{"id":16397,"date":"2026-05-19T10:31:48","date_gmt":"2026-05-19T03:31:48","guid":{"rendered":"https:\/\/www.phfm.vn\/?p=16397"},"modified":"2026-05-19T14:00:52","modified_gmt":"2026-05-19T07:00:52","slug":"vn-index-hit-a-peak-why-are-many-investors-still-struggling-to-find-profits","status":"publish","type":"post","link":"https:\/\/www.phfm.vn\/vi\/vn-index-hit-a-peak-why-are-many-investors-still-struggling-to-find-profits\/","title":{"rendered":"VN-INDEX L\u1eacP \u0110\u1ec8NH \u2013 V\u00cc SAO NHI\u1ec0U NH\u00c0 \u0110\u1ea6U T\u01af V\u1eaaN LOAY HOAY T\u00ccM L\u1ee2I NHU\u1eacN?"},"content":{"rendered":"\"\"<\/p>\n

VN-INDEX L\u1eacP \u0110\u1ec8NH \u2013 V\u00cc SAO NHI\u1ec0U NH\u00c0 \u0110\u1ea6U T\u01af V\u1eaaN LOAY HOAY T\u00ccM L\u1ee2I NHU\u1eacN?<\/strong><\/h1>\n

Th\u1ecb tr\u01b0\u1eddng ch\u1ee9ng kho\u00e1n Vi\u1ec7t Nam trong giai \u0111o\u1ea1n n\u1eeda \u0111\u1ea7u n\u0103m 2026 \u0111ang ch\u1ee9ng ki\u1ebfn nh\u1eefng bi\u1ebfn \u0111\u1ed9ng mang t\u00ednh b\u01b0\u1edbc ngo\u1eb7t. \u0110\u1ed1i m\u1eb7t v\u1edbi m\u1ed9t n\u1ec1n kinh t\u1ebf c\u00f3 nhi\u1ec1u thay \u0111\u1ed5i li\u00ean t\u1ee5c, t\u1eeb \u00e1p l\u1ef1c l\u1ea1m ph\u00e1t to\u00e0n c\u1ea7u \u0111\u1ebfn nh\u1eefng n\u1ed7 l\u1ef1c t\u00e1i c\u1ea5u tr\u00fac th\u1ec3 ch\u1ebf trong n\u01b0\u1edbc, c\u00e1c nh\u00e0 \u0111\u1ea7u t\u01b0 hi\u1ec7n \u0111ang \u0111\u1ee9ng tr\u01b0\u1edbc m\u1ed9t v\u1ea5n \u0111\u1ec1 nan gi\u1ea3i: L\u00e0m th\u1ebf n\u00e0o \u0111\u1ec3 ph\u00e2n b\u1ed5 ngu\u1ed3n v\u1ed1n m\u1ed9t c\u00e1ch hi\u1ec7u qu\u1ea3 nh\u1ea5t khi d\u00f2ng ti\u1ec1n tr\u00ean th\u1ecb tr\u01b0\u1eddng ng\u00e0y c\u00e0ng tr\u1edf n\u00ean ph\u00e2n h\u00f3a.<\/p>\n

Ph\u1ea3n \u1ee9ng tr\u01b0\u1edbc b\u1ed1i c\u1ea3nh v\u0129 m\u00f4 \u0111an xen gi\u1eefa c\u01a1 h\u1ed9i v\u00e0 th\u00e1ch th\u1ee9c, th\u1ecb tr\u01b0\u1eddng ch\u1ee9ng kho\u00e1n Vi\u1ec7t Nam \u0111\u00e3 thi\u1ebft l\u1eadp nh\u1eefng k\u1ef7 l\u1ee5c m\u1edbi nh\u01b0ng \u0111i k\u00e8m v\u1edbi s\u1ef1 ph\u00e2n h\u00f3a d\u00f2ng ti\u1ec1n kh\u1ed1c li\u1ec7t. Trong th\u00e1ng 05\/2026, ch\u1ec9 s\u1ed1 VN-Index \u0111\u00e3 c\u00f3 th\u1eddi \u0111i\u1ec3m ch\u1ea1m m\u1ee9c cao nh\u1ea5t m\u1ecdi th\u1eddi \u0111\u1ea1i t\u1ea1i 1.927,06 \u0111i\u1ec3m tr\u01b0\u1edbc khi ch\u1ecbu \u00e1p l\u1ef1c ch\u1ed1t l\u1eddi v\u00e0 \u0111i\u1ec1u ch\u1ec9nh v\u1ec1 quanh v\u00f9ng 1.895 – 1.901 \u0111i\u1ec3m. T\u00ednh \u0111\u1ebfn ng\u00e0y 12\/05\/2026, hi\u1ec7u su\u1ea5t t\u1eeb \u0111\u1ea7u n\u0103m (YTD) c\u1ee7a VN-Index \u0111\u1ea1t kho\u1ea3ng 6,5%, v\u00e0 hi\u1ec7u su\u1ea5t so \u0111\u1ea7u n\u0103m 2025 \u0111\u1ea1t m\u1ee9c \u1ea5n t\u01b0\u1ee3ng 47,5%.<\/p>\n

