{"id":20598,"date":"2026-10-02T03:17:17","date_gmt":"2026-10-01T20:17:17","guid":{"rendered":"https:\/\/useful.vn\/?p=20598"},"modified":"2026-10-02T03:17:17","modified_gmt":"2026-10-01T20:17:17","slug":"vinacapital-co-phieu-van-hap-dan-du-lai-suat-len-9","status":"publish","type":"post","link":"https:\/\/useful.vn\/?p=20598","title":{"rendered":"VinaCapital: C\u1ed5 phi\u1ebfu v\u1eabn h\u1ea5p d\u1eabn d\u00f9 l\u00e3i su\u1ea5t l\u00ean 9%"},"content":{"rendered":"<article class=\"fck_detail \">\n<h1 class=\"title-detail mt20\">\nVinaCapital: C\u1ed5 phi\u1ebfu v\u1eabn h\u1ea5p d\u1eabn d\u00f9 l\u00e3i su\u1ea5t l\u00ean 9% <\/h1>\n<p class=\"description\">Trong b\u1ed1i c\u1ea3nh l\u00e3i su\u1ea5t neo cao, VinaCapital cho r\u1eb1ng c\u1ed5 phi\u1ebfu v\u1eabn h\u1ea5p d\u1eabn nh\u1edd \u0111\u1ecbnh gi\u00e1 gi\u1ea3m m\u1ea1nh, nhi\u1ec1u c\u01a1 h\u1ed9i t\u0103ng g\u1ea5p \u0111\u00f4i trong 1-3 n\u0103m t\u1edbi.<\/p>\n<p class=\"Normal\">Trong b\u00e1o c\u00e1o m\u1edbi \u0111\u00e2y, nh\u00f3m ph\u00e2n t\u00edch c\u1ee7a VESAF &#8211; qu\u1ef9 m\u1edf c\u1ed5 phi\u1ebfu c\u00f3 quy m\u00f4 l\u1edbn nh\u1ea5t c\u1ee7a VinaCapital &#8211; cho r\u1eb1ng th\u1ecb tr\u01b0\u1eddng ch\u1ee9ng kho\u00e1n \u0111\u00e3 tr\u1ea3i qua m\u1ed9t th\u00e1ng 7 \u0111\u1ea7y bi\u1ebfn \u0111\u1ed9ng khi VN-Index gi\u1ea3m m\u1ea1nh nh\u1ea5t k\u1ec3 t\u1eeb \u0111\u1ea7u n\u0103m. \u00c1p l\u1ef1c \u0111i\u1ec1u ch\u1ec9nh di\u1ec5n ra trong b\u1ed1i c\u1ea3nh m\u1eb7t b\u1eb1ng l\u00e3i su\u1ea5t ti\u1ebfp t\u1ee5c t\u0103ng k\u1ec3 t\u1eeb \u0111\u1ea7u n\u0103m, l\u00e0m gi\u1ea3m s\u1ee9c h\u1ea5p d\u1eabn t\u01b0\u01a1ng \u0111\u1ed1i c\u1ee7a c\u00e1c t\u00e0i s\u1ea3n r\u1ee7i ro. B\u00ean c\u1ea1nh \u0111\u00f3, vi\u1ec7c m\u1ed9t s\u1ed1 doanh nghi\u1ec7p b\u1ecb \u0111i\u1ec1u tra v\u00ec vi ph\u1ea1m ph\u00e1p lu\u1eadt \u0111\u00e3 \u1ea3nh h\u01b0\u1edfng ti\u00eau c\u1ef1c \u0111\u1ebfn t\u00e2m l\u00fd nh\u00e0 \u0111\u1ea7u t\u01b0, khi\u1ebfn d\u00f2ng ti\u1ec1n th\u1eadn tr\u1ecdng h\u01a1n v\u00e0 gia t\u0103ng \u00e1p l\u1ef1c b\u00e1n tr\u00ean di\u1ec7n r\u1ed9ng. Th\u1ecb tr\u01b0\u1eddng ch\u1ec9 b\u1eaft \u0111\u1ea7u ph\u1ee5c h\u1ed3i trong nh\u1eefng phi\u00ean cu\u1ed1i th\u00e1ng khi nhi\u1ec1u c\u1ed5 phi\u1ebfu gi\u1ea3m v\u1ec1 v\u00f9ng \u0111\u1ecbnh gi\u00e1 h\u1ea5p d\u1eabn.