{"id":2215,"date":"2025-07-18T14:30:22","date_gmt":"2025-07-18T07:30:22","guid":{"rendered":"https:\/\/event.vietnamreport.net.vn\/ceosummit\/?p=2215"},"modified":"2025-07-18T14:30:22","modified_gmt":"2025-07-18T07:30:22","slug":"du-lieu-lon-ve-top-50-cong-ty-dai-chung-uy-tin-va-hieu-qua-nam-2025-vix50","status":"publish","type":"post","link":"https:\/\/event.vietnamreport.net.vn\/ceosummit\/blog\/2025\/07\/18\/du-lieu-lon-ve-top-50-cong-ty-dai-chung-uy-tin-va-hieu-qua-nam-2025-vix50\/","title":{"rendered":"D\u1eef li\u1ec7u l\u1edbn v\u1ec1 Top 50 C\u00f4ng ty \u0110\u1ea1i ch\u00fang uy t\u00edn v\u00e0 hi\u1ec7u qu\u1ea3 n\u0103m 2025 (VIX50)"},"content":{"rendered":"

N\u0103m 2025 \u0111\u00e1nh d\u1ea5u c\u1ed9t m\u1ed1c quan tr\u1ecdng \u2013 l\u1ea7n th\u1ee9 n\u0103m li\u00ean ti\u1ebfp B\u1ea3ng x\u1ebfp h\u1ea1ng Top 50 C\u00f4ng ty \u0110\u1ea1i ch\u00fang uy t\u00edn v\u00e0 hi\u1ec7u qu\u1ea3 (VIX50) \u0111\u01b0\u1ee3c Vietnam Report c\u00f4ng b\u1ed1 nh\u1eb1m t\u00f4n vinh nh\u1eefng doanh nghi\u1ec7p \u0111\u1ea1i ch\u00fang ti\u00eau bi\u1ec3u nh\u1ea5t tr\u00ean th\u1ecb tr\u01b0\u1eddng ch\u1ee9ng kho\u00e1n Vi\u1ec7t Nam.<\/strong><\/p>\n

 <\/p>\n

\u0110\u01b0\u1ee3c tri\u1ec3n khai t\u1eeb n\u0103m 2020, Top 50 C\u00f4ng ty \u0110\u1ea1i ch\u00fang uy t\u00edn v\u00e0 hi\u1ec7u qu\u1ea3 (VIX50) h\u01b0\u1edbng t\u1edbi vi\u1ec7c t\u00f4n vinh nh\u1eefng doanh nghi\u1ec7p \u0111\u1ea1i ch\u00fang ti\u00eau bi\u1ec3u nh\u1ea5t tr\u00ean th\u1ecb tr\u01b0\u1eddng ch\u1ee9ng kho\u00e1n Vi\u1ec7t Nam, v\u1edbi n\u1ec1n t\u1ea3ng \u0111\u00e1nh gi\u00e1 d\u1ef1a tr\u00ean hai tr\u1ee5 c\u1ed9t ch\u00ednh: s\u1ee9c m\u1ea1nh t\u00e0i ch\u00ednh, \u0111\u01b0\u1ee3c l\u01b0\u1ee3ng h\u00f3a t\u1eeb b\u00e1o c\u00e1o t\u00e0i ch\u00ednh ki\u1ec3m to\u00e1n, v\u00e0 uy t\u00edn truy\u1ec1n th\u00f4ng, \u0111\u01b0\u1ee3c \u0111o l\u01b0\u1eddng b\u1eb1ng ph\u01b0\u01a1ng ph\u00e1p Media Coding k\u1ebft h\u1ee3p v\u1edbi ph\u00e2n t\u00edch \u0111\u1ecbnh t\u00ednh t\u1eeb chuy\u00ean gia. Ngo\u00e0i ra, c\u00e1c y\u1ebfu t\u1ed1 b\u1ed5 sung nh\u01b0 ti\u1ec1m n\u0103ng t\u0103ng tr\u01b0\u1edfng, kh\u1ea3 n\u0103ng duy tr\u00ec l\u1ee3i th\u1ebf c\u1ea1nh tranh, ch\u1ea5t l\u01b0\u1ee3ng qu\u1ea3n tr\u1ecb doanh nghi\u1ec7p v\u00e0 v\u1ecb th\u1ebf trong ng\u00e0nh c\u0169ng \u0111\u01b0\u1ee3c t\u00edch h\u1ee3p nh\u1eb1m t\u1ea1o n\u00ean m\u1ed9t b\u1ee9c tranh \u0111\u00e1nh gi\u00e1 to\u00e0n di\u1ec7n v\u00e0 kh\u00e1ch quan.<\/p>\n

Trong b\u1ed1i c\u1ea3nh n\u1ec1n kinh t\u1ebf to\u00e0n c\u1ea7u v\u00e0 trong n\u01b0\u1edbc li\u00ean t\u1ee5c \u0111\u1ed1i m\u1eb7t v\u1edbi c\u00e1c c\u00fa s\u1ed1c v\u00e0 th\u00e1ch th\u1ee9c v\u0129 m\u00f4, VIX50 ti\u1ebfp t\u1ee5c kh\u1eb3ng \u0111\u1ecbnh vai tr\u00f2 l\u00e0 c\u00f4ng c\u1ee5 \u0111\u00e1nh gi\u00e1 \u0111\u1ed9c l\u1eadp, c\u00f3 h\u1ec7 th\u1ed1ng v\u00e0 \u0111\u00e1ng tin c\u1eady, ph\u1ea3n \u00e1nh th\u1ef1c ch\u1ea5t n\u0103ng l\u1ef1c n\u1ed9i t\u1ea1i v\u00e0 kh\u1ea3 n\u0103ng th\u00edch \u1ee9ng c\u1ee7a c\u00e1c doanh nghi\u1ec7p \u0111\u1ea1i ch\u00fang. \u0110\u1ed3ng th\u1eddi, b\u1ea3ng x\u1ebfp h\u1ea1ng \u0111\u01b0\u1ee3c x\u00e2y d\u1ef1ng v\u1edbi ba m\u1ee5c ti\u00eau xuy\u00ean su\u1ed1t: (1) Cung c\u1ea5p c\u00e1i nh\u00ecn kh\u00e1ch quan v\u1ec1 nh\u00f3m doanh nghi\u1ec7p \u0111\u1ea1i ch\u00fang d\u1eabn d\u1eaft n\u1ec1n kinh t\u1ebf; (2) H\u1ed7 tr\u1ee3 nh\u00e0 \u0111\u1ea7u t\u01b0 trong vi\u1ec7c nh\u1eadn di\u1ec7n nh\u1eefng doanh nghi\u1ec7p c\u00f3 chi\u1ebfn l\u01b0\u1ee3c ph\u00e1t tri\u1ec3n b\u1ec1n v\u1eefng v\u00e0 ti\u1ec1m n\u0103ng t\u0103ng tr\u01b0\u1edfng d\u00e0i h\u1ea1n; v\u00e0 (3) G\u00f3p ph\u1ea7n lan t\u1ecfa tinh th\u1ea7n minh b\u1ea1ch, chuy\u00ean nghi\u1ec7p v\u00e0 hi\u1ec7u qu\u1ea3 trong qu\u1ea3n tr\u1ecb doanh nghi\u1ec7p \u0111\u1ea1i ch\u00fang.<\/p>\n

Sau 5 n\u0103m tri\u1ec3n khai, VIX50 kh\u00f4ng ch\u1ec9 d\u1eebng l\u1ea1i \u1edf vi\u1ec7c vinh danh nh\u1eefng doanh nghi\u1ec7p \u0111ang \u0111\u1ea1t th\u00e0nh t\u00edch n\u1ed5i b\u1eadt, m\u00e0 c\u00f2n tr\u1edf th\u00e0nh c\u01a1 s\u1edf tham chi\u1ebfu c\u00f3 gi\u00e1 tr\u1ecb cho c\u00e1c b\u00ean li\u00ean quan \u2013 t\u1eeb nh\u00e0 \u0111\u1ea7u t\u01b0, t\u1ed5 ch\u1ee9c t\u00e0i ch\u00ednh \u0111\u1ebfn gi\u1edbi ho\u1ea1ch \u0111\u1ecbnh ch\u00ednh s\u00e1ch \u2013 trong vi\u1ec7c \u0111\u00e1nh gi\u00e1 hi\u1ec7u qu\u1ea3 th\u1ecb tr\u01b0\u1eddng v\u00e0 xu h\u01b0\u1edbng d\u1ecbch chuy\u1ec3n c\u1ee7a c\u00e1c l\u1ef1c l\u01b0\u1ee3ng doanh nghi\u1ec7p ch\u1ee7 ch\u1ed1t.<\/p>\n

\u0110i\u1ec3m n\u1ed5i b\u1eadt c\u1ee7a B\u1ea3ng x\u1ebfp h\u1ea1ng VIX50 n\u0103m 2025<\/strong><\/p>\n

T\u1ea1i th\u1eddi \u0111i\u1ec3m c\u00f4ng b\u1ed1 b\u1ea3ng x\u1ebfp h\u1ea1ng, v\u1ed1n h\u00f3a c\u1ee7a 50 c\u00f4ng ty \u0111\u1ea1i ch\u00fang trong danh s\u00e1ch VIX50 c\u1ee7a Vietnam Report chi\u1ebfm tr\u00ean 52,3% c\u1ee7a to\u00e0n th\u1ecb tr\u01b0\u1eddng, ROE n\u0103m 2024 trung b\u00ecnh \u0111\u1ea1t 16,7%, t\u1ed1c \u0111\u1ed9 t\u0103ng tr\u01b0\u1edfng k\u00e9p c\u1ee7a doanh thu v\u00e0 l\u1ee3i nhu\u1eadn trung b\u00ecnh 5 n\u0103m \u0111\u1ea1t t\u01b0\u01a1ng \u1ee9ng l\u1ea7n l\u01b0\u1ee3t l\u00e0 13,5% v\u00e0 21,3%.<\/p>\n

\"\"<\/p>\n

Trong danh s\u00e1ch c\u1ee7a VIX50 n\u0103m nay, c\u00f3 27 doanh nghi\u1ec7p \u0111\u1ea1t v\u1ed1n h\u00f3a tr\u00ean 1 t\u1ef7 USD, 22 doanh nghi\u1ec7p \u0111\u1ea1t doanh thu tr\u00ean 1 t\u1ef7 USD, v\u00e0 40 doanh nghi\u1ec7p \u0111\u1ea1t l\u1ee3i nhu\u1eadn tr\u00ean 1.000 t\u1ef7 \u0111\u1ed3ng.<\/p>\n

