{"id":4920,"date":"2026-04-27T01:48:32","date_gmt":"2026-04-27T01:48:32","guid":{"rendered":"https:\/\/azan.com.vn\/blog\/ba-chu-cai-nao-se-giup-nha-dau-tu-menh-kim-vuot-qua-nam-xung-khac-at-ty.html"},"modified":"2026-04-27T01:48:32","modified_gmt":"2026-04-27T01:48:32","slug":"ba-chu-cai-nao-se-giup-nha-dau-tu-menh-kim-vuot-qua-nam-xung-khac-at-ty","status":"publish","type":"post","link":"https:\/\/azan.com.vn\/blog\/ba-chu-cai-nao-se-giup-nha-dau-tu-menh-kim-vuot-qua-nam-xung-khac-at-ty.html","title":{"rendered":"“Ba ch\u1eef c\u00e1i” n\u00e0o s\u1ebd gi\u00fap nh\u00e0 \u0111\u1ea7u t\u01b0 m\u1ec7nh Kim v\u01b0\u1ee3t qua n\u0103m xung kh\u1eafc \u1ea4t T\u1ef5?"},"content":{"rendered":"
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Theo phong thu\u1ef7 ng\u0169 h\u00e0nh, n\u0103m \u1ea4t T\u1ef5 – 2025 l\u00e0 n\u0103m mang h\u00e0nh H\u1ecfa, do \u0111\u00f3 s\u1ebd kh\u00f4ng ph\u1ea3i m\u1ed9t n\u0103m qu\u00e1 thu\u1eadn l\u1ee3i v\u1edbi nh\u00e0 \u0111\u1ea7u t\u01b0 m\u1ec7nh Kim. V\u00ec v\u1eady, v\u1edbi nh\u00e0 \u0111\u1ea7u t\u01b0 m\u1ec7nh Kim, khi x\u00e2y d\u1ef1ng danh m\u1ee5c c\u1ed5 phi\u1ebfu \u0111\u1ea7u t\u01b0 c\u1ea7n \u0111\u1eb7t m\u1ee5c ti\u00eau an to\u00e0n l\u00ean h\u00e0ng \u0111\u1ea7u, ch\u1ec9 n\u00ean l\u1ef1a ch\u1ecdn c\u00e1c m\u00e3 h\u1ee3p h\u00e0nh Kim l\u00e0 h\u00e0nh Th\u1ed5 v\u00e0 c\u00f3 y\u1ebfu t\u1ed1 c\u01a1 b\u1ea3n v\u1eefng v\u00e0ng. <\/p>\n

Tr\u00ean c\u01a1 s\u1edf (1) \u01afu ti\u00ean c\u00e1c ng\u00e0nh \u0111ang c\u00f3 m\u1ee9c t\u0103ng tr\u01b0\u1edfng cao nh\u1edd h\u01b0\u1edfng l\u1ee3i t\u1eeb ch\u00ednh s\u00e1ch Ch\u00ednh ph\u1ee7 hay h\u01b0\u1edfng l\u1ee3i t\u1eeb vi\u1ec7c m\u1ee9c t\u0103ng tr\u01b0\u1edfng chung c\u1ee7a n\u1ec1n kinh t\u1ebf Vi\u1ec7t Nam \u0111\u01b0\u1ee3c d\u1ef1 b\u00e1o v\u1eabn \u1edf m\u1ee9c cao trong c\u00e1c n\u0103m t\u1edbi; c\u0169ng nh\u01b0 (2) \u01afu ti\u00ean c\u00e1c doanh nghi\u1ec7p \u0111\u1ea7u ng\u00e0nh \u0111\u1ec3 t\u1eadn d\u1ee5ng t\u1ed1i \u0111a s\u1ef1 t\u0103ng tr\u01b0\u1edfng c\u1ee7a ng\u00e0nh, Ch\u1ee9ng kho\u00e1n BIDV (BSC) \u0111\u00e3 \u0111\u01b0a ra 5 c\u1ed5 phi\u1ebfu h\u1ee3p v\u1edbi nh\u00e0 \u0111\u1ea7u t\u01b0 m\u1ec7nh Kim g\u1ed3m TCB, CTG, PNJ, HPG. <\/p>\n

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\"Ba ch\u1eef c\u00e1i\" n\u00e0o s\u1ebd gi\u00fap nh\u00e0 \u0111\u1ea7u t\u01b0 m\u1ec7nh Kim v\u01b0\u1ee3t qua n\u0103m xung kh\u1eafc \u1ea4t T\u1ef5?- \u1ea2nh 1.<\/p>\n

