{"id":16752,"date":"2026-06-16T10:03:13","date_gmt":"2026-06-16T03:03:13","guid":{"rendered":"https:\/\/www.phfm.vn\/?p=16752"},"modified":"2026-06-16T10:14:20","modified_gmt":"2026-06-16T03:14:20","slug":"the-paradox-of-foreign-capital-flows-ahead-of-viet-nam-s-stock-market-upgrade-to-ftse-emerging-market","status":"publish","type":"post","link":"https:\/\/www.phfm.vn\/vi\/the-paradox-of-foreign-capital-flows-ahead-of-viet-nam-s-stock-market-upgrade-to-ftse-emerging-market\/","title":{"rendered":"NGH\u1ecaCH L\u00dd D\u00d2NG V\u1ed0N NGO\u1ea0I TR\u01af\u1edaC NG\u01af\u1ee0NG C\u1eecA N\u00c2NG H\u1ea0NG TTCK VI\u1ec6T NAM"},"content":{"rendered":"\"\"<\/p>\n

Th\u1ecb tr\u01b0\u1eddng ch\u1ee9ng kho\u00e1n Vi\u1ec7t Nam \u0111ang ch\u1ee9ng ki\u1ebfn m\u1ed9t giai \u0111o\u1ea1n chuy\u1ec3n d\u1ecbch \u0111\u1ea7y m\u00e2u thu\u1eabn. Giai \u0111o\u1ea1n v\u1eeba qua, ch\u1ec9 s\u1ed1 VN-Index li\u00ean t\u1ee5c chinh ph\u1ee5c c\u00e1c c\u1ed9t m\u1ed1c m\u1edbi v\u00e0 thi\u1ebft l\u1eadp \u0111\u1ec9nh l\u1ecbch s\u1eed v\u00e0o gi\u1eefa th\u00e1ng 5\/2026, \u0111\u1ed3ng th\u1eddi t\u1ed5 ch\u1ee9c x\u1ebfp h\u1ea1ng FTSE Russell ch\u00ednh th\u1ee9c x\u00e1c nh\u1eadn l\u1ed9 tr\u00ecnh n\u00e2ng h\u1ea1ng l\u00ean Th\u1ecb tr\u01b0\u1eddng M\u1edbi n\u1ed5i Th\u1ee9 c\u1ea5p t\u1eeb ng\u00e0y 21\/09\/2026. Tr\u00e1i ng\u01b0\u1ee3c v\u1edbi k\u1ef3 v\u1ecdng \u0111\u00f3n nh\u1eadn d\u00f2ng v\u1ed1n qu\u1ed1c t\u1ebf quy m\u00f4 l\u1edbn, th\u1ecb tr\u01b0\u1eddng l\u1ea1i ch\u1ee9ng ki\u1ebfn l\u00e0n s\u00f3ng r\u00fat r\u00f2ng k\u1ef7 l\u1ee5c c\u1ee7a kh\u1ed1i ngo\u1ea1i. S\u1ef1 t\u01b0\u01a1ng ph\u1ea3n gay g\u1eaft gi\u1eefa \u0111i\u1ec3m s\u1ed1 th\u1ecb tr\u01b0\u1eddng v\u00e0 \u0111\u1ed9ng th\u00e1i r\u00fat v\u1ed1n c\u1ee7a kh\u1ed1i ngo\u1ea1i ph\u1ea3n \u00e1nh c\u00e1c n\u00fat th\u1eaft k\u1ef9 thu\u1eadt, s\u1ef1 thay \u0111\u1ed5i d\u00f2ng ch\u1ea3y t\u00e0i ch\u00ednh to\u00e0n c\u1ea7u c\u00f9ng nh\u1eefng r\u1ee7i ro v\u0129 m\u00f4 n\u1ed9i t\u1ea1i m\u00e0 nh\u00e0 \u0111\u1ea7u t\u01b0 c\u1ea7n quan t\u00e2m.<\/p>\n