\"\"<\/p>\n

X\u00e9t v\u1ec1 quy m\u00f4 doanh thu, \u0111\u1ea1i di\u1ec7n ng\u00e2n h\u00e0ng l\u00e0 BIDV (BID) ti\u1ebfp t\u1ee5c d\u1eabn \u0111\u1ea7u kh\u1eb3ng \u0111\u1ecbnh v\u1ecb th\u1ebf v\u1eefng ch\u1eafc c\u1ee7a h\u1ec7 th\u1ed1ng ng\u00e2n h\u00e0ng trong n\u1ec1n kinh t\u1ebf. X\u00e9t v\u1ec1 l\u1ee3i nhu\u1eadn, Vinhomes (VHM) v\u1eabn duy tr\u00ec v\u1ecb th\u1ebf d\u1eabn \u0111\u1ea7u, kh\u1eb3ng \u0111\u1ecbnh hi\u1ec7u qu\u1ea3 ho\u1ea1t \u0111\u1ed9ng c\u1ee7a nh\u00f3m ng\u00e0nh b\u1ea5t \u0111\u1ed9ng s\u1ea3n.<\/p>\n

X\u00e9t v\u1ec1 hi\u1ec7u qu\u1ea3 sinh l\u1eddi ROE, Nh\u1ef1a B\u00ecnh Minh (BMP) gi\u1eef v\u1ecb tr\u00ed qu\u00e1n qu\u00e2n, ti\u1ebfp \u0111\u1ebfn l\u00e0 T\u1ed5ng C\u00f4ng ty IDICO (IDC) v\u00e0 Viettel Construction (CTR).<\/p>\n

X\u00e9t v\u1ec1 t\u1ed1c \u0111\u1ed9 t\u0103ng tr\u01b0\u1edfng k\u00e9p theo doanh thu giai \u0111o\u1ea1n 2020-2024, V\u1eadn t\u1ea3i v\u00e0 X\u1ebfp d\u1ee1 H\u1ea3i An (HAH) v\u00e0 Nam Long (NLG) l\u00e0 hai doanh nghi\u1ec7p ghi nh\u1eadn m\u1ee9c t\u0103ng tr\u01b0\u1edfng cao nh\u1ea5t. Trong khi \u0111\u00f3, t\u1ed1c \u0111\u1ed9 t\u0103ng tr\u01b0\u1edfng k\u00e9p theo l\u1ee3i nhu\u1eadn giai \u0111o\u1ea1n 2020-2024 ghi nh\u1eadn m\u1ee9c t\u0103ng tr\u01b0\u1edfng \u1ea5n t\u01b0\u1ee3ng thu\u1ed9c v\u1ec1 hai \u0111\u1ea1i di\u1ec7n c\u1ee7a ng\u00e0nh V\u1eadn t\u1ea3i v\u00e0 logistics l\u00e0 T\u1ed5ng c\u00f4ng ty H\u00e0ng h\u1ea3i Vi\u1ec7t Nam (MVN) v\u00e0 T\u1ed5ng c\u00f4ng ty C\u1ea3ng h\u00e0ng kh\u00f4ng Vi\u1ec7t Nam (ACV), ph\u1ea3n \u00e1nh s\u1ef1 ph\u1ee5c h\u1ed3i m\u1ea1nh m\u1ebd c\u1ee7a ng\u00e0nh trong b\u1ed1i c\u1ea3nh n\u1ec1n kinh t\u1ebf m\u1edf c\u1eeda tr\u1edf l\u1ea1i v\u00e0 nhu c\u1ea7u v\u1eadn chuy\u1ec3n h\u00e0ng h\u00f3a, h\u00e0nh kh\u00e1ch gia t\u0103ng.<\/p>\n

\"\"<\/p>\n

C\u1ea5u tr\u00fac ng\u00e0nh \u1ed5n \u0111\u1ecbnh nh\u01b0ng chuy\u1ec3n d\u1ecbch r\u00f5 n\u00e9t v\u1ec1 nh\u00f3m t\u0103ng tr\u01b0\u1edfng<\/em><\/strong><\/p>\n

Top 10 VIX50 n\u0103m 2025 ti\u1ebfp t\u1ee5c cho th\u1ea5y s\u1ef1 \u00e1p \u0111\u1ea3o c\u1ee7a kh\u1ed1i ng\u00e2n h\u00e0ng, v\u1edbi 7\/10 v\u1ecb tr\u00ed \u0111\u1ea7u b\u1ea3ng thu\u1ed9c v\u1ec1 c\u00e1c ng\u00e2n h\u00e0ng th\u01b0\u01a1ng m\u1ea1i l\u1edbn nh\u01b0 Vietcombank, MB, HDBank, BIDV, VietinBank, Techcombank v\u00e0 ACB. Tuy nhi\u00ean, \u0111i\u1ec3m nh\u1ea5n n\u1ed5i b\u1eadt trong n\u0103m nay ch\u00ednh l\u00e0 s\u1ef1 v\u01b0\u01a1n l\u00ean d\u1eabn \u0111\u1ea7u l\u1ea7n \u0111\u1ea7u ti\u00ean c\u1ee7a FPT Corporation \u2013 \u0111\u1ea1i di\u1ec7n ti\u00eau bi\u1ec3u c\u1ee7a ng\u00e0nh c\u00f4ng ngh\u1ec7. Di\u1ec5n bi\u1ebfn n\u00e0y ph\u1ea3n \u00e1nh r\u00f5 n\u00e9t s\u1ef1 chuy\u1ec3n d\u1ecbch trong nh\u1eadn th\u1ee9c c\u1ee7a th\u1ecb tr\u01b0\u1eddng v\u1ec1 vai tr\u00f2 trung v\u00e0 d\u00e0i h\u1ea1n c\u1ee7a doanh nghi\u1ec7p c\u00f4ng ngh\u1ec7 trong n\u1ec1n kinh t\u1ebf s\u1ed1.<\/p>\n

B\u00ean c\u1ea1nh \u0111\u00f3, T\u1ed5ng c\u00f4ng ty C\u1ea3ng h\u00e0ng kh\u00f4ng Vi\u1ec7t Nam (ACV), \u0111\u1ea1i di\u1ec7n ng\u00e0nh V\u1eadn t\u1ea3i & Logistics, xu\u1ea5t hi\u1ec7n \u1edf v\u1ecb tr\u00ed th\u1ee9 5 \u2013 m\u1ed9t k\u1ebft qu\u1ea3 cho th\u1ea5y s\u1ef1 gia t\u0103ng vai tr\u00f2 c\u1ee7a c\u00e1c ng\u00e0nh d\u1ecbch v\u1ee5 h\u1ea1 t\u1ea7ng trong vi\u1ec7c t\u1ea1o \u0111\u1ed9ng l\u1ef1c t\u0103ng tr\u01b0\u1edfng b\u1ec1n v\u1eefng, \u0111\u1eb7c bi\u1ec7t trong b\u1ed1i c\u1ea3nh chu\u1ed7i cung \u1ee9ng v\u00e0 logistics to\u00e0n c\u1ea7u \u0111ang \u0111\u01b0\u1ee3c t\u00e1i c\u1ea5u tr\u00fac.<\/p>\n

\"\"<\/p>\n

X\u00e9t tr\u00ean to\u00e0n b\u1ed9 danh m\u1ee5c VIX50 n\u0103m 2025, c\u01a1 c\u1ea5u ng\u00e0nh ti\u1ebfp t\u1ee5c ph\u1ea3n \u00e1nh s\u1ef1 k\u1ebft h\u1ee3p gi\u1eefa c\u00e1c nh\u00f3m tr\u1ee5 c\u1ed9t truy\u1ec1n th\u1ed1ng v\u00e0 ng\u00e0nh t\u0103ng tr\u01b0\u1edfng m\u1edbi. Kh\u1ed1i Ng\u00e2n h\u00e0ng v\u1eabn gi\u1eef vai tr\u00f2 trung t\u00e2m, chi\u1ebfm 26% s\u1ed1 l\u01b0\u1ee3ng doanh nghi\u1ec7p, trong khi nh\u00f3m B\u1ea5t \u0111\u1ed9ng s\u1ea3n gi\u1ea3m t\u1eeb 14% xu\u1ed1ng c\u00f2n 10%, ch\u1ee7 y\u1ebfu do \u1ea3nh h\u01b0\u1edfng c\u1ee7a c\u00e1c ch\u00ednh s\u00e1ch t\u00edn d\u1ee5ng ch\u1eb7t ch\u1ebd. \u1ede chi\u1ec1u ng\u01b0\u1ee3c l\u1ea1i, c\u00e1c ng\u00e0nh c\u00f3 t\u00ednh chu k\u1ef3 th\u1ea5p v\u00e0 g\u1eafn v\u1edbi ti\u00eau d\u00f9ng ho\u1eb7c th\u01b0\u01a1ng m\u1ea1i qu\u1ed1c t\u1ebf nh\u01b0 V\u1eadn t\u1ea3i & Logistics v\u00e0 Th\u1ef1c ph\u1ea9m l\u1ea7n l\u01b0\u1ee3t t\u0103ng t\u1ef7 tr\u1ecdng t\u1eeb 10% l\u00ean 12%. Ng\u00e0nh X\u00e2y d\u1ef1ng & V\u1eadt li\u1ec7u x\u00e2y d\u1ef1ng c\u0169ng ghi nh\u1eadn m\u1ee9c t\u0103ng nh\u1eb9 t\u1eeb 8% l\u00ean 10%, nh\u1edd h\u01b0\u1edfng l\u1ee3i t\u1eeb ch\u00ednh s\u00e1ch \u0111\u1ea7u t\u01b0 c\u00f4ng.<\/p>\n

Ng\u01b0\u1ee3c l\u1ea1i, ng\u00e0nh H\u00f3a ch\u1ea5t gi\u1ea3m t\u1eeb 6% xu\u1ed1ng c\u00f2n 4%, ph\u1ea3n \u00e1nh \u1ea3nh h\u01b0\u1edfng c\u1ee7a chi ph\u00ed \u0111\u1ea7u v\u00e0o v\u00e0 bi\u1ebfn \u0111\u1ed9ng nguy\u00ean li\u1ec7u. C\u00e1c nh\u00f3m ng\u00e0nh kh\u00e1c nh\u01b0 Ch\u1ee9ng kho\u00e1n (6%), D\u1ecbch v\u1ee5 ti\u1ec7n \u00edch \u2013 n\u0103ng l\u01b0\u1ee3ng (2%), B\u1ea3o hi\u1ec3m, Kim lo\u1ea1i, C\u01a1 kh\u00ed \u2013 Ch\u1ebf t\u1ea1o m\u00e1y, D\u01b0\u1ee3c ph\u1ea9m \u2013 Y t\u1ebf, B\u00e1n l\u1ebb v\u00e0 H\u00e0ng c\u00e1 nh\u00e2n tuy chi\u1ebfm t\u1ef7 tr\u1ecdng nh\u1ecf h\u01a1n, nh\u01b0ng \u0111\u00f3ng vai tr\u00f2 quan tr\u1ecdng trong vi\u1ec7c \u0111a d\u1ea1ng h\u00f3a danh m\u1ee5c v\u00e0 ph\u1ea3n \u00e1nh b\u1ee9c tranh to\u00e0n di\u1ec7n c\u1ee7a th\u1ecb tr\u01b0\u1eddng.<\/p>\n

