{"id":11421,"date":"2024-07-22T09:23:57","date_gmt":"2024-07-22T02:23:57","guid":{"rendered":"https:\/\/www.phfm.vn\/?p=11421"},"modified":"2024-08-28T09:27:54","modified_gmt":"2024-08-28T02:27:54","slug":"lam-the-nao-de-danh-gia-hieu-qua-dau-tu-cua-cac-quy-mo-mot-cach-khach-quan","status":"publish","type":"post","link":"https:\/\/www.phfm.vn\/vi\/lam-the-nao-de-danh-gia-hieu-qua-dau-tu-cua-cac-quy-mo-mot-cach-khach-quan\/","title":{"rendered":"L\u00e0m th\u1ebf n\u00e0o \u0111\u1ec3 \u0111\u00e1nh gi\u00e1 hi\u1ec7u qu\u1ea3 \u0111\u1ea7u t\u01b0 c\u1ee7a c\u00e1c qu\u1ef9 m\u1edf m\u1ed9t c\u00e1ch kh\u00e1ch quan?"},"content":{"rendered":"

L\u00e0m th\u1ebf n\u00e0o \u0111\u1ec3 \u0111\u00e1nh gi\u00e1 hi\u1ec7u qu\u1ea3 \u0111\u1ea7u t\u01b0 c\u1ee7a c\u00e1c qu\u1ef9 m\u1edf m\u1ed9t c\u00e1ch kh\u00e1ch quan?<\/strong><\/h1>\n

M\u1eb7c d\u00f9 Qu\u1ef9 m\u1edf l\u00e0 m\u1ed9t c\u00f4ng c\u1ee5 \u0111\u1ea7u t\u01b0 ph\u1ed5 bi\u1ebfn \u1edf c\u00e1c qu\u1ed1c gia, nh\u01b0ng t\u1ea1i Vi\u1ec7t Nam, h\u00ecnh th\u1ee9c \u0111\u1ea7u t\u01b0 n\u00e0y v\u1eabn \u0111ang trong giai \u0111o\u1ea1n \u0111\u1ea7u ph\u00e1t tri\u1ec3n v\u00e0 hi\u1ec7n c\u00f2n kh\u00e1 xa l\u1ea1 v\u1edbi c\u00e1c nh\u00e0 \u0111\u1ea7u t\u01b0 trong n\u01b0\u1edbc. H\u1ea7u h\u1ebft c\u00e1c nh\u00e0 \u0111\u1ea7u t\u01b0 th\u01b0\u1eddng ch\u1ec9 quan t\u00e2m \u0111\u1ebfn t\u1ef7 su\u1ea5t sinh l\u1eddi khi l\u1ef1a ch\u1ecdn qu\u1ef9 m\u1edf. Tuy nhi\u00ean, c\u00f2n nhi\u1ec1u y\u1ebfu t\u1ed1 kh\u00e1c c\u1ea7n xem x\u00e9t ngo\u00e0i t\u1ef7 su\u1ea5t sinh l\u1eddi. Sau \u0111\u00e2y, ch\u00fang t\u00f4i s\u1eed d\u1ee5ng c\u00e1c ch\u1ec9 s\u1ed1 \u0111\u00e1nh gi\u00e1 qu\u1ef9 PHVSF trong 1 n\u0103m v\u1eeba qua* nh\u01b0 m\u1ed9t v\u00ed d\u1ee5 minh h\u1ecda cho nh\u00e0 \u0111\u1ea7u t\u01b0 v\u1ec1 vi\u1ec7c \u0111\u00e1nh gi\u00e1 hi\u1ec7u qu\u1ea3 ho\u1ea1t \u0111\u1ed9ng c\u1ee7a qu\u1ef9 m\u1edf.<\/p>\n