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

\u0110\u1ee3t chuy\u1ec3n d\u1ecbch d\u00f2ng v\u1ed1n ngo\u1ea1i ra kh\u1ecfi th\u1ecb tr\u01b0\u1eddng ch\u1ee9ng kho\u00e1n Vi\u1ec7t Nam b\u1eaft \u0111\u1ea7u r\u00f5 n\u00e9t t\u1eeb \u0111\u1ea7u n\u0103m 2023. T\u00ednh l\u0169y k\u1ebf t\u1eeb n\u0103m 2023 \u0111\u1ebfn th\u00e1ng 5\/2026, kh\u1ed1i ngo\u1ea1i \u0111\u00e3 r\u00fat r\u00f2ng g\u1ea7n 11,8 t\u1ef7 USD. T\u1ef7 l\u1ec7 s\u1edf h\u1eefu n\u01b0\u1edbc ngo\u00e0i t\u00ednh theo v\u1ed1n h\u00f3a th\u1ecb tr\u01b0\u1eddng tr\u00ean s\u00e0n HoSE \u0111\u00e3 gi\u1ea3m t\u1eeb m\u1ee9c 17.98% (2023) xu\u1ed1ng ch\u1ec9 c\u00f2n 13.88% (gi\u1eefa 2026). T\u1ea1i sao m\u1ed9t th\u1ecb tr\u01b0\u1eddng \u0111\u1ea7y ti\u1ec1m n\u0103ng nh\u01b0 Vi\u1ec7t Nam l\u1ea1i ghi nh\u1eadn s\u1ef1 r\u00fat v\u1ed1n m\u1ea1nh m\u1ebd n\u00e0y?<\/p>\n

1. Ch\u00eanh l\u1ec7ch l\u00e3i su\u1ea5t \u00e2m k\u00e9o d\u00e0i<\/strong><\/h2>\n

T\u1eeb giai \u0111o\u1ea1n n\u0103m 2023, trong khi Ng\u00e2n h\u00e0ng Trung \u01b0\u01a1ng M\u1ef9 (FED) li\u00ean t\u1ee5c t\u0103ng l\u00e3i su\u1ea5t \u0111\u1ec3 ki\u1ec1m ch\u1ebf l\u1ea1m ph\u00e1t, Ng\u00e2n h\u00e0ng Nh\u00e0 n\u01b0\u1edbc Vi\u1ec7t Nam (NHNN) \u0111\u00e3 ch\u1ee7 \u0111\u1ed9ng \u0111i ng\u01b0\u1ee3c chi\u1ec1u ch\u00ednh s\u00e1ch b\u1eb1ng c\u00e1ch h\u1ea1 l\u00e3i su\u1ea5t \u0111i\u1ec1u h\u00e0nh nh\u1eb1m h\u1ed7 tr\u1ee3 n\u1ec1n kinh t\u1ebf. S\u1ef1 ph\u00e2n k\u1ef3 ch\u00ednh s\u00e1ch n\u00e0y ngay l\u1eadp t\u1ee9c t\u1ea1o ra kho\u1ea3ng c\u00e1ch l\u00e3i su\u1ea5t \u00e2m gi\u1eefa VND v\u00e0 USD, \u0111\u1ea9y t\u1ef7 gi\u00e1 v\u00e0o th\u1ebf c\u0103ng th\u1eb3ng v\u00e0 th\u00fac \u0111\u1ea9y kh\u1ed1i ngo\u1ea1i ph\u00f2ng th\u1ee7 b\u1eb1ng c\u00e1ch r\u00fat v\u1ed1n.<\/p>\n

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

M\u1eb7c d\u00f9 ch\u00eanh l\u1ec7ch l\u00e3i su\u1ea5t \u0111\u00e3 \u0111\u01b0\u1ee3c thu h\u1eb9p khi Vi\u1ec7t Nam kh\u00e9p l\u1ea1i chu k\u1ef3 n\u1edbi l\u1ecfng ti\u1ec1n t\u1ec7 v\u00e0 \u0111\u1ea3o chi\u1ec1u n\u00e2ng l\u00e3i su\u1ea5t, \u00e1p l\u1ef1c t\u1ef7 gi\u00e1 v\u1eabn hi\u1ec7n h\u1eefu.<\/p>\n