T\u1ed5ng th\u1ec3, c\u01a1 c\u1ea5u VIX50 n\u0103m 2025 th\u1ec3 hi\u1ec7n m\u1ed9t s\u1ef1 c\u00e2n b\u1eb1ng chi\u1ebfn l\u01b0\u1ee3c gi\u1eefa c\u00e1c ng\u00e0nh c\u00f3 n\u1ec1n t\u1ea3ng t\u00e0i ch\u00ednh \u2013 thanh kho\u1ea3n \u1ed5n \u0111\u1ecbnh v\u1edbi c\u00e1c l\u0129nh v\u1ef1c \u0111ang n\u1ed5i l\u00ean nh\u1edd chuy\u1ec3n \u0111\u1ed5i s\u1ed1, ti\u00eau d\u00f9ng n\u1ed9i \u0111\u1ecba v\u00e0 h\u1ea1 t\u1ea7ng xu\u1ea5t kh\u1ea9u. \u0110i\u1ec1u n\u00e0y cho th\u1ea5y s\u1ef1 d\u1ecbch chuy\u1ec3n h\u1ee3p l\u00fd c\u1ee7a d\u00f2ng v\u1ed1n v\u00e0 k\u1ef3 v\u1ecdng \u0111\u1ea7u t\u01b0, \u0111\u1ed3ng th\u1eddi c\u1ee7ng c\u1ed1 t\u00ednh \u0111\u1ea1i di\u1ec7n v\u00e0 kh\u1ea3 n\u0103ng th\u00edch \u1ee9ng c\u1ee7a b\u1ea3ng x\u1ebfp h\u1ea1ng trong b\u1ed1i c\u1ea3nh th\u1ecb tr\u01b0\u1eddng ti\u1ebfp t\u1ee5c t\u00e1i c\u1ea5u tr\u00fac theo h\u01b0\u1edbng b\u1ec1n v\u1eefng v\u00e0 hi\u1ec7n \u0111\u1ea1i h\u00f3a.<\/p>\n

T\u0103ng tr\u01b0\u1edfng t\u00e0i ch\u00ednh \u1ea5n t\u01b0\u1ee3ng – Hi\u1ec7u qu\u1ea3 v\u01b0\u1ee3t tr\u1ed9i<\/em><\/strong><\/p>\n

\n\n\n\n\n\n\n\n\n\n
Ch\u1ec9 ti\u00eau t\u00e0i ch\u00ednh trung b\u00ecnh<\/th>\nGi\u00e1 tr\u1ecb<\/th>\nSo v\u1edbi n\u0103m tr\u01b0\u1edbc<\/th>\n<\/tr>\n<\/thead>\n
ROE trung b\u00ecnh<\/em><\/td>\n16.70%<\/td>\n+0.2 \u0111i\u1ec3m %<\/td>\n<\/tr>\n
EPS b\u00ecnh qu\u00e2n<\/em><\/td>\n3.898 VND<\/td>\n-9.00%<\/td>\n<\/tr>\n
T\u0103ng tr\u01b0\u1edfng doanh thu<\/em><\/td>\n13.50%<\/td>\n+0.30%<\/td>\n<\/tr>\n
T\u0103ng tr\u01b0\u1edfng l\u1ee3i nhu\u1eadn<\/em><\/td>\n21.30%<\/td>\n+4.30%<\/td>\n<\/tr>\n
T\u1ef7 l\u1ec7 n\u1ee3\/ V\u1ed1n ch\u1ee7 s\u1edf h\u1eefu<\/em><\/td>\n3.68<\/td>\n-0.03<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<\/div>\n

Hi\u1ec7u qu\u1ea3 t\u00e0i ch\u00ednh c\u1ee7a nh\u00f3m doanh nghi\u1ec7p thu\u1ed9c VIX50 n\u0103m 2025 ti\u1ebfp t\u1ee5c kh\u1eb3ng \u0111\u1ecbnh n\u0103ng l\u1ef1c v\u1eadn h\u00e0nh b\u1ec1n v\u1eefng, b\u1ea5t ch\u1ea5p c\u00e1c \u00e1p l\u1ef1c v\u0129 m\u00f4 ng\u1eafn h\u1ea1n. M\u1ed9t s\u1ed1 ch\u1ec9 s\u1ed1 t\u00e0i ch\u00ednh ch\u1ee7 \u0111\u1ea1o cho th\u1ea5y xu h\u01b0\u1edbng t\u00edch c\u1ef1c ho\u1eb7c \u1ed5n \u0111\u1ecbnh, ph\u1ea3n \u00e1nh kh\u1ea3 n\u0103ng th\u00edch \u1ee9ng v\u00e0 t\u1ed1i \u01b0u h\u00f3a chi ph\u00ed c\u1ee7a c\u00e1c doanh nghi\u1ec7p trong b\u1ed1i c\u1ea3nh th\u1ecb tr\u01b0\u1eddng c\u00f2n nhi\u1ec1u bi\u1ebfn \u0111\u1ed9ng.<\/p>\n

C\u1ee5 th\u1ec3, ROE trung b\u00ecnh c\u1ee7a VIX50 ghi nh\u1eadn m\u1ee9c 16,7%, t\u0103ng nh\u1eb9 0,2 \u0111i\u1ec3m ph\u1ea7n tr\u0103m so v\u1edbi n\u0103m tr\u01b0\u1edbc, cho th\u1ea5y kh\u1ea3 n\u0103ng duy tr\u00ec bi\u00ean l\u1ee3i nhu\u1eadn tr\u00ean v\u1ed1n ch\u1ee7 s\u1edf h\u1eefu \u1ed5n \u0111\u1ecbnh. D\u00f9 EPS b\u00ecnh qu\u00e2n c\u00f3 xu h\u01b0\u1edbng \u0111i\u1ec1u ch\u1ec9nh, gi\u1ea3m t\u1eeb 4.283 VND xu\u1ed1ng c\u00f2n 3.898 VND (gi\u1ea3m 9%), nguy\u00ean nh\u00e2n ch\u1ee7 y\u1ebfu \u0111\u1ebfn t\u1eeb \u00e1p l\u1ef1c l\u00e3i su\u1ea5t, chi ph\u00ed nguy\u00ean li\u1ec7u v\u00e0 s\u1ef1 ph\u00e2n h\u00f3a l\u1ee3i nhu\u1eadn gi\u1eefa c\u00e1c ng\u00e0nh.<\/p>\n

\u0110i\u1ec3m \u0111\u00e1ng ch\u00fa \u00fd l\u00e0 t\u1ed1c \u0111\u1ed9 t\u0103ng tr\u01b0\u1edfng doanh thu v\u00e0 l\u1ee3i nhu\u1eadn v\u1eabn gi\u1eef xu h\u01b0\u1edbng t\u00edch c\u1ef1c. T\u0103ng tr\u01b0\u1edfng doanh thu b\u00ecnh qu\u00e2n \u0111\u1ea1t 13,5%, nh\u1ec9nh h\u01a1n m\u1ee9c 13,2% c\u1ee7a giai \u0111o\u1ea1n tr\u01b0\u1edbc. Trong khi \u0111\u00f3, t\u0103ng tr\u01b0\u1edfng l\u1ee3i nhu\u1eadn sau thu\u1ebf \u0111\u1ea1t 21,3%, t\u0103ng m\u1ea1nh 4,3 \u0111i\u1ec3m ph\u1ea7n tr\u0103m so v\u1edbi n\u0103m 2024 \u2013 m\u1ed9t d\u1ea5u hi\u1ec7u cho th\u1ea5y c\u00e1c doanh nghi\u1ec7p \u0111ang khai th\u00e1c hi\u1ec7u qu\u1ea3 quy m\u00f4, \u0111\u1ed3ng th\u1eddi c\u1ea3i thi\u1ec7n n\u0103ng su\u1ea5t v\u00e0 c\u1ea5u tr\u00fac chi ph\u00ed.<\/p>\n

X\u00e9t v\u1ec1 c\u1ea5u tr\u00fac t\u00e0i tr\u1ee3 v\u1ed1n, t\u1ef7 l\u1ec7 n\u1ee3 tr\u00ean v\u1ed1n ch\u1ee7 s\u1edf h\u1eefu (D\/E) trung b\u00ecnh to\u00e0n danh m\u1ee5c gi\u1eef \u1edf m\u1ee9c 3,68, thay \u0111\u1ed5i kh\u00f4ng \u0111\u00e1ng k\u1ec3 so v\u1edbi n\u0103m tr\u01b0\u1edbc. M\u1ee9c \u0111\u00f2n b\u1ea9y n\u00e0y tuy cao h\u01a1n ti\u00eau chu\u1ea9n an to\u00e0n th\u00f4ng th\u01b0\u1eddng c\u1ee7a c\u00e1c doanh nghi\u1ec7p phi t\u00e0i ch\u00ednh (kho\u1ea3ng 1,0\u20132,0), nh\u01b0ng v\u1eabn ph\u00f9 h\u1ee3p v\u1edbi c\u01a1 c\u1ea5u ng\u00e0nh hi\u1ec7n t\u1ea1i c\u1ee7a VIX50. C\u1ee5 th\u1ec3, nh\u00f3m Ng\u00e2n h\u00e0ng \u2013 chi\u1ebfm t\u1edbi 26% th\u00e0nh vi\u00ean \u2013 th\u01b0\u1eddng duy tr\u00ec h\u1ec7 s\u1ed1 D\/E \u1edf m\u1ee9c 5,0\u20136,0; trong khi c\u00e1c ng\u00e0nh s\u1eed d\u1ee5ng nhi\u1ec1u t\u00e0i s\u1ea3n c\u1ed1 \u0111\u1ecbnh nh\u01b0 B\u1ea5t \u0111\u1ed9ng s\u1ea3n, X\u00e2y d\u1ef1ng v\u00e0 Logistics c\u0169ng c\u00f3 xu h\u01b0\u1edbng d\u00f9ng \u0111\u00f2n b\u1ea9y \u1edf m\u1ee9c 1,5\u20133,0. Do \u0111\u00f3, t\u1ef7 l\u1ec7 D\/E 3,68 \u0111\u01b0\u1ee3c xem l\u00e0 ph\u1ea3n \u00e1nh c\u1ea5u tr\u00fac v\u1ed1n ph\u00f9 h\u1ee3p v\u1edbi danh m\u1ee5c ng\u00e0nh, cho ph\u00e9p t\u1eadn d\u1ee5ng v\u1ed1n vay m\u1ed9t c\u00e1ch c\u00e2n \u0111\u1ed1i m\u00e0 kh\u00f4ng l\u00e0m gia t\u0103ng \u0111\u00e1ng k\u1ec3 r\u1ee7i ro t\u00e0i ch\u00ednh.<\/p>\n