<\/p>\n<p class=\"Normal\">Trong th\u00e1ng 7, VESAF gi\u1ea3m 8,3%. Tuy nhi\u00ean, qu\u1ef9 n\u00e0y cho bi\u1ebft \u0111\u00e3 t\u1eadn d\u1ee5ng nh\u1ecbp \u0111i\u1ec1u ch\u1ec9nh \u0111\u1ec3 mua v\u00e0o. Ph\u1ea7n l\u1edbn l\u01b0\u1ee3ng ti\u1ec1n m\u1eb7t d\u1ef1 tr\u1eef \u0111\u01b0\u1ee3c gi\u1ea3i ng\u00e2n trong th\u00e1ng, khi nhi\u1ec1u doanh nghi\u1ec7p ch\u1ea5t l\u01b0\u1ee3ng \u0111\u00e3 gi\u1ea3m 40-50% so v\u1edbi v\u00f9ng \u0111\u1ec9nh. C\u00e1c chuy\u00ean gia cho r\u1eb1ng \u0111\u00e2y l\u00e0 &#8220;c\u01a1 h\u1ed9i hi\u1ebfm khi xu\u1ea5t hi\u1ec7n \u0111\u1ed3ng lo\u1ea1t&#8221;.<\/p>\n<p class=\"Normal\">&#8220;\u1ede th\u1eddi \u0111i\u1ec3m hi\u1ec7n t\u1ea1i, qu\u1ef9 ch\u1ec9 quan t\u00e2m nh\u1eefng c\u01a1 h\u1ed9i c\u00f3 ti\u1ec1m n\u0103ng t\u0103ng g\u1ea5p \u0111\u00f4i trong 1-3 n\u0103m t\u1edbi. Ngay c\u1ea3 khi so v\u1edbi m\u1eb7t b\u1eb1ng l\u00e3i su\u1ea5t ti\u1ec1n g\u1eedi kho\u1ea3ng 9% m\u1ed9t n\u0103m, ch\u00fang t\u00f4i tin r\u1eb1ng k\u00eanh c\u1ed5 phi\u1ebfu v\u1eabn h\u1ea5p d\u1eabn h\u01a1n tr\u00ean m\u1ecdi khung th\u1eddi gian&#8221;, VinaCapital kh\u1eb3ng \u0111\u1ecbnh.<\/p>\n<figure data-size=\"true\" class=\"tplCaption\">\n<div class=\"fig-picture\" data-width=\"1020\">\n<source data-srcset=\"http:\/\/useful.vn\/wp-content\/uploads\/2026\/10\/wm1-wm1-td5-3726-1787024773-5536-1787024849.webp 1x, http:\/\/useful.vn\/wp-content\/uploads\/2026\/10\/wm1-wm1-td5-3726-1787024773-5536-1787024849.webp 1.5x, https:\/\/vcdn1-kinhdoanh.vnecdn.net\/2026\/08\/18\/wm1-wm1-td5-3726-1787024773-5536-1787024849.jpg?w=1020&amp;h=0&amp;q=100&amp;dpr=2&amp;fit=crop&amp;s=mh7JSpayCPh1fqa6NCOlkw 2x\" \/><\/div><figcaption>\n<p class=\"Image\">Nh\u00e0 \u0111\u1ea7u t\u01b0 theo d\u00f5i th\u1ecb tr\u01b0\u1eddng ch\u1ee9ng kho\u00e1n t\u1ea1i m\u1ed9t c\u00f4ng ty \u1edf TP HCM. \u1ea2nh: <em>Thanh T\u00f9ng<\/em><\/p>\n<\/figcaption><\/figure>\n<p class=\"Normal\">Quan \u0111i\u1ec3m tr\u00ean \u0111\u01b0\u1ee3c VinaCapital \u0111\u01b0a ra khi th\u1ecb tr\u01b0\u1eddng v\u1eabn c\u00f2n nhi\u1ec1u \u0111i\u1ec3m neo. Tr\u01b0\u1edbc h\u1ebft, \u0111\u1ecbnh gi\u00e1 th\u1ecb tr\u01b0\u1eddng tr\u1edf n\u00ean h\u1ea5p d\u1eabn h\u01a1n sau \u0111\u1ee3t \u0111i\u1ec1u ch\u1ec9nh. Theo s\u1ed1 li\u1ec7u c\u1ee7a qu\u1ef9, P\/E (gi\u00e1 th\u1ecb tr\u01b0\u1eddng tr\u00ean l\u1ee3i nhu\u1eadn m\u1ed7i c\u1ed5 