D\u00f9 b\u1ee9c tranh t\u1ed5ng th\u1ec3 mang m\u00e0u s\u1eafc t\u00edch c\u1ef1c, ph\u1ea7n l\u1edbn l\u1ee3i nhu\u1eadn th\u1ecb tr\u01b0\u1eddng l\u1ea1i ch\u1ec9 t\u1eadp trung v\u00e0o m\u1ed9t nh\u00f3m thi\u1ec3u s\u1ed1 c\u00e1c c\u1ed5 phi\u1ebfu v\u1ed1n h\u00f3a l\u1edbn, \u0111\u1eb7c bi\u1ec7t l\u00e0 c\u00e1c c\u1ed5 phi\u1ebfu trong r\u1ed5 VN30. C\u00e1c nh\u00f3m ng\u00e0nh nh\u01b0 D\u1ea7u kh\u00ed, T\u00e0i ch\u00ednh \u2013 Ng\u00e2n h\u00e0ng v\u00e0 T\u00e0i nguy\u00ean c\u01a1 b\u1ea3n li\u00ean t\u1ee5c thu h\u00fat d\u00f2ng ti\u1ec1n. Ng\u01b0\u1ee3c l\u1ea1i, nhi\u1ec1u nh\u00e0 \u0111\u1ea7u t\u01b0 c\u00e1 nh\u00e2n n\u1eafm gi\u1eef c\u00e1c c\u1ed5 phi\u1ebfu v\u1ed1n h\u00f3a v\u1eeba v\u00e0 nh\u1ecf, ho\u1eb7c c\u00e1c doanh nghi\u1ec7p b\u1ea5t \u0111\u1ed9ng s\u1ea3n v\u1eabn kh\u00f4ng mang l\u1ea1i \u0111\u01b0\u1ee3c l\u1ee3i nhu\u1eadn, th\u1eadm ch\u00ed \u0111\u1ed1i m\u1eb7t v\u1edbi thua l\u1ed7.<\/p>\n

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Ngu\u1ed3n: FiinPro, PHFM t\u1ed5ng h\u1ee3p<\/em><\/p>\n

H\u01a1n th\u1ebf n\u1eefa, khi nh\u00ecn v\u00e0o m\u1ee9c t\u0103ng tr\u01b0\u1edfng 290% c\u1ee7a nh\u00f3m ng\u00e0nh b\u1ea5t \u0111\u1ed9ng s\u1ea3n, \u0111\u1ed9ng l\u1ef1c ch\u1ee7 y\u1ebfu l\u1ea1i \u0111\u1ebfn t\u1eeb nh\u00f3m c\u1ed5 phi\u1ebfu Vingroup trong khi th\u1ef1c t\u1ebf c\u00e1c c\u1ed5 phi\u1ebfu b\u1ea5t \u0111\u1ed9ng s\u1ea3n kh\u00e1c v\u1eabn trong xu th\u1ebf \u0111i ngang ho\u1eb7c gi\u1ea3m r\u1ea5t m\u1ea1nh tr\u01b0\u1edbc \u00e1p l\u1ef1c l\u00e3i su\u1ea5t t\u0103ng, ti\u1ebfn \u0111\u1ed9 x\u1eed l\u00fd gi\u1ea5y ph\u00e9p ch\u1eadm ch\u1ea1p.<\/p>\n

S\u1ef1 ph\u00e2n h\u00f3a n\u00e0y t\u1ea1o ra m\u1ed9t r\u1ee7i ro l\u1edbn \u0111\u1ed1i v\u1edbi c\u00e1c nh\u00e0 \u0111\u1ea7u t\u01b0 t\u1ef1 giao d\u1ecbch khi thi\u1ebfu c\u00e1c c\u00f4ng c\u1ee5 ph\u00e2n t\u00edch, ngo\u00e0i ra nh\u00e0 \u0111\u1ea7u t\u01b0 c\u00f2n \u0111\u1ed1i m\u1eb7t r\u1ee7i ro b\u1ea5t \u0111\u1ed1i x\u1ee9ng th\u00f4ng tin t\u1ea1i th\u1ecb tr\u01b0\u1eddng k\u00e9m hi\u1ec7u qu\u1ea3.<\/p>\n