T\u1ed5ng th\u1ec3, b\u1ee9c tranh t\u00e0i ch\u00ednh c\u1ee7a VIX50 n\u0103m 2025 cho th\u1ea5y s\u1ef1 \u1ed5n \u0111\u1ecbnh v\u1ec1 hi\u1ec7u su\u1ea5t s\u1eed d\u1ee5ng v\u1ed1n, t\u0103ng tr\u01b0\u1edfng doanh thu \u2013 l\u1ee3i nhu\u1eadn duy tr\u00ec t\u00edch c\u1ef1c, c\u00f9ng v\u1edbi qu\u1ea3n tr\u1ecb n\u1ee3 h\u1ee3p l\u00fd. K\u1ebft h\u1ee3p gi\u1eefa s\u1ee9c m\u1ea1nh c\u1ee7a c\u00e1c nh\u00f3m ng\u00e0nh truy\u1ec1n th\u1ed1ng (Ng\u00e2n h\u00e0ng, B\u1ea5t \u0111\u1ed9ng s\u1ea3n, X\u00e2y d\u1ef1ng) v\u00e0 \u0111\u1ed9ng l\u1ef1c t\u1eeb c\u00e1c ng\u00e0nh t\u0103ng tr\u01b0\u1edfng (C\u00f4ng ngh\u1ec7, Th\u1ef1c ph\u1ea9m, Logistics), VIX50 \u0111ang duy tr\u00ec n\u1ec1n t\u1ea3ng t\u00e0i ch\u00ednh v\u1eefng ch\u1eafc, h\u01b0\u1edbng t\u1edbi hi\u1ec7u qu\u1ea3 b\u1ec1n v\u1eefng trong trung v\u00e0 d\u00e0i h\u1ea1n.<\/p>\n

T\u1ed5ng quan hi\u1ec7u su\u1ea5t VIX50 qua 5 n\u0103m: Ch\u1ea5t l\u01b0\u1ee3ng t\u00e0i ch\u00ednh ng\u00e0y c\u00e0ng v\u01b0\u1ee3t tr\u1ed9i<\/strong><\/p>\n

T\u1eeb n\u0103m 2021 \u0111\u1ebfn nay, 50 c\u00f4ng ty \u0111\u1ea1i ch\u00fang trong b\u1ea3ng x\u1ebfp h\u1ea1ng VIX50 \u0111\u00e3 th\u1ec3 hi\u1ec7n s\u1ef1 \u1ed5n \u0111\u1ecbnh v\u01b0\u1ee3t tr\u1ed9i v\u1ec1 hi\u1ec7u qu\u1ea3 ho\u1ea1t \u0111\u1ed9ng v\u00e0 n\u0103ng l\u1ef1c t\u00e0i ch\u00ednh, b\u1ea5t ch\u1ea5p nh\u1eefng bi\u1ebfn \u0111\u1ed9ng l\u1edbn nh\u01b0 \u0111\u1ea1i d\u1ecbch COVID-19, xung \u0111\u1ed9t \u0111\u1ecba ch\u00ednh tr\u1ecb, kh\u1ee7ng ho\u1ea3ng chu\u1ed7i cung \u1ee9ng v\u00e0 l\u00e0n s\u00f3ng th\u1eaft ch\u1eb7t ti\u1ec1n t\u1ec7 to\u00e0n c\u1ea7u.<\/p>\n

\n\n\n\n\n\n\n\n\n\n\n
Ch\u1ec9 ti\u00eau<\/th>\n2021<\/th>\n2022<\/th>\n2023<\/th>\n2024<\/th>\n2025<\/th>\n<\/tr>\n<\/thead>\n
EPS trung b\u00ecnh (VND)<\/em><\/td>\n4.600<\/td>\n5.200<\/td>\n5.177<\/td>\n4.283<\/td>\n3.898<\/td>\n<\/tr>\n
ROE (%)<\/em><\/td>\n16.8<\/td>\n20.8<\/td>\n21.1<\/td>\n16.5<\/td>\n16.7<\/td>\n<\/tr>\n
CAGR doanh thu trong 5 n\u0103m g\u1ea7n nh\u1ea5t (%)<\/em><\/td>\n12.0<\/td>\n19.1<\/td>\n14.1<\/td>\n13.2<\/td>\n13.5<\/td>\n<\/tr>\n
CAGR l\u1ee3i nhu\u1eadn trong 5 n\u0103m g\u1ea7n nh\u1ea5t (%)<\/em><\/td>\n17.2<\/td>\n31.7<\/td>\n26.3<\/td>\n17.0<\/td>\n21.3<\/td>\n<\/tr>\n
S\u1ed1 DN v\u1ed1n h\u00f3a > 1 t\u1ef7 USD<\/em><\/td>\n27<\/td>\n30<\/td>\n29<\/td>\n27<\/td>\n27<\/td>\n<\/tr>\n
T\u1ef7 tr\u1ecdng v\u1ed1n h\u00f3a so v\u1edbi to\u00e0n th\u1ecb tr\u01b0\u1eddng (%)<\/em><\/td>\n60.35<\/td>\n53.1<\/td>\n57.6<\/td>\n51.5<\/td>\n52.3<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<\/div>\n

ROE duy tr\u00ec \u1edf m\u1ee9c cao, dao \u0111\u1ed9ng t\u1eeb 16,5% \u0111\u1ebfn 21,1%, cho th\u1ea5y kh\u1ea3 n\u0103ng sinh l\u1eddi tr\u00ean v\u1ed1n ch\u1ee7 s\u1edf h\u1eefu c\u1ee7a c\u00e1c doanh nghi\u1ec7p VIX50 lu\u00f4n v\u01b0\u1ee3t tr\u1ed9i so v\u1edbi m\u1eb7t b\u1eb1ng chung to\u00e0n th\u1ecb tr\u01b0\u1eddng (th\u01b0\u1eddng dao \u0111\u1ed9ng t\u1eeb 10\u201313%). D\u00f9 c\u00f3 \u0111i\u1ec1u ch\u1ec9nh nh\u1eb9 v\u00e0o n\u0103m 2024, ROE n\u0103m 2025 v\u1eabn gi\u1eef \u1ed5n \u0111\u1ecbnh \u1edf m\u1ee9c 16,7%, cho th\u1ea5y hi\u1ec7u su\u1ea5t s\u1eed d\u1ee5ng v\u1ed1n ch\u01b0a h\u1ec1 suy gi\u1ea3m sau nhi\u1ec1u bi\u1ebfn \u0111\u1ed9ng v\u0129 m\u00f4.<\/p>\n

EPS trung b\u00ecnh c\u00f3 xu h\u01b0\u1edbng gi\u1ea3m trong 2 n\u0103m g\u1ea7n \u0111\u00e2y, t\u1eeb \u0111\u1ec9nh 5.200 VND n\u0103m 2022 xu\u1ed1ng c\u00f2n 3.898 VND n\u0103m 2025. Nguy\u00ean nh\u00e2n ch\u1ee7 y\u1ebfu \u0111\u1ebfn t\u1eeb s\u1ef1 \u0111i\u1ec1u ch\u1ec9nh l\u1ee3i nhu\u1eadn c\u1ee7a m\u1ed9t s\u1ed1 ng\u00e0nh ch\u1ecbu \u1ea3nh h\u01b0\u1edfng m\u1ea1nh b\u1edfi chi ph\u00ed \u0111\u1ea7u v\u00e0o, m\u1eb7t b\u1eb1ng l\u00e3i su\u1ea5t v\u00e0 bi\u1ebfn \u0111\u1ed9ng nhu c\u1ea7u th\u1ecb tr\u01b0\u1eddng. Tuy nhi\u00ean, m\u1ee9c EPS hi\u1ec7n t\u1ea1i v\u1eabn \u0111\u01b0\u1ee3c xem l\u00e0 t\u01b0\u01a1ng \u0111\u1ed1i cao trong b\u1ed1i c\u1ea3nh chung.<\/p>\n

T\u0103ng tr\u01b0\u1edfng k\u00e9p (CAGR) c\u1ee7a doanh thu v\u00e0 l\u1ee3i nhu\u1eadn duy tr\u00ec t\u00edch c\u1ef1c: doanh thu trung b\u00ecnh t\u0103ng tr\u01b0\u1edfng 13,5%\/n\u0103m trong 5 n\u0103m, c\u00f2n l\u1ee3i nhu\u1eadn sau thu\u1ebf \u0111\u1ea1t m\u1ee9c t\u0103ng tr\u01b0\u1edfng 21,3%\/n\u0103m \u2013 m\u1ed9t con s\u1ed1 r\u1ea5t \u1ea5n t\u01b0\u1ee3ng n\u1ebfu so v\u1edbi m\u1ee9c trung b\u00ecnh to\u00e0n s\u00e0n. \u0110i\u1ec1u n\u00e0y cho th\u1ea5y n\u0103ng l\u1ef1c m\u1edf r\u1ed9ng quy m\u00f4 v\u00e0 ki\u1ec3m so\u00e1t chi ph\u00ed hi\u1ec7u qu\u1ea3 c\u1ee7a c\u00e1c doanh nghi\u1ec7p trong b\u1ea3ng VIX50.<\/p>\n

T\u1ef7 l\u1ec7 doanh nghi\u1ec7p c\u00f3 v\u1ed1n h\u00f3a tr\u00ean 1 t\u1ef7 USD gi\u1eef \u1ed5n \u0111\u1ecbnh trong su\u1ed1t giai \u0111o\u1ea1n, dao \u0111\u1ed9ng quanh m\u1ee9c 27\u201330 doanh nghi\u1ec7p. \u0110\u00e2y l\u00e0 nh\u00f3m \u0111\u1ea1i di\u1ec7n cho s\u1ee9c m\u1ea1nh n\u1ed9i l\u1ef1c v\u00e0 \u0111\u1ed9 \u1ed5n \u0111\u1ecbnh c\u1ee7a th\u1ecb tr\u01b0\u1eddng ni\u00eam y\u1ebft. T\u1ef7 tr\u1ecdng v\u1ed1n h\u00f3a VIX50 chi\u1ebfm tr\u00ean 50% to\u00e0n th\u1ecb tr\u01b0\u1eddng trong su\u1ed1t 5 n\u0103m, ph\u1ea3n \u00e1nh vai tr\u00f2 h\u1ea1t nh\u00e2n c\u1ee7a c\u00e1c doanh nghi\u1ec7p trong danh s\u00e1ch \u0111\u1ed1i v\u1edbi d\u00f2ng v\u1ed1n, thanh kho\u1ea3n v\u00e0 xu h\u01b0\u1edbng th\u1ecb tr\u01b0\u1eddng n\u00f3i chung.<\/p>\n