Trong 5 th\u00e1ng \u0111\u1ea7u n\u0103m 2026, Vi\u1ec7t Nam r\u01a1i v\u00e0o t\u00ecnh tr\u1ea1ng nh\u1eadp si\u00eau k\u1ef7 l\u1ee5c l\u00ean t\u1edbi 13,8 t\u1ef7 USD, tr\u00e1i ng\u01b0\u1ee3c v\u1edbi tr\u1ea1ng th\u00e1i xu\u1ea5t si\u00eau 5,1 t\u1ef7 USD c\u1ee7a c\u00f9ng k\u1ef3 n\u0103m tr\u01b0\u1edbc. S\u1ef1 s\u1ee5t gi\u1ea3m nghi\u00eam tr\u1ecdng n\u00e0y do doanh nghi\u1ec7p \u0111\u1ea9y m\u1ea1nh nh\u1eadp kh\u1ea9u n\u0103ng l\u01b0\u1ee3ng v\u00e0 nguy\u00ean v\u1eadt li\u1ec7u \u0111\u1ea7u v\u00e0o nh\u1eb1m d\u1ef1 ph\u00f2ng nguy c\u01a1 \u0111\u1ee9t g\u00e3y chu\u1ed7i cung \u1ee9ng. D\u00f9 \u0111\u00e2y l\u00e0 b\u01b0\u1edbc chu\u1ea9n b\u1ecb cho chu k\u1ef3 xu\u1ea5t kh\u1ea9u cu\u1ed1i n\u0103m, nh\u1eadp si\u00eau l\u1edbn v\u1eabn t\u1ea1o \u00e1p l\u1ef1c l\u1edbn l\u00ean t\u1ef7 gi\u00e1 USD\/VND.<\/p>\n

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

\u0110\u1ed3ng th\u1eddi, \u00e1p l\u1ef1c l\u1ea1m ph\u00e1t gia t\u0103ng khi CPI th\u00e1ng 5 v\u01b0\u1ee3t ng\u01b0\u1ee1ng 5% do gi\u00e1 n\u0103ng l\u01b0\u1ee3ng leo thang, k\u00e9o theo CPI b\u00ecnh qu\u00e2n 5 th\u00e1ng \u0111\u1ea7u n\u0103m t\u0103ng 4,31%. L\u1ea1m ph\u00e1t cao k\u1ebft h\u1ee3p v\u1edbi thanh kho\u1ea3n th\u1eaft ch\u1eb7t khi\u1ebfn l\u00e3i su\u1ea5t li\u00ean ng\u00e2n h\u00e0ng t\u0103ng m\u1ea1nh. R\u1ee7i ro t\u1ef7 gi\u00e1 v\u00e0 chi ph\u00ed v\u1ed1n t\u0103ng cao l\u00e0m suy gi\u1ea3m hi\u1ec7u su\u1ea5t \u0111\u1ea7u t\u01b0 quy \u0111\u1ed5i v\u1ec1 USD, th\u00fac \u0111\u1ea9y kh\u1ed1i ngo\u1ea1i ch\u1ecdn gi\u1ea3i ph\u00e1p an to\u00e0n l\u00e0 ch\u1ed1t l\u1eddi v\u00e0 r\u00fat v\u1ed1n.<\/p>\n

\u0110\u1ec3 h\u00ecnh dung t\u00e1c \u0111\u1ed9ng c\u1ee7a t\u1ef7 gi\u00e1, gi\u1ea3 s\u1eed m\u1ed9t nh\u00e0 \u0111\u1ea7u t\u01b0 n\u01b0\u1edbc ngo\u00e0i gi\u1ea3i ng\u00e2n v\u00e0o th\u1ecb tr\u01b0\u1eddng ch\u1ee9ng kho\u00e1n Vi\u1ec7t Nam t\u1eeb 2020 v\u00e0 \u00e1p d\u1ee5ng chi\u1ebfn l\u01b0\u1ee3c mua v\u00e0 n\u1eafm gi\u1eef:<\/p>\n

– V\u1ec1 m\u1eb7t s\u1ed5 s\u00e1ch b\u1eb1ng VND, h\u1ecd \u0111ang c\u00f3 m\u1ed9t t\u1ef7 su\u1ea5t sinh l\u1eddi kho\u1ea3ng 90%.<\/p>\n