\"\"<\/p>\n

1. L\u1ee3i nhu\u1eadn v\u01b0\u1ee3t tr\u1ed9i (\u221d)<\/strong><\/strong>: Tr\u01b0\u1edbc h\u1ebft, c\u00e1c qu\u1ef9 m\u1edf \u0111\u1ec1u h\u01b0\u1edbng \u0111\u1ebfn vi\u1ec7c qu\u1ea3n l\u00fd danh m\u1ee5c \u0111\u1ea7u t\u01b0 m\u1ed9t c\u00e1ch ch\u1ee7 \u0111\u1ed9ng. Theo \u0111\u00f3, c\u00e1c qu\u1ef9 ch\u1ee7 \u0111\u1ed9ng l\u1ef1a ch\u1ecdn c\u00e1c lo\u1ea1i ch\u1ee9ng kho\u00e1n kh\u00e1c nhau tr\u00ean th\u1ecb tr\u01b0\u1eddng v\u00e0 ph\u00e2n b\u1ed5 v\u1ed1n \u0111\u1ea7u t\u01b0 ph\u00f9 h\u1ee3p \u0111\u1ec3 h\u01b0\u1edbng \u0111\u1ebfn m\u1ee5c ti\u00eau \u0111\u1ea1t \u0111\u01b0\u1ee3c l\u1ee3i nhu\u1eadn cao h\u01a1n ch\u1ec9 s\u1ed1. Qu\u1ef9 m\u1edf r\u1ea5t kh\u00e1c v\u1edbi qu\u1ef9 ETF. Qu\u1ef9 ETF l\u00e0 qu\u1ef9 \u0111\u1ea7u t\u01b0 nh\u1eb1m m\u1ee5c \u0111\u00edch m\u00f4 ph\u1ecfng l\u1ea1i ch\u1ec9 s\u1ed1, hay n\u00f3i c\u00e1ch kh\u00e1c qu\u1ef9 ETF \u0111\u1ea7u t\u01b0 v\u00e0o c\u00e1c ch\u1ee9ng kho\u00e1n c\u1ea5u th\u00e0nh n\u00ean ch\u1ec9 s\u1ed1 m\u00e0 kh\u00f4ng l\u1ef1a ch\u1ecdn d\u1ef1a tr\u00ean c\u00e1c nguy\u00ean t\u1eafc \u0111\u1ea7u t\u01b0. Do \u0111\u00f3, \u0111\u1ec3 \u0111o l\u01b0\u1eddng hi\u1ec7u qu\u1ea3 ho\u1ea1t \u0111\u1ed9ng c\u1ee7a qu\u1ef9 m\u1edf th\u00ec vi\u1ec7c \u0111\u1ea7u ti\u00ean nh\u00e0 \u0111\u1ea7u t\u01b0 c\u1ea7n xem x\u00e9t l\u00e0 t\u1ef7 l\u1ec7 l\u1ee3i nhu\u1eadn m\u00e0 qu\u1ef9 \u0111\u1ea1t \u0111\u01b0\u1ee3c c\u00f3 cao h\u01a1n ch\u1ec9 s\u1ed1 hay kh\u00f4ng, hay c\u00f2n g\u1ecdi l\u00e0 m\u1ee9c l\u1ee3i nhu\u1eadn v\u01b0\u1ee3t tr\u1ed9i, \u0111\u01b0\u1ee3c bi\u1ec3u di\u1ec5n b\u1eb1ng ch\u1eef c\u00e1i Hy L\u1ea1p \u221d.<\/span><\/p>\n

\u221d c\u1ee7a PHVSF l\u00e0 9,18%, c\u00f3 ngh\u0129a l\u00e0 l\u1ee3i nhu\u1eadn m\u00e0 qu\u1ef9 \u0111\u1ea1t \u0111\u01b0\u1ee3c cao h\u01a1n ch\u1ec9 s\u1ed1 VNIndex 9,18 \u0111i\u1ec3m ph\u1ea7n tr\u0103m.<\/p>\n