D\u1eef li\u1ec7u t\u00e0i ch\u00ednh giai \u0111o\u1ea1n 2021\u20132025 kh\u1eb3ng \u0111\u1ecbnh r\u1eb1ng VIX50 ph\u1ea3n \u00e1nh th\u1ef1c ch\u1ea5t nh\u00f3m doanh nghi\u1ec7p c\u00f3 kh\u1ea3 n\u0103ng duy tr\u00ec hi\u1ec7u qu\u1ea3 kinh doanh cao, s\u1ee9c ch\u1ed1ng ch\u1ecbu t\u1ed1t v\u1edbi kh\u1ee7ng ho\u1ea3ng v\u00e0 n\u0103ng l\u1ef1c t\u0103ng tr\u01b0\u1edfng d\u00e0i h\u1ea1n.<\/p>\n

Nh\u1eefng doanh nghi\u1ec7p li\u00ean t\u1ee5c g\u00f3p m\u1eb7t trong VIX50 su\u1ed1t 5 n\u0103m – Nh\u1eefng tr\u1ee5 c\u1ed9t b\u1ec1n v\u1eefng c\u1ee7a th\u1ecb tr\u01b0\u1eddng<\/strong><\/p>\n

Trong su\u1ed1t 5 n\u0103m t\u1eeb 2020 \u0111\u1ebfn 2024, b\u1ea3ng x\u1ebfp h\u1ea1ng VIX50 \u2013 Top 50 c\u00f4ng ty \u0111\u1ea1i ch\u00fang uy t\u00edn v\u00e0 hi\u1ec7u qu\u1ea3 \u0111\u00e3 ghi nh\u1eadn s\u1ef1 hi\u1ec7n di\u1ec7n b\u1ec1n b\u1ec9 c\u1ee7a 24 doanh nghi\u1ec7p. \u0110\u00e2y ch\u00ednh l\u00e0 nh\u00f3m \u201cDoanh nghi\u1ec7p l\u00f5i\u201d \u2013 nh\u1eefng tr\u1ee5 c\u1ed9t b\u1ec1n v\u1eefng v\u1ec1 t\u00e0i ch\u00ednh, ho\u1ea1t \u0111\u1ed9ng v\u00e0 chi\u1ebfn l\u01b0\u1ee3c ph\u00e1t tri\u1ec3n d\u00e0i h\u1ea1n.<\/p>\n

Kh\u00f4ng ch\u1ec9 d\u1eabn \u0111\u1ea7u v\u1ec1 quy m\u00f4 v\u1ed1n h\u00f3a, thanh kho\u1ea3n,nh\u00f3m \u201cDoanh nghi\u1ec7p l\u00f5i\u201d c\u00f2n n\u1ed5i b\u1eadt nh\u1edd c\u00e1c ch\u1ec9 s\u1ed1 then ch\u1ed1t nh\u01b0 ROE cao \u1ed5n \u0111\u1ecbnh, t\u0103ng tr\u01b0\u1edfng l\u1ee3i nhu\u1eadn \u1ea5n t\u01b0\u1ee3ng, v\u00e0 gi\u00e1 c\u1ed5 phi\u1ebfu t\u0103ng m\u1ea1nh m\u1ebd trong 5 n\u0103m. \u00a0Trong \u0111\u00f3, nhi\u1ec1u doanh nghi\u1ec7p ghi nh\u1eadn m\u1ee9c t\u0103ng gi\u00e1 c\u1ed5 phi\u1ebfu g\u1ea5p 2\u20139 l\u1ea7n, ROE duy tr\u00ec tr\u00ean 20%, v\u00e0 CAGR l\u1ee3i nhu\u1eadn \u0111\u1ea1t t\u1eeb 15% \u0111\u1ebfn h\u01a1n 30% m\u1ed7i n\u0103m. \u0110\u00e2y ch\u00ednh l\u00e0 l\u1edbp c\u1ed5 phi\u1ebfu n\u1ec1n t\u1ea3ng, ph\u00f9 h\u1ee3p v\u1edbi chi\u1ebfn l\u01b0\u1ee3c \u0111\u1ea7u t\u01b0 d\u00e0i h\u1ea1n, \u0111\u1eb7c bi\u1ec7t trong b\u1ed1i c\u1ea3nh th\u1ecb tr\u01b0\u1eddng ng\u00e0y c\u00e0ng ph\u00e2n h\u00f3a v\u00e0 \u0111\u00f2i h\u1ecfi s\u1ef1 ch\u1ecdn l\u1ecdc kh\u1eaft khe.<\/p>\n

\"\"<\/p>\n

\u0110\u1ed3 th\u1ecb tr\u1ef1c quan h\u00f3a hi\u1ec7u su\u1ea5t c\u1ee7a c\u00e1c doanh nghi\u1ec7p l\u00f5i VIX50 d\u1ef1a tr\u00ean ba tr\u1ee5 c\u1ed9t: gi\u00e1 tr\u1ecb th\u1ecb tr\u01b0\u1eddng (t\u0103ng tr\u01b0\u1edfng gi\u00e1 c\u1ed5 phi\u1ebfu), kh\u1ea3 n\u0103ng sinh l\u1eddi (ROE) v\u00e0 t\u1ed1c \u0111\u1ed9 t\u0103ng tr\u01b0\u1edfng l\u1ee3i nhu\u1eadn (CAGR), ph\u1ea3n \u00e1nh r\u00f5 s\u1ef1 ph\u00e2n h\u00f3a theo ch\u1ea5t l\u01b0\u1ee3ng t\u00e0i ch\u00ednh v\u00e0 k\u1ef3 v\u1ecdng th\u1ecb tr\u01b0\u1eddng nh\u01b0 sau:<\/p>\n