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Ngu\u1ed3n: FiinPro, PHFM t\u1ed5ng h\u1ee3p<\/em><\/p>\n

B\u00ean c\u1ea1nh s\u1ef1 ph\u00e2n h\u00f3a s\u00e2u s\u1eafc theo nh\u00f3m ng\u00e0nh, b\u1ee9c tranh th\u1ecb tr\u01b0\u1eddng hi\u1ec7n t\u1ea1i c\u00f2n ghi nh\u1eadn m\u1ed9t s\u1ef1 \u0111\u1ee9t g\u00e3y nghi\u00eam tr\u1ecdng v\u1ec1 m\u1eb7t quy m\u00f4 v\u1ed1n h\u00f3a. Trong khi r\u1ed5 ch\u1ec9 s\u1ed1 VN30 (\u0111\u1ea1i di\u1ec7n cho c\u00e1c doanh nghi\u1ec7p \u0111\u1ea7u ng\u00e0nh) li\u00ean t\u1ee5c b\u1ee9t ph\u00e1 v\u00e0 \u0111\u00f3ng vai tr\u00f2 l\u1ef1c k\u00e9o ch\u00ednh cho VNINDEX, th\u00ec r\u1ed5 VNMID (v\u1ed1n h\u00f3a v\u1eeba) l\u1ea1i t\u1ee5t h\u1eadu r\u00f5 r\u1ec7t. \u0110\u00e1ng b\u00e1o \u0111\u1ed9ng h\u01a1n, r\u1ed5 VNSML (v\u1ed1n h\u00f3a nh\u1ecf) l\u1ea1i v\u1eadn \u0111\u1ed9ng ho\u00e0n to\u00e0n ng\u01b0\u1ee3c chi\u1ec1u khi li\u00ean t\u1ee5c d\u00f2 \u0111\u00e1y v\u00e0 ghi nh\u1eadn m\u1ee9c sinh l\u1eddi \u00e2m. S\u1ef1 d\u1ecbch chuy\u1ec3n mang t\u00ednh c\u1ef1c \u0111oan n\u00e0y kh\u00f4ng ph\u1ea3i l\u00e0 di\u1ec5n bi\u1ebfn ng\u1eabu nhi\u00ean, m\u00e0 xu\u1ea5t ph\u00e1t t\u1eeb nh\u1eefng v\u1eadn \u0111\u1ed9ng c\u1ed1t l\u00f5i c\u1ee7a v\u0129 m\u00f4 v\u00e0 t\u00ednh ch\u1ea5t c\u1ea5u tr\u00fac c\u1ee7a d\u00f2ng v\u1ed1n l\u1edbn.<\/p>\n

Th\u1ecb tr\u01b0\u1eddng b\u00f9ng n\u1ed5 nh\u01b0ng tr\u00e1i ng\u1ecdt kh\u00f4ng d\u00e0nh cho t\u1ea5t c\u1ea3<\/strong><\/h2>\n

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Ngu\u1ed3n: FiinPro, PHFM t\u1ed5ng h\u1ee3p<\/em><\/p>\n

Tr\u1ea3i qua m\u1ed9t giai \u0111o\u1ea1n b\u00f9ng n\u1ed5, hi\u1ec7u su\u1ea5t ho\u1ea1t \u0111\u1ed9ng c\u1ee7a c\u00e1c qu\u1ef9 ph\u1ea3n \u00e1nh m\u1ed9t s\u1ef1 th\u1eadt kh\u1eafc nghi\u1ec7t: Th\u00e0nh c\u00f4ng kh\u00f4ng d\u00e0nh cho t\u1ea5t c\u1ea3. Ngay c\u1ea3 trong kh\u00f4ng gian c\u1ee7a c\u00e1c qu\u1ef9 \u0111\u1ea7u t\u01b0 chuy\u00ean nghi\u1ec7p, m\u1ee9c \u0111\u1ed9 ph\u00e2n h\u00f3a l\u1ee3i nhu\u1eadn \u0111ang di\u1ec5n ra v\u00f4 c\u00f9ng gay g\u1eaft.<\/p>\n