– Tuy nhi\u00ean, do b\u1ea3n ch\u1ea5t d\u00f2ng ti\u1ec1n qu\u1ed1c t\u1ebf khi t\u1ea5t to\u00e1n v\u1ecb th\u1ebf ph\u1ea3i quy \u0111\u1ed5i ng\u01b0\u1ee3c l\u1ea1i v\u1ec1 \u0111\u1ed3ng ti\u1ec1n g\u1ed1c, vi\u1ec7c \u0111\u1ed3ng VND m\u1ea5t gi\u00e1 m\u1ea1nh trong 4 n\u0103m qua \u0111\u00e3 tr\u1ef1c ti\u1ebfp b\u00e0o m\u00f2n 22% t\u1ed5ng hi\u1ec7u su\u1ea5t danh ngh\u0129a \u0111\u00f3. S\u1ef1 s\u1ee5t gi\u1ea3m n\u00e0y kh\u00f4ng \u0111\u1ebfn t\u1eeb n\u0103ng l\u1ef1c ch\u1ecdn c\u1ed5 phi\u1ebfu hay s\u1ef1 s\u1ee5t gi\u1ea3m c\u1ee7a n\u1ed9i t\u1ea1i doanh nghi\u1ec7p, m\u00e0 ho\u00e0n to\u00e0n l\u00e0 chi ph\u00ed c\u01a1 h\u1ed9i c\u1ee7a vi\u1ec7c c\u1ea7m gi\u1eef m\u1ed9t \u0111\u1ed3ng ti\u1ec1n y\u1ebfu h\u01a1n trong m\u1ed9t chu k\u1ef3 bi\u1ebfn \u0111\u1ed9ng v\u0129 m\u00f4.<\/p>\n

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

2. S\u1ef1 l\u1ec7ch pha c\u1ea5u tr\u00fac ng\u00e0nh v\u00e0 thi\u1ebfu v\u1eafng tr\u1ee5 c\u1ed9t c\u00f4ng ngh\u1ec7<\/strong><\/h2>\n

M\u1ed9t h\u1ea1n ch\u1ebf n\u1ed9i t\u1ea1i l\u00e0 s\u1ef1 m\u1ea5t c\u00e2n \u0111\u1ed1i c\u1ea5u tr\u00fac ng\u00e0nh c\u1ee7a th\u1ecb tr\u01b0\u1eddng ch\u1ee9ng kho\u00e1n Vi\u1ec7t Nam, v\u1ed1n b\u1ecb chi ph\u1ed1i n\u1eb7ng n\u1ec1 b\u1edfi nh\u00f3m ng\u00e2n h\u00e0ng v\u00e0 b\u1ea5t \u0111\u1ed9ng s\u1ea3n. T\u00ednh \u0111\u1ebfn cu\u1ed1i th\u00e1ng 5\/2026, 2 ng\u00e0nh n\u00e0y l\u1ea7n l\u01b0\u1ee3t chi\u1ebfm 30,2% v\u00e0 30,8% t\u1ed5ng v\u1ed1n h\u00f3a c\u1ee7a s\u00e0n HoSE. \u0110i\u1ec1u n\u00e0y cho th\u1ea5y s\u1ef1 thi\u1ebfu v\u1eafng c\u00e1c \u0111\u1ea1i di\u1ec7n thu\u1ed9c ng\u00e0nh c\u00f4ng ngh\u1ec7 ti\u00ean ti\u1ebfn nh\u01b0 AI hay b\u00e1n d\u1eabn, l\u00e0m gi\u1ea3m s\u1ee9c h\u00fat c\u1ee7a Vi\u1ec7t Nam \u0111\u1ed1i v\u1edbi c\u00e1c qu\u1ef9 \u0111\u1ea7u t\u01b0 t\u0103ng tr\u01b0\u1edfng to\u00e0n c\u1ea7u. Trong khi \u0111\u00f3, th\u1ecb tr\u01b0\u1eddng b\u1ea5t \u0111\u1ed9ng s\u1ea3n Vi\u1ec7t Nam ch\u1eefng l\u1ea1i d\u01b0\u1edbi t\u00e1c \u0111\u1ed9ng c\u1ee7a l\u00e3i su\u1ea5t t\u0103ng t\u1eeb cu\u1ed1i n\u0103m 2025, \u0111\u1ed9ng l\u1ef1c t\u0103ng tr\u01b0\u1edfng c\u1ee7a c\u00e1c c\u1ed5 phi\u1ebfu tr\u1ee5 c\u1ed9t n\u00e0y b\u1ecb suy gi\u1ea3m \u0111\u00e1ng k\u1ec3.<\/p>\n