    \n
  • Nh\u00f3m 1 \u2013 Ph\u00e1t tri\u1ec3n to\u00e0n di\u1ec7n<\/em>\u00a0quy t\u1ee5 c\u00e1c doanh nghi\u1ec7p xu\u1ea5t s\u1eafc v\u01b0\u1ee3t tr\u1ed9i tr\u00ean c\u1ea3 ba ch\u1ec9 ti\u00eau. DGC (H\u00f3a ch\u1ea5t \u0110\u1ee9c Giang) l\u00e0 \u0111i\u1ec3n h\u00ecnh v\u1edbi m\u1ee9c t\u0103ng gi\u00e1 g\u1ea7n 900%, ROE trung b\u00ecnh h\u01a1n 28% v\u00e0 t\u1ed1c \u0111\u1ed9 t\u0103ng tr\u01b0\u1edfng l\u1ee3i nhu\u1eadn k\u00e9p l\u00ean \u0111\u1ebfn 34.5% \u2013 cho th\u1ea5y kh\u1ea3 n\u0103ng v\u1eadn h\u00e0nh hi\u1ec7u qu\u1ea3 trong ng\u00e0nh h\u00e0ng h\u00f3a chu k\u1ef3 cao. B\u00ean c\u1ea1nh \u0111\u00f3, c\u00e1c ng\u00e2n h\u00e0ng t\u01b0 nh\u00e2n nh\u01b0 ACB, MBB, HDB kh\u00f4ng ch\u1ec9 gi\u1eef ROE v\u01b0\u1ee3t 20% li\u00ean t\u1ee5c trong 5 n\u0103m m\u00e0 c\u00f2n t\u0103ng tr\u01b0\u1edfng l\u1ee3i nhu\u1eadn k\u00e9p tr\u00ean 25%, \u0111i c\u00f9ng m\u1ee9c t\u0103ng gi\u00e1 c\u1ed5 phi\u1ebfu t\u1eeb 164% \u0111\u1ebfn 182% \u2013 kh\u1eb3ng \u0111\u1ecbnh v\u1ecb th\u1ebf d\u1eabn d\u1eaft ng\u00e0nh ng\u00e2n h\u00e0ng t\u01b0 nh\u00e2n v\u1ec1 quy m\u00f4, hi\u1ec7u qu\u1ea3 v\u00e0 kh\u1ea3 n\u0103ng m\u1edf r\u1ed9ng th\u1ecb ph\u1ea7n.<\/li>\n<\/ul>\n
      \n
    • Nh\u00f3m 2 \u2013 Hi\u1ec7u qu\u1ea3 khi\u00eam t\u1ed1n<\/em>, \u0111\u00e0 t\u0103ng m\u1ea1nh<\/em>\u00a0bao g\u1ed3m c\u00e1c doanh nghi\u1ec7p c\u00f3 ROE trung b\u00ecnh c\u00f2n khi\u00eam t\u1ed1n so v\u1edbi m\u1eb7t b\u1eb1ng chung, nh\u01b0ng \u0111\u00e0 t\u0103ng tr\u01b0\u1edfng t\u00edch c\u1ef1c gi\u00fap m\u1edf ra d\u01b0 \u0111\u1ecba c\u1ea3i thi\u1ec7n hi\u1ec7u qu\u1ea3 trong t\u01b0\u01a1ng lai. C\u00e1c tr\u01b0\u1eddng h\u1ee3p ti\u00eau bi\u1ec3u nh\u01b0 DGW (435%), FPT (390%) v\u00e0 DCM (419%) \u0111\u1ec1u cho th\u1ea5y m\u1ee9c t\u0103ng gi\u00e1 \u1ea5n t\u01b0\u1ee3ng, \u0111i k\u00e8m CAGR l\u1ee3i nhu\u1eadn t\u01b0\u01a1ng \u0111\u1ed1i cao, ph\u1ea3n \u00e1nh ni\u1ec1m tin th\u1ecb tr\u01b0\u1eddng v\u00e0o t\u01b0\u01a1ng lai t\u0103ng tr\u01b0\u1edfng d\u00e0i h\u1ea1n. Tuy nhi\u00ean, ROE c\u1ee7a nh\u00f3m n\u00e0y v\u1eabn \u1edf m\u1ee9c th\u1ea5p \u0111\u1ebfn trung b\u00ecnh \u2013 cho th\u1ea5y d\u01b0 \u0111\u1ecba \u0111\u1ec3 c\u1ea3i thi\u1ec7n hi\u1ec7u qu\u1ea3 c\u00f2n r\u1ea5t l\u1edbn. Trong khi \u0111\u00f3, b\u1ed9 ba ng\u00e2n h\u00e0ng STB, BID, SHB th\u1ec3 hi\u1ec7n kh\u1ea3 n\u0103ng h\u1ed3i ph\u1ee5c m\u1ea1nh sau t\u00e1i c\u01a1 c\u1ea5u v\u1edbi CAGR l\u1ee3i nhu\u1eadn \u1ea5n t\u01b0\u1ee3ng t\u1eeb 37\u201339%, nh\u01b0ng ROE trung b\u00ecnh v\u1eabn \u1edf m\u1ee9c th\u1ea5p do \u1ea3nh h\u01b0\u1edfng t\u1eeb giai \u0111o\u1ea1n \u0111\u1ea7u c\u1ea3i t\u1ed5.<\/li>\n<\/ul>\n
        \n
      • Nh\u00f3m 3 \u2013 N\u1ec1n t\u1ea3ng v\u1eefng, \u0111\u00e0 t\u0103ng \u1ed5n \u0111\u1ecbnh<\/em>\u00a0g\u1ed3m c\u00e1c doanh nghi\u1ec7p c\u00f3 hi\u1ec7u qu\u1ea3 ho\u1ea1t \u0111\u1ed9ng cao, t\u0103ng tr\u01b0\u1edfng b\u1ec1n b\u1ec9 v\u00e0 \u0111\u01b0\u1ee3c th\u1ecb tr\u01b0\u1eddng ghi nh\u1eadn v\u1edbi m\u1ee9c t\u0103ng gi\u00e1 h\u1ee3p l\u00fd. VCB v\u00e0 TCB duy tr\u00ec ROE t\u1eeb 25\u201330%\/n\u0103m, t\u0103ng tr\u01b0\u1edfng l\u1ee3i nhu\u1eadn k\u00e9p quanh m\u1ee9c 15%, v\u00e0 gi\u00e1 c\u1ed5 phi\u1ebfu t\u0103ng \u1ed5n \u0111\u1ecbnh tr\u00ean 65%. REE \u0111\u1eb7c bi\u1ec7t n\u1ed5i b\u1eadt v\u1edbi ROE trung b\u00ecnh tr\u00ean 31% \u2013 minh ch\u1ee9ng cho n\u0103ng l\u1ef1c ph\u00e2n b\u1ed5 v\u1ed1n hi\u1ec7u qu\u1ea3 trong c\u00e1c l\u0129nh v\u1ef1c thi\u1ebft y\u1ebfu nh\u01b0 \u0111i\u1ec7n, n\u01b0\u1edbc v\u00e0 b\u1ea5t \u0111\u1ed9ng s\u1ea3n. TPB, CTG v\u00e0 PNJ tuy kh\u00f4ng c\u00f3 m\u1ee9c t\u0103ng tr\u01b0\u1edfng b\u00f9ng n\u1ed5, nh\u01b0ng s\u1edf h\u1eefu n\u1ec1n t\u1ea3ng \u1ed5n \u0111\u1ecbnh, ph\u00f9 h\u1ee3p v\u1edbi nh\u00e0 \u0111\u1ea7u t\u01b0 theo \u0111u\u1ed5i chi\u1ebfn l\u01b0\u1ee3c \u1ed5n \u0111\u1ecbnh, t\u00edch l\u0169y gi\u00e1 tr\u1ecb v\u00e0 c\u1ed5 t\u1ee9c b\u1ec1n v\u1eefng<\/li>\n<\/ul>\n
          \n
        • Nh\u00f3m 4 \u2013 N\u1ec1n t\u1ea3ng m\u1ea1nh, \u0111\u00e0 t\u0103ng ch\u1ecbu \u00e1p l\u1ef1c<\/em>\u00a0l\u00e0 nh\u00f3m c\u00e1c doanh nghi\u1ec7p c\u00f3 hi\u1ec7u qu\u1ea3 s\u1eed d\u1ee5ng v\u1ed1n v\u1eabn duy tr\u00ec \u1edf m\u1ee9c cao, nh\u01b0ng t\u0103ng tr\u01b0\u1edfng l\u1ee3i nhu\u1eadn ho\u1eb7c th\u1ecb gi\u00e1 ch\u1ecbu \u00e1p l\u1ef1c t\u1eeb c\u00e1c y\u1ebfu t\u1ed1 chu k\u1ef3 ho\u1eb7c ng\u00e0nh ngh\u1ec1 \u0111\u1eb7c th\u00f9. Vi\u1ec7c duy tr\u00ec ROE cao b\u1ea5t ch\u1ea5p th\u00e1ch th\u1ee9c cho th\u1ea5y n\u1ed9i l\u1ef1c t\u00e0i ch\u00ednh ch\u01b0a b\u1ecb suy gi\u1ea3m, \u0111\u00e2y l\u00e0 n\u1ec1n t\u1ea3ng \u0111\u1ec3 b\u1eadt d\u1eady khi chu k\u1ef3 thu\u1eadn l\u1ee3i quay tr\u1edf l\u1ea1i.<\/li>\n<\/ul>\n

          Ph\u00e2n t\u00edch hi\u1ec7u su\u1ea5t \u0111a chi\u1ec1u c\u1ee7a nh\u00f3m Doanh nghi\u1ec7p l\u00f5i VIX50 cho th\u1ea5y: nh\u1eefng doanh nghi\u1ec7p c\u00f3 m\u00f4 h\u00ecnh t\u00e0i ch\u00ednh l\u00e0nh m\u1ea1nh, t\u0103ng tr\u01b0\u1edfng b\u1ec1n v\u1eefng v\u00e0 qu\u1ea3n tr\u1ecb v\u1ed1n hi\u1ec7u qu\u1ea3 \u0111ang chi\u1ebfm \u01b0u th\u1ebf r\u00f5 r\u1ec7t trong d\u00e0i h\u1ea1n. Ph\u00e2n lo\u1ea1i hi\u1ec7u su\u1ea5t gi\u00fap nh\u00e0 \u0111\u1ea7u t\u01b0 x\u00e1c \u0111\u1ecbnh \u0111\u00fang v\u1ecb tr\u00ed chu k\u1ef3 c\u1ee7a c\u1ed5 phi\u1ebfu, t\u1eeb \u0111\u00f3 x\u00e2y d\u1ef1ng chi\u1ebfn l\u01b0\u1ee3c \u201cch\u1ecdn doanh nghi\u1ec7p tr\u01b0\u1edbc khi ch\u1ecdn gi\u00e1 c\u1ed5 phi\u1ebfu\u201d \u2013 ph\u00f9 h\u1ee3p v\u1edbi xu h\u01b0\u1edbng \u0111\u1ea7u t\u01b0 d\u00e0i h\u1ea1n v\u00e0 b\u1ec1n v\u1eefng.<\/p>\n

          Truy\u1ec1n th\u00f4ng v\u00e0 Th\u01b0\u01a1ng hi\u1ec7u: N\u1ec1n m\u00f3ng ni\u1ec1m tin, \u0111\u00f2n b\u1ea9y t\u0103ng tr\u01b0\u1edfng<\/strong><\/p>\n

          Trong b\u1ed1i c\u1ea3nh c\u1ea1nh tranh ng\u00e0y c\u00e0ng kh\u1ed1c li\u1ec7t, th\u01b0\u01a1ng hi\u1ec7u kh\u00f4ng \u0111\u01a1n thu\u1ea7n l\u00e0 c\u00e2u chuy\u1ec7n truy\u1ec1n th\u00f4ng, m\u00e0 l\u00e0 m\u1ed9t t\u00e0i s\u1ea3n v\u00f4 h\u00ecnh c\u00f3 kh\u1ea3 n\u0103ng \u0111\u1ecbnh h\u00ecnh v\u1ecb th\u1ebf v\u00e0 \u1ea3nh h\u01b0\u1edfng \u0111\u1ebfn \u0111\u1ecbnh gi\u00e1 doanh nghi\u1ec7p tr\u00ean th\u1ecb tr\u01b0\u1eddng v\u1ed1n. \u0110\u1ed1i v\u1edbi c\u00e1c doanh nghi\u1ec7p trong nh\u00f3m VIX50 \u2013 \u0111\u1ea1i di\u1ec7n cho 50 c\u00f4ng ty \u0111\u1ea1i ch\u00fang uy t\u00edn v\u00e0 hi\u1ec7u qu\u1ea3 h\u00e0ng \u0111\u1ea7u Vi\u1ec7t Nam \u2013 m\u1ed1i t\u01b0\u01a1ng quan gi\u1eefa n\u0103ng l\u1ef1c t\u00e0i ch\u00ednh v\u00e0 hi\u1ec7n di\u1ec7n truy\u1ec1n th\u00f4ng \u0111\u00f3ng vai tr\u00f2 \u0111\u1eb7c bi\u1ec7t quan tr\u1ecdng trong vi\u1ec7c thi\u1ebft l\u1eadp ni\u1ec1m tin v\u00e0 thu h\u00fat d\u00f2ng v\u1ed1n d\u00e0i h\u1ea1n.<\/p>\n

          Bi\u1ec3u \u0111\u1ed3 \u0111\u1ecbnh v\u1ecb t\u00e0i ch\u00ednh \u2013 truy\u1ec1n th\u00f4ng giai \u0111o\u1ea1n 2021\u20132025 cho th\u1ea5y c\u00e1c doanh nghi\u1ec7p VIX50 ph\u00e2n h\u00f3a r\u00f5 r\u1ec7t th\u00e0nh b\u1ed1n nh\u00f3m chi\u1ebfn l\u01b0\u1ee3c, ph\u1ea3n \u00e1nh m\u1ee9c \u0111\u1ed9 k\u1ebft h\u1ee3p gi\u1eefa n\u1ed9i l\u1ef1c t\u00e0i ch\u00ednh v\u00e0 chi\u1ebfn l\u01b0\u1ee3c th\u01b0\u01a1ng hi\u1ec7u.<\/p>\n

          \"\"<\/p>\n

          Nh\u00f3m th\u1ee9 nh\u1ea5t,\u00a0D\u1eabn d\u1eaft th\u1ecb tr\u01b0\u1eddng<\/em>, bao g\u1ed3m c\u00e1c doanh nghi\u1ec7p \u0111\u1ea1t \u0111i\u1ec3m cao c\u1ea3 v\u1ec1 t\u00e0i ch\u00ednh l\u1eabn truy\u1ec1n th\u00f4ng \u2013 ti\u00eau bi\u1ec3u nh\u01b0 FPT, VCB, ACB, MBB, PNJ. \u0110\u00e2y l\u00e0 nh\u1eefng \u0111\u01a1n v\u1ecb kh\u00f4ng ch\u1ec9 duy tr\u00ec hi\u1ec7u qu\u1ea3 ho\u1ea1t \u0111\u1ed9ng v\u01b0\u1ee3t tr\u1ed9i, m\u00e0 c\u00f2n ch\u1ee7 \u0111\u1ed9ng k\u1ec3 \u201cc\u00e2u chuy\u1ec7n t\u0103ng tr\u01b0\u1edfng\u201d m\u1ed9t c\u00e1ch r\u00f5 r\u00e0ng, minh b\u1ea1ch v\u00e0 t\u00edch c\u1ef1c. Th\u01b0\u01a1ng hi\u1ec7u trong tr\u01b0\u1eddng h\u1ee3p n\u00e0y kh\u00f4ng ch\u1ec9 ph\u1ea3n \u00e1nh k\u1ebft qu\u1ea3 kinh doanh, m\u00e0 c\u00f2n l\u00e0 c\u00f4ng c\u1ee5 lan t\u1ecfa gi\u00e1 tr\u1ecb v\u00e0 c\u1ee7ng c\u1ed1 v\u1ecb th\u1ebf d\u1eabn d\u1eaft ng\u00e0nh.<\/p>\n