phi\u1ebfu) d\u1ef1 ph\u00f3ng cho n\u0103m 2026 c\u1ee7a VN-Index hi\u1ec7n ch\u1ec9 \u1edf m\u1ee9c 11,5 l\u1ea7n v\u00e0 n\u1ebfu lo\u1ea1i tr\u1eeb nh\u00f3m c\u1ed5 phi\u1ebfu Vingroup, m\u1ee9c \u0111\u1ecbnh gi\u00e1 ch\u1ec9 c\u00f2n kho\u1ea3ng 9,5 l\u1ea7n &#8211; v\u00f9ng r\u1ea5t th\u1ea5p so v\u1edbi tri\u1ec3n v\u1ecdng t\u0103ng tr\u01b0\u1edfng l\u1ee3i nhu\u1eadn c\u1ee7a c\u00e1c doanh nghi\u1ec7p ni\u00eam y\u1ebft.<\/p>\n<p class=\"Normal\">Trong khi \u0111\u00f3, n\u1ec1n kinh t\u1ebf ti\u1ebfp t\u1ee5c t\u0103ng tr\u01b0\u1edfng cao v\u00e0 c\u00e1c ch\u00ednh s\u00e1ch h\u1ed7 tr\u1ee3 \u0111\u1ea7u t\u01b0, t\u00edn d\u1ee5ng \u0111ang \u0111\u01b0\u1ee3c \u0111\u1ea9y m\u1ea1nh. Ngo\u00e0i ra, vi\u1ec7c Vi\u1ec7t Nam ch\u00ednh th\u1ee9c \u0111\u01b0\u1ee3c FTSE Russell n\u00e2ng h\u1ea1ng l\u00ean th\u1ecb tr\u01b0\u1eddng m\u1edbi n\u1ed5i v\u00e0o th\u00e1ng 9\/2026 s\u1ebd l\u00e0 ch\u1ea5t x\u00fac t\u00e1c quan tr\u1ecdng, gi\u00fap c\u1ea3i thi\u1ec7n t\u00e2m l\u00fd nh\u00e0 \u0111\u1ea7u t\u01b0 v\u00e0 thu h\u00fat th\u00eam d\u00f2ng v\u1ed1n v\u00e0o th\u1ecb tr\u01b0\u1eddng trong th\u1eddi gian t\u1edbi.<\/p>\n<p class=\"Normal\">V\u1ec1 m\u1eb7t v\u0129 m\u00f4, n\u1ec1n kinh t\u1ebf ti\u1ebfp t\u1ee5c duy tr\u00ec nhi\u1ec1u t\u00edn hi\u1ec7u t\u00edch c\u1ef1c. Ch\u1ec9 s\u1ed1 s\u1ea3n xu\u1ea5t c\u00f4ng nghi\u1ec7p (IIP) t\u0103ng 11,4% trong 7 th\u00e1ng \u0111\u1ea7u n\u0103m, trong khi l\u0129nh v\u1ef1c ch\u1ebf bi\u1ebfn ch\u1ebf t\u1ea1o t\u0103ng 12%. Ch\u1ec9 s\u1ed1 PMI ng\u00e0nh s\u1ea3n xu\u1ea5t t\u0103ng t\u1eeb 51,8 l\u00ean 52,9 \u0111i\u1ec3m trong th\u00e1ng 7, \u0111\u00e1nh d\u1ea5u th\u00e1ng m\u1edf r\u1ed9ng th\u1ee9 13 li\u00ean ti\u1ebfp, v\u1edbi s\u1ea3n l\u01b0\u1ee3ng, \u0111\u01a1n h\u00e0ng m\u1edbi v\u00e0 \u0111\u01a1n h\u00e0ng xu\u1ea5t kh\u1ea9u \u0111\u1ec1u c\u1ea3i thi\u1ec7n trong khi \u00e1p l\u1ef1c chi ph\u00ed \u0111\u1ea7u v\u00e0o ti\u1ebfp t\u1ee5c gi\u1ea3m. Nh\u1eefng s\u1ed1 li\u1ec7u n\u00e0y cho th\u1ea5y ho\u1ea1t \u0111\u1ed9ng s\u1ea3n xu\u1ea5t v\u00e0 xu\u1ea5t kh\u1ea9u v\u1eabn duy tr\u00ec \u0111\u00e0 t\u0103ng tr\u01b0\u1edfng t\u00edch c\u1ef1c.