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

\u0110\u1ec3 l\u00e0m r\u00f5 \u0111i\u1ec1u n\u00e0y, c\u00f9ng nh\u00ecn nh\u1eadn \u0111\u1ecbnh gi\u00e1 VNIndex so v\u1edbi c\u00e1c th\u1ecb tr\u01b0\u1eddng th\u1ebf gi\u1edbi trong giai \u0111o\u1ea1n g\u1ea7n \u0111\u00e2y. \u0110\u1ecbnh gi\u00e1 PE \u0111\u1ed1i v\u1edbi VNIndex ch\u1ec9 kho\u1ea3ng 13,4x v\u00e0 10,1x n\u1ebfu b\u1ecf nh\u00f3m Vingroup (th\u1ea5p h\u01a1n trung b\u00ecnh 5 n\u0103m). V\u1edbi m\u1ed9t m\u1ee9c \u0111\u1ecbnh gi\u00e1 h\u1ee3p l\u00fd, d\u00f2ng v\u1ed1n ngo\u1ea1i v\u1eabn r\u00fat r\u00f2ng kh\u1ecfi th\u1ecb tr\u01b0\u1eddng Vi\u1ec7t Nam.<\/p>\n

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

Ng\u01b0\u1ee3c l\u1ea1i, d\u00f2ng ti\u1ec1n d\u1ecbch chuy\u1ec3n sang c\u00e1c th\u1ecb tr\u01b0\u1eddng mang nhi\u1ec1u tri\u1ec3n v\u1ecdng h\u01a1n, khi\u1ebfn ch\u00fang tr\u1edf n\u00ean \u0111\u1eaft \u0111\u1ecf. C\u1ea3 ba th\u1ecb tr\u01b0\u1eddng S&P 500, TWSE v\u00e0 KOSPI \u0111ang \u0111\u01b0\u1ee3c \u0111\u1ecbnh h\u00ecnh b\u1edfi cu\u1ed9c c\u00e1ch m\u1ea1ng c\u00f4ng nghi\u1ec7p th\u1ebf h\u1ec7 m\u1edbi \u2013 Tr\u00ed tu\u1ec7 nh\u00e2n t\u1ea1o (AI) v\u00e0 chu\u1ed7i cung \u1ee9ng b\u00e1n d\u1eabn to\u00e0n c\u1ea7u.<\/p>\n

– T\u1ea1i \u0110\u00e0i Loan, TSMC chi\u1ebfm h\u01a1n 40% v\u1ed1n h\u00f3a to\u00e0n th\u1ecb tr\u01b0\u1eddng.<\/p>\n

– T\u1ea1i H\u00e0n Qu\u1ed1c, KOSPI \u0111\u01b0\u1ee3c d\u1eabn d\u1eaft b\u1edfi Samsung Electronics v\u00e0 SK Hynix.<\/p>\n

– T\u1ea1i M\u1ef9, nh\u00f3m “Magnificent Seven” (7 g\u00e3 kh\u1ed5ng l\u1ed3 c\u00f4ng ngh\u1ec7 M\u1ef9) \u0111\u1ea1i di\u1ec7n cho h\u01a1n 34% t\u1ed5ng v\u1ed1n h\u00f3a c\u1ee7a S&P 500.<\/p>\n

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

3. N\u00e2ng h\u1ea1ng theo chu\u1ea9n MSCI: \u0110i\u1ec3m \u0111\u1ebfn ti\u1ebfp theo c\u1ee7a Vi\u1ec7t Nam<\/strong><\/h2>\n