2. \u0110\u1ed9 bi\u1ebfn \u0111\u1ed9ng (\u03c3<\/strong>):<\/strong> \u0110\u1ed9 bi\u1ebfn \u0111\u1ed9ng l\u00e0 ch\u1ec9 s\u1ed1 \u0111o l\u01b0\u1eddng m\u1ee9c \u0111\u1ed9 thay \u0111\u1ed5i gi\u00e1 c\u1ee7a c\u00f4ng c\u1ee5 \u0111\u1ea7u t\u01b0, trong th\u1ed1ng k\u00ea \u0111\u01b0\u1ee3c g\u1ecdi l\u00e0 \u0111\u1ed9 l\u1ec7ch chu\u1ea9n, \u0111\u00e2y l\u00e0 m\u1ed9t kh\u00e1i ni\u1ec7m quan tr\u1ecdng trong \u0111\u1ea7u t\u01b0 v\u00ec n\u00f3 \u0111\u1ea1i di\u1ec7n cho m\u1ee9c \u0111\u1ed9 ch\u1ea5p nh\u1eadn r\u1ee7i ro c\u1ee7a nh\u00e0 \u0111\u1ea7u t\u01b0 \u0111\u1ec3 c\u00f3 \u0111\u01b0\u1ee3c l\u1ee3i t\u1ee9c k\u1ef3 v\u1ecdng. \u0110\u1ed9 bi\u1ebfn \u0111\u1ed9ng c\u00e0ng cao th\u00ec r\u1ee7i ro \u0111\u1ea7u t\u01b0 c\u00e0ng l\u1edbn.<\/p>\n

\u0110\u1ed9 bi\u1ebfn \u0111\u1ed9ng (\u03c3) m\u1ed9t n\u0103m c\u1ee7a qu\u1ef9 PHVSF l\u00e0 18%, cao h\u01a1n m\u1ee9c 16,7% c\u1ee7a VN Index, c\u00f3 ngh\u0129a l\u00e0 gi\u00e1 c\u1ee7a qu\u1ef9 bi\u1ebfn \u0111\u1ed9ng m\u1ea1nh h\u01a1n so v\u1edbi ch\u1ec9 s\u1ed1 th\u1ecb tr\u01b0\u1eddng. VNIndex \u00edt bi\u1ebfn \u0111\u1ed9ng h\u01a1n so v\u1edbi h\u1ea7u h\u1ebft c\u00e1c c\u1ed5 phi\u1ebfu tr\u00ean th\u1ecb tr\u01b0\u1eddng, v\u00e0 98% c\u1ed5 phi\u1ebfu trong danh m\u1ee5c \u0111\u1ea7u t\u01b0 c\u1ee7a ch\u00fang t\u00f4i** c\u00f3 bi\u1ebfn \u0111\u1ed9ng cao h\u01a1n VNIndex. \u0110i\u1ec1u n\u00e0y r\u1ea5t hi\u1ebfm v\u00e0 kh\u00e1c khi so s\u00e1nh v\u1edbi c\u00e1c qu\u1ed1c gia kh\u00e1c. C\u00f3 hai l\u00fd do c\u00f3 th\u1ec3 d\u1eabn \u0111\u1ebfn s\u1ef1 bi\u1ebfn \u0111\u1ed9ng th\u1ea5p c\u1ee7a ch\u1ec9 s\u1ed1: 1) R\u1ee7i ro \u0111\u01b0\u1ee3c ph\u00e2n t\u00e1n r\u1ea5t l\u1edbn, b\u1edfi v\u00ec ch\u00fang ta c\u00f3 \u0111\u1ebfn h\u01a1n 400 c\u1ed5 phi\u1ebfu trong r\u1ed5 ch\u1ec9 s\u1ed1 VNIndex t\u00ednh \u0111\u1ebfn th\u1eddi \u0111i\u1ec3m hi\u1ec7n t\u1ea1i. Tuy nhi\u00ean, \u0111i\u1ec1u n\u00e0y kh\u00f4ng gi\u1ea3i th\u00edch \u0111\u01b0\u1ee3c l\u00fd do t\u1ea1i sao \u0111\u1ed9 bi\u1ebfn \u0111\u1ed9ng c\u1ee7a VNIndex l\u1ea1i th\u1ea5p h\u01a1n so v\u1edbi h\u1ea7u h\u1ebft c\u00e1c c\u1ed5 phi\u1ebfu tr\u00ean th\u1ecb tr\u01b0\u1eddng; 2) Nhi\u1ec1u c\u1ed5 phi\u1ebfu c\u1ea5u th\u00e0nh ch\u1ec9 s\u1ed1 VNIndex k\u00e9m thanh kho\u1ea3n. V\u00ec gi\u00e1 c\u1ed5 phi\u1ebfu c\u1ee7a ch\u00fang kh\u00f4ng bi\u1ebfn \u0111\u1ed9ng nhi\u1ec1u, n\u00ean \u0111\u1ed9 bi\u1ebfn \u0111\u1ed9ng c\u1ee7a c\u00e1c c\u1ed5 phi\u1ebfu n\u00e0y l\u00e0 th\u1ea5p. Qu\u1ef9 m\u1edf th\u01b0\u1eddng \u0111\u01b0a ra ti\u00eau ch\u00ed v\u1ec1 m\u1ee9c \u0111\u1ed9 thanh kho\u1ea3n t\u1ed1i thi\u1ec3u khi ch\u1ecdn l\u1ecdc c\u1ed5 phi\u1ebfu. Ch\u00fang t\u00f4i lo\u1ea1i b\u1ecf t\u1ea5t c\u1ea3 c\u00e1c c\u1ed5 phi\u1ebfu k\u00e9m thanh kho\u1ea3n kh\u1ecfi danh m\u1ee5c \u0111\u1ea7u t\u01b0 c\u1ee7a m\u00ecnh, do \u0111\u00f3 \u0111\u1ed9 bi\u1ebfn \u0111\u1ed9ng c\u1ee7a c\u1ed1 phi\u1ec3u n\u1eafm gi\u1eef trong danh m\u1ee5c c\u1ee7a PHVSF cao h\u01a1n so v\u1edbi VNIndex.<\/p>\n