Kh\u00f4ng \u00edt c\u00e1c qu\u1ef9 \u0111\u1ea7u t\u01b0 v\u1edbi chi\u1ebfn l\u01b0\u1ee3c ph\u00e2n b\u1ed5 d\u00e0n tr\u1ea3i, ho\u1eb7c duy tr\u00ec t\u1ef7 tr\u1ecdng l\u1edbn t\u1ea1i nh\u00f3m v\u1ed1n h\u00f3a v\u1eeba & nh\u1ecf, \u0111ang t\u1ecf ra h\u1ee5t h\u01a1i tr\u1ea7m tr\u1ecdng v\u00e0 ghi nh\u1eadn m\u1ee9c hi\u1ec7u su\u1ea5t k\u00e9m h\u01a1n r\u00f5 r\u1ec7t so v\u1edbi s\u1ef1 b\u1ee9t ph\u00e1 c\u1ee7a VN-Index. Hi\u1ec7n t\u01b0\u1ee3ng n\u00e0y ph\u00e1t \u0111i m\u1ed9t th\u00f4ng \u0111i\u1ec7p \u0111anh th\u00e9p t\u1edbi d\u00f2ng ti\u1ec1n \u0111\u1ea7u t\u01b0: Trong m\u1ed9t th\u1ecb tr\u01b0\u1eddng h\u1ed3i ph\u1ee5c theo m\u00f4 h\u00ecnh ch\u1eef K, vi\u1ec7c l\u1ef1a ch\u1ecdn sai c\u00e1c tr\u1ecdng \u0111i\u1ec3m \u0111\u1ea7u t\u01b0 v\u1eabn c\u00f3 th\u1ec3 mang \u0111\u1ebfn kho\u1ea3n l\u1ed7 l\u1edbn trong th\u1ecb tr\u01b0\u1eddng b\u00f2 m\u1ea1nh m\u1ebd. T\u1eeb \u0111\u00f3 cho th\u1ea5y, vi\u1ec7c t\u00ecm ki\u1ebfm l\u1ee3i nhu\u1eadn kh\u00f4ng d\u1ec5 d\u00e0ng \u0111\u1ed1i v\u1edbi c\u00e1c nh\u00e0 \u0111\u1ea7u t\u01b0 c\u00e1 nh\u00e2n c\u0169ng nh\u01b0 \u0111em l\u1ea1i nhi\u1ec1u kh\u00f3 kh\u0103n v\u1edbi c\u00e1c nh\u00e0 \u0111\u1ea7u t\u01b0 t\u1ed5 ch\u1ee9c.<\/p>\n

H\u00e0m \u00fd \u0111\u1ea7u t\u01b0: Gi\u1ea3i ph\u00e1p t\u1ed1i \u01b0u h\u00f3a l\u1ee3i su\u1ea5t cho ph\u1ea7n l\u1edbn nh\u00e0 \u0111\u1ea7u t\u01b0<\/strong><\/h2>\n

Nh\u00ecn l\u1ea1i b\u1ee9c tranh v\u0129 m\u00f4 giai \u0111o\u1ea1n 2025 – 2026, th\u1ecb tr\u01b0\u1eddng \u0111\u00e3 tr\u1ea3i qua nhi\u1ec1u bi\u1ebfn s\u1ed1 ph\u1ee9c t\u1ea1p v\u00e0 kh\u00f3 l\u01b0\u1eddng. T\u1eeb nh\u1eefng c\u0103ng th\u1eb3ng thu\u1ebf quan, r\u1ee7i ro \u0111\u1ecba ch\u00ednh tr\u1ecb, cho \u0111\u1ebfn nh\u1eefng b\u01b0\u1edbc chuy\u1ec3n m\u00ecnh mang t\u00ednh d\u00e0i h\u1ea1n c\u1ee7a m\u1ed9t “k\u1ef7 nguy\u00ean kinh t\u1ebf m\u1edbi”. Trong b\u1ed1i c\u1ea3nh \u0111\u00f3, th\u1ecb tr\u01b0\u1eddng kh\u00f4ng h\u1ec1 thi\u1ebfu v\u1eafng c\u00e1c c\u01a1 h\u1ed9i hay \u0111i\u1ec3m nh\u1ea5n \u0111\u1ea7u t\u01b0. Tuy nhi\u00ean, nh\u1eefng c\u01a1 h\u1ed9i n\u00e0y kh\u00f4ng c\u00f2n d\u00e0n tr\u1ea3i \u0111\u1ec1u cho t\u1ea5t c\u1ea3, m\u00e0 thu h\u1eb9p v\u00e0 t\u1eadp trung cao \u0111\u1ed9 v\u00e0o m\u1ed9t nh\u00f3m nh\u1ecf c\u00e1c doanh nghi\u1ec7p xu\u1ea5t s\u1eafc nh\u1ea5t. Vi\u1ec7c l\u1ef1a ch\u1ecdn \u0111\u00fang c\u1ed5 phi\u1ebfu tr\u1edf n\u00ean kh\u1eaft khe v\u00e0 r\u1ee7i ro h\u01a1n bao gi\u1edd h\u1ebft.<\/p>\n