\u0110\u1ec3 tho\u00e1t kh\u1ecfi s\u1ed1 ph\u1eadn c\u1ee7a m\u1ed9t t\u00e0i s\u1ea3n c\u1eadn bi\u00ean d\u1ec5 b\u1ecb t\u1ed5n th\u01b0\u01a1ng tr\u01b0\u1edbc c\u00e1c c\u01a1n gi\u00f3 ng\u01b0\u1ee3c to\u00e0n c\u1ea7u, \u0111i\u1ec3m \u0111\u1ebfn ti\u1ebfp theo c\u1ee7a Vi\u1ec7t Nam l\u00e0 n\u00e2ng h\u1ea1ng th\u1ecb tr\u01b0\u1eddng theo ti\u00eau ch\u00ed c\u1ee7a MSCI \u2013 th\u01b0\u1edbc \u0111o danh gi\u00e1 nh\u1ea5t quy t\u1ee5 h\u01a1n 80% d\u00f2ng v\u1ed1n \u0111\u1ecbnh h\u01b0\u1edbng m\u1edbi n\u1ed5i to\u00e0n c\u1ea7u.<\/p>\n

Hi\u1ec7n t\u1ea1i, Vi\u1ec7t Nam m\u1edbi \u0111\u00e1p \u1ee9ng \u0111\u01b0\u1ee3c 10 tr\u00ean 18 ti\u00eau ch\u00ed ti\u1ebfp c\u1eadn th\u1ecb tr\u01b0\u1eddng c\u1ee7a MSCI. \u0110\u1ec3 l\u1ecdt v\u00e0o danh s\u00e1ch theo d\u00f5i n\u00e2ng h\u1ea1ng c\u1ee7a t\u1ed5 ch\u1ee9c n\u00e0y trong giai \u0111o\u1ea1n 2028 – 2029, Vi\u1ec7t Nam b\u1eaft bu\u1ed9c ph\u1ea3i g\u1ee1 b\u1ecf ba v\u01b0\u1edbng m\u1eafc k\u1ef9 thu\u1eadt sau:<\/p>\n

\u00a0 1. Gi\u1edbi h\u1ea1n s\u1edf h\u1eefu n\u01b0\u1edbc ngo\u00e0i (FOL):<\/strong> MSCI y\u00eau c\u1ea7u cao v\u1ec1 t\u00ednh d\u1ec5 ti\u1ebfp c\u1eadn c\u1ee7a c\u1ed5 phi\u1ebfu. C\u00e1c ng\u00e0nh nh\u1ea1y c\u1ea3m v\u1eabn b\u1ecb kh\u1ed1ng ch\u1ebf room ngo\u1ea1i nghi\u00eam ng\u1eb7t t\u1eeb 0% \u0111\u1ebfn 51%, khi\u1ebfn c\u00e1c qu\u1ef9 l\u1edbn kh\u00f4ng th\u1ec3 mua \u0111\u01b0\u1ee3c l\u00f4 l\u1edbn. Vi\u1ec7c tri\u1ec3n khai c\u00e1c gi\u1ea3i ph\u00e1p nh\u01b0 Ch\u1ee9ng ch\u1ec9 l\u01b0u k\u00fd kh\u00f4ng c\u00f3 quy\u1ec1n bi\u1ec3u quy\u1ebft (NVDR) l\u00e0 y\u00eau c\u1ea7u b\u1eaft bu\u1ed9c.<\/p>\n

\u00a0 2. T\u1ef1 do h\u00f3a th\u1ecb tr\u01b0\u1eddng ngo\u1ea1i h\u1ed1i:<\/strong> C\u00e1c th\u1ee7 t\u1ee5c h\u00e0nh ch\u00ednh li\u00ean quan \u0111\u1ebfn chuy\u1ec3n \u0111\u1ed5i ngo\u1ea1i t\u1ec7 v\u00e0 giao d\u1ecbch v\u1ed1n gi\u00e1n ti\u1ebfp c\u1ea7n \u0111\u01b0\u1ee3c \u0111\u01a1n gi\u1ea3n h\u00f3a t\u1ed1i \u0111a \u0111\u1ec3 \u0111\u1ea3m b\u1ea3o d\u00f2ng v\u1ed1n c\u00f3 th\u1ec3 ra – v\u00e0o m\u1ed9t c\u00e1ch th\u00f4ng su\u1ed1t trong ng\u00e0y thanh to\u00e1n.<\/p>\n