3. Ch\u1ec9 s\u1ed1 Beta (\u03b2<\/strong>):<\/strong> \u03b2 v\u00e0 \u03c3 \u0111\u1ec1u l\u00e0 c\u00e1c ch\u1ec9 s\u1ed1 \u0111\u1ec3 \u0111\u00e1nh gi\u00e1 r\u1ee7i ro c\u1ee7a c\u00e1c c\u00f4ng c\u1ee5 \u0111\u1ea7u t\u01b0. \u0110\u1ed9 bi\u1ebfn \u0111\u1ed9ng l\u00e0 th\u01b0\u1edbc \u0111o r\u1ee7i ro t\u1ed5ng th\u1ec3, c\u00f2n \u03b2 l\u00e0 th\u01b0\u1edbc \u0111o \u0111\u1ed9 nh\u1ea1y c\u1ee7a t\u00e0i s\u1ea3n \u0111\u1ea7u t\u01b0 so v\u1edbi r\u1ee7i ro th\u1ecb tr\u01b0\u1eddng, t\u1ee9c l\u00e0 \u0111\u1ed9 nh\u1ea1y c\u1ea3m \u0111\u1ed1i v\u1edbi c\u00e1c bi\u1ebfn \u0111\u1ed9ng c\u1ee7a th\u1ecb tr\u01b0\u1eddng. T\u1ea1i Vi\u1ec7t Nam, ch\u1ec9 s\u1ed1 VNIndex \u0111\u1ea1i di\u1ec7n cho th\u1ecb tr\u01b0\u1eddng, v\u00ec v\u1eady, \u03b2 c\u1ee7a VNIndex \u0111\u01b0\u1ee3c coi l\u00e0 1. N\u1ebfu \u03b2 l\u1edbn h\u01a1n 1, c\u00f3 ngh\u0129a l\u00e0 \u0111\u1ed9 nh\u1ea1y t\u01b0\u01a1ng \u0111\u1ed1i c\u1ee7a qu\u1ef9 \u0111\u1ed1i v\u1edbi y\u1ebfu t\u1ed1 th\u1ecb tr\u01b0\u1eddng l\u00e0 cao, v\u00e0 nh\u1ecf h\u01a1n 1 c\u00f3 ngh\u0129a l\u00e0 \u0111\u1ed9 nh\u1ea1y t\u01b0\u01a1ng \u0111\u1ed1i c\u1ee7a qu\u1ef9 \u0111\u1ed1i v\u1edbi y\u1ebfu t\u1ed1 t\u1ed5ng th\u1ec3 l\u00e0 th\u1ea5p.<\/p>\n