\u0110\u1ed1i v\u1edbi c\u00e1c nh\u00e0 \u0111\u1ea7u t\u01b0 b\u00e1n chuy\u00ean, \u0111\u1ea7u t\u01b0 kh\u00f4ng ph\u1ea3i l\u00e0 c\u00f4ng vi\u1ec7c to\u00e0n th\u1eddi gian. Vi\u1ec7c ph\u1ea3i li\u00ean t\u1ee5c b\u00e1m s\u00e1t b\u1ea3ng \u0111i\u1ec7n, ph\u00e2n t\u00edch t\u1eebng con s\u1ed1 tr\u00ean b\u00e1o c\u00e1o t\u00e0i ch\u00ednh hay d\u1ef1 ph\u00f3ng c\u00e1c r\u1ee7i ro v\u0129 m\u00f4 kh\u00f4ng ch\u1ec9 ti\u00eau t\u1ed1n m\u1ed9t qu\u1ef9 th\u1eddi gian kh\u1ed5ng l\u1ed3 m\u00e0 c\u00f2n t\u1ea1o ra \u00e1p l\u1ef1c t\u00e2m l\u00fd kh\u00f4ng \u0111\u00e1ng c\u00f3.<\/p>\n

Do \u0111\u00f3, Qu\u1ef9 ho\u00e1n \u0111\u1ed5i danh m\u1ee5c (ETF) tr\u1edf th\u00e0nh m\u1ed9t c\u00f4ng c\u1ee5 c\u00f3 th\u1ec3 gi\u00fap nh\u00e0 \u0111\u1ea7u c\u00f3 th\u1ec3 sinh l\u1eddi m\u00e0 kh\u00f4ng \u0111\u00f2i h\u1ecfi ki\u1ebfn th\u1ee9c chuy\u00ean s\u00e2u nh\u01b0 m\u1ed9t chuy\u00ean gia t\u00e0i ch\u00ednh. Thay v\u00ec ph\u1ea3i t\u1ef1 m\u00ecnh ch\u1ecdn l\u1ecdc gi\u1eefa h\u00e0ng ngh\u00ecn m\u00e3 c\u1ed5 phi\u1ebfu, chi\u1ebfn l\u01b0\u1ee3c \u0111\u1ea7u t\u01b0 ETF v\u1eadn h\u00e0nh theo c\u01a1 ch\u1ebf v\u00f4 c\u00f9ng \u0111\u01a1n gi\u1ea3n: t\u1ef1 \u0111\u1ed9ng m\u00f4 ph\u1ecfng l\u1ea1i \u0111\u00e0 t\u0103ng tr\u01b0\u1edfng c\u1ee7a m\u1ed9t r\u1ed5 c\u00e1c doanh nghi\u1ec7p h\u00e0ng \u0111\u1ea7u.<\/p>\n

Khi mua ch\u1ee9ng ch\u1ec9 qu\u1ef9 ETF, nh\u00e0 \u0111\u1ea7u t\u01b0 \u0111ang gi\u00e1n ti\u1ebfp s\u1edf h\u1eefu m\u1ed9t ph\u1ea7n c\u1ee7a nh\u1eefng c\u1ed7 m\u00e1y kinh doanh t\u1ed1t nh\u1ea5t n\u1ec1n kinh t\u1ebf. D\u00f9 kh\u00f4ng c\u1ea7n hi\u1ec3u qu\u00e1 s\u00e2u v\u1ec1 c\u00e1c k\u1ef9 thu\u1eadt th\u1ecb tr\u01b0\u1eddng hay d\u00e0nh nhi\u1ec1u th\u1eddi gian theo d\u00f5i, nh\u00e0 \u0111\u1ea7u t\u01b0 v\u1eabn ch\u1eafc ch\u1eafn b\u1eaft nh\u1ecbp \u0111\u01b0\u1ee3c v\u1edbi \u0111\u00e0 \u0111i l\u00ean chung c\u1ee7a n\u1ec1n kinh t\u1ebf.<\/p>\n