\u00a0 3. Ph\u00e1p nh\u00e2n \u0110\u1ed1i t\u00e1c B\u00f9 tr\u1eeb Trung t\u00e2m (CCP) \u0110\u1ed9c l\u1eadp:<\/strong> Trong khi FTSE ch\u1ea5p nh\u1eadn gi\u1ea3i ph\u00e1p kh\u00f4ng k\u00fd qu\u1ef9 tr\u01b0\u1edbc (NPF) c\u1ee7a Th\u00f4ng t\u01b0 68\/2024\/TT-BTC nh\u01b0 m\u1ed9t b\u01b0\u1edbc \u0111\u1ec7m, MSCI y\u00eau c\u1ea7u ph\u1ea3i c\u00f3 m\u1ed9t t\u1ed5 ch\u1ee9c CCP \u0111\u1ed9c l\u1eadp th\u1ef1c ch\u1ea5t v\u00e0 v\u1eadn h\u00e0nh an to\u00e0n \u0111\u1ec3 b\u1ea3o l\u00e3nh r\u1ee7i ro thanh to\u00e1n cho to\u00e0n b\u1ed9 th\u00e0nh vi\u00ean th\u1ecb tr\u01b0\u1eddng. Vi\u1ec7c \u0111\u01b0a CCP v\u00e0o v\u1eadn h\u00e0nh t\u1eeb \u0111\u1ea7u n\u0103m 2027 s\u1ebd l\u00e0 c\u1ed9t m\u1ed1c \u0111\u1ecbnh \u0111o\u1ea1t kh\u1ea3 n\u0103ng th\u0103ng h\u1ea1ng MSCI c\u1ee7a Vi\u1ec7t Nam.<\/p>\n

4. C\u00e1c y\u1ebfu t\u1ed1 c\u1ea7n theo d\u00f5i \u0111\u1ec3 thu h\u00fat d\u00f2ng v\u1ed1n ngo\u1ea1i<\/strong><\/h2>\n

\u0110\u1ec3 t\u1ed1i \u01b0u h\u00f3a d\u00f2ng v\u1ed1n ngo\u1ea1i v\u00e0 gi\u1ea3m thi\u1ec3u bi\u1ebfn \u0111\u1ed9ng th\u1ecb tr\u01b0\u1eddng trong giai \u0111o\u1ea1n chuy\u1ec3n ti\u1ebfp t\u1eeb th\u00e1ng 9\/2026 \u0111\u1ebfn th\u00e1ng 9\/2027, nh\u00e0 \u0111\u1ea7u t\u01b0 c\u1ea7n theo d\u00f5i s\u00e1t c\u00e1c y\u1ebfu t\u1ed1 sau:<\/p>\n

\u00a0 – \u0110a d\u1ea1ng h\u00f3a c\u1ea5u tr\u00fac h\u00e0ng h\u00f3a ni\u00eam y\u1ebft:<\/strong> \u0110\u1ea9y m\u1ea1nh ti\u1ebfn tr\u00ecnh c\u1ed5 ph\u1ea7n h\u00f3a v\u00e0 ni\u00eam y\u1ebft c\u00e1c doanh nghi\u1ec7p nh\u00e0 n\u01b0\u1edbc quy m\u00f4 l\u1edbn, \u0111\u1ed3ng th\u1eddi nghi\u00ean c\u1ee9u \u00e1p d\u1ee5ng Ch\u1ee9ng ch\u1ec9 l\u01b0u k\u00fd kh\u00f4ng c\u00f3 quy\u1ec1n bi\u1ec3u quy\u1ebft (NVDR) \u0111\u1ec3 th\u00e1o g\u1ee1 n\u00fat th\u1eaft gi\u1edbi h\u1ea1n s\u1edf h\u1eefu n\u01b0\u1edbc ngo\u00e0i m\u00e0 v\u1eabn gi\u1eef v\u1eefng quy\u1ec1n ki\u1ec3m so\u00e1t nh\u00e0 n\u01b0\u1edbc \u0111\u1ed1i v\u1edbi c\u00e1c l\u0129nh v\u1ef1c then ch\u1ed1t.<\/p>\n