Ng\u00e2n h\u00e0ng TMCP K\u1ef9 th\u01b0\u01a1ng Vi\u1ec7t Nam (Techcombank, m\u00e3 TCB) <\/b> l\u00e0 m\u00f4t trong nh\u01b0\u0303ng ng\u00e2n h\u00e0ng h\u00e0ng \u0111\u00e2\u0300u Vi\u00eat Nam. Techcombank \u0111\u00e3 cung c\u1ea5p nhi\u1ec1u lo\u1ea1i s\u1ea3n ph\u1ea9m, d\u1ecbch v\u1ee5 \u0111a d\u1ea1ng cho h\u01a1n 13.4 tri\u1ec7u kh\u00e1ch h\u00e0ng c\u00e1 nh\u00e2n v\u00e0 doanh nghi\u1ec7p t\u1ea1i Vi\u1ec7t Nam. Theo \u0111\u00e1nh gi\u00e1 c\u1ee7a BSC, TCB s\u1edf h\u1eefu CASA t\u0103ng tr\u01b0\u1edfng m\u1ea1nh nh\u1edd nhi\u1ec1u s\u1ea3n ph\u1ea9m h\u1ea5p d\u1eabn gi\u00fap duy tr\u00ec chi ph\u00ed \u0111\u1ea7u v\u00e0o r\u1ebb. B\u00ean c\u1ea1nh \u0111\u00f3, NIM \u0111\u01b0\u1ee3c k\u1ef3 v\u1ecdng c\u1ea3i thi\u1ec7n khi th\u1ecb tr\u01b0\u1eddng b\u1ea5t \u0111\u1ed9ng s\u1ea3n h\u1ed3i ph\u1ee5c. <\/p>\n

M\u1eb7t kh\u00e1c, c\u1ed5 phi\u1ebfu TCB c\u00f3 \u0111\u1ecbnh gi\u00e1 h\u1ea5p d\u1eabn v\u1edbi P\/B FW \u1edf m\u1ee9c 1 l\u1ea7n. Tuy nhi\u00ean, BSC v\u1eabn l\u01b0u \u00fd r\u1ee7i ro \u0111\u1ebfn t\u1eeb vi\u1ec7c c\u1ea1nh tranh l\u00e3i su\u1ea5t d\u1eabn \u0111\u1ebfn \u1ea3nh h\u01b0\u1edfng bi\u00ean l\u1ee3i nhu\u1eadn c\u1ee7a ng\u00e2n h\u00e0ng n\u00e0y. <\/p>\n

Ng\u00e2n h\u00e0ng TMCP C\u00f4ng Th\u01b0\u01a1ng Vi\u1ec7t Nam (Vietinbank <\/b> , m\u00e3 CTG) <\/b> l\u00e0 m\u1ed9t trong 4 ng\u00e2n h\u00e0ng qu\u1ed1c doanh, lu\u00f4n duy tr\u00ec v\u1ecb th\u1ebf l\u00e0 m\u1ed9t trong nh\u1eefng ng\u00e2n h\u00e0ng th\u01b0\u01a1ng m\u1ea1i c\u1ed5 ph\u1ea7n d\u1eabn \u0111\u1ea7u v\u1ec1 quy m\u00f4 t\u1ed5ng t\u00e0i s\u1ea3n. <\/p>\n

BSC nh\u1eadn \u0111\u1ecbnh CTG \u0111ang t\u00edch c\u1ef1c chuy\u1ec3n d\u1ecbch sang cho vay b\u00e1n l\u1ebb, qua \u0111\u00f3 gi\u00fap \u1ed5n \u0111\u1ecbnh NIM trong n\u0103m 2025. \u0110\u1ed3ng th\u1eddi, chi ph\u00ed t\u00edn d\u1ee5ng d\u1ef1 ki\u1ebfn gi\u1ea3m trong n\u0103m nay t\u1eeb \u0111\u00f3 c\u1ea3i thi\u1ec7n l\u1ee3i nhu\u1eadn. C\u1ed5 phi\u1ebfu CTG c\u0169ng \u0111ang c\u00f3 \u0111\u1ecbnh gi\u00e1 th\u1ea5p h\u01a1n nhi\u1ec1u so v\u1edbi nh\u00f3m SOE bank khi ch\u1ec9 \u0111ang \u1edf m\u1ee9c 1.1 l\u1ea7n P\/B FW. <\/p>\n