          \u1ede chi\u1ec1u ng\u01b0\u1ee3c l\u1ea1i, nh\u00f3m\u00a0D\u01b0 \u0111\u1ecba t\u0103ng tr\u01b0\u1edfng h\u00ecnh \u1ea3nh<\/em>\u00a0t\u1eadp h\u1ee3p c\u00e1c doanh nghi\u1ec7p c\u00f3 n\u1ec1n t\u1ea3ng t\u00e0i ch\u00ednh t\u1ed1t nh\u01b0ng m\u1ee9c \u0111\u1ed9 hi\u1ec7n di\u1ec7n truy\u1ec1n th\u00f4ng c\u00f2n h\u1ea1n ch\u1ebf \u2013 ch\u1eb3ng h\u1ea1n nh\u01b0 GAS v\u00e0 DGC. \u0110\u00e2y l\u00e0 nh\u00f3m doanh nghi\u1ec7p c\u00f2n nhi\u1ec1u d\u01b0 \u0111\u1ecba t\u0103ng tr\u01b0\u1edfng h\u00ecnh \u1ea3nh n\u1ebfu \u0111\u01b0\u1ee3c \u0111\u1ea7u t\u01b0 b\u00e0i b\u1ea3n v\u00e0o chi\u1ebfn l\u01b0\u1ee3c th\u01b0\u01a1ng hi\u1ec7u v\u00e0 truy\u1ec1n th\u00f4ng. Vi\u1ec7c n\u00e2ng c\u1ea5p h\u00ecnh \u1ea3nh kh\u00f4ng ch\u1ec9 gi\u00fap gia t\u0103ng gi\u00e1 tr\u1ecb c\u1ea3m nh\u1eadn, m\u00e0 c\u00f2n h\u1ed7 tr\u1ee3 chuy\u1ec3n \u0111\u1ed5i t\u1eeb doanh nghi\u1ec7p \u201chi\u1ec7u qu\u1ea3\u201d sang \u201cd\u1eabn d\u1eaft\u201d.<\/p>\n

          Ng\u01b0\u1ee3c l\u1ea1i, m\u1ed9t s\u1ed1 doanh nghi\u1ec7p nh\u01b0 MSN v\u00e0 DHG l\u1ea1i thu\u1ed9c nh\u00f3m\u00a0\u0110\u1ecbnh v\u1ecb h\u00ecnh \u1ea3nh t\u1ed1t<\/em>, ghi nh\u1eadn m\u1ee9c \u0111i\u1ec3m truy\u1ec1n th\u00f4ng v\u01b0\u1ee3t trung b\u00ecnh, cho th\u1ea5y s\u1ef1 ch\u1ee7 \u0111\u1ed9ng trong vi\u1ec7c x\u00e2y d\u1ef1ng h\u00ecnh \u1ea3nh th\u01b0\u01a1ng hi\u1ec7u v\u00e0 k\u1ebft n\u1ed1i th\u1ecb tr\u01b0\u1eddng, d\u00f9 hi\u1ec7u qu\u1ea3 t\u00e0i ch\u00ednh ch\u01b0a th\u1eadt s\u1ef1 n\u1ed5i b\u1eadt trong giai \u0111o\u1ea1n v\u1eeba qua. \u0110\u00e2y l\u00e0 nh\u1eefng th\u01b0\u01a1ng hi\u1ec7u \u0111\u01b0\u1ee3c th\u1ecb tr\u01b0\u1eddng nh\u1eadn di\u1ec7n t\u1ed1t, g\u1eafn li\u1ec1n v\u1edbi uy t\u00edn l\u00e2u n\u0103m ho\u1eb7c chi\u1ebfn l\u01b0\u1ee3c truy\u1ec1n th\u00f4ng b\u00e0i b\u1ea3n, \u0111ang trong qu\u00e1 tr\u00ecnh c\u1ee7ng c\u1ed1 n\u1ed9i l\u1ef1c. N\u1ebfu k\u1ebft h\u1ee3p v\u1edbi nh\u1eefng b\u01b0\u1edbc ti\u1ebfn v\u1eefng ch\u1eafc v\u1ec1 m\u1eb7t v\u1eadn h\u00e0nh v\u00e0 t\u00e0i ch\u00ednh, \u0111\u00e2y s\u1ebd l\u00e0 nh\u1eefng \u1ee9ng vi\u00ean ti\u1ec1m n\u0103ng cho nh\u00f3m \u201cd\u1eabn d\u1eaft th\u1ecb tr\u01b0\u1eddng\u201d trong t\u01b0\u01a1ng lai g\u1ea7n.<\/p>\n

          Cu\u1ed1i c\u00f9ng, nh\u00f3m\u00a0T\u00e1i c\u1ea5u tr\u00fac<\/em>\u00a0bao g\u1ed3m nh\u1eefng doanh nghi\u1ec7p nh\u01b0 KDH, REE, DCM, DGW \u2013 c\u00f3 \u0111i\u1ec3m t\u00e0i ch\u00ednh v\u00e0 truy\u1ec1n th\u00f4ng c\u00f2n khi\u00eam t\u1ed1n so v\u1edbi c\u00e1c doanh nghi\u1ec7p l\u00f5i VIX50 kh\u00e1c. Nhi\u1ec1u doanh nghi\u1ec7p trong nh\u00f3m n\u00e0y ho\u1ea1t \u0111\u1ed9ng trong c\u00e1c ng\u00e0nh \u0111\u1eb7c th\u00f9, chu k\u1ef3 d\u00e0i ho\u1eb7c c\u00f3 \u0111\u1ecbnh h\u01b0\u1edbng truy\u1ec1n th\u1ed1ng, th\u1eadn tr\u1ecdng. Tuy nhi\u00ean, v\u1edbi n\u1ec1n t\u1ea3ng t\u00edch l\u0169y nh\u1ea5t \u0111\u1ecbnh v\u00e0 v\u1ecb th\u1ebf \u0111\u00e3 \u0111\u01b0\u1ee3c c\u00f4ng nh\u1eadn trong nhi\u1ec1u n\u0103m, h\u1ecd ho\u00e0n to\u00e0n c\u00f3 kh\u1ea3 n\u0103ng b\u1ee9t ph\u00e1 n\u1ebfu \u0111\u1ed3ng th\u1eddi c\u1ea3i thi\u1ec7n hi\u1ec7u qu\u1ea3 t\u00e0i ch\u00ednh v\u00e0 ch\u1ee7 \u0111\u1ed9ng k\u1ebft n\u1ed1i m\u1ea1nh m\u1ebd h\u01a1n v\u1edbi th\u1ecb tr\u01b0\u1eddng.<\/p>\n

          T\u1ed5ng th\u1ec3, m\u00f4 h\u00ecnh \u0111\u1ecbnh v\u1ecb t\u00e0i ch\u00ednh \u2013 truy\u1ec1n th\u00f4ng VIX50 cho th\u1ea5y th\u01b0\u01a1ng hi\u1ec7u v\u00e0 truy\u1ec1n th\u00f4ng ch\u00ednh l\u00e0 b\u1ed9 khu\u1ebfch \u0111\u1ea1i gi\u00e1 tr\u1ecb, gi\u00fap doanh nghi\u1ec7p lan t\u1ecfa n\u1ed9i l\u1ef1c t\u00e0i ch\u00ednh ra th\u1ecb tr\u01b0\u1eddng m\u1ed9t c\u00e1ch hi\u1ec7u qu\u1ea3 h\u01a1n. Tuy nhi\u00ean, truy\u1ec1n th\u00f4ng kh\u00f4ng th\u1ec3 thay th\u1ebf n\u1ec1n t\u1ea3ng v\u1eadn h\u00e0nh, m\u00e0 ch\u1ec9 ph\u00e1t huy t\u1ed1i \u0111a hi\u1ec7u qu\u1ea3 khi \u0111i c\u00f9ng v\u1edbi t\u0103ng tr\u01b0\u1edfng th\u1ef1c ch\u1ea5t. \u0110\u1ec3 tr\u1edf th\u00e0nh c\u1ed5 phi\u1ebfu l\u00f5i trong danh m\u1ee5c d\u00e0i h\u1ea1n, doanh nghi\u1ec7p c\u1ea7n duy tr\u00ec \u0111\u1ed3ng th\u1eddi hai tr\u1ee5 c\u1ed9t: t\u00e0i ch\u00ednh b\u1ec1n v\u1eefng v\u00e0 hi\u1ec7n di\u1ec7n th\u01b0\u01a1ng hi\u1ec7u t\u00edch c\u1ef1c. M\u1ed9t chi\u1ebfn l\u01b0\u1ee3c truy\u1ec1n th\u00f4ng \u0111\u01b0\u1ee3c \u0111\u1ea7u t\u01b0 b\u00e0i b\u1ea3n \u2013 nh\u1ea5t qu\u00e1n, minh b\u1ea1ch v\u00e0 \u0111\u1ecbnh h\u01b0\u1edbng gi\u00e1 tr\u1ecb \u2013 s\u1ebd l\u00e0 l\u1ef1c \u0111\u1ea9y gi\u00fap doanh nghi\u1ec7p \u0111\u1ecbnh v\u1ecb l\u1ea1i v\u1ecb th\u1ebf v\u00e0 m\u1edf r\u1ed9ng ni\u1ec1m tin c\u1ee7a th\u1ecb tr\u01b0\u1eddng trong d\u00e0i h\u1ea1n.<\/p>\n

          Vai tr\u00f2 d\u1eabn d\u1eaft c\u1ee7a VIX50 \u0111\u1ed1i v\u1edbi th\u1ecb tr\u01b0\u1eddng chung<\/strong><\/p>\n