Th\u1ef1c t\u1ebf d\u1eef li\u1ec7u \u0111\u00e3 ch\u1ee9ng minh, m\u1ed9t chi\u1ebfn l\u01b0\u1ee3c \u0111\u1ea7u t\u01b0 ETF k\u1ef7 lu\u1eadt mang l\u1ea1i m\u1ee9c sinh l\u1eddi v\u00f4 c\u00f9ng b\u1ec1n v\u1eefng trong d\u00e0i h\u1ea1n. H\u01a1n th\u1ebf n\u1eefa, nh\u1edd lo\u1ea1i b\u1ecf \u0111\u01b0\u1ee3c y\u1ebfu t\u1ed1 c\u1ea3m x\u00fac c\u00e1 nh\u00e2n v\u00e0 c\u00f3 chi ph\u00ed v\u1eadn h\u00e0nh c\u1ef1c k\u1ef3 th\u1ea5p, l\u1ee3i nhu\u1eadn t\u1eeb c\u00e1c qu\u1ef9 ETF th\u1ee5 \u0111\u1ed9ng nhi\u1ec1u th\u1eddi \u0111i\u1ec3m c\u00f2n v\u01b0\u1ee3t tr\u1ed9i v\u00e0 \u1ed5n \u0111\u1ecbnh h\u01a1n h\u1eb3n so v\u1edbi vi\u1ec7c li\u00ean t\u1ee5c mua b\u00e1n hay g\u1eedi ti\u1ec1n v\u00e0o c\u00e1c qu\u1ef9 ch\u1ee7 \u0111\u1ed9ng ph\u1ee9c t\u1ea1p kh\u00e1c.<\/p>\n

S\u1ef1 n\u1edf r\u1ed9 c\u1ee7a ETF: C\u00e1c nh\u01b0\u1ee3c \u0111i\u1ec3m t\u1eeb ph\u01b0\u01a1ng ph\u00e1p truy\u1ec1n th\u1ed1ng d\u1ea7n \u0111\u01b0\u1ee3c c\u1ea3i thi\u1ec7n b\u1eb1ng chi\u1ebfn l\u01b0\u1ee3c Smart Beta<\/strong><\/h2>\n

\"\"<\/p>\n

Ngu\u1ed3n: PHFM nghi\u00ean c\u1ee9u<\/em><\/p>\n

Kh\u00e1c v\u1edbi c\u00e1c qu\u1ef9 ETF truy\u1ec1n th\u1ed1ng v\u1ed1n ph\u00e2n b\u1ed5 t\u1ef7 tr\u1ecdng c\u1ed5 phi\u1ebfu d\u1ef1a tr\u00ean quy m\u00f4 v\u1ed1n h\u00f3a th\u1ecb tr\u01b0\u1eddng, chi\u1ebfn l\u01b0\u1ee3c Smart Beta s\u1ebd \u0111\u00e1nh tr\u1ecdng s\u1ed1 v\u00e0 s\u00e0ng l\u1ecdc c\u1ed5 phi\u1ebfu d\u1ef1a tr\u00ean m\u1ed9t ho\u1eb7c nhi\u1ec1u ti\u00eau ch\u00ed, nh\u00e2n t\u1ed1 t\u00e0i ch\u00ednh c\u1ee5 th\u1ec3 \u0111\u00e3 \u0111\u01b0\u1ee3c l\u1eadp tr\u00ecnh s\u1eb5n.<\/p>\n

C\u00f3 r\u1ea5t nhi\u1ec1u y\u1ebfu t\u1ed1 kh\u00e1c nhau \u0111\u01b0\u1ee3c c\u00e1i nh\u00e0 qu\u1ea3n l\u00fd qu\u1ef9 l\u1ef1a ch\u1ecdn, theo nghi\u00ean c\u1ee9u, c\u00f3 s\u00e1u y\u1ebfu t\u1ed1 th\u00e0nh c\u00f4ng v\u00e0 \u0111\u00e1ng tin c\u1eady nh\u1ea5t trong m\u00f4 h\u00ecnh ch\u1ecdn l\u1ecdc Smart Beta:<\/p>\n