<\/p>\n<p class=\"Normal\">\u0110i\u1ec3m s\u00e1ng n\u1ed5i b\u1eadt nh\u1ea5t trong th\u00e1ng \u0111\u1ebfn t\u1eeb k\u1ebft qu\u1ea3 kinh doanh qu\u00fd II c\u1ee7a c\u00e1c doanh nghi\u1ec7p ni\u00eam y\u1ebft. Theo th\u1ed1ng k\u00ea c\u1ee7a VinaCapital, l\u1ee3i nhu\u1eadn sau thu\u1ebf thu\u1ed9c c\u1ed5 \u0111\u00f4ng c\u00f4ng ty m\u1eb9 c\u1ee7a c\u00e1c doanh nghi\u1ec7p tr\u00ean HoSE t\u0103ng 46% so v\u1edbi c\u00f9ng k\u1ef3 v\u00e0 t\u0103ng kho\u1ea3ng 48% trong n\u1eeda \u0111\u1ea7u n\u0103m.<\/p>\n<p class=\"Normal\">\u0110\u00e0 t\u0103ng tr\u01b0\u1edfng di\u1ec5n ra tr\u00ean di\u1ec7n r\u1ed9ng khi 11 tr\u00ean 12 nh\u00f3m ng\u00e0nh \u0111\u1ea1t t\u0103ng tr\u01b0\u1edfng l\u1ee3i nhu\u1eadn d\u01b0\u01a1ng trong 6 th\u00e1ng \u0111\u1ea7u n\u0103m, trong \u0111\u00f3 8 ng\u00e0nh t\u0103ng tr\u00ean 20%, n\u1ed5i b\u1eadt nh\u01b0 v\u1eadt li\u1ec7u (72%), h\u00e0ng ti\u00eau d\u00f9ng kh\u00f4ng thi\u1ebft y\u1ebfu (55%), h\u00e0ng ti\u00eau d\u00f9ng nhanh (44%) v\u00e0 b\u1ea3o hi\u1ec3m (21%). Vi\u1ec7c t\u0103ng tr\u01b0\u1edfng l\u1ee3i nhu\u1eadn lan t\u1ecfa sang nhi\u1ec1u nh\u00f3m ng\u00e0nh, thay v\u00ec t\u1eadp trung \u1edf m\u1ed9t s\u1ed1 \u00edt doanh nghi\u1ec7p, ph\u1ea3n \u00e1nh s\u1ef1 c\u1ea3i thi\u1ec7n c\u1ee7a n\u1ec1n kinh t\u1ebf th\u1ef1c v\u00e0 nhu c\u1ea7u ti\u00eau d\u00f9ng.<\/p>\n<p class=\"Normal\">&#8220;\u0110\u00e2y l\u00e0 y\u1ebfu t\u1ed1 t\u00edch c\u1ef1c nh\u1ea5t v\u1edbi th\u1ecb tr\u01b0\u1eddng hi\u1ec7n nay, b\u1edfi t\u0103ng tr\u01b0\u1edfng l\u1ee3i nhu\u1eadn doanh nghi\u1ec7p v\u1eabn l\u00e0 \u0111\u1ed9ng l\u1ef1c quy\u1ebft \u0111\u1ecbnh xu h\u01b0\u1edbng th\u1ecb tr\u01b0\u1eddng trong trung v\u00e0 d\u00e0i h\u1ea1n&#8221;, VinaCapital nh\u1eadn \u0111\u1ecbnh.<\/p>\n<p class=\"Normal\">VinaCapital l\u00e0 m\u1ed9t trong nh\u1eefng c\u00f4ng ty qu\u1ea3n l\u00fd \u0111\u1ea7u t\u01b0 l\u1edbn nh\u1ea5t t\u1ea1i Vi\u1ec7t Nam, ho\u1ea1t \u0111\u1ed9ng tr\u1ea3i r\u1ed9ng t\u1eeb qu\u1ea3n l\u00fd qu\u1ef9 trong n\u01b0\u1edbc, \u0111\u1ea7u t\u01b0 v\u1ed1n c\u1ed5 ph\u1ea7n \u0111\u1ebfn qu\u1ea3n l\u00fd t\u00e0i s\u1ea3n cho nh\u00e0 \u0111\u1ea7u t\u01b0 qu\u1ed1c t\u1ebf. C\u00f4ng ty c\u00f3 l\u1ecbch s\u1eed ho\u1ea1t \u0111\u1ed9ng h\u01a1n hai th\u1eadp ni\u00ean v\u00e0 duy tr\u00ec \u0111\u1ea7u t\u01b0 xuy\u00ean su\u1ed1t nhi\u1ec1u chu k\u1ef3 c\u1ee7a th\u1ecb tr\u01b0\u1eddng. Trong h\u1ec7 th\u1ed1ng qu\u1ef9 m\u1edf c\u1ee7a h\u1ecd, VESAF l\u00e0 qu\u1ef9 c\u1ed5 phi\u1ebfu c\u00f3 t\u1ed5ng t\u00e0i s\u1ea3n