\u03b2 c\u1ee7a PHVSF l\u00e0 0,59, c\u00f3 ngh\u0129a l\u00e0 qu\u1ef9 \u00edt nh\u1ea1y c\u1ea3m v\u1edbi c\u00e1c bi\u1ebfn \u0111\u1ed9ng th\u1ecb tr\u01b0\u1eddng h\u01a1n so v\u1edbi ch\u1ec9 s\u1ed1.<\/p>\n

4. Ch\u1ec9 s\u1ed1 Sharpe (SR):<\/strong> SR l\u00e0 th\u01b0\u1edbc \u0111o l\u1ee3i nhu\u1eadn \u0111i\u1ec1u ch\u1ec9nh theo r\u1ee7i ro, t\u1ee9c l\u00e0 \u0111o l\u1ee3i nhu\u1eadn v\u01b0\u1ee3t tr\u1ed9i trung b\u00ecnh tr\u00ean m\u1ed7i \u0111\u01a1n v\u1ecb r\u1ee7i ro t\u0103ng th\u00eam. L\u1ee3i nhu\u1eadn v\u01b0\u1ee3t tr\u1ed9i \u0111\u01b0\u1ee3c t\u00ednh b\u1eb1ng ph\u1ea7n ch\u00eanh l\u1ec7ch cao h\u01a1n so v\u1edbi t\u00e0i s\u1ea3n phi r\u1ee7i ro (ph\u1ea7n b\u00f9 r\u1ee7i ro), v\u00e0 \u1edf \u0111\u00e2y ch\u00fang t\u00f4i s\u1eed d\u1ee5ng l\u1ee3i su\u1ea5t tr\u00e1i phi\u1ebfu ch\u00ednh ph\u1ee7 Vi\u1ec7t Nam k\u1ef3 h\u1ea1n 10 n\u0103m l\u00e0m c\u01a1 s\u1edf \u0111\u1ec3 t\u00ednh to\u00e1n.<\/p>\n

SR c\u1ee7a PHVSF l\u00e0 0,72 v\u00e0 SR c\u1ee7a VNIndex l\u00e0 0,4. M\u1eb7c d\u00f9 \u0111\u1ea7u t\u01b0 v\u00e0o PHVSF c\u00f3 r\u1ee7i ro cao h\u01a1n (bi\u1ebfn \u0111\u1ed9ng cao h\u01a1n VN Index), PHVSF c\u0169ng c\u00f3 th\u1ec3 \u0111\u1ea1t \u0111\u01b0\u1ee3c l\u1ee3i nhu\u1eadn \u0111i\u1ec1u ch\u1ec9nh r\u1ee7i ro cao h\u01a1n.<\/p>\n