\"\"<\/p>\n

Ngu\u1ed3n: PHFM nghi\u00ean c\u1ee9u<\/em><\/p>\n

\"\"<\/p>\n

T\u1ea1i th\u1ecb tr\u01b0\u1eddng th\u1ebf gi\u1edbi, th\u1ef1c t\u1ebf cho th\u1ea5y c\u00e1c qu\u1ef9 ETF m\u00f4 ph\u1ecfng theo y\u1ebfu t\u1ed1 c\u1ed5 t\u1ee9c mang l\u1ea1i l\u1ee3i nhu\u1eadn l\u1edbn h\u01a1n v\u00e0 b\u1ec1n v\u1eefng h\u01a1n r\u1ea5t nhi\u1ec1u so v\u1edbi c\u00e1c y\u1ebfu t\u1ed1 kh\u00e1c nh\u1edd t\u00ednh b\u1ec1n v\u1eefng v\u00e0 \u0111\u1ed9 an to\u00e0n t\u00e0i ch\u00ednh c\u1ee7a doanh nghi\u1ec7p \u0111\u01b0\u1ee3c l\u1ef1a ch\u1ecdn.<\/p>\n

T\u1ea1i th\u1ecb tr\u01b0\u1eddng Vi\u1ec7t Nam, c\u00e1c s\u1ea3n ph\u1ea9m ETF \u1edf Vi\u1ec7t nam c\u00f2n kh\u00e1 \u0111\u01a1n \u0111i\u1ec1u, khi m\u00e0 ph\u1ea7n l\u1edbn \u0111\u1ec1u tracking theo v\u1ed1n h\u00f3a v\u1edbi ti\u00eau ch\u00ed, t\u1ef7 tr\u1ecdng cao \u1edf c\u00e1c doanh nghi\u1ec7p v\u1ed1n h\u00f3a l\u1edbn v\u00e0 t\u1ef7 tr\u1ecdng th\u1ea5p \u0111\u1ed1i v\u1edbi doanh nghi\u1ec7p v\u1ed1n h\u00f3a nh\u1ecf. Theo s\u1ef1 ph\u00e1t tri\u1ec3n \u0111i l\u00ean c\u1ee7a th\u1ecb tr\u01b0\u1eddng, c\u00e1c s\u1ea3n ph\u1ea9m t\u1ed1i \u01b0u h\u01a1n trong m\u00f4i tr\u01b0\u1eddng \u0111\u1ea7u t\u01b0 th\u1ef1c t\u1ebf, s\u1ebd d\u1ea7n \u0111\u01b0\u1ee3c c\u1ea3i thi\u1ec7n v\u1edbi nhi\u1ec1u ti\u00eau ch\u00ed hi\u1ec7u qu\u1ea3 h\u01a1n. S\u1ef1 xu\u1ea5t hi\u1ec7n c\u1ee7a b\u1ed9 ch\u1ec9 s\u1ed1 VNSHINE<\/strong> do S\u1edf Giao d\u1ecbch Ch\u1ee9ng kho\u00e1n TP.HCM (HOSE) ban h\u00e0nh \u0111\u00e3 gi\u1ea3i quy\u1ebft tr\u1ef1c ti\u1ebfp nh\u01b0\u1ee3c \u0111i\u1ec3m c\u1ee7a c\u00e1c ch\u1ec9 s\u1ed1 truy\u1ec1n th\u1ed1ng. Trong khi c\u00e1c ETF m\u00f4 ph\u1ecfng VN30 c\u00f3 th\u1ec3 ch\u1ecbu r\u1ee7i ro khi th\u1ecb tr\u01b0\u1eddng bi\u1ebfn \u0111\u1ed9ng m\u1ea1nh do ph\u1ea3i b\u00e1m s\u00e1t v\u1ed1n h\u00f3a c\u1ee7a m\u1ed9t s\u1ed1 doanh nghi\u1ec7p l\u1edbn, chi\u1ebfn l\u01b0\u1ee3c Smart Beta c\u1ee7a VNSHINE t\u1eadp trung v\u00e0o “T\u1ef7 su\u1ea5t l\u1ee3i nhu\u1eadn c\u1ed5 \u0111\u00f4ng”.<\/p>\n