h\u01a1n 2.200 t\u1ef7 \u0111\u1ed3ng t\u00ednh \u0111\u1ebfn cu\u1ed1i th\u00e1ng 7, t\u1eadp trung v\u00e0o c\u00e1c doanh nghi\u1ec7p c\u00f3 n\u1ec1n t\u1ea3ng t\u1ed1t, ti\u1ec1m n\u0103ng t\u0103ng tr\u01b0\u1edfng d\u00e0i h\u1ea1n ho\u1eb7c \u0111ang \u0111\u01b0\u1ee3c th\u1ecb tr\u01b0\u1eddng \u0111\u1ecbnh gi\u00e1 ch\u01b0a t\u01b0\u01a1ng x\u1ee9ng.<\/p>\n<p class=\"Normal\"><strong>T\u1ea5t \u0110\u1ea1t<\/strong><\/p>\n<\/article>\n<hr>\n<p>https:\/\/vnexpress.net\/vinacapital-co-phieu-van-hap-dan-du-lai-suat-len-9-5110329.html<\/p>\n","protected":false},"excerpt":{"rendered":"<p>VinaCapital: C\u1ed5 phi\u1ebfu v\u1eabn h\u1ea5p d\u1eabn d\u00f9 l\u00e3i su\u1ea5t l\u00ean 9% Trong b\u1ed1i c\u1ea3nh l\u00e3i su\u1ea5t neo cao, VinaCapital cho r\u1eb1ng c\u1ed5 phi\u1ebfu v\u1eabn h\u1ea5p d\u1eabn nh\u1edd \u0111\u1ecbnh gi\u00e1 gi\u1ea3m m\u1ea1nh, nhi\u1ec1u c\u01a1 h\u1ed9i t\u0103ng g\u1ea5p \u0111\u00f4i trong 1-3 n\u0103m t\u1edbi. Trong b\u00e1o c\u00e1o m\u1edbi \u0111\u00e2y, nh\u00f3m ph\u00e2n t\u00edch c\u1ee7a VESAF &#8211; qu\u1ef9 m\u1edf c\u1ed5<\/p>\n","protected":false},"author":1,"featured_media":20599,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[14],"tags":[],"class_list":["post-20598","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-thi-truong"],"_links":{"self":[{"href":"https:\/\/useful.vn\/index.php?rest_route=\/wp\/v2\/posts\/20598","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/useful.vn\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/useful.vn\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/useful.vn\/index.php?rest_route=\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/useful.vn\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=20598"}],"version-history":[{"count":0,"href":"https:\/\/useful.vn\/index.php?rest_route=\/wp\/v2\/posts\/20598\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/useful.vn\/index.php?rest_route=\/wp\/v2\/media\/20599"}],"wp:attachment":[{"href":"https:\/\/useful.vn\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=20598"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/useful.vn\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=20598"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/useful.vn\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=20598"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}