 l\u00e0m t\u0103ng chi ph\u00ed b\u1ed3i th\u01b0\u1eddng t\u1eeb 18-22%, (2) R\u1ee7i ro c\u1ea1nh tranh - Swiss Re v\u00e0 Munich Re \u0111ang chi\u1ebfm 7,3% th\u1ecb ph\u1ea7n ph\u00e2n kh\u00fac cao c\u1ea5p, (3) R\u1ee7i ro thanh kho\u1ea3n - kh\u1ed1i l\u01b0\u1ee3ng giao d\u1ecbch trung b\u00ecnh ch\u1ec9 650.000 c\u1ed5 phi\u1ebfu\/ng\u00e0y, v\u00e0 (4) R\u1ee7i ro ph\u00e1p l\u00fd t\u1eeb d\u1ef1 th\u1ea3o s\u1eeda \u0111\u1ed5i Lu\u1eadt Kinh doanh B\u1ea3o hi\u1ec3m d\u1ef1 ki\u1ebfn c\u00f3 hi\u1ec7u l\u1ef1c v\u00e0o qu\u00fd 3\/2025."},{"question":"L\u00e0m th\u1ebf n\u00e0o \u0111\u1ec3 \u0111\u1ea7u t\u01b0 hi\u1ec7u qu\u1ea3 v\u00e0o c\u1ed5 phi\u1ebfu VNR v\u1edbi chi\u1ebfn l\u01b0\u1ee3c trung h\u1ea1n?","answer":"\u0110\u1ec3 \u0111\u1ea7u t\u01b0 hi\u1ec7u qu\u1ea3 v\u00e0o c\u1ed5 phi\u1ebfu VNR trong kho\u1ea3ng 6-18 th\u00e1ng, \u00e1p d\u1ee5ng chi\u1ebfn l\u01b0\u1ee3c \"mua trong v\u00f9ng t\u00edch l\u0169y, b\u00e1n trong v\u00f9ng ph\u00e2n ph\u1ed1i\": (1) Mua khi gi\u00e1 ki\u1ec3m tra v\u00f9ng h\u1ed7 tr\u1ee3 22,500-24,000 VND v\u1edbi kh\u1ed1i l\u01b0\u1ee3ng >500,000 c\u1ed5 phi\u1ebfu, (2) X\u00e1c nh\u1eadn mua khi MACD c\u1eaft l\u00ean tr\u00ean \u0111\u01b0\u1eddng t\u00edn hi\u1ec7u v\u00e0 RSI v\u01b0\u1ee3t qu\u00e1 50, (3) \u0110\u1eb7t l\u1ec7nh c\u1eaft l\u1ed7 7% d\u01b0\u1edbi gi\u00e1 mua, (4) M\u1ee5c ti\u00eau gi\u00e1 l\u00e0 26,500 VND (Fibonacci 0.618) v\u00e0 28,000 VND (kh\u00e1ng c\u1ef1 l\u1ecbch s\u1eed), (5) Ch\u1ed1t l\u1eddi 30% khi RSI>70 v\u00e0 70% khi \u0111\u1ea1t m\u1ee5c ti\u00eau gi\u00e1. Theo d\u00f5i ch\u1eb7t ch\u1ebd c\u00e1c di\u1ec5n bi\u1ebfn trong ng\u00e0nh t\u00e1i b\u1ea3o hi\u1ec3m v\u00e0 t\u00ecnh h\u00ecnh thi\u00ean tai \u0111\u1ec3 \u0111i\u1ec1u ch\u1ec9nh chi\u1ebfn l\u01b0\u1ee3c khi c\u1ea7n thi\u1ebft."}]}},"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v24.8 (Yoast SEO v27.2) - https:\/\/yoast.com\/product\/yoast-seo-premium-wordpress\/ -->\n<title>C\u1ed5 phi\u1ebfu VNR: H\u01b0\u1edbng d\u1eabn \u0111\u1ea7u t\u01b0 chi ti\u1ebft v\u00e0 ph\u00e2n t\u00edch l\u1ee3i nhu\u1eadn 2025<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/pocketoption.com\/blog\/vt\/knowledge-base\/markets\/vnr-stocks\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"C\u1ed5 phi\u1ebfu VNR: H\u01b0\u1edbng d\u1eabn 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