Qu\u1ef9 ETF PHFM VNSHINE (M\u00e3: FUEPHVNS)<\/strong> do C\u00f4ng ty C\u1ed5 ph\u1ea7n Qu\u1ea3n l\u00fd Qu\u1ef9 Ph\u00fa H\u01b0ng v\u1eadn h\u00e0nh l\u00e0 qu\u1ef9 ti\u00ean phong \u00e1p d\u1ee5ng ch\u1ec9 s\u1ed1 n\u00e0y. Qu\u1ef9 v\u1eeba \u0111\u01b0\u1ee3c \u1ee6y ban Ch\u1ee9ng kho\u00e1n Nh\u00e0 n\u01b0\u1edbc c\u1ea5p ph\u00e9p IPO v\u00e0o ng\u00e0y 07\/05\/2026 v\u1edbi th\u1eddi gian ch\u00e0o b\u00e1n d\u1ef1 ki\u1ebfn t\u1eeb 22\/05 \u0111\u1ebfn 22\/06\/2026. B\u1eb1ng vi\u1ec7c s\u00e0ng l\u1ecdc nghi\u00eam ng\u1eb7t d\u1ef1a tr\u00ean kh\u1ea3 n\u0103ng chi tr\u1ea3 c\u1ed5 t\u1ee9c b\u1eb1ng ti\u1ec1n m\u1eb7t, ki\u1ec3m so\u00e1t n\u1ee3 r\u00f2ng v\u00e0 h\u1ea1n ch\u1ebf pha lo\u00e3ng c\u1ed5 phi\u1ebfu, FUEPHVNS cung c\u1ea5p m\u1ed9t l\u1edbp ph\u00f2ng v\u1ec7 v\u01b0\u1ee3t tr\u1ed9i. M\u1eb7c d\u00f9 \u00e1p d\u1ee5ng chi\u1ebfn l\u01b0\u1ee3c th\u00f4ng minh mang h\u01a1i h\u01b0\u1edbng ch\u1ee7 \u0111\u1ed9ng, qu\u1ef9 v\u1eabn gi\u1eef \u0111\u01b0\u1ee3c l\u1ee3i th\u1ebf c\u1ea1nh tranh c\u1ed1t l\u00f5i c\u1ee7a ETF v\u1edbi m\u1ee9c ph\u00ed qu\u1ea3n l\u00fd th\u1ea5p, ch\u1ec9 \u1edf m\u1ee9c 0,75%\/n\u0103m.<\/p>\n

V\u00f5 Ho\u00e0ng Long \u2013 Ph\u00f2ng \u0111\u1ea7u t\u01b0, PHFM<\/em><\/p>","protected":false},"excerpt":{"rendered":"

VN-INDEX L\u1eacP \u0110\u1ec8NH \u2013 V\u00cc SAO NHI\u1ec0U NH\u00c0 \u0110\u1ea6U T\u01af V\u1eaaN LOAY HOAY T\u00ccM L\u1ee2I NHU\u1eacN? Th\u1ecb tr\u01b0\u1eddng ch\u1ee9ng kho\u00e1n Vi\u1ec7t Nam trong giai \u0111o\u1ea1n n\u1eeda \u0111\u1ea7u n\u0103m 2026 \u0111ang ch\u1ee9ng ki\u1ebfn nh\u1eefng bi\u1ebfn \u0111\u1ed9ng mang t\u00ednh b\u01b0\u1edbc ngo\u1eb7t. \u0110\u1ed1i m\u1eb7t v\u1edbi m\u1ed9t n\u1ec1n kinh t\u1ebf c\u00f3 nhi\u1ec1u thay \u0111\u1ed5i li\u00ean t\u1ee5c, t\u1eeb \u00e1p l\u1ef1c…<\/p>\n","protected":false},"author":10,"featured_media":16398,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":[],"categories":[103,95,107],"tags":[195,175,173,174,177,196,197,183],"_links":{"self":[{"href":"https:\/\/www.phfm.vn\/vi\/wp-json\/wp\/v2\/posts\/16397"}],"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=16397"}],"version-history":[{"count":6,"href":"https:\/\/www.phfm.vn\/vi\/wp-json\/wp\/v2\/posts\/16397\/revisions"}],"predecessor-version":[{"id":16430,"href":"https:\/\/www.phfm.vn\/vi\/wp-json\/wp\/v2\/posts\/16397\/revisions\/16430"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.phfm.vn\/vi\/wp-json\/wp\/v2\/media\/16398"}],"wp:attachment":[{"href":"https:\/\/www.phfm.vn\/vi\/wp-json\/wp\/v2\/media?parent=16397"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.phfm.vn\/vi\/wp-json\/wp\/v2\/categories?post=16397"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.phfm.vn\/vi\/wp-json\/wp\/v2\/tags?post=16397"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}