\u00a0 – Ph\u00e1t tri\u1ec3n nh\u00f3m nh\u00e0 \u0111\u1ea7u t\u01b0 t\u1ed5 ch\u1ee9c n\u1ed9i \u0111\u1ecba:<\/strong> Khuy\u1ebfn kh\u00edch s\u1ef1 h\u00ecnh th\u00e0nh c\u1ee7a c\u00e1c qu\u1ef9 h\u01b0u tr\u00ed, qu\u1ef9 b\u1ea3o hi\u1ec3m v\u00e0 qu\u1ef9 t\u01b0\u01a1ng h\u1ed7 trong n\u01b0\u1edbc nh\u1eb1m gi\u1ea3m b\u1edbt s\u1ef1 ph\u1ee5 thu\u1ed9c c\u1ee7a th\u1ecb tr\u01b0\u1eddng v\u00e0o d\u00f2ng ti\u1ec1n \u0111\u1ea7u c\u01a1 ng\u1eafn h\u1ea1n t\u1eeb c\u00e1c nh\u00e0 \u0111\u1ea7u t\u01b0 c\u00e1 nh\u00e2n, thi\u1ebft l\u1eadp m\u1ed9t n\u1ec1n t\u1ea3ng \u0111\u1ecbnh gi\u00e1 \u1ed5n \u0111\u1ecbnh v\u00e0 b\u1ec1n v\u1eefng h\u01a1n.<\/p>\n

V\u00f5 Ho\u00e0ng Long \u2013 Ph\u00f2ng \u0111\u1ea7u t\u01b0, PHFM<\/em><\/p>\n

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Th\u1ecb tr\u01b0\u1eddng ch\u1ee9ng kho\u00e1n Vi\u1ec7t Nam \u0111ang ch\u1ee9ng ki\u1ebfn m\u1ed9t giai \u0111o\u1ea1n chuy\u1ec3n d\u1ecbch \u0111\u1ea7y m\u00e2u thu\u1eabn. Giai \u0111o\u1ea1n v\u1eeba qua, ch\u1ec9 s\u1ed1 VN-Index li\u00ean t\u1ee5c chinh ph\u1ee5c c\u00e1c c\u1ed9t m\u1ed1c m\u1edbi v\u00e0 thi\u1ebft l\u1eadp \u0111\u1ec9nh l\u1ecbch s\u1eed v\u00e0o gi\u1eefa th\u00e1ng 5\/2026, \u0111\u1ed3ng th\u1eddi t\u1ed5 ch\u1ee9c x\u1ebfp h\u1ea1ng FTSE Russell ch\u00ednh th\u1ee9c x\u00e1c nh\u1eadn l\u1ed9…<\/p>\n","protected":false},"author":10,"featured_media":16753,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":[],"categories":[103,95,107],"tags":[175,173,174,176,177,178],"_links":{"self":[{"href":"https:\/\/www.phfm.vn\/vi\/wp-json\/wp\/v2\/posts\/16752"}],"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=16752"}],"version-history":[{"count":1,"href":"https:\/\/www.phfm.vn\/vi\/wp-json\/wp\/v2\/posts\/16752\/revisions"}],"predecessor-version":[{"id":16771,"href":"https:\/\/www.phfm.vn\/vi\/wp-json\/wp\/v2\/posts\/16752\/revisions\/16771"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.phfm.vn\/vi\/wp-json\/wp\/v2\/media\/16753"}],"wp:attachment":[{"href":"https:\/\/www.phfm.vn\/vi\/wp-json\/wp\/v2\/media?parent=16752"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.phfm.vn\/vi\/wp-json\/wp\/v2\/categories?post=16752"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.phfm.vn\/vi\/wp-json\/wp\/v2\/tags?post=16752"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}