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C\u00f4ng ty V\u00e0ng B\u1ea1c \u0110\u00e1 Qu\u00fd Ph\u00fa Nhu\u1eadn <\/b> (m\u00e3 PNJ) <\/b> l\u00e0 c\u00f4ng ty chuy\u00ean s\u1ea3n xu\u1ea5t v\u00e0 kinh doanh b\u00e1n l\u1ebb trang s\u1ee9c b\u1eb1ng v\u00e0ng, b\u1ea1c, \u0111\u00e1 qu\u00fd. Theo BSC, PNJ \u0111\u01b0\u1ee3c h\u01b0\u1edfng l\u1ee3i t\u1eeb xu h\u01b0\u1edbng chuy\u1ec3n d\u1ecbch trong nhu c\u1ea7u t\u1eeb ti\u00eau d\u00f9ng trang s\u1ee9c sang \u0111\u1ea7u t\u01b0 v\u00e0 m\u1ea3ng b\u00e1n l\u1ebb ti\u1ebfp t\u1ee5c m\u1edf r\u1ed9ng th\u1ecb ph\u1ea7n ng\u00e0nh kinh doanh trang s\u1ee9c. <\/p>\n

K\u1ebft qu\u1ea3 kinh doanh trong n\u0103m 2025 \u0111\u01b0\u1ee3c k\u1ef3 v\u1ecdng ti\u1ebfp t\u1ee5c t\u0103ng tr\u01b0\u1edfng kho\u1ea3ng 18% nh\u1edd (1) khai th\u00e1c v\u00e0 m\u1edf r\u1ed9ng th\u1ecb ph\u1ea7n theo h\u01b0\u1edbng t\u0103ng \u0111\u1ed9 ph\u1ee7 c\u1eeda h\u00e0ng v\u00e0 c\u1ea3i thi\u1ec7n doanh thu\/c\u1eeda h\u00e0ng hi\u1ec7n h\u1eefu v\u00e0 (2) t\u1ed1i \u01b0u h\u00f3a chi ph\u00ed ho\u1ea1t \u0111\u1ed9ng. B\u00ean c\u1ea1nh \u0111\u00f3, k\u1ef3 v\u1ecdng n\u00e2ng t\u1ea7m \u0111\u1ecbnh gi\u00e1 h\u1eadu giai \u0111o\u1ea1n ch\u1ee9ng minh n\u0103ng l\u1ef1c t\u0103ng tr\u01b0\u1edfng b\u1ea5t ch\u1ea5p giai \u0111o\u1ea1n thu\u1eadn l\u1ee3i (2022) v\u00e0 b\u1ea5t l\u1ee3i (2023-2024). <\/p>\n

PNJ \u0111\u00e3 c\u00f3 chu\u1ea9n b\u1ecb c\u00e1c k\u1ecbch b\u1ea3n li\u00ean quan \u0111\u1ebfn thi\u1ebfu h\u1ee5t ngu\u1ed3n cung v\u00e0 kh\u00f4ng ng\u1eebng t\u00ecm ki\u1ebfm c\u00e1c ph\u01b0\u01a1ng \u00e1n kh\u1eafc ph\u1ee5c kh\u00f3 kh\u0103n ng\u1eafn h\u1ea1n. S\u1ed1 l\u01b0\u1ee3ng CH m\u1edf m\u1edbi giai \u0111o\u1ea1n 2021-2024 \u0111\u01b0\u1ee3c k\u00ec v\u1ecdng b\u01b0\u1edbc v\u00e0o giai \u0111o\u1ea1n tr\u01b0\u1edfng th\u00e0nh v\u00e0 ch\u1ee9ng minh hi\u1ec7u qu\u1ea3 (\u01b0\u1edbc t\u00ednh h\u01a1n 140CH, ~30%SLCH c\u1ee7a PNJ trong giai \u0111o\u1ea1n 2025-2026). <\/p>\n

CTCP T\u1eadp \u0111o\u00e0n H\u00f2a Ph\u00e1t <\/b> (m\u00e3 HPG) <\/b> l\u00e0 doanh nghi\u1ec7p s\u1ea3n xu\u1ea5t c\u00f4ng nghi\u1ec7p h\u00e0ng \u0111\u1ea7u Vi\u1ec7t Nam, v\u1edbi l\u0129nh v\u1ef1c c\u1ed1t l\u00f5i l\u00e0 s\u1ea3n xu\u1ea5t th\u00e9p, chi\u1ebfm t\u1ef7 tr\u1ecdng l\u1edbn nh\u1ea5t trong doanh thu v\u00e0 l\u1ee3i nhu\u1eadn c\u1ee7a T\u1eadp \u0111o\u00e0n. <\/p>\n