\"\"<\/p>\n

5. Ch\u1ec9 s\u1ed1 Th\u00f4ng tin (IR):<\/strong> ch\u1ec9 s\u1ed1 IR c\u0169ng t\u01b0\u01a1ng t\u1ef1 nh\u01b0 SR, \u0111\u1ec1u d\u00f9ng \u0111\u1ec3 \u0111\u00e1nh gi\u00e1 l\u1ee3i nhu\u1eadn \u0111i\u1ec1u ch\u1ec9nh r\u1ee7i ro, nh\u01b0ng kh\u00e1c bi\u1ec7t l\u00e0 ph\u1ea7n l\u1ee3i nhu\u1eadn v\u01b0\u1ee3t tr\u1ed9i c\u1ee7a IR \u0111\u01b0\u1ee3c t\u00ednh d\u1ef1a tr\u00ean l\u1ee3i nhu\u1eadn c\u1ee7a ch\u1ec9 s\u1ed1 (thay v\u00ec l\u1ee3i nhu\u1eadn c\u1ee7a t\u00e0i s\u1ea3n phi r\u1ee7i ro), v\u00ec v\u1eady vi\u1ec7c ch\u1ec9 s\u1ed1 IR c\u00f3 d\u01b0\u01a1ng hay kh\u00f4ng l\u00e0 ti\u00eau ch\u00ed quan tr\u1ecdng \u0111\u1ec3 \u0111\u00e1nh gi\u00e1 hi\u1ec7u qu\u1ea3 ho\u1ea1t \u0111\u1ed9ng \u0111\u1ea7u t\u01b0 ch\u1ee7 \u0111\u1ed9ng.<\/p>\n

IR c\u1ee7a PHVSF l\u00e0 0,39, c\u00f3 ngh\u0129a l\u00e0 danh m\u1ee5c \u0111\u1ea7u t\u01b0 c\u1ee7a qu\u1ef9 kh\u00e1c bi\u1ec7t so v\u1edbi VNIndex nh\u01b0ng c\u00f3 th\u1ec3 t\u1ea1o ra l\u1ee3i nhu\u1eadn v\u01b0\u1ee3t tr\u1ed9i h\u01a1n ch\u1ec9 s\u1ed1. C\u00e1c nh\u00e0 \u0111\u1ea7u t\u01b0 k\u1ef3 v\u1ecdng nh\u1eadn \u0111\u01b0\u1ee3c l\u1ee3i nhu\u1eadn nhi\u1ec1u h\u01a1n so v\u1edbi vi\u1ec7c mua qu\u1ef9 ch\u1ec9 s\u1ed1 do ph\u1ea7n r\u1ee7i ro \u0111\u1ebfn t\u1eeb vi\u1ec7c qu\u1ea3n l\u00fd danh m\u1ee5c ch\u1ee7 \u0111\u1ed9ng.<\/p>\n

Ch\u00fang t\u00f4i mu\u1ed1n nh\u1ea5n m\u1ea1nh r\u1eb1ng vi\u1ec7c l\u1ef1a ch\u1ecdn qu\u1ef9 m\u1edf kh\u00f4ng ch\u1ec9 d\u1ef1a tr\u00ean l\u1ee3i nhu\u1eadn, m\u00e0 c\u00f2n d\u1ef1a tr\u00ean hi\u1ec7u su\u1ea5t c\u1ee7a ch\u00fang so v\u1edbi ch\u1ec9 s\u1ed1 v\u00e0 r\u1ee7i ro. C\u00e1c th\u01b0\u1edbc \u0111o tr\u00ean s\u1ebd cho ph\u00e9p nh\u00e0 \u0111\u1ea7u t\u01b0 \u0111\u00e1nh gi\u00e1 qu\u1ef9 m\u1edf m\u1ed9t c\u00e1ch kh\u00e1ch quan h\u01a1n.<\/p>\n

*PHVSF \u0111\u01b0\u1ee3c ra m\u1eaft v\u00e0o th\u00e1ng 11 n\u0103m 2022 v\u00e0 n\u1eeda \u0111\u1ea7u n\u0103m 2023 l\u00e0 giai \u0111o\u1ea1n x\u00e2y d\u1ef1ng danh m\u1ee5c, v\u00ec v\u1eady ch\u00fang t\u00f4i l\u1ea5y hi\u1ec7u su\u1ea5t t\u1eeb th\u00e1ng 7 n\u0103m 2023 \u0111\u1ebfn th\u00e1ng 6 n\u0103m 2024.<\/p>\n