          \u0110\u1ec3 ki\u1ec3m ch\u1ee9ng hi\u1ec7u qu\u1ea3 \u0111\u1ea7u t\u01b0 v\u00e0 vai tr\u00f2 d\u1eabn d\u1eaft th\u1ecb tr\u01b0\u1eddng c\u1ee7a nh\u00f3m 50 doanh nghi\u1ec7p \u0111\u1ea1i ch\u00fang uy t\u00edn v\u00e0 hi\u1ec7u qu\u1ea3, Vietnam Report \u0111\u00e3 x\u00e2y d\u1ef1ng ch\u1ec9 s\u1ed1 gi\u1ea3 l\u1eadp VIX50-Index v\u1edbi \u0111i\u1ec3m xu\u1ea5t ph\u00e1t T0 = 1000 v\u00e0o \u0111\u1ea7u n\u0103m 2021. Ch\u1ec9 s\u1ed1 \u0111\u01b0\u1ee3c t\u00ednh to\u00e1n d\u1ef1a tr\u00ean ph\u01b0\u01a1ng ph\u00e1p tr\u1ecdng s\u1ed1 \u0111\u1ec1u (equal-weight), ph\u1ea3n \u00e1nh hi\u1ec7u su\u1ea5t trung b\u00ecnh c\u1ee7a danh m\u1ee5c VIX50 qua c\u00e1c n\u0103m.<\/p>\n

          \"\"<\/p>\n

          Trong giai \u0111o\u1ea1n 2021 \u2013 qu\u00fd I\/2025, VIX50-Index t\u0103ng tr\u01b0\u1edfng \u1ea5n t\u01b0\u1ee3ng t\u1eeb 1000 l\u00ean 1839 \u0111i\u1ec3m, t\u01b0\u01a1ng \u0111\u01b0\u01a1ng m\u1ee9c t\u0103ng l\u0169y k\u1ebf g\u1ea7n 84% sau h\u01a1n 4 n\u0103m. Hi\u1ec7u su\u1ea5t n\u00e0y v\u01b0\u1ee3t xa so v\u1edbi c\u00e1c ch\u1ec9 s\u1ed1 \u0111\u1ea1i di\u1ec7n th\u1ecb tr\u01b0\u1eddng nh\u01b0 VNINDEX (t\u0103ng kho\u1ea3ng 10%) v\u00e0 VN30 (t\u0103ng kho\u1ea3ng 16%) khi c\u00f9ng \u0111\u01b0\u1ee3c chu\u1ea9n h\u00f3a v\u1ec1 m\u1ed1c 1000 t\u1ea1i th\u1eddi \u0111i\u1ec3m \u0111\u1ea7u n\u0103m 2021. \u0110\u1ed3 th\u1ecb so s\u00e1nh cho th\u1ea5y VIX50 kh\u00f4ng ch\u1ec9 d\u1eabn \u0111\u1ea7u v\u1ec1 l\u1ee3i su\u1ea5t t\u00edch l\u0169y m\u00e0 c\u00f2n duy tr\u00ec xu h\u01b0\u1edbng t\u0103ng \u1ed5n \u0111\u1ecbnh v\u00e0 b\u1ec1n v\u1eefng h\u01a1n so v\u1edbi hai ch\u1ec9 s\u1ed1 tham chi\u1ebfu c\u00f2n l\u1ea1i.<\/p>\n

          \n\n\n\n\n\n\n
          <\/td>\nCAGR l\u1ee3i su\u1ea5t \u0111\u1ea7u t\u01b0<\/strong><\/td>\nT\u1ef7 l\u1ec7 bi\u1ebfn \u0111\u1ed9ng (Volatility)<\/strong><\/td>\nSharpe Ratio<\/strong><\/td>\n<\/tr>\n
          VNINDEX<\/em><\/td>\n3.45%<\/td>\n0.234<\/td>\n-0.024<\/td>\n<\/tr>\n
          VN30<\/em><\/td>\n5.04%<\/td>\n0.259<\/td>\n0.040<\/td>\n<\/tr>\n
          VIX50<\/em><\/td>\n8.30%<\/td>\n0.370<\/td>\n0.116<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<\/div>\n

          K\u1ebft qu\u1ea3 backtest c\u0169ng cho th\u1ea5y n\u1ebfu nh\u00e0 \u0111\u1ea7u t\u01b0 x\u00e2y d\u1ef1ng danh m\u1ee5c \u0111\u1ea7u t\u01b0 theo VIX50 t\u1eeb n\u0103m 2021, s\u1eed d\u1ee5ng chi\u1ebfn l\u01b0\u1ee3c chia \u0111\u1ec1u v\u1ed1n (equal-weight), th\u00ec l\u1ee3i su\u1ea5t \u0111\u1ea7u t\u01b0 (CAGR) \u0111\u1ea1t m\u1ee9c 8,3%\/n\u0103m, cao h\u01a1n \u0111\u00e1ng k\u1ec3 so v\u1edbi VN30 (5,0%) v\u00e0 VNINDEX (3,4%). M\u1eb7c d\u00f9 \u0111i k\u00e8m v\u1edbi t\u1ef7 l\u1ec7 bi\u1ebfn \u0111\u1ed9ng cao h\u01a1n (volatility: 0.370), nh\u01b0ng t\u1ef7 su\u1ea5t sinh l\u1eddi \u0111i\u1ec1u ch\u1ec9nh theo r\u1ee7i ro (Sharpe Ratio) c\u1ee7a VIX50 v\u1eabn v\u01b0\u1ee3t tr\u1ed9i \u1edf m\u1ee9c 0.116, trong khi VN30 ch\u1ec9 \u0111\u1ea1t 0.040 v\u00e0 VNINDEX th\u1eadm ch\u00ed \u00e2m (-0.024). \u0110i\u1ec1u n\u00e0y kh\u1eb3ng \u0111\u1ecbnh hi\u1ec7u qu\u1ea3 v\u01b0\u1ee3t tr\u1ed9i c\u1ee7a VIX50 kh\u00f4ng ch\u1ec9 \u0111\u1ebfn t\u1eeb m\u1ee9c sinh l\u1eddi m\u00e0 c\u00f2n t\u1eeb t\u1ef7 l\u1ec7 l\u1ee3i nhu\u1eadn\/ r\u1ee7i ro h\u1ee3p l\u00fd h\u01a1n so v\u1edbi ph\u1ea7n c\u00f2n l\u1ea1i c\u1ee7a th\u1ecb tr\u01b0\u1eddng.<\/p>\n

          Trong b\u1ed1i c\u1ea3nh nh\u00e0 \u0111\u1ea7u t\u01b0 ng\u00e0y c\u00e0ng quan t\u00e2m \u0111\u1ebfn chi\u1ebfn l\u01b0\u1ee3c \u0111a d\u1ea1ng h\u00f3a, t\u1ed1i \u01b0u h\u00f3a r\u1ee7i ro v\u00e0 tr\u00e1nh l\u1ec7 thu\u1ed9c v\u00e0o m\u1ed9t v\u00e0i c\u1ed5 phi\u1ebfu v\u1ed1n h\u00f3a l\u1edbn, VIX50 h\u1ee9a h\u1eb9n s\u1ebd tr\u1edf th\u00e0nh m\u1ed9t c\u00f4ng c\u1ee5 \u0111o l\u01b0\u1eddng v\u00e0 \u0111\u1ea7u t\u01b0 gi\u00e1 tr\u1ecb, c\u00f3 t\u00ednh \u1ee9ng d\u1ee5ng cao v\u00e0 ti\u1ec1m n\u0103ng lan t\u1ecfa m\u1ea1nh m\u1ebd tr\u00ean th\u1ecb tr\u01b0\u1eddng v\u1ed1n Vi\u1ec7t Nam. VIX50 sau 5 n\u0103m \u0111\u00e3 ch\u1ee9ng minh l\u00e0 b\u1ed9 l\u1ecdc doanh nghi\u1ec7p \u0111\u1ea1i ch\u00fang hi\u1ec7u qu\u1ea3 v\u00e0 th\u1ef1c ch\u1ea5t, kh\u00f4ng ch\u1ec9 v\u01b0\u1ee3t qua nh\u1eefng giai \u0111o\u1ea1n th\u1eed th\u00e1ch kh\u1eafc nghi\u1ec7t nh\u1ea5t, m\u00e0 c\u00f2n thi\u1ebft l\u1eadp \u0111\u01b0\u1ee3c chu\u1ea9n m\u1ef1c v\u1ec1 hi\u1ec7u qu\u1ea3 t\u00e0i ch\u00ednh, \u0111\u1ecbnh v\u1ecb th\u01b0\u01a1ng hi\u1ec7u v\u00e0 n\u0103ng l\u1ef1c d\u1eabn d\u1eaft th\u1ecb tr\u01b0\u1eddng.<\/p>\n","protected":false},"excerpt":{"rendered":"

          N\u0103m 2025 \u0111\u00e1nh d\u1ea5u c\u1ed9t m\u1ed1c quan tr\u1ecdng \u2013 l\u1ea7n th\u1ee9 n\u0103m li\u00ean ti\u1ebfp B\u1ea3ng x\u1ebfp h\u1ea1ng Top 50 C\u00f4ng ty \u0110\u1ea1i ch\u00fang uy t\u00edn v\u00e0 hi\u1ec7u qu\u1ea3 (VIX50) \u0111\u01b0\u1ee3c Vietnam Report c\u00f4ng b\u1ed1 nh\u1eb1m t\u00f4n vinh nh\u1eefng doanh nghi\u1ec7p \u0111\u1ea1i ch\u00fang ti\u00eau bi\u1ec3u nh\u1ea5t tr\u00ean th\u1ecb tr\u01b0\u1eddng ch\u1ee9ng kho\u00e1n Vi\u1ec7t Nam.   \u0110\u01b0\u1ee3c tri\u1ec3n […]<\/p>\n","protected":false},"author":2,"featured_media":2216,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[2],"tags":[],"class_list":["post-2215","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news"],"_links":{"self":[{"href":"https:\/\/event.vietnamreport.net.vn\/ceosummit\/wp-json\/wp\/v2\/posts\/2215","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/event.vietnamreport.net.vn\/ceosummit\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/event.vietnamreport.net.vn\/ceosummit\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/event.vietnamreport.net.vn\/ceosummit\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/event.vietnamreport.net.vn\/ceosummit\/wp-json\/wp\/v2\/comments?post=2215"}],"version-history":[{"count":0,"href":"https:\/\/event.vietnamreport.net.vn\/ceosummit\/wp-json\/wp\/v2\/posts\/2215\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/event.vietnamreport.net.vn\/ceosummit\/wp-json\/wp\/v2\/media\/2216"}],"wp:attachment":[{"href":"https:\/\/event.vietnamreport.net.vn\/ceosummit\/wp-json\/wp\/v2\/media?parent=2215"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/event.vietnamreport.net.vn\/ceosummit\/wp-json\/wp\/v2\/categories?post=2215"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/event.vietnamreport.net.vn\/ceosummit\/wp-json\/wp\/v2\/tags?post=2215"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}