BSC cho r\u1eb1ng \u0111\u00e2y c\u00f3 th\u1ec3 l\u00e0 th\u1eddi \u0111i\u1ec3m th\u00edch h\u1ee3p \u0111\u1ec3 mua HPG trong b\u1ed1i c\u1ea3nh ng\u00e0nh th\u00e9p n\u1ed9i \u0111\u1ecba \u0111ang ph\u1ee5c h\u1ed3i v\u00e0 k\u1ebft qu\u1ea3 kinh doanh c\u1ee7a Ho\u00e0 Ph\u00e1t s\u1ebd ti\u1ebfp t\u1ee5c c\u1ea3i thi\u1ec7n v\u1ec1 m\u1ee9c trung b\u00ecnh c\u1ee7a chu k\u1ef3 th\u00e9p. \u0110\u1ed3ng th\u1eddi, D\u1ef1 \u00e1n Dung Qu\u1ea5t 2 gi\u00fap Ho\u00e0 Ph\u00e1t t\u0103ng quy m\u00f4 l\u1ee3i nhu\u1eadn n\u0103m 2026 l\u00ean g\u1ea5p 1,2-2,4 l\u1ea7n so v\u1edbi n\u0103m 2024. <\/p>\n

BSC cho r\u1eb1ng d\u1ef1 \u00e1n Dung Qu\u1ea5t s\u1ebd ti\u00eau th\u1ee5 t\u1ed1t, v\u00e0 k\u1ef3 v\u1ecdng l\u1ea5p \u0111\u1ea7y 90% c\u00f4ng su\u1ea5t trong n\u0103m 2026 nh\u1edd l\u1ee3i th\u1ebf v\u1ec1 quy m\u00f4 ti\u1ebfp t\u1ee5c gi\u1ea3m gi\u00e1 th\u00e0nh s\u1ea3n xu\u1ea5t v\u00e0 th\u1eddi \u0111i\u1ec3m \u0111i v\u00e0o ho\u1ea1t \u0111\u1ed9ng r\u01a1i v\u00e0o chu k\u1ef3 m\u1edbi. Trong tr\u01b0\u1eddng h\u1ee3p n\u00e0y, BSC \u01b0\u1edbc t\u00ednh l\u1ee3i nhu\u1eadn HPG \u0111\u1ea1t 15.000 – 30.000 t\u1ef7 \u0111\u1ed3ng v\u00e0o n\u0103m 2026. <\/p>\n

Tuy nhi\u00ean, BSC v\u1eabn l\u01b0u \u00fd r\u1ee7i ro \u0111\u1ebfn t\u1eeb s\u1ee9c \u00e9p t\u1eeb ngu\u1ed3n th\u00e9p Trung Qu\u1ed1c s\u1ebd \u1ea3nh h\u01b0\u1edfng kh\u00f4ng nh\u1ecf \u0111\u1ebfn k\u1ebft qu\u1ea3 kinh doanh c\u1ee7a HPG n\u1ebfu thu\u1ebf ch\u1ed1ng b\u00e1n ph\u00e1 gi\u00e1. <\/p>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/figure>\n<\/figcaption>\n","protected":false},"excerpt":{"rendered":"

Nh\u00e0 \u0111\u1ea7u t\u01b0 m\u1ec7nh Kim, khi x\u00e2y d\u1ef1ng danh m\u1ee5c c\u1ed5 phi\u1ebfu \u0111\u1ea7u t\u01b0 trong n\u0103m \u1ea4t T\u1ef5 c\u1ea7n \u0111\u1eb7t m\u1ee5c ti\u00eau an to\u00e0n l\u00ean h\u00e0ng \u0111\u1ea7u, ch\u1ec9 n\u00ean l\u1ef1a ch\u1ecdn c\u00e1c m\u00e3 h\u1ee3p h\u00e0nh Kim l\u00e0 h\u00e0nh Th\u1ed5 v\u00e0 c\u00f3 y\u1ebfu t\u1ed1 c\u01a1 b\u1ea3n v\u1eefng v\u00e0ng.<\/p>\n","protected":false},"author":2,"featured_media":4921,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[615],"tags":[655,503,1205,427],"class_list":["post-4920","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-phong-thuy","tag-chung-khoan","tag-co-phieu","tag-menh-kim","tag-phong-thuy"],"_links":{"self":[{"href":"https:\/\/azan.com.vn\/blog\/wp-json\/wp\/v2\/posts\/4920","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/azan.com.vn\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/azan.com.vn\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/azan.com.vn\/blog\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/azan.com.vn\/blog\/wp-json\/wp\/v2\/comments?post=4920"}],"version-history":[{"count":0,"href":"https:\/\/azan.com.vn\/blog\/wp-json\/wp\/v2\/posts\/4920\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/azan.com.vn\/blog\/wp-json\/wp\/v2\/media\/4921"}],"wp:attachment":[{"href":"https:\/\/azan.com.vn\/blog\/wp-json\/wp\/v2\/media?parent=4920"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/azan.com.vn\/blog\/wp-json\/wp\/v2\/categories?post=4920"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/azan.com.vn\/blog\/wp-json\/wp\/v2\/tags?post=4920"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}