**T\u00ednh \u0111\u1ebfn ng\u00e0y 16\/07\/2024, c\u00f3 t\u1ed5ng c\u1ed9ng 163 c\u1ed5 phi\u1ebfu trong danh m\u1ee5c \u0111\u1ea7u t\u01b0 c\u1ee7a ch\u00fang t\u00f4i, trong \u0111\u00f3 160 c\u1ed5 phi\u1ebfu c\u00f3 bi\u1ebfn \u0111\u1ed9ng trong 360 ng\u00e0y cao h\u01a1n m\u1ee9c 16,09% c\u1ee7a VNIndex.<\/p>\n

Ngu\u1ed3n: PHFM<\/strong><\/p>\n

\u2014\u2014\u2014\u2014\u2014\u2014\u2014\u2014\u2014\u2014\u2014\u2014\u2014\u2014\u2014\u2014\u2014\u2014\u2014\u2014-<\/p>\n

PHU HUNG FUND MANAGEMENT JOINT STOCK COMPANY (PHFM)<\/strong><\/p>\n

Office:<\/strong>\u00a0Unit 4, 21st<\/sup>\u00a0floor, Phu My Hung Tower, No. 8 Hoang Van Thai Street, Quarter 1, Tan Phu Ward, District 7, Ho Chi Minh City<\/p>\n

Phone:<\/strong>\u00a0(84-28) 5413 7991<\/p>\n

Email:<\/strong>\u00a0phfm@phfm.vn<\/a><\/p>\n

Website:<\/strong>\u00a0www.phfm.vn<\/a><\/p>\n

 ","protected":false},"excerpt":{"rendered":"

L\u00e0m th\u1ebf n\u00e0o \u0111\u1ec3 \u0111\u00e1nh gi\u00e1 hi\u1ec7u qu\u1ea3 \u0111\u1ea7u t\u01b0 c\u1ee7a c\u00e1c qu\u1ef9 m\u1edf m\u1ed9t c\u00e1ch kh\u00e1ch quan? M\u1eb7c d\u00f9 Qu\u1ef9 m\u1edf l\u00e0 m\u1ed9t c\u00f4ng c\u1ee5 \u0111\u1ea7u t\u01b0 ph\u1ed5 bi\u1ebfn \u1edf c\u00e1c qu\u1ed1c gia, nh\u01b0ng t\u1ea1i Vi\u1ec7t Nam, h\u00ecnh th\u1ee9c \u0111\u1ea7u t\u01b0 n\u00e0y v\u1eabn \u0111ang trong giai \u0111o\u1ea1n \u0111\u1ea7u ph\u00e1t tri\u1ec3n v\u00e0 hi\u1ec7n c\u00f2n kh\u00e1…<\/p>\n","protected":false},"author":10,"featured_media":11425,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":[],"categories":[103,107],"tags":[175,173,174,176,177,178],"_links":{"self":[{"href":"https:\/\/www.phfm.vn\/vi\/wp-json\/wp\/v2\/posts\/11421"}],"collection":[{"href":"https:\/\/www.phfm.vn\/vi\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.phfm.vn\/vi\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.phfm.vn\/vi\/wp-json\/wp\/v2\/users\/10"}],"replies":[{"embeddable":true,"href":"https:\/\/www.phfm.vn\/vi\/wp-json\/wp\/v2\/comments?post=11421"}],"version-history":[{"count":8,"href":"https:\/\/www.phfm.vn\/vi\/wp-json\/wp\/v2\/posts\/11421\/revisions"}],"predecessor-version":[{"id":11591,"href":"https:\/\/www.phfm.vn\/vi\/wp-json\/wp\/v2\/posts\/11421\/revisions\/11591"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.phfm.vn\/vi\/wp-json\/wp\/v2\/media\/11425"}],"wp:attachment":[{"href":"https:\/\/www.phfm.vn\/vi\/wp-json\/wp\/v2\/media?parent=11421"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.phfm.vn\/vi\/wp-json\/wp\/v2\/categories?post=11421"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.phfm.vn\/vi\/wp-json\/wp\/v2\/tags?post=11421"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}